Investments (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Debt Securities |
The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Cost or
amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Net foreign
currency
gains (losses) | | | | Fair value | | Debt securities, available for sale | | | | | | | | | | | | | Asset-backed securities | $ | 980.9 | | | $ | 7.0 | | | $ | (3.5) | | | $ | — | | | | | $ | 984.4 | | | Residential mortgage-backed securities | 914.3 | | | 13.0 | | | (10.4) | | | — | | | | | 916.9 | | | Commercial mortgage-backed securities | 175.2 | | | 2.8 | | | (0.4) | | | — | | | | | 177.6 | | | | | | | | | | | | | | | Corporate debt securities | 1,683.7 | | | 23.9 | | | (4.3) | | | (2.0) | | | | | 1,701.3 | | | U.S. government and government agency | 927.2 | | | 9.8 | | | (0.8) | | | — | | | | | 936.2 | | | Non-U.S. government and government agency | 18.7 | | | 0.2 | | | — | | | 0.6 | | | | | 19.5 | | | | | | | | | | | | | | | | | | | | | | | | | | Total debt securities, available for sale (1) | $ | 4,700.0 | | | $ | 56.7 | | | $ | (19.4) | | | $ | (1.4) | | | | | $ | 4,735.9 | | | Debt securities, trading | | | | | | | | | | | | | Asset-backed securities | $ | 10.4 | | | $ | — | | | $ | (0.7) | | | $ | — | | | | | $ | 9.7 | | | Residential mortgage-backed securities | 53.4 | | | 0.1 | | | (6.5) | | | — | | | | | 47.0 | | | Commercial mortgage-backed securities | 41.7 | | | 0.4 | | | (3.5) | | | — | | | | | 38.6 | | | | | | | | | | | | | | | Corporate debt securities | 15.3 | | | — | | | (11.8) | | | — | | | | | 3.5 | | | U.S. government and government agency | 4.3 | | | — | | | (0.2) | | | — | | | | | 4.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total debt securities, trading | $ | 125.1 | | | $ | 0.5 | | | $ | (22.7) | | | $ | — | | | | | $ | 102.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Cost or
amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Net foreign
currency
losses | | Fair value | | Debt securities, available for sale | | | | | | | | | | | Asset-backed securities | $ | 1,142.7 | | | $ | 11.2 | | | $ | (4.2) | | | $ | — | | | $ | 1,149.7 | | | Residential mortgage-backed securities | 985.8 | | | 8.3 | | | (20.3) | | | — | | | 973.8 | | | Commercial mortgage-backed securities | 224.2 | | | 1.4 | | | (1.1) | | | — | | | 224.5 | | | | | | | | | | | | | Corporate debt securities | 1,905.2 | | | 9.1 | | | (10.4) | | | (4.0) | | | 1,899.9 | | | U.S. government and government agency | 861.0 | | | 2.2 | | | (4.2) | | | — | | | 859.0 | | | Non-U.S. government and government agency | 24.9 | | | 0.1 | | | — | | | (0.9) | | | 24.1 | | | | | | | | | | | | | | | | | | | | | | Total debt securities, available for sale (1) | $ | 5,143.8 | | | $ | 32.3 | | | $ | (40.2) | | | $ | (4.9) | | | $ | 5,131.0 | | | Debt securities, trading | | | | | | | | | | | Asset-backed securities | $ | 54.7 | | | $ | — | | | $ | (1.6) | | | $ | — | | | $ | 53.1 | | | Residential mortgage-backed securities | 56.4 | | | — | | | (7.7) | | | — | | | 48.7 | | | Commercial mortgage-backed securities | 56.8 | | | 0.5 | | | (5.5) | | | — | | | 51.8 | | | | | | | | | | | | | Corporate debt securities | 15.1 | | | 0.1 | | | (10.6) | | | — | | | 4.6 | | | U.S. government and government agency | 4.3 | | | — | | | (0.3) | | | — | | | 4.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total debt securities, trading | $ | 187.3 | | | $ | 0.6 | | | $ | (25.7) | | | $ | — | | | $ | 162.2 | |
|
| Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
Refer to the tables below for the Company’s breakdown of AFS debt securities in a gross unrealized loss position as of June 30, 2025 and December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | 12 Months or Less | | Greater than 12 Months | | Total | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | | | Gross unrealized losses | | Debt securities, available for sale | | | | | | | | | | | | | | | Asset-backed securities | $ | 241.0 | | | $ | (2.1) | | | $ | 6.5 | | | $ | (1.4) | | | $ | 247.5 | | | | | $ | (3.5) | | | Residential mortgage-backed securities | 283.3 | | | (4.4) | | | 125.6 | | | (5.9) | | | 408.9 | | | | | (10.3) | | | Commercial mortgage-backed securities | 22.1 | | | (0.1) | | | 2.7 | | | (0.3) | | | 24.8 | | | | | (0.4) | | | Corporate debt securities | 223.5 | | | (4.0) | | | 45.8 | | | (0.4) | | | 269.3 | | | | | (4.4) | | | U.S. government and government agency | 146.5 | | | (0.4) | | | 38.3 | | | (0.4) | | | 184.8 | | | | | (0.8) | | | Non-U.S. government and government agency | 7.1 | | | — | | | — | | | — | | | 7.1 | | | | | — | | Total debt securities, available for sale | $ | 923.5 | | | $ | (11.0) | | | $ | 218.9 | | | $ | (8.4) | | | $ | 1,142.4 | | | | | $ | (19.4) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | 12 Months or Less | | Greater than 12 Months | | Total | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | | | Gross unrealized losses | | Debt securities, available for sale | | | | | | | | | | | | | | | Asset-backed securities | $ | 180.4 | | | $ | (1.8) | | | $ | 23.8 | | | $ | (2.4) | | | $ | 204.2 | | | | | $ | (4.2) | | | Residential mortgage-backed securities | 437.4 | | | (7.9) | | | 223.9 | | | (12.4) | | | 661.3 | | | | | (20.3) | | | Commercial mortgage-backed securities | 67.4 | | | (0.7) | | | 7.5 | | | (0.4) | | | 74.9 | | | | | (1.1) | | | Corporate debt securities | 738.5 | | | (10.0) | | | 46.8 | | | (0.4) | | | 785.3 | | | | | (10.4) | | | U.S. government and government agency | 247.2 | | | (3.0) | | | 62.7 | | | (1.2) | | | 309.9 | | | | | (4.2) | | | | | | | | | | | | | | | | Total debt securities, available for sale | $ | 1,670.9 | | | $ | (23.4) | | | $ | 364.7 | | | $ | (16.8) | | | $ | 2,035.6 | | | | | $ | (40.2) | |
