7. Total net investment income and net realized and unrealized investment gains (losses) Net investment income and net realized and unrealized investment gains (losses) for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Debt securities, available for sale | $ | 59.7 | | | $ | 61.6 | | | $ | 118.5 | | | $ | 125.3 | | | Debt securities, trading | 2.8 | | | 5.6 | | | 6.3 | | | 14.4 | | | Short-term investments | (0.1) | | | 2.9 | | | 1.0 | | | 7.3 | | | Other long-term investments | 3.3 | | | (48.7) | | | 5.8 | | | (48.2) | | | Derivative instruments | (0.3) | | | 0.4 | | | (0.5) | | | 1.7 | | | | | | | | | | | Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents | 65.4 | | | 21.8 | | | 131.1 | | | 100.5 | | | Investment expenses | (3.7) | | | (7.6) | | | (9.0) | | | (11.5) | | | Net investment income on cash and cash equivalents | 7.2 | | | 9.1 | | | 17.7 | | | 14.1 | | | Total net investment income and net realized and unrealized investment gains (losses) | $ | 68.9 | | | $ | 23.3 | | | $ | 139.8 | | | $ | 103.1 | |
Net realized and unrealized gains (losses) on investments Net realized and unrealized investment gains (losses) for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Gross realized gains | $ | 1.5 | | | $ | 3.9 | | | $ | 10.4 | | | $ | 9.4 | | | Gross realized losses | (4.9) | | | (23.5) | | | (19.2) | | | (32.7) | | | Net realized losses on investments | (3.4) | | | (19.6) | | | (8.8) | | | (23.3) | | | Net unrealized gains (losses) on investments | 4.1 | | | (35.3) | | | 9.2 | | | (30.6) | | | Net realized and unrealized investment gains (losses) (1)(2) | $ | 0.7 | | | $ | (54.9) | | | $ | 0.4 | | | $ | (53.9) | |
(1)Excludes unrealized gains (losses) from available for sale investments, net of tax. (2)Includes net realized and unrealized gains (losses) of $(0.6) million and $3.2 million from related party investments included in other-long term investments for the three and six months ended June 30, 2025, respectively (2024 - $31.1 million and $33.0 million, respectively). Net realized investment losses Net realized investment losses for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Debt securities, available for sale | $ | (2.4) | | | $ | (7.1) | | | $ | (4.4) | | | $ | (7.4) | | | Debt securities, trading | (0.3) | | | (3.7) | | | (1.8) | | | (7.1) | | | Short-term investments | — | | | 0.1 | | | 0.2 | | | 0.7 | | | | | | | | | | | | | | | | | | | Other long-term investments | (0.2) | | | (9.3) | | | (2.3) | | | (10.1) | | | Net investment income (loss) on cash and cash equivalents | (0.5) | | | 0.4 | | | (0.5) | | | 0.6 | | | Net realized investment losses | $ | (3.4) | | | $ | (19.6) | | | $ | (8.8) | | | $ | (23.3) | |
Net realized investment losses on Other long-term investments for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | | | June 30, 2025 | | June 30, 2024 | | | | | | Hedge funds and private equity funds | $ | (0.2) | | | $ | (1.3) | | | | | $ | (1.5) | | | $ | (0.3) | | | | | Strategic investments | — | | | (8.0) | | | | | (0.8) | | | (9.8) | | | | | | | | | | | | | | | | | Net realized investment losses on Other long-term investments | $ | (0.2) | | | $ | (9.3) | | | | | $ | (2.3) | | | $ | (10.1) | | | |
Net unrealized investment gains (losses) Net unrealized investment gains (losses) for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Debt securities, trading | $ | 2.0 | | | $ | 4.3 | | | $ | 3.8 | | | $ | 9.7 | | | Short-term investments | — | | | (0.1) | | | (0.2) | | | (1.0) | | | Derivative instruments | (0.3) | | | 0.4 | | | (0.5) | | | 1.4 | | | | | | | | | | | Other long-term investments | 1.1 | | | (39.6) | | | 3.7 | | | (38.3) | | | Net investment income (loss) on cash and cash equivalents | 1.3 | | | (0.3) | | | 2.4 | | | (2.4) | | | Net unrealized investment gains (losses) | $ | 4.1 | | | $ | (35.3) | | | $ | 9.2 | | | $ | (30.6) | |
Net unrealized investment gains (losses) on Other long-term investments for the three and six months ended June 30, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | | | June 30, 2025 | | June 30, 2024 | | | | | | Hedge funds and private equity funds | $ | 1.5 | | | $ | 5.3 | | | | | $ | 3.5 | | | $ | 4.7 | | | | | Strategic investments | (0.4) | | | (35.6) | | | | | 0.1 | | | (33.7) | | | | | Other investments | — | | | (9.3) | | | | | 0.1 | | | (9.3) | | | | | Net unrealized investment gains (losses) on Other long-term investments | $ | 1.1 | | | $ | (39.6) | | | | | $ | 3.7 | | | $ | (38.3) | | | |
The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) – Level 3 investments for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | | | | | | | | | | | | | | | | | Other long-term investments | $ | (1.3) | | | $ | (44.7) | | | 0.1 | | | (43.6) | | | | | | | | | |
|