QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices and Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page | |||||
Page | |||||
(Expressed in thousands of U.S. Dollars, except share information) | September 30, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Fixed maturity investments, at fair value (amortized cost 2023: $ | $ | $ | |||||||||
Short-term investments, at fair value (amortized cost 2023: $ | |||||||||||
Investments in Two Sigma Funds, at fair value (cost 2023: $ | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Premiums receivable | |||||||||||
Paid losses recoverable | |||||||||||
Deferred acquisition costs | |||||||||||
Unpaid losses and loss adjustment expenses recoverable | |||||||||||
Receivables for investments sold | |||||||||||
Prepaid reinsurance | |||||||||||
Goodwill and intangible assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, non-controlling interest, and shareholders’ equity | |||||||||||
Liabilities | |||||||||||
Reserve for losses and loss adjustment expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Reinsurance balances payable | |||||||||||
Payables for investments purchased | |||||||||||
Term loan, net of issuance costs | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Payables to related parties | |||||||||||
Total liabilities | |||||||||||
Non-controlling interest – TS Hamilton Fund | |||||||||||
Shareholders’ equity | |||||||||||
Common shares: | |||||||||||
Class A, authorized (2023 and 2022: issued and outstanding (2023 and 2022: | |||||||||||
Class B, authorized (2023: issued and outstanding (2023: | |||||||||||
Class C, authorized (2023 and 2022: issued and outstanding (2023 and 2022: | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities, non-controlling interest, and shareholders’ equity | $ | $ | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars, except per share information) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | $ | $ | $ | |||||||||||||||||||
Reinsurance premiums ceded | ( | ( | ( | ( | |||||||||||||||||||
Net premiums written | |||||||||||||||||||||||
Net change in unearned premiums | ( | ( | ( | ( | |||||||||||||||||||
Net premiums earned | |||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | ( | ||||||||||||||||||||||
Net investment income (loss) | ( | ( | |||||||||||||||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) | ( | ||||||||||||||||||||||
Other income (loss) | |||||||||||||||||||||||
Net foreign exchange gains (losses) | ( | ||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Acquisition costs | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | ( | ||||||||||||||||||||||
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Per share data | |||||||||||||||||||||||
Basic income (loss) per share attributable to common shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted income (loss) per share attributable to common shareholders | $ | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Common shares | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Issuance of common shares | |||||||||||||||||||||||
Repurchases of common shares | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Issuance of common shares | ( | ( | |||||||||||||||||||||
Repurchases of common shares | ( | ( | |||||||||||||||||||||
Share compensation expense | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Balance, beginning and end of period | ( | ( | ( | ( | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Net income attributable to non-controlling interest | ( | ( | ( | ||||||||||||||||||||
Share compensation expense | ( | ||||||||||||||||||||||
Repurchases of common shares | ( | ( | |||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Total shareholders’ equity | $ | $ | $ | $ | |||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | |||||||||
Operating activities | |||||||||||
Net income (loss) | $ | $ | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share compensation expense | |||||||||||
Net realized (gains) losses on investments | ( | ( | |||||||||
Change in net unrealized (gains) losses on investments | ( | ||||||||||
Other items | |||||||||||
Change in: | |||||||||||
Premiums receivable | ( | ( | |||||||||
Paid losses recoverable | ( | ( | |||||||||
Deferred acquisition costs | ( | ( | |||||||||
Prepaid reinsurance | ( | ( | |||||||||
Unpaid losses and loss adjustment expenses recoverable | ( | ||||||||||
Other assets | |||||||||||
Reserve for losses and loss adjustment expenses | |||||||||||
Unearned premiums | |||||||||||
Reinsurance balances payable | |||||||||||
Accounts payable and accrued expenses and other | ( | ||||||||||
Net cash provided by (used in) operating activities | |||||||||||
Investing activities | |||||||||||
Proceeds from redemptions from Two Sigma Funds | |||||||||||
Contributions to Two Sigma Funds | ( | ( | |||||||||
Purchases of fixed maturity investments | ( | ( | |||||||||
Proceeds from sales, redemptions and maturity of fixed maturity investments | |||||||||||
Purchases of short-term investments | ( | ( | |||||||||
Proceeds from sales of short-term investments | |||||||||||
Change in receivables for investments sold | ( | ( | |||||||||
Change in payables for investments purchased | ( | ||||||||||
Other | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing activities | |||||||||||
Issuance of common shares | |||||||||||
Repurchases of common shares and options | ( | ( | |||||||||
Contribution of additional paid-in capital | ( | ||||||||||
Term loan renewal costs | ( | ||||||||||
Withdrawal of non-controlling interest | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ | $ | |||||||||
2023 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. states, territories and municipalities | ( | ||||||||||||||||||||||
Non-U.S. sovereign governments and supranationals | ( | ||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
Residential mortgage-backed securities - Agency | ( | ||||||||||||||||||||||
Residential mortgage-backed securities - Non-agency | ( | ||||||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | ( | ||||||||||||||||||||||
Other asset-backed securities | ( | ||||||||||||||||||||||
Total fixed maturities | ( | ||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
2022 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. states, territories and municipalities | ( | ||||||||||||||||||||||
Non-U.S. sovereign governments and supranationals | ( | ||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
Residential mortgage-backed securities - Agency | ( | ||||||||||||||||||||||
Residential mortgage-backed securities - Non-agency | ( | ||||||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | ( | ||||||||||||||||||||||
Other asset-backed securities | ( | ||||||||||||||||||||||
Total fixed maturities | ( | ||||||||||||||||||||||
Short-term investments | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
2023 | |||||||||||
(Expressed in thousands of U.S. Dollars) | Amortized Cost | Fair Value | |||||||||
Due less than one year | $ | $ | |||||||||
Due after one through five years | |||||||||||
Due after five through ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed | |||||||||||
Asset-backed | |||||||||||
Total | $ | $ |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Cost | Net Unrealized Gains (Losses) | Fair Value | Cost | Net Unrealized Gains (Losses) | Fair Value | |||||||||||||||||||||||||||||
Two Sigma Futures Portfolio, LLC (FTV) | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Two Sigma Spectrum Portfolio, LLC (STV) | |||||||||||||||||||||||||||||||||||
Two Sigma Equity Spectrum Portfolio, LLC (ESTV) | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
2023 | |||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Principal / Shares (1) | Fair Value (1) | % of Members' Equity | ||||||||||||||
State Street Treasury Obligations Money Market Fund | $ | % | |||||||||||||||
U.S. Treasury Securities, 0.0000% - 4.6250%, due 10/5/2023 - 8/15/2043 | $ | % | |||||||||||||||
U.K. Gilt Securities, 1.6250%, due 10/22/2028 | $ | % | |||||||||||||||
U.K. Gilt Securities, 3.2500% - 3.7500%, due 1/31/2033 - 10/22/2053 | ( | $ | ( | ( | % | ||||||||||||
U.S. Treasury Securities, 3.8750% - 5.0000%, due 9/30/2025 - 8/15/2023 | ( | $ | ( | ( | % | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments: | |||||||||||||||||||||||
Net realized gains (losses) on investments | $ | $ | $ | $ | |||||||||||||||||||
Change in net unrealized gains (losses) on investments | ( | ( | |||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | ( | ||||||||||||||||||||||
Net investment income (loss): | |||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
TS Hamilton Fund | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||
Interest and other | |||||||||||||||||||||||
Management fees | ( | ( | ( | ( | |||||||||||||||||||
Other expenses | ( | ( | ( | ( | |||||||||||||||||||
Net investment income (loss) | ( | ( | |||||||||||||||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) | $ | $ | ( | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fixed maturities and short-term investments | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
TS Hamilton Fund | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Net realized gains (losses) on investments | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fixed maturities and short-term investments | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
TS Hamilton Fund | ( | ( | |||||||||||||||||||||
Net realized gains (losses) on investments | $ | $ | ( | $ | $ | ( |
2023 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | $ | $ | $ | |||||||||||||||||||
U.S. states, territories and municipalities | |||||||||||||||||||||||
Non-U.S. sovereign governments and supranationals | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Residential mortgage-backed securities - Agency | |||||||||||||||||||||||
Residential mortgage-backed securities - Non-agency | |||||||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | |||||||||||||||||||||||
Other asset-backed securities | |||||||||||||||||||||||
Total fixed maturities | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
2022 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | $ | $ | $ | |||||||||||||||||||
U.S. states, territories and municipalities | |||||||||||||||||||||||
Non-U.S. sovereign governments and supranationals | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Residential mortgage-backed securities - Agency | |||||||||||||||||||||||
Residential mortgage-backed securities - Non-agency | |||||||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | |||||||||||||||||||||||
Other asset-backed securities | |||||||||||||||||||||||
Total fixed maturities | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance - beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Withdrawals | ( | ( | ( | ||||||||||||||||||||
Equity in earnings | ( | ||||||||||||||||||||||
Incentive allocation | ( | ||||||||||||||||||||||
Balance - end of period | $ | $ | $ | $ |
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Investments in Two Sigma Funds, at fair value | |||||||||||
Receivables for investments sold | |||||||||||
Interest and dividends receivable | |||||||||||
Total assets | |||||||||||
Liabilities | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Withdrawal payable | |||||||||||
Payable for investments purchased | |||||||||||
Total liabilities | |||||||||||
Total net assets managed by TS Hamilton Fund | $ | $ |
Inputs | Actual | |||||||
Expected volatility | ||||||||
Risk-free rate | ||||||||
Expected life |
% of total paid and unpaid losses and loss adjustment expenses recoverable | ||||||||||||||
Classification | September 30, 2023 | December 31, 2022 | ||||||||||||
Collateralized | % | % | ||||||||||||
A- or better | % | % | ||||||||||||
Below A- | % | % | ||||||||||||
Total | % | % |
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | |||||||||
Gross unpaid losses and loss expenses, beginning of period | $ | $ | |||||||||
Reinsurance recoverable on unpaid losses | |||||||||||
Net unpaid losses and loss expenses, beginning of period | |||||||||||
Net losses and loss expenses incurred in respect of losses occurring in: | |||||||||||
Current year | |||||||||||
Prior years | ( | ( | |||||||||
Total incurred | |||||||||||
Net losses and loss expenses paid in respect of losses occurring in: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid | |||||||||||
Foreign currency revaluation and other | ( | ||||||||||
Net unpaid losses and loss expenses, end of period | |||||||||||
Reinsurance recoverable on unpaid losses | |||||||||||
Gross unpaid losses and loss expenses, end of period | $ | $ |
(Expressed in thousands of U.S. Dollars) | |||||||||||||||||||||||
Three Months Ended September 30, 2023 | International | Bermuda | Corporate | Total | |||||||||||||||||||
Gross premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Third party fee income | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Acquisition costs | |||||||||||||||||||||||
