XML 79 R41.htm IDEA: XBRL DOCUMENT
v3.24.1

Investments (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |  |
Summary of Investment Income |  |
| For the Twelve Months Ended
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
| ($ in millions)
Fixed income securities — Available for sale | $ | 115.7 |  |  | $ | 95.6 |  |  | $ | 87.2 |
Fixed income securities — Trading | 98.9 |  |  | 57.0 |  |  | 30.2 |
Short-term investments — Available for sale | 5.3 |  |  | 0.6 |  |  | 0.1 |
Short-term investments — Trading | 0.3 |  |  | 0.1 |  |  | — |
Fixed term deposits (included in cash and cash equivalents) | 39.9 |  |  | 6.6 |  |  | 0.7 |
Catastrophe bonds — Trading | 0.2 |  |  | 0.3 |  |  | 0.9 |
Privately-held investments — Available for sale | 0.1 |  |  | — |  |  | — |
Privately-held investments — Trading | 44.7 |  |  | 24.3 |  |  | 18.2 |
Other investments, at fair value (1) | (17.8) |  |  | 13.9 |  |  | 21.9 |
Total | 287.3 |  |  | 198.4 |  |  | 159.2 |
Investment expenses | (11.6) |  |  | (10.3) |  |  | (11.7) |
Net investment income | $ | 275.7 |  |  | $ | 188.1 |  |  | $ | 147.5 |
________________ (1)Other investments primarily represent the Company’s investments in investment funds. The amount reported represents the change in fair value of the investments in the period.
Net Realized and Unrealized Investment Gains and Losses and Change in Unrealized Gains and Losses on Investments |  |
| For the Twelve Months Ended
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
| ($ in millions)
Available for sale: |  |  |  |  |
Fixed income securities — gross realized gains | $ | 1.6 |  |  | $ | 2.9 |  |  | $ | 22.7 |
Fixed income securities — gross realized (losses) | (41.5) |  |  | (58.4) |  |  | (3.6) |
Short-term investments — gross realized gains | 0.6 |  |  | 1.0 |  |  | 2.0 |
Short-term investments — gross realized (losses) | (0.9) |  |  | (0.5) |  |  | (0.8) |
Net change in expected credit gains/(losses) | 4.8 |  |  | (5.0) |  |  | (2.5) |
Trading: |  |  |  |  |
Fixed income securities — gross realized gains | 1.0 |  |  | 0.2 |  |  | 12.2 |
Fixed income securities — gross realized (losses) | (3.5) |  |  | (1.8) |  |  | (2.0) |
Short-term investments — gross realized gains | 0.1 |  |  | — |  |  | 0.1 |
Short-term investments — gross realized (losses) | (0.3) |  |  | — |  |  | (0.3) |
Privately-held investments — gross realized gains | 0.8 |  |  | 0.7 |  |  | 0.6 |
Privately-held investments — gross realized (losses) | — |  |  | (0.1) |  |  | (13.8) |
Privately-held investments — net unrealized (losses)/gains | (15.2) |  |  | (2.5) |  |  | 18.1 |
Catastrophe bonds — net unrealized gains/(losses) | 0.1 |  |  | 0.2 |  |  | (0.8) |
Fixed income securities — net unrealized gains/(losses) | 65.9 |  |  | (113.9) |  |  | (23.4) |
Investments — equity method: |  |  |  |  |
Gross realized and unrealized gains in MVI | 0.2 |  |  | — |  |  | 0.1 |
Gross unrealized gains/(losses) in Multi-Line Reinsurer | 0.8 |  |  | (0.4) |  |  | 0.2 |
Total net realized and unrealized investment gains/(losses) recorded in the consolidated statement of operations | $ | 14.5 |  |  | $ | (177.6) |  |  | $ | 8.8 |
Change in available for sale net unrealized gains/(losses): |  |  |  |  |
Available for sale investments | $ | 126.2 |  |  | $ | (391.7) |  |  | $ | (157.6) |
