v3.26.1
Fair value measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements
5. Fair value measurements
Fair value measurements on a recurring basis
Our financial assets and liabilities measured at fair value on a recurring basis by level were as follows:
June 30, 2026
(in millions)Quoted prices in active markets for identical assets
Level 1		Significant other observable
Level 2		Significant unobservable inputs
Level 3		Estimated fair value
Fixed maturity and short-term investments measured at fair value:
Corporate$— $228.8 $— $228.8 
US government and agency— 130.6 — 130.6 
Non-US government and agency— 225.7 — 225.7 
Residential mortgage-backed— 54.1 — 54.1 
Commercial mortgage-backed— 7.7 — 7.7 
Other asset-backed securities— 15.3 — 15.3 
Total fixed maturity and short-term investments$— $662.2 $— $662.2 
    
December 31, 2025
(in millions)Quoted prices in active markets for identical assets
Level 1		Significant other observable
Level 2		Significant unobservable inputs
Level 3		Estimated fair value
Fixed maturity and short-term investments measured at fair value:
Corporate$— $246.9 $— $246.9 
US government and agency— 124.5 — 124.5 
Non-US government and agency— 248.1 — 248.1 
Residential mortgage-backed— 55.6 — 55.6 
Commercial mortgage-backed— 15.0 — 15.0 
Other asset-backed securities— 21.9 — 21.9 
Total fixed maturity and short-term investments$— $712.0 $— $712.0 
There were no transfers between Level 1, Level 2, or Level 3 for the six months ended June 30, 2026 and 2025.
Fair value measurements on a non-recurring basis
We measure the fair value of certain assets on a non-recurring basis, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include our investments in limited partnerships reported in "Other investments" in our condensed consolidated balance sheets.
The following table presents assets measured at fair value on a non-recurring basis:
June 30, 2026
(in millions)Quoted prices in active markets for identical assets
Level 1		Significant other observable
Level 2		Significant unobservable inputs
Level 3		Estimated fair value
Assets measured at fair value:
Other investments:
MGAs and TPAs$— $— $78.9 $78.9 
Venture funds— — 9.2 9.2 
Total$— $— $88.1 $88.1 
December 31, 2025
(in millions)Quoted prices in active markets for identical assets
Level 1		Significant other observable
Level 2		Significant unobservable inputs
Level 3		Estimated fair value
Assets measured at fair value:
Other investments:
MGAs$— $— $59.9 $59.9 
Venture funds— — 24.1 24.1 
Total$— $— $84.0 $84.0 
Fair value information about financial instruments not measured at fair value
Our estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts) is discussed below:
Debt: As further described in Note 9, given the frequency with which the variable interest rates on our senior unsecured debt reset, the carrying value of our debt measured at amortized cost approximates its fair value as of June 30, 2026 and December 31, 2025. The debt is classified as Level 2.
Remaining financial assets and liabilities: Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature, approximates their fair value as of June 30, 2026 and December 31, 2025.