Debt and letter of credit facilities (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025				December 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 value	395.4				394.8
2017 SEK Subordinated Notes, at face value	288.6		7.1	%	249.2		7.9	%
Unamortized discount	(5.6)				(4.9)
2017 SEK Subordinated Notes, carrying value	283.0				244.3






Total debt	$	678.4			$	639.1

(1)Effective rate considers the effect of the debt issuance costs, discount, and premium.

Schedule of Letter of Credit Facilities

As of June 30, 2025, the Company had entered into the following letter of credit facilities:



	Letters of Credit				Collateral
	Committed Capacity		Issued		Cash and Cash Equivalents		Debt securities

Committed - Secured letters of credit facilities	$	390.0	$	278.0	$	15.9	$	243.3
Uncommitted - Secured letters of credit facilities	n/a		833.5		20.1		1,060.2
			$	1,111.5	$	36.0	$	1,303.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details