Transactions With Related Parties

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Transactions with related parties

Premia Reinsurance Ltd. is a multi-line Bermuda reinsurance company (and its affiliates together with Premia Holdings Ltd., “Premia”). The Company has entered into certain reinsurance transactions with Premia. For the six months ended June 30, 2024, the Company recorded an immaterial amount of net premiums written and earned, compared to $75 million for the six months ended June 30, 2023. At June 30, 2024, the Company recorded a funds held asset from Premia of $140 million, compared to $158 million at December 31, 2023.

Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) are wholly owned by Greysbridge. The Company has entered into certain reinsurance transactions with Somers. For the six months ended June 30, 2024, the Company’s net premiums written was reduced by $428 million, compared to $314 million for the six months ended June 30, 2023. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At June 30, 2024, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $1.4 billion and a reinsurance balance payable to Somers of $542 million, compared to $1.3 billion and $475 million, respectively, at December 31, 2023.