Other underwriting expenses | |||||||||||||||||||||||
Underwriting income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | |||||||||||||||||||||||
Net investment income (loss) | |||||||||||||||||||||||
Other income (loss), excluding third party fee income | |||||||||||||||||||||||
Net foreign exchange gains (losses) | |||||||||||||||||||||||
Corporate expenses | ( | ( | |||||||||||||||||||||
Amortization of intangible assets | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||
Net income (loss) before tax | |||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | ||||||||||||||||||||||
Key Ratios | |||||||||||||||||||||||
Attritional loss ratio - current year | % | % | % | ||||||||||||||||||||
Attritional loss ratio - prior year development | ( | % | % | ( | % | ||||||||||||||||||
Catastrophe loss ratio - current year | % | % | % | ||||||||||||||||||||
Catastrophe loss ratio - prior year development | % | ( | % | ( | % | ||||||||||||||||||
Loss and loss adjustment expense ratio | % | % | % | ||||||||||||||||||||
Acquisition cost ratio | % | % | % | ||||||||||||||||||||
Other underwriting expense ratio | % | % | % | ||||||||||||||||||||
Combined ratio | % | % | % |
(Expressed in thousands of U.S. Dollars) | |||||||||||||||||||||||
Three Months Ended September 30, 2022 | International | Bermuda | Corporate | Total | |||||||||||||||||||
Gross premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Third party fee income | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Acquisition costs | |||||||||||||||||||||||
Other underwriting expenses | |||||||||||||||||||||||
Underwriting income (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net realized and unrealized gains (losses) on investments | ( | ( | |||||||||||||||||||||
Net investment income (loss) | ( | ( | |||||||||||||||||||||
Other income (loss), excluding third party fee income | ( | ( | |||||||||||||||||||||
Net foreign exchange gains (losses) | |||||||||||||||||||||||
Corporate expenses | ( | ( | |||||||||||||||||||||
Amortization of intangible assets | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||
Net income (loss) before tax | ( | ||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | ( | |||||||||||||||||||||
Key Ratios | |||||||||||||||||||||||
Attritional loss ratio - current year | % | % | % | ||||||||||||||||||||
Attritional loss ratio - prior year development | ( | % | % | % | |||||||||||||||||||
Catastrophe loss ratio - current year | % | % | % | ||||||||||||||||||||
Catastrophe loss ratio - prior year development | % | ( | % | ( | % | ||||||||||||||||||
Loss and loss adjustment expense ratio | % | % | % | ||||||||||||||||||||
Acquisition cost ratio | % | % | % | ||||||||||||||||||||
Other underwriting expense ratio | % | % | % | ||||||||||||||||||||
Combined ratio | % | % | % |
(Expressed in thousands of U.S. Dollars) | |||||||||||||||||||||||
Nine Months Ended September 30, 2023 | International | Bermuda | Corporate | Total | |||||||||||||||||||
Gross premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Third party fee income | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Acquisition costs | |||||||||||||||||||||||
Other underwriting expenses | |||||||||||||||||||||||
Underwriting income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | |||||||||||||||||||||||
Net investment income (loss) | |||||||||||||||||||||||
Other income (loss), excluding third party fee income | |||||||||||||||||||||||
Net foreign exchange gains (losses) | ( | ( | |||||||||||||||||||||
Corporate expenses | ( | ( | |||||||||||||||||||||
Amortization of intangible assets | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||
Net income (loss) before tax | |||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | ||||||||||||||||||||||
Key Ratios | |||||||||||||||||||||||
Attritional loss ratio - current year | % | % | % | ||||||||||||||||||||
Attritional loss ratio - prior year development | ( | % | % | ( | % | ||||||||||||||||||
Catastrophe loss ratio - current year | % | % | % | ||||||||||||||||||||
Catastrophe loss ratio - prior year development | % | ( | % | ( | % | ||||||||||||||||||
Loss and loss adjustment expense ratio | % | % | % | ||||||||||||||||||||
Acquisition cost ratio | % | % | % | ||||||||||||||||||||
Other underwriting expense ratio | % | % | % | ||||||||||||||||||||
Combined ratio | % | % | % |
(Expressed in thousands of U.S. Dollars) | |||||||||||||||||||||||
Nine Months Ended September 30, 2022 | International | Bermuda | Corporate | Total | |||||||||||||||||||
Gross premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums written | $ | $ | $ | $ | |||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Third party fee income | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Acquisition costs | |||||||||||||||||||||||
Other underwriting expenses | |||||||||||||||||||||||
Underwriting income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | |||||||||||||||||||||||
Net investment income (loss) | ( | ( | |||||||||||||||||||||
Other income (loss), excluding third party fee income | ( | ( | |||||||||||||||||||||
Net foreign exchange gains (losses) | |||||||||||||||||||||||
Corporate expenses | ( | ( | |||||||||||||||||||||
Amortization of intangible assets | ( | ( | |||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||
Net income (loss) before tax | |||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | ( | |||||||||||||||||||||
Key Ratios | |||||||||||||||||||||||
Attritional loss ratio - current year | % | % | % | ||||||||||||||||||||
Attritional loss ratio - prior year development | ( | % | % | % | |||||||||||||||||||
Catastrophe loss ratio - current year | % | % | % | ||||||||||||||||||||
Catastrophe loss ratio - prior year development | % | ( | % | ( | % | ||||||||||||||||||
Loss and loss adjustment expense ratio | % | % | % | ||||||||||||||||||||
Acquisition cost ratio | % | % | % | ||||||||||||||||||||
Other underwriting expense ratio | % | % | % | ||||||||||||||||||||
Combined ratio | % | % | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
International | |||||||||||||||||||||||
Lloyd's of London | $ | $ | $ | $ | |||||||||||||||||||
Ireland | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Total International | |||||||||||||||||||||||
Bermuda | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(Expressed in thousands of U.S. Dollars) | 2023 | ||||
Available letter of credit and revolving loan facilities - commitments | $ | ||||
Available letter of credit and revolving loan facilities - in use | |||||
Security pledged under letter of credit and revolving loan facilities: | |||||
Pledged interests in TS Hamilton Fund | $ | ||||
Pledged interests in fixed income portfolio | |||||
Cash |
(Expressed in thousands of U.S. Dollars, except share information) | |||||||||||
Authorized: | |||||||||||
Issued, outstanding and fully paid: | 2023 | 2022 | |||||||||
Class A common shares (2023 and 2022: | $ | $ | |||||||||
Class B common shares (2023: | |||||||||||
Class C common shares (2023 and 2022: | |||||||||||
Total | $ | $ |
2023 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Increase in authorized share capital | |||||||||||||||||||||||
Common shares - end of period |
2022 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Share class conversions | ( | ||||||||||||||||||||||
Common shares - end of period |
2023 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Increase in authorized share capital | |||||||||||||||||||||||
Common shares - end of period |
2022 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Share class conversions | ( | ||||||||||||||||||||||
Common shares - end of period |
2023 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Director share awards granted | |||||||||||||||||||||||
Common shares - end of period |
2022 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Share class conversions | ( | ||||||||||||||||||||||
Employee and director share purchases | |||||||||||||||||||||||
Director share awards granted | |||||||||||||||||||||||
Common shares - end of period |
2023 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Vesting of awards | |||||||||||||||||||||||
Director share awards granted | |||||||||||||||||||||||
Share repurchases | ( | ( | |||||||||||||||||||||
Common shares - end of period |
2022 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
Share class conversions | ( | ||||||||||||||||||||||
Vesting of awards | |||||||||||||||||||||||
Employee and director share purchases | |||||||||||||||||||||||
Director share awards granted | |||||||||||||||||||||||
Share repurchases | ( | ( | |||||||||||||||||||||
Common shares - end of period |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars, except share information) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Income (loss) per common share - basic: | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income (loss) per common share - diluted: | $ | $ | ( | $ | $ | ( |
2023 | |||||||||||||||||||||||||||||
Class A | Class B | Class C | Unclassified | Total | |||||||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||||||||
Share class conversions | ( | ( | |||||||||||||||||||||||||||
Common shares - end of period |
2023 | |||||||||||||||||||||||
Class A | Class B | Class C | Total | ||||||||||||||||||||
Common shares - beginning of period | |||||||||||||||||||||||
IPO shares issued | |||||||||||||||||||||||
Share class conversions | ( | ( | |||||||||||||||||||||
Exercise of warrants | |||||||||||||||||||||||
Common shares - end of period |
Page | |||||
For the Three Months Ended | |||||||||||
($ in thousands, except per share amounts) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 474,123 | $ | 400,811 | |||||||
Net premiums written | $ | 383,566 | $ | 300,811 | |||||||
Net premiums earned | $ | 337,036 | $ | 294,943 | |||||||
Third party fee income(1) | 2,301 | 3,244 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 191,577 | 257,963 | |||||||||
Acquisition costs | 78,537 | 65,735 | |||||||||
Other underwriting expenses(2) | 44,357 | 40,564 | |||||||||
Underwriting income (loss)(3) | 24,866 | (66,075) | |||||||||
Net realized and unrealized gains (losses) on investments | 47,343 | (67,380) | |||||||||
Net investment income (loss)(4) | 8,069 | (5,255) | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) | 55,412 | (72,635) | |||||||||
Other income (loss), excluding third party fee income(1) | 85 | (517) | |||||||||
Net foreign exchange gains (losses) | 1,432 | 1,906 | |||||||||
Corporate expenses(2) | 18,678 | 5,780 | |||||||||
Amortization of intangible assets | 2,794 | 3,178 | |||||||||
Interest expense | 5,288 | 4,102 | |||||||||
Income tax expense | 2,387 | 1,054 | |||||||||
Net income (loss) | 52,648 | (151,435) | |||||||||
Net income (loss) attributable to non-controlling interest(5) | 9,065 | (15,318) | |||||||||
Net income (loss) attributable to common shareholders | $ | 43,583 | $ | (136,117) | |||||||
Diluted income (loss) per share attributable to common shareholders | $ | 0.41 | $ | (1.32) | |||||||
Key Ratios | |||||||||||
Attritional loss ratio - current year | 54.8 | % | 49.6 | % | |||||||
Attritional loss ratio - prior year development | (0.1) | % | 10.2 | % | |||||||
Catastrophe loss ratio - current year | 3.9 | % | 28.3 | % | |||||||
Catastrophe loss ratio - prior year development | (1.8) | % | (0.6) | % | |||||||
Loss and loss adjustment expense ratio | 56.8 | % | 87.5 | % | |||||||
Acquisition cost ratio | 23.3 | % | 22.3 | % | |||||||
Other underwriting expense ratio | 12.5 | % | 12.7 | % | |||||||
Combined ratio | 92.6 | % | 122.5 | % | |||||||
Return on average common shareholders' equity | 2.5 | % | (7.6) | % |
As at | |||||||||||
Book Value | September 30, 2023 | September 30, 2022 | |||||||||
Tangible book value per common share | $ | 16.49 | $ | 15.62 | |||||||
Change in tangible book value per common share(6) | 2.8 | % | (7.6) | % | |||||||
Book value per common share | $ | 17.35 | $ | 16.71 | |||||||
Change in book value per common share(7) | 2.7 | % | (7.1) | % | |||||||
Balance Sheet Data | |||||||||||
Total assets | $ | 6,504,604 | $ | 5,907,550 | |||||||
Total shareholders' equity | $ | 1,799,725 | $ | 1,722,235 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 184,774 | 54.8 | % | $ | (413) | (0.1) | % | $ | 184,361 | 54.7 | % | ||||||||||||||||||||||||||
Catastrophe losses | 13,226 | 3.9 | % | (6,010) | (1.8) | % | 7,216 | 2.1 | % | |||||||||||||||||||||||||||||
Total | $ | 198,000 | 58.7 | % | $ | (6,423) | (1.9) | % | $ | 191,577 | 56.8 | % | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 146,416 | 49.6 | % | $ | 29,993 | 10.2 | % | $ | 176,409 | 59.8 | % | ||||||||||||||||||||||||||
Catastrophe losses | 83,470 | 28.3 | % | (1,916) | (0.6) | % | 81,554 | 27.7 | % | |||||||||||||||||||||||||||||
Total | $ | 229,886 | 77.9 | % | $ | 28,077 | 9.6 | % | $ | 257,963 | 87.5 | % | ||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $ | 60,404 | $ | (36,602) | |||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - other | (4,992) | (36,033) | |||||||||
