v3.25.2
Debt and letter of credit facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and letter of credit facilities
12. Debt and letter of credit facilities
Debt obligations
The following table represents a summary of the Company’s debt obligations on its consolidated balance sheets as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amount
Effective rate (1)
Amount
Effective rate (1)
2024 Senior Notes, at face value$400.0 7.4 %$400.0 7.4 %
Unamortized discount and issuance costs(4.6)(5.2)
2024 Senior Notes, carrying value395.4 394.8 
2017 SEK Subordinated Notes, at face value288.6 7.1 %249.2 7.9 %
Unamortized discount(5.6)(4.9)
2017 SEK Subordinated Notes, carrying value283.0 244.3 
Total debt$678.4 $639.1 
(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.
The Company was in compliance with all debt covenants as of and for the periods ended June 30, 2025 and December 31, 2024.
Interest expense
For the three and six months ended June 30, 2025 total interest expense includes $12.0 million and $23.8 million, respectively, associated with debt obligations (2024 - $12.0 million and $23.8 million, respectively) and $8.0 million and $16.4 million, respectively, of funds withheld interest from loss portfolio transfers (2024 - $7.1 million and $14.2 million, respectively). See Note 10 “Loss and loss adjustment expense reserves” for further discussion on the 2024 LPT and 2023 LPT.
Standby letter of credit facilities
As of June 30, 2025, the Company had entered into the following letter of credit facilities:
Letters of CreditCollateral
Committed CapacityIssuedCash and Cash EquivalentsDebt securities
Committed - Secured letters of credit facilities$390.0 $278.0 $15.9 $243.3 
Uncommitted - Secured letters of credit facilitiesn/a833.5 20.1 1,060.2 
$1,111.5 $36.0 $1,303.5 
The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 4 for additional information.
Revolving credit facility
In addition to the letter of credit facilities above, the Company entered into a four-year, $400.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, effective December 19, 2024. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any Company borrowing request, the Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of June 30, 2025, there were no outstanding borrowings under the Facility. In addition, as of and for the periods ended June 30, 2025 and December 31, 2024, the Company was in compliance with all of the covenants under the Facility.