Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Investments, Categorized by the Level of the Fair Value Hierarchy

The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of June 30, 2025 and December 31, 2024:


	June 30, 2025
	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)
Assets
Asset-backed securities	$	—	$	984.4	$	—	$	984.4
Residential mortgage-backed securities	—		916.9		—		916.9
Commercial mortgage-backed securities	—		177.6		—		177.6

Corporate debt securities	—		1,701.3		—		1,701.3
U.S. government and government agency	936.2		—		—		936.2
Non-U.S. government and government agency	—		19.5		—		19.5



Total debt securities, available for sale	936.2		3,799.7		—		4,735.9
Asset-backed securities	—		9.7		—		9.7
Residential mortgage-backed securities	—		47.0		—		47.0
Commercial mortgage-backed securities	—		38.6		—		38.6

Corporate debt securities	—		3.5		—		3.5
U.S. government and government agency	4.1		—		—		4.1



Total debt securities, trading	4.1		98.8		—		102.9




Short-term investments	54.9		—		—		54.9
Other long-term investments	—		5.2		87.0		92.2
Derivative assets	—		—		19.1		19.1

	$	995.2	$	3,903.7	$	106.1	5,005.0
Cost and equity method investments							68.8
Investments in funds valued at NAV							159.1
Total assets							$	5,232.9
Liabilities






Derivative liabilities	$	—	$	—	$	12.3	$	12.3
Total liabilities	$	—	$	—	$	12.3	$	12.3


	December 31, 2024
	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)
Assets
Asset-backed securities	$	—	$	1,149.7	$	—	$	1,149.7
Residential mortgage-backed securities	—		973.8		—		973.8
Commercial mortgage-backed securities	—		224.5		—		224.5

Corporate debt securities	—		1,899.9		—		1,899.9
U.S. government and government agency	859.0		—		—		859.0
Non-U.S. government and government agency	—		24.1		—		24.1



Total debt securities, available for sale	859.0		4,272.0		—		5,131.0
Asset-backed securities	—		53.1		—		53.1
Residential mortgage-backed securities	—		48.7		—		48.7
Commercial mortgage-backed securities	—		51.8		—		51.8
Corporate debt securities	—		4.6		—		4.6
U.S. Government and government agency	4.0		—		—		4.0



Total debt securities, trading	4.0		158.2		—		162.2



Short-term investments	73.6		22.2		—		95.8
Other long-term investments	0.3		3.0		86.6		89.9
Derivative assets	—		—		0.9		0.9
	$	936.9	$	4,455.4	$	87.5	5,479.8
Cost and equity method investments							64.7
Investments in funds valued at NAV							161.9
Total assets							$	5,706.4
Liabilities



Derivative liabilities	$	—	$	—	$	14.3	$	14.3
Total liabilities	$	—	$	—	$	14.3	$	14.3

Schedule of Reconciliation of Assets Measured at Fair Value using Level 3 Inputs

The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three and six months ended June 30, 2025 and 2024:


	April 1, 2025		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2025
Assets


Other long-term investments	$	87.0	$	—	$	—	$	—	$	—	$	87.0
Derivative assets	27.8		—		—		—		(8.7)		19.1

Total assets	$	114.8	$	—	$	—	$	—	$	(8.7)	$	106.1
Liabilities


Derivative liabilities	$	(6.1)	$	—	$	—	$	—	$	(6.2)	$	(12.3)
Total liabilities	$	(6.1)	$	—	$	—	$	—	$	(6.2)	$	(12.3)

	January 1, 2025		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2025
Assets

Other long-term investments	$	86.6	$	—	$	—	$	—	$	0.4	$	87.0
Derivative assets	0.9		—		—		—		18.2		19.1

Total assets	$	87.5	$	—	$	—	$	—	$	18.6	$	106.1
Liabilities


Derivative liabilities	$	(14.3)	$	—	$	—	$	5.4	$	(3.4)	$	(12.3)
Total liabilities	$	(14.3)	$	—	$	—	$	5.4	$	(3.4)	$	(12.3)

(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income. See Note 8 for classifications of gains (losses) on derivatives.