$ | 55,412 | $ | (72,635) | ||||||||
Net income (loss) attributable to non-controlling interest - TSHF | $ | 9,065 | $ | (15,318) | |||||||
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 307,140 | $ | 269,228 | |||||||
Net premiums written | $ | 234,621 | $ | 184,319 | |||||||
Net premiums earned | $ | 178,632 | $ | 156,307 | |||||||
Third party fee income | 2,115 | 3,138 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 97,820 | 92,061 | |||||||||
Acquisition costs | 47,236 | 41,936 | |||||||||
Other underwriting expenses | 31,634 | 26,811 | |||||||||
Underwriting income (loss) | $ | 4,057 | $ | (1,363) | |||||||
Attritional losses - current year | $ | 97,554 | $ | 73,043 | |||||||
Attritional losses - prior year development | (9,495) | (139) | |||||||||
Catastrophe losses - current year | 9,169 | 18,543 | |||||||||
Catastrophe losses - prior year development | 592 | 614 | |||||||||
Losses and loss adjustment expenses | $ | 97,820 | $ | 92,061 | |||||||
Attritional loss ratio - current year | 54.6 | % | 46.7 | % | |||||||
Attritional loss ratio - prior year development | (5.3) | % | (0.1) | % | |||||||
Catastrophe loss ratio - current year | 5.1 | % | 11.9 | % | |||||||
Catastrophe loss ratio - prior year development | 0.4 | % | 0.4 | % | |||||||
Losses and loss adjustment expense ratio | 54.8 | % | 58.9 | % | |||||||
Acquisition cost ratio | 26.4 | % | 26.8 | % | |||||||
Other underwriting expense ratio | 16.5 | % | 15.2 | % | |||||||
Combined ratio | 97.7 | % | 100.9 | % |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 40,609 | $ | 32,625 | |||||||
Casualty | 146,005 | 150,833 | |||||||||
Specialty | 120,526 | 85,770 | |||||||||
Total | $ | 307,140 | $ | 269,228 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 28,028 | $ | 20,603 | |||||||
Casualty | 62,254 | 63,116 | |||||||||
Specialty | 88,350 | 72,588 | |||||||||
Total | $ | 178,632 | $ | 156,307 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Third party fee income | $ | 2,115 | $ | 3,138 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 97,554 | 54.6 | % | $ | (9,495) | (5.3) | % | $ | 88,059 | 49.3 | % | ||||||||||||||||||||||||||
Catastrophe losses | 9,169 | 5.1 | % | 592 | 0.4 | % | 9,761 | 5.5 | % | |||||||||||||||||||||||||||||
Total | $ | 106,723 | 59.7 | % | $ | (8,903) | (4.9) | % | $ | 97,820 | 54.8 | % | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 73,043 | 46.7 | % | $ | (139) | (0.1) | % | $ | 72,904 | 46.6 | % | ||||||||||||||||||||||||||
Catastrophe losses | 18,543 | 11.9 | % | 614 | 0.4 | % | 19,157 | 12.3 | % | |||||||||||||||||||||||||||||
Total | $ | 91,586 | 58.6 | % | $ | 475 | 0.3 | % | $ | 92,061 | 58.9 | % | ||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
Acquisition Costs | % of Net Premiums Earned | ||||||||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | '23 vs '22 point r | ||||||||||||||||||||||||
Property | $ | 9,936 | $ | 12,409 | 35.5 | % | 60.2 | % | (24.7) | ||||||||||||||||||||
Casualty | 11,169 | 9,209 | 17.9 | % | 14.6 | % | 3.3 | ||||||||||||||||||||||
Specialty | 26,131 | 20,318 | 29.6 | % | 28.0 | % | 1.6 | ||||||||||||||||||||||
Total | $ | 47,236 | $ | 41,936 | 26.4 | % | 26.8 | % | (0.4) |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other underwriting expenses | $ | 31,634 | $ | 26,811 | |||||||
Other underwriting expense ratio | 16.5 | % | 15.2 | % |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 166,983 | $ | 131,583 | |||||||
Net premiums written | $ | 148,945 | $ | 116,492 | |||||||
Net premiums earned | $ | 158,404 | $ | 138,636 | |||||||
Third party fee income | 186 | 106 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 93,757 | 165,902 | |||||||||
Acquisition costs | 31,301 | 23,799 | |||||||||
Other underwriting expenses | 12,723 | 13,753 | |||||||||
Underwriting income (loss) | $ | 20,809 | $ | (64,712) | |||||||
Attritional losses - current year | $ | 87,220 | $ | 73,373 | |||||||
Attritional losses - prior year development | 9,082 | 30,132 | |||||||||
Catastrophe losses - current year | 4,057 | 64,927 | |||||||||
Catastrophe losses - prior year development | (6,602) | (2,530) | |||||||||
Losses and loss adjustment expenses | $ | 93,757 | $ | 165,902 | |||||||
Attritional loss ratio - current year | 55.1 | % | 53.0 | % | |||||||
Attritional loss ratio - prior year development | 5.7 | % | 21.7 | % | |||||||
Catastrophe loss ratio - current year | 2.6 | % | 46.8 | % | |||||||
Catastrophe loss ratio - prior year development | (4.2) | % | (1.8) | % | |||||||
Losses and loss adjustment expense ratio | 59.2 | % | 119.7 | % | |||||||
Acquisition cost ratio | 19.8 | % | 17.2 | % | |||||||
Other underwriting expense ratio | 7.9 | % | 9.8 | % | |||||||
Combined ratio | 86.9 | % | 146.7 | % |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 52,394 | $ | 47,702 | |||||||
Casualty | 96,219 | 69,423 | |||||||||
Specialty | 18,370 | 14,458 | |||||||||
Total | $ | 166,983 | $ | 131,583 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 58,508 | $ | 64,644 | |||||||
Casualty | 74,094 | 49,800 | |||||||||
Specialty | 25,802 | 24,192 | |||||||||
Total | $ | 158,404 | $ | 138,636 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | |||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||
Attritional losses | $ | 87,220 | 55.1 | % | $ | 9,082 | 5.7 | % | $ | 96,302 | 60.8 | % | |||||||||||||||||||||||
Catastrophe losses | 4,057 | 2.6 | % | (6,602) | (4.2) | % | (2,545) | (1.6) | % | ||||||||||||||||||||||||||
Total | $ | 91,277 | 57.7 | % | $ | 2,480 | 1.5 | % | $ | 93,757 | 59.2 | % | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Attritional losses | $ | 73,373 | 53.0 | % | $ | 30,132 | 21.7 | % | $ | 103,505 | 74.7 | % | |||||||||||||||||||||||
Catastrophe losses | 64,927 | 46.8 | % | (2,530) | (1.8) | % | 62,397 | 45.0 | % | ||||||||||||||||||||||||||
Total | $ | 138,300 | 99.8 | % | $ | 27,602 | 19.9 | % | $ | 165,902 | 119.7 | % | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
Acquisition Costs | % of Net Premiums Earned | ||||||||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | '23 vs '22 point r | ||||||||||||||||||||||||
Property | $ | 7,280 | $ | 8,357 | 12.4 | % | 12.9 | % | (0.5) | ||||||||||||||||||||
Casualty | 17,788 | 10,379 | 24.0 | % | 20.8 | % | 3.2 | ||||||||||||||||||||||
Specialty | 6,233 | 5,063 | 24.2 | % | 20.9 | % | 3.3 | ||||||||||||||||||||||
Total | $ | 31,301 | $ | 23,799 | 19.8 | % | 17.2 | % | 2.6 | ||||||||||||||||||||
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other underwriting expenses | $ | 12,723 | $ | 13,753 | |||||||
Other underwriting expense ratio | 7.9 | % | 9.8 | % |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $ | 60,404 | $ | (36,602) | |||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - other | (4,992) | (36,033) | |||||||||
$ | 55,412 | $ | (72,635) | ||||||||
Net income (loss) attributable to non-controlling interest - TSHF | $ | 9,065 | $ | (15,318) |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other income (loss), excluding third party fee income | $ | 85 | $ | (517) |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Net foreign exchange gains (losses) | $ | 1,432 | $ | 1,906 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Corporate expenses | $ | 18,678 | $ | 5,780 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Amortization of intangible assets | $ | 2,794 | $ | 3,178 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Interest expense | $ | 5,288 | $ | 4,102 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Income tax expense | $ | 2,387 | $ | 1,054 |
For the Nine Months Ended | |||||||||||
($ in thousands, except per share amounts) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 1,517,247 | $ | 1,305,421 | |||||||
Net premiums written | $ | 1,116,772 | $ | 938,488 | |||||||
Net premiums earned | $ | 952,398 | $ | 831,467 | |||||||
Third party fee income(1) | 7,753 | 9,377 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 519,554 | 597,014 | |||||||||
Acquisition costs | 220,532 | 194,795 | |||||||||
Other underwriting expenses(2) | 126,242 | 119,356 | |||||||||
Underwriting income (loss)(3) | 93,823 | (70,321) | |||||||||
Net realized and unrealized gains (losses) on investments | 101,881 | 146,640 | |||||||||
Net investment income (loss)(4) | 17,719 | (22,185) | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) | 119,600 | 124,455 | |||||||||
Other income (loss), excluding third party fee income(1) | 85 | (260) | |||||||||
Net foreign exchange gains (losses) | (3,953) | 15,382 | |||||||||
Corporate expenses(2) | 31,833 | 15,934 | |||||||||
Amortization of intangible assets | 7,869 | 9,874 | |||||||||
Interest expense | 16,007 | 11,255 | |||||||||
Income tax expense | 6,908 | 3,103 | |||||||||
Net income (loss) | 146,938 | 29,090 | |||||||||
Net income (loss) attributable to non-controlling interest(5) | 15,076 | 68,069 | |||||||||
Net income (loss) attributable to common shareholders | $ | 131,862 | $ | (38,979) | |||||||
Diluted income (loss) per share attributable to common shareholders | $ | 1.26 | $ | (0.38) | |||||||
Key Ratios | |||||||||||
Attritional loss ratio - current year | 51.8 | % | 49.5 | % | |||||||
Attritional loss ratio - prior year development | (0.4) | % | 1.4 | % | |||||||
Catastrophe loss ratio - current year | 3.7 | % | 22.7 | % | |||||||
Catastrophe loss ratio - prior year development | (0.5) | % | (1.8) | % | |||||||
Loss and loss adjustment expense ratio | 54.6 | % | 71.8 | % | |||||||
Acquisition cost ratio | 23.2 | % | 23.4 | % | |||||||
Other underwriting expense ratio | 12.4 | % | 13.3 | % | |||||||
Combined ratio | 90.2 | % | 108.5 | % | |||||||
Return on average common shareholders' equity | 7.6 | % | (2.2) | % |
As at | |||||||||||
Book Value | September 30, 2023 | September 30, 2022 | |||||||||
Tangible book value per common share | $ | 16.49 | $ | 15.62 | |||||||
Change in tangible book value per common share(6) | 7.8 | % | (2.1) | % | |||||||
Book value per common share | $ | 17.35 | $ | 16.71 | |||||||
Change in book value per common share(7) | 7.5 | % | (2.2) | % | |||||||
Balance Sheet Data | |||||||||||
Total assets | $ | 6,504,604 | $ | 5,907,550 | |||||||
Total shareholders' equity | $ | 1,799,725 | $ | 1,722,235 |
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 493,224 | 51.8 | % | $ | (4,049) | (0.4) | % | $ | 489,175 | 51.4 | % | ||||||||||||||||||||||||||
Catastrophe losses | 35,233 | 3.7 | % | (4,854) | (0.5) | % | 30,379 | 3.2 | % | |||||||||||||||||||||||||||||
Total | $ | 528,457 | 55.5 | % | $ | (8,903) | (0.9) | % | $ | 519,554 | 54.6 | % | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 412,150 | 49.5 | % | $ | 11,482 | 1.4 | % | $ | 423,632 | 50.9 | % | ||||||||||||||||||||||||||
Catastrophe losses | 188,386 | 22.7 | % | (15,004) | (1.8) | % | 173,382 | 20.9 | % | |||||||||||||||||||||||||||||
Total | $ | 600,536 | 72.2 | % | $ | (3,522) | (0.4) | % | $ | 597,014 | 71.8 | % | ||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $ | 100,448 | $ | 225,896 | |||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - other | 19,152 | (101,441) | |||||||||
$ | 119,600 | $ | 124,455 | ||||||||
Net income (loss) attributable to non-controlling interest - TSHF | $ | 15,076 | $ | 68,069 | |||||||
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 832,049 | $ | 698,968 | |||||||
Net premiums written | $ | 553,687 | $ | 446,577 | |||||||
Net premiums earned | $ | 504,784 | $ | 450,202 | |||||||
Third party fee income | 7,417 | 9,022 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 255,787 | 249,840 | |||||||||
Acquisition costs | 131,688 | 122,593 | |||||||||
Other underwriting expenses | 89,635 | 82,256 | |||||||||
Underwriting income (loss) | $ | 35,091 | $ | 4,535 | |||||||
Attritional losses - current year | $ | 265,706 | $ | 213,535 | |||||||
Attritional losses - prior year development | (21,734) | (15,900) | |||||||||
Catastrophe losses - current year | 10,669 | 47,246 | |||||||||
Catastrophe losses - prior year development | 1,146 | 4,959 | |||||||||
Losses and loss adjustment expenses | $ | 255,787 | $ | 249,840 | |||||||
Attritional loss ratio - current year | 52.6 | % | 47.4 | % | |||||||
Attritional loss ratio - prior year development | (4.3) | % | (3.5) | % | |||||||
Catastrophe loss ratio - current year | 2.2 | % | 10.5 | % | |||||||
Catastrophe loss ratio - prior year development | 0.2 | % | 1.1 | % | |||||||
Losses and loss adjustment expense ratio | 50.7 | % | 55.5 | % | |||||||
Acquisition cost ratio | 26.1 | % | 27.2 | % | |||||||
Other underwriting expense ratio | 16.3 | % | 16.3 | % | |||||||
Combined ratio | 93.1 | % | 99.0 | % |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 107,706 | $ | 93,800 | |||||||
Casualty | 358,431 | 353,903 | |||||||||
Specialty | 365,912 | 251,265 | |||||||||
Total | $ | 832,049 | $ | 698,968 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 76,398 | $ | 79,963 | |||||||
