Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes information on the location and amounts of derivative fair values on the consolidated balance sheet as at December 31, 2025 and 2024:


		As at December 31, 2025				As at December 31, 2024
Derivatives Not Designated as Hedging Instruments Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value		Notional Amount		Fair Value

		($ in millions)				($ in millions)
Foreign Exchange Contracts	Derivative assets	$	529.5	$	4.5	$	550.0	$	17.0
Foreign Exchange Contracts (1)	Derivative liabilities	$	874.5	$	(12.1)	$	1,036.9	$	(41.7)
Loss Portfolio Transfer Liability - Embedded Derivative (2)	Derivative liabilities	$	—	$	—	$	—	$	(3.6)

______________

(1) Fair value is net of $Nil of cash collateral (December 31, 2024 — $0.8 million).

(2) The LPT contained an embedded derivative within the contract in relation to the variable interest crediting rate, which has now terminated upon repayment of the funds withheld.


		As at December 31, 2025				As at December 31, 2024
Derivatives Designated as Cash Flow Hedges Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value		Notional Amount		Fair Value

		($ in millions)				($ in millions)
Foreign Exchange Contracts	Derivative assets	$	186.8	$	0.5	$	—	$	—
Foreign Exchange Contracts (1)	Derivative liabilities	$	—	$	—	$	158.0	$	(4.2)

______________

(1) Fair value is net of $Nil of cash collateral (December 31, 2024 — $2.0 million).

Gain/(Loss) Recognized in Income on Derivative

The following table provides the unrealized and realized gains/(losses) recorded in the consolidated statements of operations and other comprehensive income for derivatives that are not designated or designated as hedging instruments under ASC 815 — “Derivatives and Hedging” for the twelve months ended December 31, 2025 and 2024:


		Amount of Gain/(Loss) Recognized on Derivatives
		For the Twelve Months Ended
	Location of Gain/(Loss) Recognized on Derivatives	December 31, 2025		December 31, 2024

Derivatives not designated as hedges		($ in millions)
Foreign Exchange Contracts	Change in Fair Value of Derivatives	$	43.9	$	(34.0)
Loss Portfolio Transfer Liability - Embedded Derivative	Change in Fair Value of Derivatives	$	3.6	$	12.9

Derivatives designated as cash flow hedges
Foreign Exchange Contracts	General, administrative and corporate expenses in consolidated statement of operations	$	0.7	$	(0.9)
Foreign Exchange Contracts	Net change gross of tax from current period hedged transactions in other comprehensive income	$	6.7	$	(6.5)