Significant transactions

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Significant transactions

Significant transactions

Empire Insurance Company

On July 7, 2020, Sirius Group sold 100% of the common shares of Empire Insurance Company (“Empire”) to Physicians' Reciprocal Insurers (the “Empire Transaction”). As of June 30, 2020, the assets related to Empire have been classified as held for sale in the Consolidated Balance Sheets. The following table summarizes the major categories of assets classified as held for sale related to the Empire Transaction as of June 30, 2020 and December 31, 2019:

(Millions)	June 30, 2020		December 31, 2019
Short-term investments, at fair value	$	9.3	$	—
Cash	0.2		—
Accounts receivable on unsettled investment sales	1.0		—
Total assets held for sale	$	10.5	$	—

Loss portfolio transfer

On January 23, 2020, Sirius Group consummated a loss portfolio transfer with Pacific Re, Inc. Under the agreement, Sirius Group received $69.7 million in cash and assumed net undiscounted loss and loss adjustment expenses ("LAE") reserves with the same value. In addition, Sirius Group recognized Gross written premium and Loss and loss adjustment expenses for $69.7 million.

As part of closing on the loss portfolio transfer, an estimate of net paid losses was included. Sixty days after the closing, actual net paid losses were determined and Sirius Group paid back $0.4 million in cash to Pacific Re, Inc. and reduced assumed net undiscounted loss and LAE reserves by the same value. In addition, Sirius Group adjusted Gross written premium and Loss and loss adjustment expenses by $(0.4) million.