Casualty | 190,355 | 179,605 | |||||||||
Specialty | 238,031 | 190,634 | |||||||||
Total | $ | 504,784 | $ | 450,202 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Third party fee income | $ | 7,417 | $ | 9,022 |
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 265,706 | 52.6 | % | $ | (21,734) | (4.3) | % | $ | 243,972 | 48.3 | % | ||||||||||||||||||||||||||
Catastrophe losses | 10,669 | 2.2 | % | 1,146 | 0.2 | % | 11,815 | 2.4 | % | |||||||||||||||||||||||||||||
Total | $ | 276,375 | 54.8 | % | $ | (20,588) | (4.1) | % | $ | 255,787 | 50.7 | % | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Attritional losses | $ | 213,535 | 47.4 | % | $ | (15,900) | (3.5) | % | $ | 197,635 | 43.9 | % | ||||||||||||||||||||||||||
Catastrophe losses | 47,246 | 10.5 | % | 4,959 | 1.1 | % | 52,205 | 11.6 | % | |||||||||||||||||||||||||||||
Total | $ | 260,781 | 57.9 | % | $ | (10,941) | (2.4) | % | $ | 249,840 | 55.5 | % | ||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||
Acquisition Costs | % of Net Premiums Earned | ||||||||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | '23 vs '22 point r | ||||||||||||||||||||||||
Property | $ | 26,405 | $ | 30,426 | 34.6 | % | 38.1 | % | (3.5) | ||||||||||||||||||||
Casualty | 34,066 | 37,045 | 17.9 | % | 20.6 | % | (2.7) | ||||||||||||||||||||||
Specialty | 71,217 | 55,122 | 29.9 | % | 28.9 | % | 1.0 | ||||||||||||||||||||||
Total | $ | 131,688 | $ | 122,593 | 26.1 | % | 27.2 | % | (1.1) |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other underwriting expenses | $ | 89,635 | $ | 82,256 | |||||||
Other underwriting expense ratio | 16.3 | % | 16.3 | % |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Gross premiums written | $ | 685,198 | $ | 606,453 | |||||||
Net premiums written | $ | 563,085 | $ | 491,911 | |||||||
Net premiums earned | $ | 447,614 | $ | 381,265 | |||||||
Third party fee income | 336 | 355 | |||||||||
Claims and Expenses | |||||||||||
Losses and loss adjustment expenses | 263,767 | 347,174 | |||||||||
Acquisition costs | 88,844 | 72,202 | |||||||||
Other underwriting expenses | 36,607 | 37,100 | |||||||||
Underwriting income (loss) | $ | 58,732 | $ | (74,856) | |||||||
Attritional losses - current year | $ | 227,518 | $ | 198,615 | |||||||
Attritional losses - prior year development | 17,685 | 27,382 | |||||||||
Catastrophe losses - current year | 24,564 | 141,140 | |||||||||
Catastrophe losses - prior year development | (6,000) | (19,963) | |||||||||
Losses and loss adjustment expenses | $ | 263,767 | $ | 347,174 | |||||||
Attritional loss ratio - current year | 50.8 | % | 52.1 | % | |||||||
Attritional loss ratio - prior year development | 4.0 | % | 7.2 | % | |||||||
Catastrophe loss ratio - current year | 5.4 | % | 37.0 | % | |||||||
Catastrophe loss ratio - prior year development | (1.3) | % | (5.2) | % | |||||||
Losses and loss adjustment expense ratio | 58.9 | % | 91.1 | % | |||||||
Acquisition cost ratio | 19.8 | % | 18.9 | % | |||||||
Other underwriting expense ratio | 8.1 | % | 9.6 | % | |||||||
Combined ratio | 86.8 | % | 119.6 | % |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 295,962 | $ | 291,412 | |||||||
Casualty | 285,038 | 192,041 | |||||||||
Specialty | 104,198 | 123,000 | |||||||||
Total | $ | 685,198 | $ | 606,453 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Property | $ | 162,374 | $ | 174,250 | |||||||
Casualty | 205,634 | 120,989 | |||||||||
Specialty | 79,606 | 86,026 | |||||||||
Total | $ | 447,614 | $ | 381,265 |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned | |||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||
Attritional losses | $ | 227,518 | 50.8 | % | $ | 17,685 | 4.0 | % | $ | 245,203 | 54.8 | % | |||||||||||||||||||||||
Catastrophe losses | 24,564 | 5.4 | % | (6,000) | (1.3) | % | 18,564 | 4.1 | % | ||||||||||||||||||||||||||
Total | $ | 252,082 | 56.2 | % | $ | 11,685 | 2.7 | % | $ | 263,767 | 58.9 | % | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Attritional losses | $ | 198,615 | 52.1 | % | $ | 27,382 | 7.2 | % | $ | 225,997 | 59.3 | % | |||||||||||||||||||||||
Catastrophe losses | 141,140 | 37.0 | % | (19,963) | (5.2) | % | 121,177 | 31.8 | % | ||||||||||||||||||||||||||
Total | $ | 339,755 | 89.1 | % | $ | 7,419 | 2.0 | % | $ | 347,174 | 91.1 | % | |||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||
Acquisition Costs | % of Net Premiums Earned | ||||||||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | '23 vs '22 point r | ||||||||||||||||||||||||
Property | $ | 20,924 | $ | 27,101 | 12.9 | % | 15.6 | % | (2.7) | ||||||||||||||||||||
Casualty | 46,681 | 23,751 | 22.7 | % | 19.6 | % | 3.1 | ||||||||||||||||||||||
Specialty | 21,239 | 21,350 | 26.7 | % | 24.8 | % | 1.9 | ||||||||||||||||||||||
Total | $ | 88,844 | $ | 72,202 | 19.8 | % | 18.9 | % | 0.9 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other underwriting expenses | $ | 36,607 | $ | 37,100 | |||||||
Other underwriting expense ratio | 8.1 | % | 9.6 | % |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $ | 100,448 | $ | 225,896 | |||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) - other | 19,152 | (101,441) | |||||||||
$ | 119,600 | $ | 124,455 | ||||||||
Net income (loss) attributable to non-controlling interest - TSHF | $ | 15,076 | $ | 68,069 | |||||||
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Other income (loss), excluding third party fee income | $ | 85 | $ | (260) |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Net foreign exchange gains (losses) | $ | (3,953) | $ | 15,382 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Corporate expenses | $ | 31,833 | $ | 15,934 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Amortization of intangible assets | $ | 7,869 | $ | 9,874 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Interest expense | $ | 16,007 | $ | 11,255 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Income tax expense | $ | 6,908 | $ | 3,103 |
As at | |||||||||||
($ in thousands, except for per share amounts) | September 30, 2023 | June 30, 2023 | |||||||||
Closing common shareholders' equity | $ | 1,799,725 | $ | 1,752,154 | |||||||
Closing common shares outstanding | 103,704,006 | 103,683,894 | |||||||||
Book value per common share | $ | 17.35 | $ | 16.90 |
As at | |||||||||||
($ in thousands, except for per share amounts) | September 30, 2023 | December 31, 2022 | |||||||||
Closing common shareholders' equity | $ | 1,799,725 | $ | 1,664,183 | |||||||
Closing common shares outstanding | 103,704,006 | 103,087,859 | |||||||||
Book value per common share | $ | 17.35 | $ | 16.14 |
As at | |||||||||||
($ in thousands, except for per share amounts) | September 30, 2023 | June 30, 2023 | |||||||||
Closing common shareholders' equity | $ | 1,799,725 | $ | 1,752,154 | |||||||
Goodwill and intangible assets | 89,589 | 88,770 | |||||||||
Closing common shareholders' equity, less goodwill and intangible assets | $ | 1,710,136 | $ | 1,663,384 | |||||||
Closing common shares outstanding | 103,704,006 | 103,683,894 | |||||||||
Tangible book value per common share | $ | 16.49 | $ | 16.04 |
As at | |||||||||||
($ in thousands, except for per share amounts) | September 30, 2023 | December 31, 2022 | |||||||||
Closing common shareholders' equity | $ | 1,799,725 | $ | 1,664,183 | |||||||
Goodwill and intangible assets | 89,589 | 86,958 | |||||||||
Closing common shareholders' equity, less goodwill and intangible assets | $ | 1,710,136 | $ | 1,577,225 | |||||||
Closing common shares outstanding | 103,704,006 | 103,087,859 | |||||||||
Tangible book value per common share | $ | 16.49 | $ | 15.30 |
For the Three Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Net income (loss) attributable to common shareholders | $ | 43,583 | $ | (136,117) | |||||||
Average common shareholders' equity for the period | $ | 1,775,940 | $ | 1,788,195 | |||||||
Return on average common shareholders' equity | 2.5 | % | (7.6) | % |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Net income (loss) attributable to common shareholders | $ | 131,862 | $ | (38,979) | |||||||
Average common shareholders' equity for the period | $ | 1,731,954 | $ | 1,737,418 | |||||||
Return on average common shareholders' equity | 7.6 | % | (2.2) | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Underwriting income (loss) | $ | 24,866 | $ | (66,075) | $ | 93,823 | $ | (70,321) | |||||||||||||||
Total realized and unrealized gains (losses) on investments and net investment income (loss) | 55,412 | (72,635) | 119,600 | 124,455 | |||||||||||||||||||
Other income (loss), excluding third party fee income | 85 | (517) | 85 | (260) | |||||||||||||||||||
Net foreign exchange gains (losses) | 1,432 | 1,906 | (3,953) | 15,382 | |||||||||||||||||||
Corporate expenses | (18,678) | (5,780) | (31,833) | (15,934) | |||||||||||||||||||
Amortization of intangible assets | (2,794) | (3,178) | (7,869) | (9,874) | |||||||||||||||||||
Interest expense | (5,288) | (4,102) | (16,007) | (11,255) | |||||||||||||||||||
Income tax expense | (2,387) | (1,054) | (6,908) | (3,103) | |||||||||||||||||||
Net income (loss), prior to non-controlling interest | $ | 52,648 | $ | (151,435) | $ | 146,938 | $ | 29,090 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Third party fee income | $ | 2,301 | $ | 3,244 | $ | 7,753 | $ | 9,377 | |||||||||||||||
Other income (loss), excluding third party fee income | 85 | (517) | 85 | (260) | |||||||||||||||||||
Other income (loss) | $ | 2,386 | $ | 2,727 | $ | 7,838 | $ | 9,117 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Other underwriting expenses | $ | 44,357 | $ | 40,564 | $ | 126,242 | $ | 119,356 | |||||||||||||||
Corporate expenses | 18,678 | 5,780 | 31,833 | 15,934 | |||||||||||||||||||
General and administrative expenses | $ | 63,035 | $ | 46,344 | $ | 158,075 | $ | 135,290 |
As at | |||||||||||||||||||||||
($ in thousands) | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 1,631,471 | 42 | % | $ | 1,259,476 | 36 | % | |||||||||||||||
Short-term investments, at fair value | 348,968 | 9 | % | 286,111 | 8 | % | |||||||||||||||||
1,980,439 | 51 | % | 1,545,587 | 44 | % | ||||||||||||||||||
Investments in Two Sigma Funds, at fair value | 979,986 | 25 | % | 740,736 | 21 | % | |||||||||||||||||
Total investments | 2,960,425 | 76 | % | 2,286,323 | 65 | % | |||||||||||||||||
Cash and cash equivalents | 804,548 | 21 | % | 1,076,420 | 31 | % | |||||||||||||||||
Restricted cash | 98,979 | 3 | % | 130,783 | 4 | % | |||||||||||||||||
Total cash | 903,527 | 24 | % | 1,207,203 | 35 | % | |||||||||||||||||
Total cash & investments | $ | 3,863,952 | 100 | % | $ | 3,493,526 | 100 | % |
2023 | |||||||||||||||||||||||
($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | 651,446 | $ | 21 | $ | (32,381) | $ | 619,086 | |||||||||||||||
U.S. states, territories and municipalities | 4,729 | — | (375) | 4,354 | |||||||||||||||||||
Non-U.S. sovereign governments and supranationals | 44,759 | 413 | (1,840) | 43,332 | |||||||||||||||||||
Corporate | 853,433 | 81 | (42,177) | 811,337 | |||||||||||||||||||
Residential mortgage-backed securities - Agency | 148,097 | — | (20,117) | 127,980 | |||||||||||||||||||
Residential mortgage-backed securities - Non-agency | 4,763 | 2 | (821) | 3,944 | |||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | 10,188 | — | (1,295) | 8,893 | |||||||||||||||||||
Other asset-backed securities | 12,847 | 15 | (317) | 12,545 | |||||||||||||||||||
Total fixed maturities | 1,730,262 | 532 | (99,323) | 1,631,471 | |||||||||||||||||||
Short-term investments | 347,623 | 1,345 | — | 348,968 | |||||||||||||||||||
Total | $ | 2,077,885 | $ | 1,877 | $ | (99,323) | $ | 1,980,439 |
2022 | |||||||||||||||||||||||
($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. government treasuries | $ | 498,841 | $ | 99 | $ | (27,089) | $ | 471,851 | |||||||||||||||
U.S. states, territories and municipalities | 4,741 | — | (434) | 4,307 | |||||||||||||||||||
Non-U.S. sovereign governments and supranationals | 14,191 | 363 | (1,602) | 12,952 | |||||||||||||||||||
Corporate | 690,900 | 363 | (43,786) | 647,477 | |||||||||||||||||||
Residential mortgage-backed securities - Agency | 111,234 | — | (14,824) | 96,410 | |||||||||||||||||||
Residential mortgage-backed securities - Non-agency | 5,147 | — | (772) | 4,375 | |||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | 10,283 | — | (1,064) | 9,219 | |||||||||||||||||||
Other asset-backed securities | 13,347 | 1 | (463) | 12,885 | |||||||||||||||||||
Total fixed maturities | 1,348,684 | 826 | (90,034) | 1,259,476 | |||||||||||||||||||
Short-term investments | 285,130 | 986 | (5) | 286,111 | |||||||||||||||||||
Total | $ | 1,633,814 | $ | 1,812 | $ | (90,039) | $ | 1,545,587 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | % of Total | Weighted average credit rating | Fair Value | % of Total | Weighted average credit rating | |||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||||||||
U.S. government treasuries | $ | 619,086 | 31 | % | Aaa | $ | 471,851 | 30 | % | Aaa | |||||||||||||||||||||||||
