XML 92 R45.htm IDEA: XBRL DOCUMENT v3.24.1

Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table summarizes information on the location and amounts of derivative fair values on the consolidated balance sheet as at December 31, 2023 and 2022:

												As at December 31, 2023												As at December 31, 2022
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 (1)						Derivative assets						$	1,262.1					$	31.4					$	945.8					$	41.9
Foreign Exchange Contracts						Derivative liabilities						$	540.8					$	(9.3)					$	729.5					$	(3.2)
Loss Portfolio Transfer Liability - Embedded Derivative (2)						Derivative liabilities						—						$	(16.5)					—						(31.7)

 ______________ 

(1)Fair value is net of $3.4 million of cash collateral (December 31, 2022 — $3.7 million).

(2)    The LPT contains an embedded derivative within the contract in relation to the variable interest crediting rate.

												As at December 31, 2023												As at December 31, 2022
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						$	76.9					$	0.3					$	109.7					$	14.3

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, 2023 and 2022:

																		Amount of (Loss)/Gain Recognized on Derivatives
																		For the Twelve Months Ended
									Location of Gain/(Loss) Recognized on Derivatives									December 31, 2023						December 31, 2022
Derivatives not designated as hedges																		($ in millions)
Foreign Exchange Contracts									Change in Fair Value of Derivatives									$	10.9					$	(66.0)
Loss Portfolio Transfer Liability - Embedded Derivative									Change in Fair Value of Derivatives									$	15.2					$	(14.5)
Derivatives designated as cash flow hedges
Foreign Exchange Contracts									General, administrative and corporate expenses in consolidated statement of operations									$	(8.1)					$	5.9
Foreign Exchange Contracts									Net change from current period hedged transactions in other comprehensive income									$	(14.0)					$	15.4

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration