v3.26.1
Schedule II - Condensed Financial Information of Registrant Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Replacement awards and share-based compensation $ 41.7 $ 0.0 $ 0.0
Deferred tax expense/(benefit) 22.3 (88.6) (197.7)
Amortization of right-of-use operating lease assets 10.1 9.9 10.7
Change in operating lease liabilities (15.7) (15.9) (15.5)
Net cash provided by operating activities 439.0 554.9 324.7
Cash flows from investing activities:      
Proceeds from sales and maturities of fixed income securities — Trading 623.0 850.1 474.0
Net cash provided by/(used in) investing activities 339.8 (352.8) (172.2)
Cash flows from financing activities:      
Repayments of Short-Term Debt 0.0 0.0 (300.0)
Proceeds from term loan facility 0.0 0.0 300.0
Repayment of term loan facility (300.0) 0.0 0.0
Redemption of preference shares (1) 0.0 [1] (275.0) 0.0
Preference share issuance 0.0 217.0 0.0
Payments of Ordinary Dividends, Common Stock 0.0 (195.0) (40.3)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock 45.5 54.9 49.9
Net cash (used in) financing activities (48.7) (307.9) (90.2)
Increase in cash and cash equivalents 744.6 (113.9) 68.9
Cash and cash equivalents at beginning of period [2] 914.2    
Cash and cash equivalents at end of period (2) [2] 1,658.8 914.2  
Parent      
Cash flows from financing activities:      
Proceeds from term loan facility 0.0 0.0 300.0
Repayment of term loan facility (300.0) 0.0 0.0
Redemption of preference shares (1) (275.0) (275.0) 0.0
Preference share issuance 300.0 217.0 0.0
Parent Company      
Cash flows from operating activities:      
Net income (excluding equity in net earnings of subsidiaries) 388.1 377.2 230.0
Realized and unrealized investment (gains) (1.9) (0.4) (14.8)
Replacement awards and share-based compensation 41.7 0.0 0.0
Loss on derivative contracts 0.0 0.0 14.0
Deferred tax expense/(benefit) (4.2) 0.0 0.0
Amortization of right-of-use operating lease assets 6.3 0.7 0.5
Interest on operating lease liability 0.0 0.1 0.1
Change in other receivables 275.0 0.0 0.0
Change in other assets (28.7) (39.0) 0.3
Change in accrued expenses and other payables 17.9 (7.1) 5.5
Change in intercompany activities (78.8) (64.1) (38.4)
Change in operating lease liabilities (0.5) (0.5) (0.5)
Net cash provided by operating activities 614.9 266.9 196.7
Cash flows from investing activities:      
(Purchases) of fixed income securities (16.8) (11.3) (8.1)
Proceeds from sales and maturities of fixed income securities — Trading 14.5 10.3 6.4
Investment in subsidiaries (9.9) 42.0 (105.7)
Net cash provided by/(used in) investing activities (12.2) 41.0 (107.4)
Cash flows from financing activities:      
Repayments of Short-Term Debt 0.0 0.0 (300.0)
Net cash (used in) financing activities (320.5) (307.9) (90.2)
Increase in cash and cash equivalents 282.2 0.0 (0.9)
Cash and cash equivalents at beginning of period 43.5 43.5 44.4
Cash and cash equivalents at end of period (2) $ 325.7 $ 43.5 $ 43.5
[1] On January 1, 2025, the Company redeemed all 11,000,000 shares of its issued and outstanding 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares. The redemption price was paid on January 2, 2025. To facilitate this redemption, the funds of $275.0 million were transferred to a third- party transfer agent on December 30, 2024 and were included in other assets in the consolidated balance sheet. The cash flow was included under financing activities above for the twelve months ended December 31, 2024.
[2] Cash and cash equivalents includes restricted cash of $130.6 million (2024 — $181.9 million) which are held in trusts.