U.S. states, territories and municipalities | 4,354 | — | % | Aa2 | 4,307 | — | % | Aa2 | |||||||||||||||||||||||||||
Non-U.S. sovereign governments and supranationals | 43,332 | 2 | % | Aa1 | 12,952 | 1 | % | Aa1 | |||||||||||||||||||||||||||
Corporate | 811,337 | 42 | % | A2 | 647,477 | 42 | % | A2 | |||||||||||||||||||||||||||
Residential mortgage-backed securities - Agency | 127,980 | 6 | % | Aaa | 96,410 | 6 | % | Aaa | |||||||||||||||||||||||||||
Residential mortgage-backed securities - Non-agency | 3,944 | — | % | Aaa | 4,375 | — | % | Aaa | |||||||||||||||||||||||||||
Commercial mortgage-backed securities - Non-agency | 8,893 | — | % | Aa1 | 9,219 | 1 | % | Aa1 | |||||||||||||||||||||||||||
Other asset-backed securities | 12,545 | 1 | % | Aa3 | 12,885 | 1 | % | Aa3 | |||||||||||||||||||||||||||
Total fixed maturities | 1,631,471 | 82 | % | Aa3 | 1,259,476 | 81 | % | Aa3 | |||||||||||||||||||||||||||
Short-term investments | 348,968 | 18 | % | Aaa | 286,111 | 19 | % | Aaa | |||||||||||||||||||||||||||
Total fixed maturities and short-term investments | $ | 1,980,439 | 100 | % | Aa2 | $ | 1,545,587 | 100 | % | Aa2 | |||||||||||||||||||||||||
Fixed maturity and short-term investment credit quality summary: | |||||||||||||||||||||||||||||||||||
Investment grade | 100.0 | % | 100 | % | |||||||||||||||||||||||||||||||
Non-investment grade | — | % | — | % | |||||||||||||||||||||||||||||||
Total | 100.0 | % | 100 | % |
September 30, 2023 | December 31, 2022 | ||||||||||
Average credit quality | Aa3 | Aa3 | |||||||||
Average yield to maturity | 5.4 | % | 4.7 | % | |||||||
Expected average duration (in years) | 3.3 | 3.2 |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
($ in thousands) | Cost | Net Unrealized Gains (Losses) | Fair Value | Cost | Net Unrealized Gains (Losses) | Fair Value | |||||||||||||||||||||||||||||
Two Sigma Futures Portfolio, LLC (FTV) | $ | 469,379 | $ | (7,212) | $ | 462,167 | $ | 438,625 | $ | (95,213) | $ | 343,412 | |||||||||||||||||||||||
Two Sigma Spectrum Portfolio, LLC (STV) | 239,819 | 54,115 | 293,934 | 171,135 | 57,982 | 229,117 | |||||||||||||||||||||||||||||
Two Sigma Equity Spectrum Portfolio, LLC (ESTV) | 182,593 | 41,292 | 223,885 | 121,340 | 46,867 | 168,207 | |||||||||||||||||||||||||||||
Total | $ | 891,791 | $ | 88,195 | $ | 979,986 | $ | 731,100 | $ | 9,636 | $ | 740,736 |
($ in thousands) | 2023 | 2022 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 450,759 | $ | 800,239 | |||||||
Short-term investments | 347,787 | 264,104 | |||||||||
Investments in Two Sigma Funds, at fair value | 979,986 | 740,736 | |||||||||
Receivables for investments sold | 12,730 | — | |||||||||
Interest and dividends receivable | 804 | 2,076 | |||||||||
Total assets | 1,792,066 | 1,807,155 | |||||||||
Liabilities | |||||||||||
Accounts payable and accrued expenses | 254 | 291 | |||||||||
Withdrawal payable | 9,060 | 145,738 | |||||||||
Payable for investments purchased | 86,933 | 48,095 | |||||||||
Total liabilities | 96,247 | 194,124 | |||||||||
Total net assets managed by TS Hamilton Fund | $ | 1,695,819 | $ | 1,613,031 |
For the Nine Months Ended | |||||||||||
($ in thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Total cash provided by (used in): | |||||||||||
Operating activities | $ | 247,669 | $ | 189,036 | |||||||
Investing activities | (530,939) | 290,850 | |||||||||
Financing activities | (17,313) | (69,598) | |||||||||
Effect of exchange rate changes on cash | (3,093) | (22,158) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | (303,676) | $ | 388,130 |
As at | |||||||||||
($ in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Term loan, net of issuance costs | $ | 149,801 | $ | 149,715 | |||||||
Shareholders' equity | 1,799,725 | 1,664,183 | |||||||||
Total | $ | 1,949,526 | $ | 1,813,898 |
($ in thousands, except share and per share amounts) | |||||||||||
Authorized: | |||||||||||
150,000,000 common shares of $0.01 par value each | |||||||||||
Issued, outstanding and fully paid: | 2023 | 2022 | |||||||||
Class A common shares (2023 and 2022: 30,520,078) | $ | 305 | $ | 305 | |||||||
Class B common shares (2023: 42,658,302 and 2022: 42,042,155) | 427 | 420 | |||||||||
Class C common shares (2023 and 2022: 30,525,626) | 305 | 305 | |||||||||
Total | $ | 1,037 | $ | 1,030 |
($ in thousands) | 2023 | ||||
Available letter of credit and revolving loan facilities - commitments | $ | 924,491 | |||
Available letter of credit and revolving loan facilities - in use | 634,977 | ||||
Security pledged under letter of credit and revolving loan facilities: | |||||
Pledged interests in TS Hamilton Fund | $ | 214,437 | |||
Pledged interests in fixed income portfolio | 216,696 | ||||
Cash | 6,847 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | Interactive Data File for the period ended September 30, 2023. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document and are included in Exhibit 101. |
Date: | December 6, 2023 | /s/ Pina Albo | |||||||||||||||||||||||||||||||||
Pina Albo | |||||||||||||||||||||||||||||||||||
Chief Executive Officer |
Date: | December 6, 2023 | /s/ Craig Howie | |||||||||||||||||||||||||||||||||
Craig Howie | |||||||||||||||||||||||||||||||||||
Group Chief Financial Officer |
/s/ Pina Albo | ||
Pina Albo | ||
Chief Executive Officer | ||
December 6, 2023 |
/s/ Craig Howie | ||
Craig Howie | ||
Group Chief Financial Officer | ||
December 6, 2023 |
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Investments, amortized cost | $ 2,077,885 | $ 1,633,814 | ||||
Investments in Two Sigma Funds, cost | $ 891,791 | $ 731,100 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock authorized (in shares) | 150,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 |
Common stock issued (in shares) | 103,704,006 | 103,683,894 | 103,087,859 | 103,087,859 | 103,039,304 | 102,563,042 |
Common stock outstanding (in shares) | 103,704,006 | 103,683,894 | 103,087,859 | 103,087,859 | 103,039,304 | 102,563,042 |
Total fixed maturities | ||||||
Investments, amortized cost | $ 1,730,262 | $ 1,348,684 | ||||
Short-term investments | ||||||
Investments, amortized cost | $ 347,623 | $ 285,130 | ||||
Common Class A | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock authorized (in shares) | 53,993,690 | 53,993,690 | 53,993,690 | 53,993,690 | 53,993,690 | 53,793,690 |
Common stock issued (in shares) | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,320,078 |
Common stock outstanding (in shares) | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,320,078 |
Common Class B | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock authorized (in shares) | 65,480,684 | 50,480,684 | 50,480,684 | 50,480,684 | 48,984,123 | 46,898,612 |
Common stock issued (in shares) | 42,658,302 | 42,638,190 | 42,042,155 | 42,042,155 | 40,497,039 | 37,935,266 |
Common stock outstanding (in shares) | 42,658,302 | 42,638,190 | 42,042,155 | 42,042,155 | 40,497,039 | 37,935,266 |
Common Class C | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock authorized (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Common stock issued (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Common stock outstanding (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Revenues | ||||
Gross premiums written | $ 474,123 | $ 400,811 | $ 1,517,247 | $ 1,305,421 |
Reinsurance premiums ceded | (90,557) | (100,000) | (400,475) | (366,933) |
Net premiums written | 383,566 | 300,811 | 1,116,772 | 938,488 |
Net change in unearned premiums | (46,530) | (5,868) | (164,374) | (107,021) |
Net premiums earned | 337,036 | 294,943 | 952,398 | 831,467 |
Net realized and unrealized gains (losses) on investments | 47,343 | (67,380) | 101,881 | 146,640 |
Net investment income (loss) | 8,069 | (5,255) | 17,719 | (22,185) |
Total realized and unrealized gains (losses) on investments and net investment income (loss) | 55,412 | (72,635) | 119,600 | 124,455 |
Other income (loss) | 2,386 | 2,727 | 7,838 | 9,117 |
Net foreign exchange gains (losses) | 1,432 | 1,906 | (3,953) | 15,382 |
Total revenues | 396,266 | 226,941 | 1,075,883 | 980,421 |
Expenses | ||||
Losses and loss adjustment expenses | 191,577 | 257,963 | 519,554 | 597,014 |
Acquisition costs | 78,537 | 65,735 | 220,532 | 194,795 |
General and administrative expenses | 63,035 | 46,344 | 158,075 | 135,290 |
Amortization of intangible assets | 2,794 | 3,178 | 7,869 | 9,874 |
Interest expense | 5,288 | 4,102 | 16,007 | 11,255 |
Total expenses | 341,231 | 377,322 | 922,037 | 948,228 |
Income (loss) before income tax | 55,035 | (150,381) | 153,846 | 32,193 |
Income tax expense | 2,387 | 1,054 | 6,908 | 3,103 |
Net income (loss) | 52,648 | (151,435) | 146,938 | 29,090 |
Net income (loss) attributable to non-controlling interest | 9,065 | (15,318) | 15,076 | 68,069 |
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | $ 43,583 | $ (136,117) | $ 131,862 | $ (38,979) |
Per share data | ||||
Basic income (loss) per share attributable to common shareholders (in dollars per share) | $ 0.42 | $ (1.32) | $ 1.27 | $ (0.38) |
Diluted income (loss) per share attributable to common shareholders (in dollars per share) | $ 0.41 | $ (1.32) | $ 1.26 | $ (0.38) |
Organization |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group" or the "Company"), the ultimate group holding company, was incorporated on September 4, 2013, under the laws of Bermuda. Our Bermuda operations are led by Hamilton Re, Ltd. ("Hamilton Re"), a registered Class 4 insurer incorporated in Bermuda. Hamilton Re writes property, casualty, and specialty insurance and reinsurance on a global basis. Hamilton Re US is a tax partnership that was formed pursuant to an arrangement between Hamilton Re and its Bermuda-incorporated affiliate, Hamilton ILS Holdings Limited. The tax partnership is treated as a U.S. corporation for U.S. tax purposes and is registered with the U.S. Internal Revenue Service, such that capital and profits allocated to Hamilton Re US are subject to applicable U.S. taxation. Ada Capital Management Limited (“ACML”), a wholly owned insurance agent incorporated and regulated in Bermuda, is authorized to underwrite on behalf of Ada Re, Ltd. (“Ada Re”). Our London operations are comprised of Hamilton Managing Agency Limited (“HMA”), a Lloyd’s managing agency, which manages our wholly aligned Syndicate 4000 and certain other third-party funded Lloyd’s Syndicates. Syndicate 4000 operates in the Lloyd’s market and underwrites property, casualty, and specialty insurance and reinsurance business on a subscription basis. Syndicate 3334, which was managed by HMA, was closed by way of a Reinsurance to Close (“RITC”) into Syndicate 4000 at December 31, 2021. Our Dublin operations are comprised of Hamilton Insurance Designated Activity Company ("HIDAC"), a Dublin-based insurer with a U.K. branch and extensive licensing in the United States, including excess and surplus lines and reinsurance in all 50 states. Hamilton Managing General Agency Americas LLC ("HMGA Americas") is licensed throughout the United States and underwrites on behalf of the Group's London, Dublin and Bermuda operations solely in respect of Hamilton Re US, providing access from the U.S. to the Lloyd's market, the Group's rated Irish carrier and the Group's Bermuda balance sheet, respectively. Hamilton Select Insurance Inc. ("Hamilton Select") is a U.S. domestic excess and surplus lines carrier incorporated in Delaware and authorized to write excess and surplus business in all 50 states. Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund"), is a Delaware limited liability company. In 2013, Hamilton Re entered into a limited liability company agreement with TS Hamilton Fund and Two Sigma Principals, LLC (the "Managing Member") as the managing member of TS Hamilton Fund. Effective July 1, 2023, Hamilton Re has committed to an investment in TS Hamilton Fund in an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets (previously equal to a minimum of 95% of the consolidated net tangible assets of Hamilton Group). TS Hamilton Fund has engaged Two Sigma Investments, LP ("Two Sigma"), a related party Delaware limited partnership, to serve as its investment manager. Two Sigma is a United States Securities and Exchange Commission registered investment adviser specializing in quantitative analysis (see Note 3, Investments for further details). Unconsolidated Related Parties Ada Re is a special purpose insurer funded by third party investors and formed to provide fully collateralized reinsurance and retrocession to both Hamilton Group and third-party cedants. Turing Re Ltd. ("Turing Re"), a Bermuda special purpose insurer funded by investors, provides collateralized reinsurance capacity for Hamilton Re’s property treaty business. Easton Re is an industry loss index-triggered catastrophe bond that provides the Company's operating platforms with multi-year risk transfer capacity of $150 million to protect against named storm and earthquake risk in the United States.
