Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Available-for-Sale Securities Reconciliation |
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of fixed maturity and short-term investments, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in millions) | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | Corporate | $ | 229.1 | | | $ | 0.8 | | | $ | (1.1) | | | $ | 228.8 | | | US government and agency | 131.0 | | | 0.1 | | | (0.5) | | | 130.6 | | | Non-US government and agency | 226.8 | | | 0.5 | | | (1.6) | | | 225.7 | | | Residential mortgage-backed | 54.3 | | | 0.1 | | | (0.3) | | | 54.1 | | | Commercial mortgage-backed | 7.6 | | | 0.1 | | | — | | | 7.7 | | | Other asset-backed securities | 15.4 | | | — | | | (0.1) | | | 15.3 | | | Total fixed maturity and short-term investments | $ | 664.2 | | | $ | 1.6 | | | $ | (3.6) | | | $ | 662.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in millions) | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | Corporate | $ | 244.4 | | | $ | 2.6 | | | $ | (0.1) | | | $ | 246.9 | | | US government and agency | 123.6 | | | 1.0 | | | (0.1) | | | 124.5 | | | Non-US government and agency | 247.0 | | | 1.5 | | | (0.4) | | | 248.1 | | | Residential mortgage-backed | 55.5 | | | 0.6 | | | (0.5) | | | 55.6 | | | Commercial mortgage-backed | 14.8 | | | 0.2 | | | — | | | 15.0 | | | Other asset-backed securities | 21.8 | | | 0.1 | | | — | | | 21.9 | | | Total fixed maturity and short-term investments | $ | 707.1 | | | $ | 6.0 | | | $ | (1.1) | | | $ | 712.0 | |
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| Schedule of Available for Sale Securities in an Unrealized Loss Position |
The following table summarizes, for all our available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Less than 12 months | | 12 Months or more | | Total | | (in millions) | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | | Corporate | $ | 135.5 | | | $ | (1.1) | | | $ | — | | | | | $ | 135.5 | | | $ | (1.1) | | | US government and agency | 45.3 | | | (0.5) | | | — | | | — | | | 45.3 | | | (0.5) | | | Non-US government and agency | 145.1 | | | (1.4) | | | 5.3 | | | (0.2) | | | 150.4 | | | (1.6) | | | Residential mortgage-backed | 29.4 | | | (0.3) | | | — | | | — | | | 29.4 | | | (0.3) | | | | | | | | | | | | | | | Other asset-backed securities | 8.1 | | | (0.1) | | | — | | | — | | | 8.1 | | | (0.1) | | | Total fixed maturity and short-term investments | $ | 363.4 | | | $ | (3.4) | | | $ | 5.3 | | | $ | (0.2) | | | $ | 368.7 | | | $ | (3.6) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | 12 Months or more | | Total | | (in millions) | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | | Corporate | $ | 25.6 | | | $ | (0.1) | | | $ | — | | | $ | — | | | $ | 25.6 | | | $ | (0.1) | | | US government and agency | — | | | — | | | 4.8 | | | (0.1) | | | 4.8 | | | (0.1) | | | Non-US government and agency | 63.0 | | | (0.3) | | | 8.1 | | | (0.1) | | | 71.1 | | | (0.4) | | | Residential mortgage-backed | — | | | — | | | 3.4 | | | (0.5) | | | 3.4 | | | (0.5) | | | | | | | | | | | | | | | | | | | | | | | | | | | Total fixed maturity and short-term investments | $ | 88.6 | | | $ | (0.4) | | | $ | 16.3 | | | $ | (0.7) | | | $ | 104.9 | | | $ | (1.1) | |
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| Schedule of Fixed-Maturity and Short-Term Investments by Contractual Maturity |
The amortized cost and fair values of our fixed maturity and short-term investments by contractual maturity were as follows: | | | | | | | | | | | | | June 30, 2026 | | (in millions) | Amortized cost | | Fair value | | Due in one year or less | $ | 114.2 | | | $ | 114.2 | | | Due after one year through five years | 407.5 | | | 406.3 | | | Due after five years through ten years | 63.9 | | | 63.3 | | | Due after ten years | 1.3 | | | 1.3 | | | Residential mortgage-backed | 54.3 | | | 54.1 | | | Commercial mortgage-backed | 7.6 | | | 7.7 | | | Other asset-backed securities | 15.4 | | | 15.3 | | | Total fixed maturity and short-term investments | $ | 664.2 | | | $ | 662.2 | |
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| Schedule of Equity Method Investments |
Details regarding our equity method investments were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in millions) | Ownership % | | Carrying value | | Ownership % | | Carrying value | | | | | | | | | | | | | | | | | | MGAs | 19.0% - 25.2% | | $ | 3.2 | | | 19.0% - 20.0% | | $ | 2.0 | | | Other | 6.6% - 15.0% | | 9.8 | | | 8.1% - 15.0% | | 8.4 | | | Equity method investments | | | $ | 13.0 | | | | | $ | 10.4 | |
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| Schedule of Equity Securities without Readily Determinable Fair Value |
