Cash, cash equivalents, restricted cash and restricted investments (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Schedule of restrictions on cash and cash equivalents and investments

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2021 and 2020:

	2021		2020
Cash and cash equivalents	$	999.8	$	526.0
Restricted cash securing letter of credit facilities (1)	500.2		306.0
Restricted cash securing reinsurance contracts (2)	431.8		881.9
Restricted cash held by managing general underwriters	16.6		—
Total cash, cash equivalents and restricted cash (3)	1,948.4		1,713.9
Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4)	1,107.0		86.4
Total cash, cash equivalents, restricted cash and restricted investments	$	3,055.4	$	1,800.3

(1)Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

(2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.

(3)Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.

(4)Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.

Schedule of cash and cash equivalents

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2021 and 2020:

	2021		2020
Cash and cash equivalents	$	999.8	$	526.0
Restricted cash securing letter of credit facilities (1)	500.2		306.0
Restricted cash securing reinsurance contracts (2)	431.8		881.9
Restricted cash held by managing general underwriters	16.6		—
Total cash, cash equivalents and restricted cash (3)	1,948.4		1,713.9
Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4)	1,107.0		86.4
Total cash, cash equivalents, restricted cash and restricted investments	$	3,055.4	$	1,800.3

(1)Restricted cash and restricted investments securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

(2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities, short-term investments and limited partnership interests in Third Point Enhanced LP. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.

(3)Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.

(4)Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses.