Blue Capital Reinsurance Holdings Ltd.

CIK:0001582086|SEC Filings

CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2018
Revenues
Reinsurance premiums written	$ 11.1	$ 33.2
Change in net unearned reinsurance premiums	0.8	0.2
Net reinsurance premiums earned	11.9	33.4
Net investment income	1.8	2.0
Total revenues	13.7	35.4
Underwriting expenses:
Loss and loss adjustment expenses	5.7	50.5
Reinsurance acquisition costs	3.9	9.0
General and administrative expenses	2.4	4.5
Total expenses	12.0	64.0
Net income (loss)	1.7	(28.6)
Comprehensive income (loss)	$ 1.7	$ (28.6)
Per share data:
Basic and diluted (loss) earnings per Common Share (in dollars per share)	$ 0.20	$ (3.27)
Dividends declared per Common Share and RSU (in dollars per share)	$ 0.3	$ 0.90

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2018
Cash flows provided by operations:
Net income (loss)	$ 1.7	$ (28.6)
Charges to reconcile net income (loss) to net cash provided by operations:
Expense recognized for RSUs	0.0	0.1
Net change in:
Loss and loss adjustment expense reserves	(20.9)	(6.5)
Unearned reinsurance premiums	0.8	(0.2)
Reinsurance balances payable	(4.2)	(6.3)
Deferred reinsurance acquisition costs	0.1	0.0
Reinsurance premiums receivable	(3.6)	2.2
Funds held by ceding companies	28.3	14.4
Other liabilities	(0.4)	(0.9)
Other assets	(1.7)	(1.5)
Net Cash Provided by (Used in) Operating Activities	5.7	0.1
Net Cash Provided by (Used in) Investing Activities	0.0	0.0
Cash flows used in financing activities:
Dividends paid - Common Shares and RSUs	(2.6)	(7.9)
Borrowings under the Credit Facility	0.0	4.0
Repayment of borrowings under the Credit Facility	(4.0)	0.0
Net Cash Provided by (Used in) Financing Activities	(6.6)	(3.9)
Net decrease in cash and cash equivalents during the period	(0.9)	(3.8)
Cash and cash equivalents - beginning of period	2.2	6.0
Cash and cash equivalents - end of period	$ 1.3	$ 2.2

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2018 USD ($)
Assets
Cash and cash equivalents	$ 2,200,000
Reinsurance premiums receivable	8,900,000
Deferred reinsurance acquisition costs	100,000
Funds held by ceding companies	150,400,000
Other assets	1,700,000
Total Assets	163,300,000
Liabilities
Loss and loss adjustment expense reserves	49,900,000
Unearned reinsurance premiums	800,000
Short-term Debt	4,000,000
Reinsurance balances payable	16,400,000
Other liabilities (See Note 9)	1,500,000
Total Liabilities	72,600,000
Shareholders’ Equity
Common Shares at $1.00 par value per share - 100,000,000 shares authorized; 8,767,165 shares issued and outstanding	8,800,000
Additional paid-in capital	157,800,000
Retained deficit	(75,900,000)
Total Shareholders’ Equity	90,700,000
Total Liabilities and Shareholders’ Equity	163,300,000
2016 Credit Facility [Member]
Liabilities
Short-term Debt	$ 4,000,000