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Variable Interest Entity and Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2019
Variable Interest Entity and Noncontrolling Interest Disclosure [Abstract]  
Carrying amount of assets and liabilities of consolidated VIE
The following table provides the carrying amount and balance sheet caption in which the assets and liabilities of Watford are reported:
 
December 31,
 
2019

2018
Assets
 
 
 
Investments accounted for using the fair value option
$
1,898,091

 
$
2,312,003

Fixed maturities available for sale, at fair value
745,708

 
393,351

Equity securities, at fair value
65,338

 
32,206

Cash
102,437

 
63,529

Accrued investment income
14,025

 
19,461

Premiums receivable
273,657

 
227,301

Reinsurance recoverable on unpaid and paid losses and LAE
170,973

 
86,445

Ceded unearned premiums
132,577

 
61,587

Deferred acquisition costs, net
64,044

 
80,858

Receivable for securities sold
16,287

 
24,507

Goodwill and intangible assets
7,650

 
7,650

Other assets
60,070

 
63,959

Total assets of consolidated VIE
$
3,550,857

 
$
3,372,857

 
 
 
 
Liabilities
 
 
 
Reserves for losses and loss adjustment expenses
$
1,263,628

 
$
1,032,760

Unearned premiums
438,907

 
390,114

Reinsurance balances payable
77,066

 
21,034

Revolving credit agreement borrowings
484,287

 
455,682

Senior notes
172,418

 
—

Payable for securities purchased
18,180

 
60,142

Other liabilities
171,714

 
302,524

Total liabilities of consolidated VIE
$
2,626,200

 
$
2,262,256

 
 
 
 
Redeemable noncontrolling interests
$
52,305

 
$
220,992
Summary of VIE cash flows
The following table summarizes Watford’s cash flow from operating, investing and financing activities.
 
Year Ended December 31,
 
2019
 
2018
 
2017
Total cash provided by (used for):
 
 
 
 
 
Operating activities
239,284

 
229,315

 
286,558

Investing activities
(140,620
)
 
(285,281
)
 
(467,418
)
Financing activities
(61,433
)
 
(2,406
)
 
162,152
Activity in non-redeemable noncontrolling interests
The following table sets forth activity in the non-redeemable noncontrolling interests:
 
December 31,
 
2019

2018
Balance, beginning of year
$
791,560

 
$
843,411

Additional paid in capital attributable to non-redeemable noncontrolling interests
(2,929
)
 
—

Repurchases attributable to non-redeemable noncontrolling interests (1)
(75,056
)
 
—

Amounts attributable to non-redeemable noncontrolling interests
40,072

 
(48,507
)
Other comprehensive (income) loss attributable to non-redeemable noncontrolling interests
9,130

 
(3,344
)
Balance, end of year
$
762,777

 
$
791,560


(1) During 2019, Watford’s board of directors authorized the investment in Watford’s common shares through a share repurchase program.
Activity in redeemable noncontrolling interest
The following table sets forth activity in the redeemable noncontrolling interests:
 
December 31,
 
2019

2018
 
2017
Balance, beginning of year
$
206,292

 
$
205,922

 
$
205,553

Redemption of redeemable noncontrolling interests
(157,709
)
 
—

 
—

Accretion of preference share issuance costs
244

 
370

 
369

Other
6,577

 
—

 
—

Balance, end of year
$
55,404

 
$
206,292

 
$
205,922
Portion of income or loss attributable to noncontrolling interests
The portion of income or loss attributable to third party investors is recorded in the consolidated statements of income in ‘net (income) loss attributable to noncontrolling interests’ as summarized in the table below:
 
December 31,
 
2019
 
2018
 
2017
Amounts attributable to non-redeemable noncontrolling interests
$
(40,072
)
 
$
48,507

 
$
7,913

Dividends attributable to redeemable noncontrolling interests
(16,909
)
 
(18,357
)
 
(18,344
)
Net (income) loss attributable to noncontrolling interests
$
(56,981
)
 
$
30,150

 
$
(10,431
)
Total assets and maximum loss exposure of VIE
 
 
 
Maximum Exposure to Loss
 
Total VIE Assets
 
On-Balance Sheet
(Asset)
Liabilities
 
Off-Balance Sheet
 
Total
December 31, 2019
 
 
 
 
 
 
 
Bellemeade 2017-1 Ltd. (Oct-17)
$
216,429

 
$
(442
)
 
$
2,794

 
$
2,352

Bellemeade 2018-1 Ltd. (Apr-18)
328,482

 
(1,574
)
 
5,757

 
4,183

Bellemeade 2018-2 Ltd. (Aug-18)
437,009

 
(877
)
 
2,524

 
1,647

Bellemeade 2018-3 Ltd. (Oct-18)
426,806

 
(1,113
)
 
3,937

 
2,824

Bellemeade 2019-1 Ltd. (Mar-19)
257,358

 
(226
)
 
3,027

 
2,801

Bellemeade 2019-2 Ltd. (Apr-19)
525,959

 
(78
)
 
2,579

 
2,501

Bellemeade 2019-3 Ltd. (Jul-19)
656,523

 
(585
)
 
9,273

 
8,688

Bellemeade 2019-4 Ltd. (Oct-19)
577,267

 
(302
)
 
12,193

 
11,891

Total
$
3,425,833

 
$
(5,197
)
 
$
42,084

 
$
36,887

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Bellemeade 2015-1 Ltd. (Jul-15)
$
43,246

 
$
112

 
$
498

 
$
610

Bellemeade 2017-1 Ltd. (Oct-17)
304,373

 
165

 
1,312

 
1,477

Bellemeade 2018-1 Ltd. (Apr-18)
374,460

 
132

 
3,539

 
3,671

Bellemeade 2018-2 Ltd. (Aug-18)
653,278

 
874

 
4,005

 
4,879

Bellemeade 2018-3 Ltd. (Oct-18)
506,110

 
469

 
1,836

 
2,305

Total
$
1,881,467

 
$
1,752

 
$
11,190

 
$
12,942