Details regarding the carrying value of our other investments portfolio were as follows: | | | | | | | | | | | | | (in millions) | June 30, 2026 | | December 31, 2025 | | Investment type: | | | | | MGAs and TPAs | $ | 78.9 | | | $ | 59.9 | | | Venture funds | 9.2 | | | 24.1 | | | | | | | Other investments | $ | 88.1 | | | $ | 84.0 | |
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| Schedule of Investment Income |
Investment income and expenses were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Interest on cash and cash equivalents | $ | 10.3 | | | $ | 12.1 | | | $ | 23.6 | | | $ | 23.8 | | | | | | | | | | | | | | | Interest on fixed maturity investments | 8.3 | | | 6.1 | | | 15.4 | | | 11.4 | | | | | Income from equity method investments | 1.7 | | | 0.7 | | | 1.9 | | | 1.2 | | | | | Gross investment income | 20.3 | | | 18.9 | | | 40.9 | | | 36.4 | | | | | Interest expense on funds held under reinsurance | (12.3) | | | (5.7) | | | (20.2) | | | (10.8) | | | | | Investment expenses | (0.8) | | | (0.4) | | | (1.4) | | | (0.6) | | | | | Net investment income | $ | 7.2 | | | $ | 12.8 | | | $ | 19.3 | | | $ | 25.0 | | | |
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| Schedule of Realized Gain (Loss) on Investments |
The following table presents net realized and unrealized gains (losses) on our investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Net realized (losses) gains on investments: | | | | | | | | | | | Net realized (losses) gains on fixed maturity and short-term investments | $ | (1.1) | | | $ | 0.3 | | | $ | (1.0) | | | $ | 0.6 | | | | | | | | | | | | | | | Net realized gains on equity method investments | — | | | 0.1 | | | — | | | 2.1 | | | | Net realized gains on other investments (1) | 27.1 | | | — | | | 27.1 | | | — | | | | | Net realized gains on investments | 26.0 | | | 0.4 | | | 26.1 | | | 2.7 | | | | | Net unrealized gains (losses) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net unrealized gains (losses) on other investments (2) | 27.0 | | | (0.5) | | | 27.0 | | | 1.2 | | | | | | | | | | | | | | | Net realized and unrealized gains (losses) on investments | $ | 53.0 | | | $ | (0.1) | | | $ | 53.1 | | | $ | 3.9 | | | |
(1) As disclosed above, the realized gain related to a sale of a portion of our interests in a TPA investment. (2) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).
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| Schedule of Unrealized Gain (Loss) on Investments |
The following table presents net realized and unrealized gains (losses) on our investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Net realized (losses) gains on investments: | | | | | | | | | | | Net realized (losses) gains on fixed maturity and short-term investments | $ | (1.1) | | | $ | 0.3 | | | $ | (1.0) | | | $ | 0.6 | | | | | | | | | | | | | | | Net realized gains on equity method investments | — | | | 0.1 | | | — | | | 2.1 | | | | Net realized gains on other investments (1) | 27.1 | | | — | | | 27.1 | | | — | | | | | Net realized gains on investments | 26.0 | | | 0.4 | | | 26.1 | | | 2.7 | | | | | Net unrealized gains (losses) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net unrealized gains (losses) on other investments (2) | 27.0 | | | (0.5) | | | 27.0 | | | 1.2 | | | | | | | | | | | | | | | Net realized and unrealized gains (losses) on investments | $ | 53.0 | | | $ | (0.1) | | | $ | 53.1 | | | $ | 3.9 | | | |
(1) As disclosed above, the realized gain related to a sale of a portion of our interests in a TPA investment. (2) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).
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| Schedule of Deposits for Regulatory and Other Purposes |
The following table represents the deposits for regulatory and other purposes: | | | | | | | | | | | | | | | | (in millions) | | June 30, 2026 | | December 31, 2025 | | Fixed maturity securities | | $ | 7.6 | | | $ | 5.2 | | | Cash and cash equivalents | | 0.6 | | | — | | | Total | | $ | 8.2 | | | $ | 5.2 | |
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| Schedule of Restricted Assets that have been Pledged as Collateral |
The following table represents the restricted assets we have pledged in favor of certain ceding companies to collateralized obligations: | | | | | | | | | | | | | | | | (in millions) | | June 30, 2026 | | December 31, 2025 | | Short-term investments | | $ | 0.8 | | | $ | 0.9 | | | Fixed maturity securities | | 23.9 | | | 25.8 | | | Cash and cash equivalents | | 81.4 | | | 83.1 | | | Total | | $ | 106.1 | | | $ | 109.8 | |
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