14 unchanged sentences
As of December 31, 2021, we had $114.1 million of general purpose floating rate debt with a weighted average rate of 7.75%.
−Removed: A 100 basis point change in interest rates would increase interest expense by $1.2 million and decrease interest rate expense by $0.0 million (including the effect of applicable minimum interest rates) on an annualized basis.
+Added: A 100 basis point change in interest rates would increase interest expense by $0.2 million and decrease interest expense by an insignificant amount (including the effect of applicable minimum interest rates) on an annualized basis.
As of December 31, 2020, we had $120.3 million of general purpose floating rate debt with a weighted average rate of 7.2%.
−Removed: A 100 basis point change in interest rates would increase interest expense by $0.5 million and decrease interest rate expense by $0.2 million (including the effect of applicable minimum interest rates) on an annualized basis.
Our consolidated results include investments in bonds, loans or other interest bearing instruments.
4 unchanged sentences
Additionally, fair values of interest rate sensitive instruments may be affected by the creditworthiness of the issuer, prepayment options, relative values of alternative investments, the liquidity of the instrument and other general market conditions.
−Removed: As of December 31, 2020, we had $510 million invested in interest bearing instruments, which represents 63% of the total investments portfolio.
+Added: As of December 31, 2021, we had $658.8 million invested in interest bearing instruments, which represents 72% of the total investment portfolio.
The estimated effects of a hypothetical increase in interest rates of 100 bps would result in a decrease to the fair value of the portfolio by $20.0 million.
−Removed: As of December 31, 2019, we had $385 million invested in interest bearing instruments, which represents 52% of the total investments portfolio.
+Added: As of December 31, 2020, we had $510.0 million invested in interest bearing instruments, which represented 63% of the total investment portfolio.
The estimated effects of a hypothetical increase in interest rates of 100 bps would result in a decrease to the fair value of the portfolio by $14.2 million.
10 unchanged sentences
Corporate loans 7,099 7,795
−Removed: Non-performing loans — 387
Other investments (3)
1 unchanged sentence
Debentures 21,057 17,703
+Added: Trade Claims 19,737 —
Other 216 802
22 unchanged sentences
A 10% increase or decrease in the fair value of such investments would result in $13.8 million and $12.3 million of unrealized gains and losses as of December 31, 2021 and 2020, respectively.
−Removed: As of December 31, 2020 and 2019, we owned 17.0 million and 16.6 million shares of common stock, respectively, or approximately 31%, of Invesque, a real estate investment company that specializes in health care real estate and senior living property investment throughout North America.
−Removed: The value of our Invesque shares is reported at fair market value on a quarterly basis and fluctuates.
−Removed: Invesque historically paid monthly dividends until April 2020, when dividends were
−Removed: discontinued.
−Removed: A loss in the fair market value of our Invesque shares or a reduction or discontinuation in the dividends paid on our Invesque shares could have a material adverse effect on our financial condition and results of operations.
−Removed: Until August 2019, the Company’s investment in Invesque was subject to certain contractual and functional sale restrictions.
+Added: As of December 31, 2021 and 2020, we owned 17.0 million shares of common stock, respectively, or approximately 31%, of Invesque, a real estate investment company that specializes in health care real estate and senior living property investment throughout North America.
+Added: The value of our Invesque shares is reported at fair market value on a quarterly basis.
+Added: Invesque historically paid monthly dividends until April 2020, when dividends were discontinued.
+Added: A loss in the fair market value of
+Added: our Invesque shares or a reduction or discontinuation in the dividends paid on our Invesque shares could have a material adverse effect on our financial condition and results of operations.
As of December 31, 2021 and 2020, the fair value of the Invesque shares was based on the market price.
7 unchanged sentences
The remainder is held with high quality reinsurers, substantially all of which have a rating of A or better by A.M.
−Removed: As of December 31, 2020, 4 counterparties constituted more than 10% of the uncollateralized reinsurance receivable exposure, ranging from 10% to 16%, with ratings ranging from A- to A+.
+Added: As of December 31, 2021, the non-affiliated reinsurers from whom our insurance business has the largest reinsurance receivable balances represented $126.1 million, or 14.3% of the total, and included:
+Added: Allianz Global Corporate & Specialty SE (A.M.
+Added: A+ rated), Canada Life International Reinsurance (Bermuda) Corporation (A.M.
+Added: A+ rated), and Canada Life Assurance Company (A.M.
+Added: The related receivables of these reinsurers are collateralized by assets on hand, assets held in trust accounts and letters of credit.
+Added: As of December 31, 2021, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.
We were also exposed to counterparty risk of approximately $157.9 million and $131.8 million as of December 31, 2021 and 2020, respectively, related to our retrospective commission arrangements;
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.