Cash Collateral Pledged

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

As of December 31, 2020 and 2019, the Company pledged cash collateral in the amount of $4.0 million and $4.6 million respectively, which relates to letters of credit issued to the landlords of the Company's premises in New York City, Boston and San Francisco. The Company also has pledged cash collateral for reinsurance agreements which amounted to $106.8 million, as of December 31, 2020, and $2.0 million, as of December 31, 2019, which are expected to be released periodically as per the terms of the reinsurance policy between June 30, 2021 and March 31, 2024 (see Notes 18 and 23).

As of December 31, 2020, the Company has the following irrevocable letters of credit, related to leased office space, for which there is cash collateral pledged, which the Company pays a fee on the stated amount of the letter of credit.


Location	Amount		Maturity
	(dollars in thousands)
New York	$	208	April 2021
New York	$	1,424	October 2022
New York	$	1,252	November 2021
Boston	$	386	March 2021
San Francisco	$	712	October 2025
	$	3,982

To the extent any letter of credit is drawn upon, interest will be assessed at the prime commercial lending rate. As of December 31, 2020 and 2019 there were no amounts due related to these letters of credit.