	April 1, 2024		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2024
Assets

Other long-term investments	$	170.6	$	—	$	—	$	—	$	(51.0)	$	119.6
Derivative assets	1.4		—		—		(0.4)		6.3		7.3






Total assets	$	172.0	$	—	$	—	$	(0.4)	$	(44.7)	$	126.9
Liabilities
Liability-classified capital instruments	$	(83.2)	$	—	$	—	$	—	$	10.6	$	(72.6)

Derivative liabilities	(20.6)		—		—		2.2		(0.3)		(18.7)
Total liabilities	$	(103.8)	$	—	$	—	$	2.2	$	10.3	$	(91.3)

	January 1, 2024		Transfers in to (out of) Level 3		Purchases		Sales		Realized and Unrealized Gains (Losses) (1)		June 30, 2024
Assets


Other long-term investments	$	169.7	$	—	$	—	$	—	$	(50.1)	$	119.6






Derivative assets	15.7		—		—		(5.0)		(3.4)		7.3

Total assets	$	185.4	$	—	$	—	$	(5.0)	$	(53.5)	$	126.9
Liabilities
Liability-classified capital instruments	$	(67.3)	$	—	$	—	$	—	$	(5.3)	$	(72.6)

Derivative liabilities	(6.4)		—		—		1.1		(13.4)		(18.7)
Total liabilities	$	(73.7)	$	—	$	—	$	1.1	$	(18.7)	$	(91.3)

income. See Note 8 for classifications of gains (losses) on derivatives.

Schedule of Reconciliation of Liabilities Measured at Fair Value using Level 3 Inputs

The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three and six months ended June 30, 2025 and 2024:


	April 1, 2025		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2025
Assets


Other long-term investments	$	87.0	$	—	$	—	$	—	$	—	$	87.0
Derivative assets	27.8		—		—		—		(8.7)		19.1

Total assets	$	114.8	$	—	$	—	$	—	$	(8.7)	$	106.1
Liabilities


Derivative liabilities	$	(6.1)	$	—	$	—	$	—	$	(6.2)	$	(12.3)
Total liabilities	$	(6.1)	$	—	$	—	$	—	$	(6.2)	$	(12.3)

	January 1, 2025		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2025
Assets

Other long-term investments	$	86.6	$	—	$	—	$	—	$	0.4	$	87.0
Derivative assets	0.9		—		—		—		18.2		19.1

Total assets	$	87.5	$	—	$	—	$	—	$	18.6	$	106.1
Liabilities


Derivative liabilities	$	(14.3)	$	—	$	—	$	5.4	$	(3.4)	$	(12.3)
Total liabilities	$	(14.3)	$	—	$	—	$	5.4	$	(3.4)	$	(12.3)


	April 1, 2024		Transfers in to (out of) Level 3		Purchases		Sales & Settlements		Realized and Unrealized Gains (Losses)(1)		June 30, 2024
Assets

Other long-term investments	$	170.6	$	—	$	—	$	—	$	(51.0)	$	119.6
Derivative assets	1.4		—		—		(0.4)		6.3		7.3






Total assets	$	172.0	$	—	$	—	$	(0.4)	$	(44.7)	$	126.9
Liabilities
Liability-classified capital instruments	$	(83.2)	$	—	$	—	$	—	$	10.6	$	(72.6)

Derivative liabilities	(20.6)		—		—		2.2		(0.3)		(18.7)
Total liabilities	$	(103.8)	$	—	$	—	$	2.2	$	10.3	$	(91.3)

	January 1, 2024		Transfers in to (out of) Level 3		Purchases		Sales		Realized and Unrealized Gains (Losses) (1)		June 30, 2024
Assets


Other long-term investments	$	169.7	$	—	$	—	$	—	$	(50.1)	$	119.6






Derivative assets	15.7		—		—		(5.0)		(3.4)		7.3

Total assets	$	185.4	$	—	$	—	$	(5.0)	$	(53.5)	$	126.9
Liabilities
Liability-classified capital instruments	$	(67.3)	$	—	$	—	$	—	$	(5.3)	$	(72.6)

Derivative liabilities	(6.4)		—		—		1.1		(13.4)		(18.7)
Total liabilities	$	(73.7)	$	—	$	—	$	1.1	$	(18.7)	$	(91.3)

income. See Note 8 for classifications of gains (losses) on derivatives.

Schedule of Financial Instruments for which the Carrying Value differs from the Estimated Fair Values

The following table includes financial instruments for which the carrying value differs from the estimated fair values as of June 30, 2025 and December 31, 2024. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.


	June 30, 2025				December 31, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Senior Notes	$	421.1	$	395.4	$	411.2	$	394.8
2017 SEK Subordinated Notes	269.8		283.0		228.7		244.3


Series B preference shares	$	202.1	$	200.0	$	206.0	$	200.0

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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