Redeemable Noncontrolling Interests - MT. Logan RE

12 Months Ended

Dec. 31, 2015

Redeemable Noncontrolling Interests - MT. Logan RE [Abstract]

Redeemable Noncontrolling Interests - MT. Logan RE

5.     REDEEMABLE NONCONTROLLING INTERESTS – MT. LOGAN RE

Mt. Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100% of the voting common shares are owned by Group.  Separate segregated accounts have been established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts.  Each segregated account will invest in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.  The financial statements for Mt. Logan Re are consolidated with the Company with adjustments reflected for the third party noncontrolling interests reflected as separate captions in the Company's financial statements.

The following table presents the activity for redeemable noncontrolling interests in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in thousands)	2015			2014
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period	$	421,552		$	93,378
Unaffiliated third party investments during period, net		306,848			279,200
Net income (loss) attributable to noncontrolling interests		96,619			59,307
Dividends paid on third party investment in redeemable noncontrolling interest		(68,158	)		(10,334	)
Redeemable noncontrolling interests - Mt. Logan Re, end of period	$	756,861		$	421,552

In addition, the Company has invested $50,000 thousand in the segregated accounts from inception to date.

Effective January 1, 2016, unaffiliated third parties have invested an additional $30,000 thousand in the segregated accounts, which were received prior to December 31, 2015, and are reflected as subscription advances.