|
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, as included in the Group’s most recently filed IPO prospectus (the "Prospectus") dated November 9, 2023, filed with the Securities and Exchange Commission on November 13, 2023. There have been no material changes to the Company's significant accounting policies as described in the Company's audited consolidated financial statements for the year ended December 31, 2022, as included in the Prospectus. a.Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and Article 10 of Regulation S-X, for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of, and for, the periods presented. These financial statements include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund (collectively the "Company"). All significant intercompany transactions and balances have been eliminated on consolidation. Certain comparative information has been reclassified to conform to the current year presentation. b.Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, premiums written, provisions for estimated future credit losses, the reserve for losses and loss adjustment expenses and the fair value of investments. c.Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 Leases (as subsequently clarified in various Updates) which updated accounting guidance that applies to any entity that enters into a lease that does not meet certain scope exceptions. The guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Company adopted this guidance in the first quarter of 2022 by recording a gross-up of the balance sheet in recognition of an operating lease liability for future lease payments and the associated right-of-use asset for the right to use the underlying asset over the lease term. This guidance did not have a material impact on the Company’s results of operations, financial position, cash flows or disclosures. In June 2016, the FASB issued ASU 2016-13 Measurement of Credit Losses on Financial Instruments (as subsequently clarified in various Updates), which requires the application of an incurred loss impairment methodology that reflects expected credit losses and requires consideration of a broad range of reasonable and supportable information to record credit loss estimates. The Company adopted this guidance in the first quarter of 2022, and because it did not have a material impact on the Company’s results of operations, financial position, or cash flows, we did not record a cumulative effective adjustment to opening retained earnings as of January 1, 2022.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Fixed Maturity and Short-Term Investments - Trading The Company’s fixed maturity and short-term investments at September 30, 2023 and December 31, 2022 are as follows:
Contractual Maturities Summary The following table presents contractual maturities of fixed maturity securities at September 30, 2023. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investments in Two Sigma Funds The Company’s investments in Two Sigma Funds at September 30, 2023 and December 31, 2022 are as follows:
The Company, through its investments in FTV, STV and ESTV, seeks to achieve absolute dollar-denominated returns on a substantial capital base, primarily by combining multiple hedged and leveraged systematic investment strategies with proprietary risk management and execution techniques. These systematic strategies include, but are not limited to, technical and statistically-based, fundamental-based, event-based, market condition-based and spread-based strategies as well as contributor-based and/or sentiment-based strategies and blended strategies. FTV primarily utilizes systematic strategies to gain broad macro exposure to FX, fixed income, equity and credit indices, and commodities, predominantly by trading futures, spots, forwards, options, swaps, cash bonds and exchange traded products. STV primarily utilizes systematic strategies to trade U.S.-listed equity securities and related instruments and derivatives. ESTV primarily utilizes systematic strategies to trade non-U.S.-listed equity securities and related instruments and derivatives. At September 30, 2023, the Company owns a 20.1%, 16.1% and 8.6% interest in each of the FTV, STV and ESTV funds, respectively. The following table summarizes certain investments of FTV, STV and ESTV where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity at September 30, 2023:
(1) Values represent TS Hamilton Fund’s proportionate share of the aggregate of FTV, STV and ESTV total holdings. Two Sigma and the Managing Member are related parties to the Company as described further in Note 1, Organization. Effective July 1, 2023, a revised investment management agreement with Two Sigma requires TS Hamilton Fund to incur a management fee of 2.5% of the non-managing members' equity in the net asset value of the TS Hamilton Fund per annum (previously 3%). The management fee for the three months ended September 30, 2023 and 2022 was $10.4 million and $14.0 million, respectively, and the management fee for the nine months ended September 30, 2023 and 2022 was $34.4 million and $39.5 million, respectively. Under the terms of the revised limited liability company agreement between Hamilton Re and the Managing Member, the Managing Member remains entitled to an incentive allocation equal to 30% of TS Hamilton Fund’s net profits, subject to high watermark provisions, and adjusted for withdrawals and any incentive allocation to the Managing Member. In the event there is a net loss during a quarter and a net profit during any subsequent quarter, the Managing Member is entitled to a modified incentive allocation whereby the regular incentive allocation will be reduced by 50% until subsequent cumulative net profits are credited in an amount equal to 200% of the previously allocated net losses. The Managing Member is also entitled to receive a revised additional incentive allocation as of the end of each fiscal year (or on any date Hamilton Re withdraws all or a portion of its capital), in an amount equal to 25% of the Excess Profits (previously 20%). “Excess Profits” for any given fiscal year (or other such accounting period) means the net profits over 10% for such fiscal year (previously 15%), net of management fees and expenses and gross of incentive allocations, but only after recouping previously unrecouped net losses. To the extent Hamilton Re contributes capital other than at the beginning of a fiscal year or withdraws capital other than at the end of a fiscal year, the additional incentive allocation hurdle with respect to such capital is prorated. The aggregate incentive allocation (inclusive of the additional incentive allocation) for the three months ended September 30, 2023 and 2022 was $9.1 million and $(15.3) million, respectively, and the aggregate incentive allocation (inclusive of the additional incentive allocation) for the nine months ended September 30, 2023 and 2022 was $15.1 million and $68.0 million, respectively. Hamilton Re has a commitment with TS Hamilton Fund to maintain an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Insurance Group’s net tangible assets in TS Hamilton Fund, such lesser amount, the “Minimum Commitment Amount”, for a three-year period (the "Initial Term") and for rolling three-year periods thereafter (each such three-year period the "Commitment Period"), subject to certain circumstances and the liquidity options described below, with the Commitment Period ending on December 31, 2025. The Commitment Period consists of a 3-year rolling term that automatically renews on an annual basis unless Hamilton Re or the Managing Member provide advance notice of non-renewal. The TS Hamilton Fund generally has two liquidity options, subject to Hamilton Re’s minimum investment commitment, which are as follows: •Monthly liquidity - Subject to certain conditions, Hamilton Re may request a whole or partial withdrawal of its capital account, no later than fifteen days prior to the end of a calendar month, effective as of the last day of such calendar month. •Daily liquidity - Subject to certain limited circumstances, including the need to meet obligations pursuant to Hamilton Re’s underwriting operations, Hamilton Re may request a withdrawal of all or a portion of its capital account upon at least business day’s written notice of such withdrawal request date to the Managing Member. At its discretion, the Managing Member may permit or require Hamilton Re to withdraw all or any portion of its respective capital account at other times, or waive or reduce certain notice periods, or allow a notice to be revoked. The Managing Member may withdraw all or any portion of its capital account at any time. Total Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) The components of total realized and unrealized gains (losses) on investments and net investment income (loss) for the three and nine months ended September 30, 2023 and 2022 are as follows:
Net Realized Gains (Losses) on Investments The components of net realized gains (losses) on investments for the three and nine months ended September 30, 2023 and 2022 are as follows:
Net Unrealized Gains (Losses) on Investments The components of net unrealized gains (losses) on investments for the three and nine months ended September 30, 2023 and 2022 are as follows:
Pledged Assets At September 30, 2023 and December 31, 2022, pledged investments at fair value were comprised of $226.9 million and $274.0 million, respectively, securing a portion of the capital requirements for business written at Lloyd's, $54.1 million and $39.0 million, respectively, held in trust accounts for the benefit of U.S. state regulatory authorities and $34.9 million and $Nil, respectively, securing other underwriting obligations. In addition, certain investments were pledged as security for letter of credit facilities as described further in Note 10, Debt and Credit Facilities. At September 30, 2023 and December 31, 2022, restricted cash and cash equivalents balances were comprised of $95.5 million and $126.8 million, respectively, securing other underwriting obligations, $1.8 million and $2.1 million, respectively, securing a portion of the capital requirements for business written at Lloyd's, $1.4 million and $1.3 million, respectively, in trust accounts for the benefit of regulatory authorities, and $0.3 million and $0.6 million, respectively, of escrow funds. Total cash and cash equivalents and restricted cash and cash equivalents of $903.5 million presented in the statement of cash flows at September 30, 2023 was comprised of cash and cash equivalents of $804.5 million and restricted cash and cash equivalents of $99.0 million on the balance sheet. Total cash and cash equivalents and restricted cash and cash equivalents of $1.2 billion presented in the statement of cash flows at December 31, 2022 was comprised of cash and cash equivalents of $1.1 billion and restricted cash and cash equivalents of $130.8 million on the balance sheet.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Financial Instruments Subject to Fair Value Measurements Accounting guidance over fair value measurements requires that a fair value measurement reflect the assumptions market participants would use in pricing an asset or liability based on the best information available. Assumptions include the risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the “exit price”). Instruments that the Company owns are marked to bid prices. Basis of Fair Value Measurements Fair value measurement accounting guidance also establishes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The three levels of the fair value hierarchy are: •Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; •Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and •Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Assets Recorded at Fair Value - Fixed Maturity and Short-term Investments The following section describes the valuation methodologies used to determine the fair value of the Company’s fixed maturity and short-term investments by asset class: •U.S. government treasuries: fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields; •U.S. states, territories and municipalities: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; •Non-U.S. sovereign governments and supranationals: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads, and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; •Corporate: fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; •Asset-backed and mortgage-backed securities: fair value based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; and •Short-term investments: fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields. The following table presents the financial instruments measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022:
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities TS Hamilton Fund TS Hamilton Fund meets the definition of a variable interest entity ("VIE") principally because the Managing Member does not hold substantive equity at risk in the entity but controls all of the decision making authority over it. Therefore, the Company assessed its ownership in the VIE to determine if it is the primary beneficiary. The Managing Member is a related party to the Company and collectively they hold all of the variable interest. The Company performed an assessment of all relevant facts and circumstances and determined that it is the entity within the related party group for whom substantially all of the activities of the VIE are conducted. As a result, the Company concluded that it is the primary beneficiary of TS Hamilton Fund. Activity in the non-controlling interest of TS Hamilton Fund for the three and nine months ended September 30, 2023 and 2022 was as follows:
The following table represents the total assets and total liabilities of TS Hamilton Fund at September 30, 2023 and December 31, 2022. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment.
The withdrawal payable of $9.1 million and $145.7 million at September 30, 2023 and December 31, 2022, respectively, includes a redemption of $Nil and $145.7 million, respectively, due to Hamilton Re. The net balance is reported on the Company's balance sheet in "Payables to related parties".
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Value Appreciation Pool |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Value Appreciation Pool | Value Appreciation Pool The Value Appreciation Pool ("VAP") represents an accrual in respect of the Company's estimated liability under a long-term incentive compensation plan that rewards employees with 10% of any increase in the multiple of the Company's estimated fair market value to GAAP shareholders' equity between the December 1, 2020 VAP inception date, and either an interim Trigger Event or the ultimate plan maturity on December 31, 2025. A total of 10.0 million units are available for issuance under this plan. As of September 30, 2023, there were 9.5 million units issued and outstanding. With effect from March 10, 2023, the VAP was revised to include an Underpin, such that if the ratio of the Company's estimated fair market value to GAAP shareholders' equity on the Trigger Event date is less than 1.15, the value of the award will be calculated with reference to a minimum ratio of 1.15 in order to provide for a minimum payment in respect of the award. In the event that the Underpin comes into effect, the fair value of the VAP at the offering date is estimated to be approximately $5.00 per VAP unit. The award vests in two tranches, subject to continued service: either 50% upon the ultimate plan maturity date of November 30, 2025 and 50% twelve months later, or 50% on each of the first and second anniversaries of a Trigger Event if one occurs prior to the maturity date. Participants who leave prior to vesting forfeit any previously unsettled portion of their awards. The award may be settled in either cash or shares, solely at the discretion of the Company. As a private company, the VAP was initially measured at intrinsic value and no compensation cost was recorded over the period December 1, 2020 to March 31, 2023. On May 15, 2023, the Company became a public business entity and the VAP was remeasured at fair value. The fair value of the compensation cost is estimated at each reporting date and expensed over the period for which the employee is required to provide services in exchange for the award, with any changes recorded in compensation expense by a cumulative catch-up adjustment. During the three and nine months ended September 30, 2023, the Company recorded compensation expense of $11.2 million and $15.6 million, respectively. $4.2 million of this expense was recorded as an adjustment to retained earnings in "Share compensation expense" in the second quarter of 2023. The aggregate fair value of the VAP was estimated on September 30, 2023 using the following assumptions:
The volatility assumption is derived from the median of the volatility of a select group of peer companies. The risk-free interest rate is based on the conversion of semi-annual zero-coupon U.S. Treasury rates as of the Valuation Date to continuously compounded rates and a rate selection commensurate with the remaining projected period. The expected life of the award was estimated at the remaining time to VAP maturity, assuming no prior Trigger Event occurs. An equity valuation assumption is also used in the Monte Carlo simulation.
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Reinsurance |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance | Reinsurance The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. Amounts recoverable under reinsurance contracts are recorded as assets. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. Allowance for Expected Credit Losses Premiums receivable and paid and unpaid losses recoverable comprise the Company's most significant credit exposures not carried at fair value. The Company has not historically experienced significant credit losses. In determining an allowance for these assets, the Company considers historical information in combination with counterparty financial strength ratings and the extent to which balances are collateralized. The Company assesses the risk of future default by evaluating current market conditions for the likelihood of default and calculates its provision for current expected credit losses under the probability of default and loss given default methodology. Premiums Receivable Premiums receivable are estimated based on policy terms and reports received from the underlying counterparties, supplemented by management's judgment. Due to the nature of the (re)insurance business, the Company routinely receives reports and premiums subsequent to the inception of the coverage period. At September 30, 2023, the Company’s premiums receivable balance, net of credit provisions of $2.7 million, was $689.0 million. At December 31, 2022, the Company’s premiums receivable balance, net of credit provisions of $2.9 million, was $522.7 million. Reinsurance Balances Recoverable Reinsurance balances recoverable is comprised of amounts due from reinsurers based on the claim liabilities associated with the reinsured policy. The Company accrues amounts due from reinsurers based on estimated ultimate contract losses. At September 30, 2023, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $138.3 million and $1.2 billion, respectively, with a total corresponding provision for current expected credit losses of $0.7 million. At December 31, 2022, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $90.7 million and $1.2 billion, respectively, with a total corresponding provision for current expected credit losses of $0.8 million. At September 30, 2023 and December 31, 2022, the distribution of the Company’s paid losses recoverable and unpaid losses and loss adjustment expenses recoverable as categorized by major rating agencies were as follows:
At September 30, 2023 and December 31, 2022, the three largest balances by reinsurer accounted for 27%, 19% and 12%, and 31%, 17% and 11%, respectively, of paid losses recoverable and unpaid losses and loss adjustment expenses recoverable. Loss Portfolio Transfer On February 6, 2020, the Company entered into a loss portfolio transfer agreement (the "LPT"), under which the insurance liabilities arising from certain casualty risks for the Lloyd's Years of Account ("YOA") 2016, 2017 and 2018 were retroceded to a third party in exchange for total premium of $72.1 million. This transaction was accounted for as retroactive reinsurance under which cumulative ceded losses exceeding the LPT premium are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each reporting period based on updated ultimate loss estimates. Consequently, cumulative adverse development subsequent to the signing of the LPT may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. At September 30, 2023 and December 31, 2022, the balance of reinsurance recoverable on unpaid losses due under this LPT was $50.7 million and $59.2 million, respectively. Amortization of the deferred gain was an expense of $0.9 million and income of $3.7 million during the three months ended September 30, 2023 and 2022, respectively, and income of $2.5 million and $1.7 million during the nine months ended September 30, 2023 and 2022, respectively, which was recorded through losses and loss adjustment expenses in accordance with the actual loss payments and updated estimates of ultimate losses of the subject business. Catastrophe Bond Reinsurance In 2021, Hamilton Group sponsored an industry loss index-triggered catastrophe bond through the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Easton Re Pte, Ltd. (“Easton Re”). Easton Re provides the Company's operating platforms with multi-year risk transfer capacity of $150 million to protect against named storm and earthquake risk in the United States. The risk period for Easton Re is from January 1, 2021 to December 31, 2023. The Company recorded reinsurance premiums ceded of $Nil and $7.2 million and $Nil and $6.3 million during each of the three and nine months ended September 30, 2023 and 2022, respectively.