|
| Schedule of Debt Securities by Contractual Maturity |
The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of June 30, 2025 and December 31, 2024 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | Debt securities, AFS | | Debt securities, trading | | Debt securities, AFS | | Debt securities, trading | | | | Cost or
amortized cost | | Fair value | | Cost or
amortized cost | | Fair value | | Cost or
amortized cost | | Fair value | | Cost or
amortized cost | | Fair value | | | | Due in one year or less | $ | 452.2 | | | $ | 452.2 | | | $ | 1.5 | | | $ | 1.4 | | | $ | 449.3 | | | $ | 448.2 | | | $ | 0.5 | | | $ | 0.5 | | | | | Due after one year through five years | 1,598.4 | | | 1,620.6 | | | 5.4 | | | 5.1 | | | 1,648.0 | | | 1,646.7 | | | 6.7 | | | 6.3 | | | | | Due after five years through ten years | 463.7 | | | 471.7 | | | — | | | — | | | 589.5 | | | 586.2 | | | 0.3 | | | 0.3 | | | | | Due after ten years | 115.4 | | | 112.5 | | | 12.7 | | | 1.3 | | | 104.3 | | | 101.9 | | | 11.9 | | | 1.6 | | | | | Mortgage-backed and asset-backed securities | 2,070.3 | | | 2,078.9 | | | 105.5 | | | 95.1 | | | 2,352.7 | | | 2,348.0 | | | 167.9 | | | 153.5 | | | | | Total debt securities | $ | 4,700.0 | | | $ | 4,735.9 | | | $ | 125.1 | | | $ | 102.9 | | | $ | 5,143.8 | | | $ | 5,131.0 | | | $ | 187.3 | | | $ | 162.2 | | | |
|
| Schedule of the Ratings and Fair Value of Debt Securities |
The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of June 30, 2025 and December 31, 2024. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations. | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Debt securities, AFS | | Debt securities, trading | | Debt securities, AFS | | Debt securities, trading | | AAA | $ | 665.3 | | | $ | 29.0 | | | $ | 808.5 | | | $ | 74.0 | | | AA | 2,144.7 | | | 32.2 | | | 2,227.9 | | | 54.0 | | | A | 1,032.5 | | | 15.3 | | | 1,375.0 | | | 6.9 | | | BBB | 726.6 | | | 24.0 | | | 659.2 | | | 24.2 | | | Other | 166.8 | | | 2.4 | | | 60.4 | | | 3.1 | | | Total debt securities | $ | 4,735.9 | | | $ | 102.9 | | | $ | 5,131.0 | | | $ | 162.2 | |
|
| Schedule of Equity Securities and Other Long-Term Investments |
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company’s other long-term investments as of June 30, 2025 and December 31, 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost or
amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Net foreign
currency
gains | | Fair value | | June 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | Other long-term investments | | $ | 436.2 | | | $ | 33.4 | | | $ | (151.4) | | | $ | 1.9 | | | $ | 320.1 | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | Other long-term investments | | $ | 438.2 | | | $ | 37.5 | | | $ | (162.7) | | | $ | 3.5 | | | $ | 316.5 | |
The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The following table presents the carrying value of other long-term investments as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | June 30,
2025 | | December 31, 2024 | Hedge funds and private equity funds (1) (2) | | $ | 191.0 | | | $ | 186.0 | | Strategic investments (2) | | 101.5 | | | 105.0 | | Other investments (2) | | 27.6 | | | 25.5 | | | Total other long-term investments | | $ | 320.1 | | | $ | 316.5 | |
(1)Includes $188.5 million of investments carried at NAV (December 31, 2024 - $182.8 million) and no investments classified as Level 3 (December 31, 2024 - no investments classified as Level 3) within the fair value hierarchy. (2)As of June 30, 2025, the Company had $42.1 million of unfunded commitments relating to these investments (December 31, 2024 - $36.1 million).
|
| Schedule of Other Long-Term Investments |
The following table presents the components of other long-term investments as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | June 30,
2025 | | December 31, 2024 | | Equity method eligible unconsolidated entities, using the fair value option | $ | 66.3 | | | $ | 66.6 | | | Equity method investments | 29.8 | | | 26.1 | | Other unconsolidated investments, at fair value (1) | 185.0 | | | 185.2 | | Other unconsolidated investments, at cost (2) | 39.0 | | | 38.6 | | | Total other long-term investments | $ | 320.1 | | | $ | 316.5 | |
(1)Includes other long-term investments that are not equity method eligible and are measured at fair value. (2)The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices.
|