v3.25.2
Total net investment income and net realized and unrealized investment gains (losses) (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income and Total 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 endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Debt securities, available for sale$59.7 $61.6 $118.5 $125.3 
Debt securities, trading2.8 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 equivalents65.4 21.8 131.1 100.5 
Investment expenses(3.7)(7.6)(9.0)(11.5)
Net investment income on cash and cash equivalents7.2 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 
Schedule of Net Realized Investment Gains (Losses)
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 endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 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 investments4.1 (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 $33.0 million, respectively).
Net realized investment losses for the three and six months ended June 30, 2025 and 2024 consisted of the following:
Three months endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Debt securities, available for sale$(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)$(23.3)
Net realized investment losses on Other long-term investments for the three and six months ended June 30, 2025 and 2024 consisted of the following:
Three months endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Hedge funds and private equity funds$(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)
Schedule of Net Unrealized Investment Gains (Losses)
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 endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 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 investments4.1 (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 unrealized investment gains (losses) for the three and six months ended June 30, 2025 and 2024 consisted of the following:
Three months endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 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 investments1.1 (39.6)3.7 (38.3)
Net investment income (loss) on cash and cash equivalents1.3 (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 endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 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 $(38.3)
The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) – Level 3 investments for the three and six months ended June 30, 2025 and 2024:
Three months endedSix months ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Other long-term investments$(1.3)$(44.7)0.1 (43.6)