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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Line of Credit Facilities
At December 31, 2023, the Group had the following letter of credit facilities:
December 31, 2023December 31, 2022
BankCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Lloyds Bank plc(2)
Unsecured (1)
$25.0 $20.6 September 20, 2024$25.0 $24.3 September 20, 2023
Secured (1)
100.0 38.2 September 20, 2024175.0 76.9 September 20, 2023
Ancillary own funds(3)
75.0 75.0 March 13, 202750.0 50.0 December 9, 2025
Total Lloyds Bank Plc200.0 133.8 250.0 151.2 
Citibank N.A. London branch(1)(2)
Secured70.0 52.3 December 31, 2024100.0 100.1 December 31, 2023
Total Citibank N.A. London branch70.0 52.3 100.0 100.1 
Barclays Bank plc(1)(2)
Unsecured60.0 53.3 September 13, 202460.0 51.4 September 15, 2023
Secured80.0 31.0 September 13, 2024160.0 36.8 September 15, 2023
Total Barclays Bank plc140.0 84.3 220.0 88.2 
Bank of Montreal(1)(2)
Unsecured40.0 36.1 September 17, 2024100.0 70.8 September 17, 2023
Secured100.0 32.1 September 17, 2024100.0 6.6 September 17, 2023
Total Bank of Montreal140.0 68.2 200.0 77.4 
Total letters of credit facilities$550.0 $338.6 $770.0 $416.9 
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(1)Letters of credit can be issued under the Standby Letter of Credit Facility for the purposes of supporting insurance and reinsurance obligations.
(2)The Facility agreements allow for additional capacity in the form of accordions and uncommitted amounts. The maximum additional capacity at the lenders as of December 31, 2023 was; Lloyds Bank plc $50.0 million; Citibank N.A. London Branch $200.0 million; Barclays Bank plc $80.0 million; and Bank of Montreal $60.0 million. As of December 31, 2022, all available accordions had been triggered and are included in the committed amounts shown.
(3)The Standby Letter of Credit Facility Agreement was amended and restated on March 14, 2023, increasing the size of the facility to $75.0 million for a four year period. The new letter of credit entirely replaced the $50.0 million letter of credit issued under the previously facility, and the purpose is to provide regulated capital in respect to Ancillary Own Funds.
The following table shows the collateral underlying the secured letter of credit facilities:
BankDecember 31, 2023December 31, 2022
Lloyds Bank plc$44.2 $92.4 
Citibank N.A. London branch55.2 104.4 
Barclays Bank plc37.7 45.7 
Bank of Montreal35.9 10.8 
Total$173.0 $253.3 
The Group's letter of credit facilities are generally bilateral agreements with a one or two year term. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The Group also entered into a Standby Letter of Credit Facility Agreement with Lloyds to provide regulated capital in respect of Ancillary Own Funds (“AOF”). All above facilities are subject to various affirmative, negative and financial covenants that the Group considers to be customary for such borrowings including certain minimum net worth and maximum debt to capitalization standards.
Ceded Credit Risk
The following table sets forth the Group’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2023, 2022 and 2021:
202320222021
Marsh & McLennan Companies Inc18 %20 %24 %
Aon plc13 %15 %22 %
No other broker or other (re)insurance intermediary individually accounted for more than 10% of GPW in respect of the fiscal years 2023, 2022 and 2021.
Assets And Liabilities, Lessee
The following table presents the Group’s operating lease right-of-use assets and lease liabilities:
December 31, 2023December 31, 2022
Operating lease right-of-use assets (1)
$7.3 $26.8 
Operating lease liabilities (2)
$8.0 $28.5 
Weighted-average remaining lease term (years)6.69.1
Weight-average discount rate10.9 %7.8 %
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(1)Operating lease right-of-use assets are included in other assets
(2)Operating lease liabilities are included in other liabilities
Lessee, Operating Lease, Liability, to be Paid, Maturity
Future minimum lease commitments at December 31, 2023 under these leases are expected to be as follows:
Future Payments
2024$0.7 
20252.1
20261.9
20271.8
20281.6
2029 and thereafter3.5
Total future annual minimum lease payments11.6
Less: present value discount(3.6)
Total lease liability at December 31, 2023
$8.0