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Reserve for Losses and Loss Adjustment Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for Losses and Loss Adjustment Expenses | Reserve for Losses and Loss Adjustment Expenses The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE") for the nine months ended September 30, 2023 and 2022:
Net favorable prior year development of $8.9 million for the nine months ended September 30, 2023 was comprised of $4.9 million and $4.0 million of favorable prior year development on catastrophe and attritional losses, respectively. See below for further details: •Net favorable development of $20.3 million on specialty contracts, driven by lower than expected claims development across various classes; offset by •Net unfavorable development of $8.8 million on casualty contracts, primarily related to higher than expected claims development across various classes; and •Net unfavorable development of $6.6 million on property contracts, primarily driven by higher than expected claims related to Winterstorm Elliott and development on certain attritional claims, including claims arising from exited classes of business. In addition, casualty business protected by the LPT discussed in Note 7, Reinsurance, recorded favorable gross development, which, in addition to amortization of the associated deferred gain, resulted in a net positive earnings impact of $4.0 million. Net favorable prior year development of $3.5 million for the nine months ended September 30, 2022 was comprised of $15.0 million of favorable prior year development on catastrophe losses offset by $11.5 million of unfavorable prior year development on attritional losses. See below for further details: •Net favorable development of $23.6 million on specialty contracts, driven by reductions in loss estimates; and •Net favorable development of $1.6 million on property contracts, driven by reductions in loss estimates; offset by •Net unfavorable development of $27.7 million on casualty contracts, including claims arising from exited classes of business. . In addition, casualty business protected by the LPT discussed in Note 7, Reinsurance, recorded favorable gross development which was partially offset by amortization of the associated deferred gain, resulting in a net positive earnings impact of $6.0 million. Reinsurance recoverable on unpaid losses related to the LPT discussed in Note 7, Reinsurance was recognized for each of the nine months ended September 30, 2023 and 2022 in the reconciliation of beginning and ending gross and net loss and LAE reserves presented above. The Company amortized acquisition costs of $78.5 million and $65.7 million for the three months ended September 30, 2023 and 2022, respectively, and $220.5 million and $194.8 million for the nine months ended September 30, 2023 and 2022, respectively. Ukraine Conflict The estimate of net reserves for losses and loss adjustment expenses related to the ongoing Ukraine conflict is subject to significant uncertainty. As at September 30, 2023 and December 31, 2022, our recorded reserves relating to the Ukraine conflict totaled $66.2 million and $79.3 million, respectively. Covid-19 Our Covid-19 losses also remain subject to significant uncertainty. Actual ultimate losses for these events may differ materially from the Company's current estimates. As at September 30, 2023 and December 31, 2022, our recorded reserves relating to Covid-19 totaled $13.9 million and $39.0 million, respectively. While the Company believes, based on current facts and circumstances, that its estimates of net reserves for losses and loss adjustment expenses are adequate for losses and loss adjustment expenses that have been incurred at September 30, 2023, the Company will continue to monitor its assumptions as new information becomes available and will adjust its estimate of net reserves for losses and loss adjustment expenses as appropriate. Actual ultimate losses for these events may differ materially from the Company's current estimates.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We have determined our reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations. We have identified two reportable business segments - International and Bermuda. Each of our identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker: the Chief Executive Officer of the consolidated group. We evaluate reportable segment performance based on their respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses (net of third party fee income). General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As we do not manage our assets by reportable segment, investment income and assets are not allocated to reportable segments. Our core business is underwriting and our underwriting results are reflected in our reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. We consider many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments. Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense.
The following table presents gross premiums written by the geographical location of the Company's subsidiaries for the three and nine months ended September 30, 2023 and 2022:
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Debt and Credit Facilities |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities | Debt and Credit Facilities Debt On June 23, 2022, Hamilton Group renewed its unsecured $150 million term loan credit arrangement, as amended from time to time (the "Facility"), with various lenders as arranged by Wells Fargo Securities, LLC. All or a portion of the loan issued under the renegotiated Facility bears interest at either (a) the Base Rate plus the Applicable Margin or (b) the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus the Applicable Margin, at Hamilton Group's discretion. In the event of default, an additional 2% interest in excess of (a) or (b) will be levied, not to exceed the highest rate permissible under applicable law, and certain types of loans may not be available for borrowing by Hamilton Group under the Facility. The Facility matures on June 23, 2025, unless accelerated pursuant to the terms of the Facility, and it contains usual and customary representations, warranties, conditions and covenants for bank loan facilities of this type. The Facility also contains certain financial covenants which cap the ratio of consolidated debt to capital and require that Hamilton Group maintain a certain minimum consolidated net worth. The net worth requirement is recalculated effective as of the end of each fiscal quarter. As of September 30, 2023, the outstanding loan balance was $150.0 million, the fair value was $151.0 million, the unamortized issuance costs were $0.2 million, and the Company was in compliance with all covenants. Debt issuance costs are amortized over the period during which the Facility is outstanding, as an offset to investment income. The Company amortized debt issuance costs of $0.1 million or less in each of the three and nine months ended September 30, 2023 and 2022. The Company’s debt is classified as Level 3 within the fair value hierarchy because it is valued using an income approach, which utilizes a discounted cash flow technique that considers the credit profile of the Company. Credit Facilities The Company has several available letter of credit facilities and a revolving loan facility provided by commercial banks. The letter of credit facilities are utilized to provide collateral to reinsureds of Hamilton Re and its affiliates to the extent required under reinsurance agreements and to support capital requirements at Lloyd’s. On June 23, 2022, Hamilton Group and Hamilton Re amended and restated their unsecured credit agreement with a syndication of lenders (the “Unsecured Facility"). Under the Unsecured Facility, the lenders have agreed to provide up to an aggregate of $415 million of letter of credit capacity for Hamilton Re, up to $150 million of which may be utilized for revolving loans to be issued to Hamilton Group. At September 30, 2023, there were no loan amounts outstanding under this facility. Letters of credit issued under the facility bear interest at a rate of 150 basis points, while revolving loans if issued are subject to a fee of SOFR plus a margin of 185 basis points. To the extent such loans are issued, the available letter of credit capacity shall decrease proportionally, such that the aggregate credit exposure for the lenders under the credit agreement is $415 million. Amounts unutilized under the facility are subject to a fee of 22.5 basis points. Capacity is provided by Wells Fargo, National Association, Truist Bank, BMO Harris Bank N.A., Commerzbank AG, New York Branch, HSBC Bank USA, N. A., and Barclays Bank PLC. Unless renewed or otherwise terminated in accordance with its terms, the Unsecured Facility is scheduled to terminate on June 23, 2025. On August 11, 2023, Hamilton Re and HIDAC amended their committed letter of credit facility agreement with Bank of Montreal ("BMO"), with Hamilton Group as guarantor, under which BMO agreed to make available a secured letter of credit facility of $50 million for a term that will expire on August 13, 2024. The facility bears a fee of 40 basis points for letters of credit issued and 15 basis points on any unutilized portion of the facility. On October 26, 2023, Hamilton Re amended its letter of credit facility agreement with UBS AG ("UBS") under which UBS and certain of its affiliates agreed to make available to Hamilton Re a secured letter of credit facility of $100 million for a term that will expire on October 26, 2024. The facility bears a fee of 140 basis points on the total available capacity. In addition, Hamilton Re is the borrower under a $205 million unsecured letter of credit facility agreement that it utilizes to provide Funds at Lloyd's ("FAL") ("FAL LOC Facility") to support the FAL requirements of Syndicate 4000. Capacity is provided by Barclays Bank PLC, ING Bank N.V., London Branch, and Bank of Montreal, London Branch. The facility bears a fee of 162.5 basis points on the borrowed amount. The FAL LOC Facility was increased to $230 million on October 27, 2023 for an additional one year term that expires on October 27, 2024. The facility fees on the borrowed amount remain the same. The Company’s obligations under its credit facilities require Hamilton Group, Hamilton Re and the other parties thereto to comply with various financial and reporting covenants. All applicable entities were in compliance with all such covenants at September 30, 2023. Certain of the Company's credit facilities are secured by pledged interests in the TS Hamilton Fund, the Company's fixed income security portfolio, or cash. The Company’s credit facilities at September 30, 2023, and associated securities pledged, were as follows:
The Company has recognized interest expense related to the above debt and credit facilities of $5.3 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $16.0 million and $11.3 million for the nine months ended September 30, 2023 and 2022, respectively.
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Share Capital |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | Share Capital Authorized and Issued Hamilton Group’s share capital at September 30, 2023 and December 31, 2022, is comprised as follows:
The following is a summary of the activity related to common shares authorized for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares authorized for the nine months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the nine months ended September 30, 2023 and 2022:
In general, holders of Class A common shares and Class B common shares have one vote for each common share held while the Class C common shares have no voting rights, except as required by law. However, each holder of Class A common shares and Class B common shares is limited to voting (directly, indirectly or constructively, as determined for U.S. federal income tax purposes) that number of common shares equal to 9.5% of the total combined voting power of all classes of shares of the Company (or, in the case of a class vote by the holders of our Class B common shares, such as in respect of the election or removal of directors other than for directors who are appointed by certain shareholders pursuant to the Shareholders Agreement and our Bye-laws, a maximum of 14.92% of the total combined voting power). In addition, the Board of Directors may limit a shareholder’s voting rights when it deems it appropriate to do so to avoid certain material adverse tax, legal or regulatory consequences to the Company or any direct or indirect shareholder or its affiliates. The Company Bye-laws provide for the redesignation of shares from (i) Class A common shares to Class B common shares automatically upon any transfer, whether or not for value, from (ii) Class B common shares to Class A common shares at the request of a Class A member and upon approval by a Simple Majority of the Board, from (iii) Class A common shares and Class B common shares to Class C common shares at the request of the transferring shareholder and subject to approval by a Simple Majority of the Board and, (iv) from Class C common shares to Class B common shares upon approval by a Simple Majority of the Board. Effective upon listing on the New York Stock Exchange ("NYSE"), the Company Bye-laws provide for the redesignation of shares, as described in (i)-(iv) above, automatically upon transfer. The number of authorized and issued Class A common shares and Class C common shares, as applicable, shall be reduced by the aggregate number of such issued Class A common shares and Class C common shares, as applicable, converted to Class B common shares and the number of authorized and issued Class B common shares shall be correspondingly increased by the same amount. Certain of Hamilton Group’s shareholders that own an aggregate of 62.0 million Class A, Class B and Class C common shares at September 30, 2023 have liquidity rights stipulating that on either December 23, 2023, or at the end of each three-year period thereafter, or upon the occurrence of a Trigger Event (as such term is defined in the Second Amended and Restated Shareholders' Agreement), such shareholders may cause, at the Company’s election, for the Company to either repurchase all or any portion of the exercised common shares held by such shareholder(s) at diluted book value or require an auction for a cash sale of the Company, at the Company's option. For purposes of these liquidity rights a Trigger Event includes any of the following: (i) various adverse tax determinations, including if the Company is determined to be a “passive foreign investment company” for U.S. federal income tax purposes; (ii) various changes in law that have material adverse consequences to either the Company or the applicable shareholders' interests in the Company; (iii) a downgrade in any material subsidiary’s financial strength rating to any level below A- by A.M. Best Company; or (iv) one or more changes in law (including regulatory requirements) that in the aggregate result in (a) a reduction in the investable assets of the Company invested with Two Sigma specifically, or alternative investment managers employing similar strategies generally, such that 75% or less of the Company’s investable assets will be invested with Two Sigma or such alternative investment managers or (b) Two Sigma specifically, or alternative investment managers employing similar strategies generally, being required to adopt a materially different investment strategy with respect to the investable assets of the Company. Should the Company elect to repurchase all or a portion of the common shares held by such exercising shareholder(s), such repurchase is subject to (i) applicable law and (ii) reasonable determination by the Board of Directors that A.M. Best Company will not downgrade or take any ratings action with respect to Hamilton Re’s financial strength rating as a result. Effective upon listing on the NYSE, a new shareholders' agreement was executed between the Company and certain significant shareholders, and the liquidity rights described above no longer apply.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income (loss) per common share for the three and nine months ended September 30, 2023 and 2022, respectively:
In the three and nine months ended September 30, 2023, there were no common shares available for issuance under share-based compensation plans that were excluded from the calculation of diluted income (loss) per share because the assumed exercise or issuance of such shares would be anti-dilutive. In each of the three and nine months ended September 30, 2022, 3.0 million common shares available for issuance under share-based compensation plans were excluded from the calculation of diluted income (loss) per share because the assumed exercise or issuance of such shares would be anti-dilutive.
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Subsequent Events |
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Subsequent Events | Subsequent Events Initial Public Offering On November 14, 2023, the Company consummated an initial public offering ("IPO") of its Class B common shares, which are listed on the NYSE. The Company’s net proceeds from the IPO were approximately $80.7 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO. Effective upon the consummation of the IPO, the Second Amended and Restated Shareholders Agreement terminated and the liquidity rights described in Note 11, Share Capital, which were included in the Shareholders Agreement, are no longer applicable. Value Appreciation Pool The IPO qualifies as a Trigger Event as defined in the VAP Plan. As a result, the Underpin (as discussed in Note 6, Value Appreciation Pool) became effective with a valuation of $5.16 per VAP unit. As of December 5, 2023, there were 9.5 million VAP units issued and outstanding. Warrants Subsequent to September 30, 2023, a total of 342,500 warrants were exercised, resulting in a net issuance of 271,097 Class B shares. At December 5, 2023, 810,000 warrants remain outstanding and fully vested. Share Capital On October 18, 2023, the Company redesignated 23,473,612 authorized Class A shares in excess of the outstanding Class A shares as unclassified. On November 14, 2023, as part of the IPO, 6,250,000 new class B shares were issued and sold by the Company and 8,750,000 existing shares were sold by the Company's shareholders. Of the 8,750,000 existing shares, 5,711,014 were Class A shares or Class C shares that were redesignated as Class B shares upon transfer. On November 22, 2023, as part of the IPO, an additional 1,500,000 existing shares were sold by the Company's shareholders. Of the 1,500,000 existing shares, 1,145,654 were Class A shares or Class C shares that were redesignated as Class B shares upon transfer. The following is a summary of the activity related to common shares authorized for the period October 1, 2023 to December 5, 2023:
The following is a summary of the activity related to common shares issued and outstanding for the period October 1, 2023 to December 5, 2023:
Related Party Transactions Antonio Ursano, Jr. has served as a director of the Company since October 15, 2023. Mr. Ursano previously served as the Group Chief Financial Officer of the Company from September 2019 to July 2021. He is also the Managing Partner and Co-Founder of Insurance Advisory Partners LLC. The Company retained Insurance Advisory Partners LLC (“IAP”) to act as financial advisor to us with respect to evaluating various strategic and financial alternatives including any capital raise by us, including the IPO. The Company agreed to pay IAP (i) a quarterly retainer of $30,000 and (ii) a transaction fee of $1.0 million in connection with the IPO. We have also agreed to reimburse IAP on a quarterly basis for all reasonable and documented out-of-pocket expenses incurred in connection with specified matters, and have provided for indemnification of IAP.
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Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and Article 10 of Regulation S-X, for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of, and for, the periods presented. |
Basis of Presentation | These financial statements include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund (collectively the "Company"). All significant intercompany transactions and balances have been eliminated on consolidation. Certain comparative information has been reclassified to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, premiums written, provisions for estimated future credit losses, the reserve for losses and loss adjustment expenses and the fair value of investments.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 Leases (as subsequently clarified in various Updates) which updated accounting guidance that applies to any entity that enters into a lease that does not meet certain scope exceptions. The guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Company adopted this guidance in the first quarter of 2022 by recording a gross-up of the balance sheet in recognition of an operating lease liability for future lease payments and the associated right-of-use asset for the right to use the underlying asset over the lease term. This guidance did not have a material impact on the Company’s results of operations, financial position, cash flows or disclosures. In June 2016, the FASB issued ASU 2016-13 Measurement of Credit Losses on Financial Instruments (as subsequently clarified in various Updates), which requires the application of an incurred loss impairment methodology that reflects expected credit losses and requires consideration of a broad range of reasonable and supportable information to record credit loss estimates. The Company adopted this guidance in the first quarter of 2022, and because it did not have a material impact on the Company’s results of operations, financial position, or cash flows, we did not record a cumulative effective adjustment to opening retained earnings as of January 1, 2022.
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Investments (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fixed Maturity and Short-Term Investments | The Company’s fixed maturity and short-term investments at September 30, 2023 and December 31, 2022 are as follows:
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Schedule of Contractual Maturities of Fixed Maturity Securities | The following table presents contractual maturities of fixed maturity securities at September 30, 2023. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Investments in Two Sigma Funds | The Company’s investments in Two Sigma Funds at September 30, 2023 and December 31, 2022 are as follows:
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Summary of Certain Investments of FTV, STV and ESTV | The following table summarizes certain investments of FTV, STV and ESTV where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity at September 30, 2023:
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Schedule of Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) | The components of total realized and unrealized gains (losses) on investments and net investment income (loss) for the three and nine months ended September 30, 2023 and 2022 are as follows:
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Schedule of Realized Gain (Loss) on Investments | The components of net realized gains (losses) on investments for the three and nine months ended September 30, 2023 and 2022 are as follows:
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Schedule of Unrealized Gain (Loss) on Investments | The components of net unrealized gains (losses) on investments for the three and nine months ended September 30, 2023 and 2022 are as follows:
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents the financial instruments measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022:
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Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity In and Total Assets and Total Liabilities of TS Hamilton Fund | Activity in the non-controlling interest of TS Hamilton Fund for the three and nine months ended September 30, 2023 and 2022 was as follows:
The following table represents the total assets and total liabilities of TS Hamilton Fund at September 30, 2023 and December 31, 2022. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment.
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Value Appreciation Pool (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used to Value VAP | The aggregate fair value of the VAP was estimated on September 30, 2023 using the following assumptions:
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Reinsurance (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Paid and Unpaid Losses and Loss Adjustment Expenses Recoverable | At September 30, 2023 and December 31, 2022, the distribution of the Company’s paid losses recoverable and unpaid losses and loss adjustment expenses recoverable as categorized by major rating agencies were as follows:
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Reserve for Losses and Loss Adjustment Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses | The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE") for the nine months ended September 30, 2023 and 2022:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information |
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Summary of Revenue from External Customers by Geographic Areas | The following table presents gross premiums written by the geographical location of the Company's subsidiaries for the three and nine months ended September 30, 2023 and 2022:
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Debt and Credit Facilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Credit Facilities | The Company’s credit facilities at September 30, 2023, and associated securities pledged, were as follows:
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Share Capital (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Capital | Hamilton Group’s share capital at September 30, 2023 and December 31, 2022, is comprised as follows:
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Schedule of Activity Related to Common Shares | The following is a summary of the activity related to common shares authorized for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares authorized for the nine months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the nine months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares authorized for the period October 1, 2023 to December 5, 2023:
The following is a summary of the activity related to common shares issued and outstanding for the period October 1, 2023 to December 5, 2023:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Income (Loss) per Common Share | The following table sets forth the computation of basic and diluted income (loss) per common share for the three and nine months ended September 30, 2023 and 2022, respectively:
|
Subsequent Events (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Related to Common Shares | The following is a summary of the activity related to common shares authorized for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares authorized for the nine months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the three months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares issued and outstanding for the nine months ended September 30, 2023 and 2022:
The following is a summary of the activity related to common shares authorized for the period October 1, 2023 to December 5, 2023:
The following is a summary of the activity related to common shares issued and outstanding for the period October 1, 2023 to December 5, 2023:
|
Organization (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Jul. 01, 2023 |
Jun. 30, 2023 |
|
Related Party | |||
Schedule of Equity Method Investments [Line Items] | |||
Risk transfer capacity | $ 150 | ||
Two Sigma Hamilton Fund, LLC | Hamilton Re | |||
Schedule of Equity Method Investments [Line Items] | |||
Commitment for investment in Two Sigma Funds | $ 1,800 | ||
Investment in Two Sigma Funds, as a percentage of net tangible assets | 60.00% | 95.00% |
Investments - Summary of Contractual Maturities of Fixed Maturity Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Amortized Cost | $ 2,077,885 | $ 1,633,814 |
Fair Value | ||
Fair Value | 1,980,439 | 1,545,587 |
Total fixed maturities | ||
Amortized Cost | ||
Amortized Cost | 1,730,262 | 1,348,684 |
Fair Value | ||
Fair Value | 1,631,471 | $ 1,259,476 |
Fixed Maturities, Excluding Mortgage-backed and Asset-backed Securities | ||
Amortized Cost | ||
Due less than one year | 139,886 | |
Due after one through five years | 1,164,512 | |
Due after five through ten years | 245,255 | |
Due after ten years | 4,714 | |
Fair Value | ||
Due less than one year | 135,950 | |
Due after one through five years | 1,107,734 | |
Due after five through ten years | 230,867 | |
Due after ten years | 3,558 | |
Mortgage-backed | ||
Amortized Cost | ||
Mortgage/Asset-backed | 163,048 | |
Fair Value | ||
Mortgage/Asset-backed | 140,817 | |
Asset-backed | ||
Amortized Cost | ||
Mortgage/Asset-backed | 12,847 | |
Fair Value | ||
Mortgage/Asset-backed | $ 12,545 |
Variable Interest Entities - Activity in the Non-Controlling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance - beginning of period | $ 119 | |||
Balance - end of period | $ 129 | 129 | ||
TS Hamilton Fund | ||||
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance - beginning of period | 124 | $ 15,462 | 119 | $ 124 |
Withdrawals | (9,060) | 0 | (15,066) | (68,049) |
Equity in earnings | 5 | (1) | 10 | 20 |
Incentive allocation | 9,060 | (15,317) | 15,066 | 68,049 |
Balance - end of period | $ 129 | $ 144 | $ 129 | $ 144 |
Value Appreciation Pool - Assumptions (Details) - Value Appreciation Pool |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected volatility | 26.70% |
Risk-free rate | 4.95% |
Expected life | 2 years 3 months 10 days |
Reinsurance - Schedule of Paid and Unpaid Losses and Loss Adjustment Expenses Recoverable (Details) - Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments - Reinsurer Concentration Risk |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 100.00% | 100.00% |
A- or better | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 70.60% | 65.60% |
Below A- | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 0.70% | 0.60% |
Collateralized | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 28.70% | 33.80% |
Debt and Credit Facilities - Credit Facilities (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Available letter of credit and revolving loan facilities - commitments | $ 924,491 |
Available letter of credit and revolving loan facilities - in use | 634,977 |
TS Hamilton Fund | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | 214,437 |
Fixed Income Portfolio | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | 216,696 |
Cash | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | $ 6,847 |
Share Capital - Schedule of Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 150,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock issued (in shares) | 103,704,006 | 103,683,894 | 103,087,859 | 103,087,859 | 103,039,304 | 102,563,042 |
Common stock outstanding (in shares) | 103,704,006 | 103,683,894 | 103,087,859 | 103,087,859 | 103,039,304 | 102,563,042 |
Common shares | $ 1,037 | $ 1,030 | ||||
Common Class A | ||||||
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 53,993,690 | 53,993,690 | 53,993,690 | 53,993,690 | 53,993,690 | 53,793,690 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock issued (in shares) | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,320,078 |
Common stock outstanding (in shares) | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,520,078 | 30,320,078 |
Common shares | $ 305 | $ 305 | ||||
Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 65,480,684 | 50,480,684 | 50,480,684 | 50,480,684 | 48,984,123 | 46,898,612 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock issued (in shares) | 42,658,302 | 42,638,190 | 42,042,155 | 42,042,155 | 40,497,039 | 37,935,266 |
Common stock outstanding (in shares) | 42,658,302 | 42,638,190 | 42,042,155 | 42,042,155 | 40,497,039 | 37,935,266 |
Common shares | $ 427 | $ 420 | ||||
Common Class C | ||||||
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock issued (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Common stock outstanding (in shares) | 30,525,626 | 30,525,626 | 30,525,626 | 30,525,626 | 32,022,187 | 34,307,698 |
Common shares | $ 305 | $ 305 |
Share Capital - Narrative (Details) shares in Millions |
Sep. 30, 2023
shares
|
---|---|
Class of Stock [Line Items] | |
Percent of combined voting power, Class A and Class B | 9.50% |
Shares of common stock outstanding with liquidity rights (in shares) | 62.0 |
Term of liquidity rights | 3 years |
Percent of investible assets | 75.00% |
Common Class B | |
Class of Stock [Line Items] | |
Percent of combined voting power, Class A and Class B | 14.92% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Numerator: | ||||
Net income (loss) attributable to common shareholders | $ 43,583 | $ (136,117) | $ 131,862 | $ (38,979) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 103,704,000 | 103,074,000 | 103,711,000 | 103,053,000 |
Effect of dilutive securities (in shares) | 1,720,000 | 0 | 1,260,000 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 105,424,000 | 103,074,000 | 104,971,000 | 103,053,000 |
Income (loss) per common share - basic (in dollars per share) | $ 0.42 | $ (1.32) | $ 1.27 | $ (0.38) |
Income (loss) per common share - diluted (in dollars per share) | $ 0.41 | $ (1.32) | $ 1.26 | $ (0.38) |
Anti-dilutive shares excluded from the calculation of diluted income (loss) per share (in shares) | 0 | 3,000,000 | 0 | 3,000,000 |
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