Watford Holdings (WTRE) annual balance sheet covering fiscal 2018 through 2020, as reported to the SEC.
Total assets have grown 2.3% a year on average since fiscal 2018, from $3.37B to $3.53B.
A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.
| Dec'20 | Dec'19 | Dec'18 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||||||||
Term loans, fair value option (Amortized cost: $815,305 and $890,996) | ||||||||||||||||||
851 | 1,061 | 1,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Term loans, fair value option (Amortized cost: $815,305 and $890,996) | 851 | 1,061 | 1,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Fixed maturities, fair value option (Amortized cost: $546,878 and $477,548) | ||||||||||||||||||
455 | 416 | 922 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Fixed maturities, fair value option (Amortized cost: $546,878 and $477,548) | 455 | 416 | 922 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Short-term investments, fair value option (Cost: $477,084 and $412,762) | ||||||||||||||||||
418 | 329 | 282 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Short-term investments, fair value option (Cost: $477,084 and $412,762) | 418 | 329 | 282 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Equity securities, fair value option | ||||||||||||||||||
64 | 59 | 56 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Equity securities, fair value option | 64 | 59 | 56 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other investments, fair value option | ||||||||||||||||||
- | 30 | 49 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other investments, fair value option | - | 30 | 49 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investments, fair value option | ||||||||||||||||||
1,790 | 1,898 | 2,312 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Investments, fair value option | 1,790 | 1,898 | 2,312 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Fixed maturities, available for sale (Amortized cost: $616,054 and $638,075) | ||||||||||||||||||
655 | 745 | 393 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Fixed maturities, available for sale (Amortized cost: $616,054 and $638,075) | 655 | 745 | 393 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Equity securities, fair value through net income | ||||||||||||||||||
53 | 65 | 33 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Equity securities, fair value through net income | 53 | 65 | 33 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total investments | ||||||||||||||||||
2,498 | 2,709 | 2,738 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total investments | 2,498 | 2,709 | 2,738 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash and cash equivalents | ||||||||||||||||||
211 | 102 | 63 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash and cash equivalents | 211 | 102 | 63 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued investment income | ||||||||||||||||||
14 | 14 | 19 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued investment income | 14 | 14 | 19 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Premiums receivable | ||||||||||||||||||
224 | 273 | 227 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Premiums receivable | 224 | 273 | 227 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | ||||||||||||||||||
286 | 170 | 86 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | 286 | 170 | 86 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid reinsurance premiums | ||||||||||||||||||
122 | 132 | 61 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid reinsurance premiums | 122 | 132 | 61 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred acquisition costs, net | ||||||||||||||||||
53 | 64 | 80 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred acquisition costs, net | 53 | 64 | 80 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Receivable for securities sold | ||||||||||||||||||
37 | 16 | 24 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Receivable for securities sold | 37 | 16 | 24 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Intangible assets | ||||||||||||||||||
7 | 7 | 7 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Intangible assets | 7 | 7 | 7 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Funds held by reinsurers | ||||||||||||||||||
45 | 42 | 44 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Funds held by reinsurers | 45 | 42 | 44 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other assets | ||||||||||||||||||
29 | 17 | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other assets | 29 | 17 | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total assets | ||||||||||||||||||
3,532 | 3,550 | 3,372 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total assets | 3,532 | 3,550 | 3,372 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Liabilities | ||||||||||||||||||
Reserve for losses and loss adjustment expenses | ||||||||||||||||||
1,519 | 1,263 | 1,032 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Reserve for losses and loss adjustment expenses | 1,519 | 1,263 | 1,032 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Unearned premiums | ||||||||||||||||||
407 | 438 | 390 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Unearned premiums | 407 | 438 | 390 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Losses payable | ||||||||||||||||||
59 | 61 | 24 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Losses payable | 59 | 61 | 24 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Reinsurance balances payable | ||||||||||||||||||
63 | 77 | 21 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Reinsurance balances payable | 63 | 77 | 21 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payable for securities purchased | ||||||||||||||||||
16 | 18 | 60 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payable for securities purchased | 16 | 18 | 60 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payable for securities sold short | ||||||||||||||||||
21 | 66 | 8 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payable for securities sold short | 21 | 66 | 8 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Revolving credit agreement borrowings | ||||||||||||||||||
211 | 484 | 693 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Revolving credit agreement borrowings | 211 | 484 | 693 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Senior notes | ||||||||||||||||||
172 | 172 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Senior notes | 172 | 172 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amounts due to affiliates | ||||||||||||||||||
7 | 4 | 5 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amounts due to affiliates | 7 | 4 | 5 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investment management and performance fees payable | ||||||||||||||||||
21 | 17 | 3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Investment management and performance fees payable | 21 | 17 | 3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other liabilities | ||||||||||||||||||
35 | 21 | 20 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other liabilities | 35 | 21 | 20 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities | ||||||||||||||||||
2,538 | 2,626 | 2,262 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities | 2,538 | 2,626 | 2,262 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contingently redeemable preference shares | ||||||||||||||||||
52 | 52 | 220 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contingently redeemable preference shares | 52 | 52 | 220 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Shareholders’ equity | ||||||||||||||||||
Common shares ($0.01 par; shares authorized: 120 million; shares issued: 22,813,915 and 22,804,128) | ||||||||||||||||||
0 | 0 | 0 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Common shares ($0.01 par; shares authorized: 120 million; shares issued: 22,813,915 and 22,804,128) | 0 | 0 | 0 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Additional paid-in capital | ||||||||||||||||||
899 | 898 | 895 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Additional paid-in capital | 899 | 898 | 895 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Retained earnings (deficit) | ||||||||||||||||||
103 | 43 | -1 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Retained earnings (deficit) | 103 | 43 | -1 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accumulated other comprehensive income (loss) | ||||||||||||||||||
15 | 5 | -4 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accumulated other comprehensive income (loss) | 15 | 5 | -4 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Common shares held in treasury, at cost (shares: 2,917,149 and 2,917,149) | ||||||||||||||||||
77 | 75 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Common shares held in treasury, at cost (shares: 2,917,149 and 2,917,149) | 77 | 75 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total shareholders’ equity | ||||||||||||||||||
941 | 872 | 889 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total shareholders’ equity | 941 | 872 | 889 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities, contingently redeemable preference shares and shareholders’ equity | ||||||||||||||||||
3,532 | 3,550 | 3,372 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities, contingently redeemable preference shares and shareholders’ equity | 3,532 | 3,550 | 3,372 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||