Balance Sheet
Consolidated Balance Sheets as at 31 December 2007 and
2006
(US dollars in thousands, except share amounts)
| 2007 | 2006 | |
|---|---|---|
| Assets | ||
| Investments | ||
| Fixed maturities, available-for-sale, at fair value | ||
| (amortised cost 2007: $2,928,717; 2006: $2,685,960) | $2,948,950 | $2,669,437 |
| Short-term investments, at fair value | 47,605 | 27,565 |
| Investment in funds, at fair value | 946,418 | 326,208 |
| Investment in associate | 2,537 | 2,617 |
| Total investments | 3,945,510 | 3,025,827 |
| Cash and cash equivalents | 2,055,634 | 1,987,882 |
| Securities lending collateral |
44,662 | 130,854 |
| Accrued investment income | 37,274 | 32,136 |
| Premiums and other receivables | 1,153,372 | 987,768 |
| Reinsurance recoverable | 1,198,847 | 1,237,531 |
| Deposit with reinsurer | 5,040 | 1,321 |
| Reinsurers' share of unearned premiums | 224,235 | 104,731 |
| Deferred policy acquisition costs | 247,171 | 144,063 |
| Value of in-force business acquired | - | 118,384 |
| Intangible assets and goodwill | 884,428 | 868,026 |
| Derivatives, at fair value | 9,035 | 46,037 |
| Other assets | 86,927 | 121,758 |
| Total assets | $9,813,135 | $8,806,318 |
| Liabilities, Minority Interest and Stockholders' Equity | ||
| Liabilities: | ||
| Reserves for losses and loss expenses | $4,237,525 | $4,005,133 |
| Unearned premiums | 1,506,889 | 1,290,379 |
| Reinsurance payable | 444,294 | 192,958 |
| Accounts payable and other liabilities | 227,228 | 363,399 |
| Notes payable | - | 550,290 |
| Subordinated debt | 100,825 | 99,936 |
| Derivatives, at fair value | 9,099 | 619 |
| Securities lending payable | 44,662 | 130,854 |
| Deferred taxes | 224,842 | 153,721 |
| Total liabilities | $6,795,374 | $6,787,289 |
| Minority interest | 757 | 749 |
| Stockholders' equity: | ||
| Ordinary common shares, par value
$0.01 Authorised 400,000,000; issued and outstanding 253,122,072 (2006: 238,283,281) |
2,531 | $2,383 |
| Preferred shares, par value $0.01 Authorised, issued and outstanding: 600,000 (2006: nil) |
589,785 | - |
| Additional paid-in capital | 1,622,876 | 1,610,725 |
| Treasury stock | (5,849) | (6,600) |
| Accumulated other comprehensive income/(loss) | 38,820 | (26,090) |
| Retained earnings | 768,841 | 437,862 |
| Total stockholders' equity | 3,017,004 | 2,018,280 |
| Total liabilities, minority interest and stockholders' equity | $9,813,135 | $8,806,318 |