Income tax (expense)/benefit | (20.6) |  |  | 23.9 |  |  | (0.3) |
Total change in net unrealized gains/(losses), net of taxes recorded in other comprehensive income | $ | 105.6 |  |  | $ | (367.8) |  |  | $ | (157.9) |
Cost or Amortized Cost, Unrealized and Realized Gains and Losses and Estimated Fair Value of Available for Sale Investments |  |
| As at December 31, 2023
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses (1) |  | Fair Market Value
| ($ in millions)
Fixed Income Securities — Available for sale |  |  |  |  |  |  |  |  |
U.S. government | $ | 1,224.9 |  |  | $ | 4.4 |  |  | $ | (26.7) |  |  | $ | — |  |  | $ | 1,202.6 |
U.S. agency | 7.5 |  |  | — |  |  | (0.3) |  |  | — |  |  | 7.2 |
Municipal | 133.6 |  |  | — |  |  | (5.0) |  |  | (0.5) |  |  | 128.1 |
Corporate | 2,051.1 |  |  | 12.1 |  |  | (101.5) |  |  | (2.4) |  |  | 1,959.3 |
Non-U.S. government-backed corporate | 106.5 |  |  | 0.1 |  |  | (5.9) |  |  | — |  |  | 100.7 |
Non-U.S. government | 279.9 |  |  | 0.6 |  |  | (6.7) |  |  | — |  |  | 273.8 |
Agency commercial mortgage-backed | 6.6 |  |  | — |  |  | (0.8) |  |  | — |  |  | 5.8 |
Agency residential mortgage-backed | 519.9 |  |  | 0.1 |  |  | (74.9) |  |  | — |  |  | 445.1 |
Total fixed income securities — Available for sale | 4,330.0 |  |  | 17.3 |  |  | (221.8) |  |  | (2.9) |  |  | 4,122.6 |
Short-term investments — Available for sale | 93.6 |  |  | — |  |  | — |  |  | — |  |  | 93.6 |
Privately-held investments — Available for sale |  |  |  |  |  |  |  |  |
Asset-backed securities | 14.7 |  |  | 0.2 |  |  | — |  |  | — |  |  | 14.9 |
Total Investments — Available for sale | $ | 4,438.3 |  |  | $ | 17.5 |  |  | $ | (221.8) |  |  | $ | (2.9) |  |  | $ | 4,231.1 |
________________ (1)For more information on the allowance for expected credit losses, refer to Note 25, “Allowance for Expected Credit Losses”.
| As at December 31, 2022
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Market Value
| ($ in millions)
Fixed Income Securities — Available for sale |  |  |  |  |  |  |  |  |
U.S. government | $ | 1,003.7 |  |  | $ | — |  |  | $ | (50.7) |  |  | $ | — |  |  | $ | 953.0 |
U.S. agency | 9.2 |  |  | — |  |  | (0.4) |  |  | — |  |  | 8.8 |
Municipal | 159.9 |  |  | — |  |  | (9.4) |  |  | (1.0) |  |  | 149.5 |
Corporate | 2,016.9 |  |  | 3.5 |  |  | (169.1) |  |  | (6.3) |  |  | 1,845.0 |
Non-U.S. government-backed corporate | 119.4 |  |  | — |  |  | (8.8) |  |  | (0.2) |  |  | 110.4 |
Non-U.S. government | 225.2 |  |  | 0.1 |  |  | (11.5) |  |  | (0.2) |  |  | 213.6 |
Non-agency commercial mortgage-backed | 6.6 |  |  | — |  |  | (1.0) |  |  | — |  |  | 5.6 |
Agency mortgage-backed | 590.4 |  |  | — |  |  | (87.7) |  |  | — |  |  | 502.7 |
Total fixed income securities — Available for sale | 4,131.3 |  |  | 3.6 |  |  | (338.6) |  |  | (7.7) |  |  | 3,788.6 |
Short-term investments — Available for sale | 52.4 |  |  | — |  |  | (0.4) |  |  | — |  |  | 52.0 |
Total Investments — Available for sale | $ | 4,183.7 |  |  | $ | 3.6 |  |  | $ | (339.0) |  |  | $ | (7.7) |  |  | $ | 3,840.6 |
Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Trading Investments in Fixed Income Maturities |
| As at December 31, 2023
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
Fixed Income Securities — Trading |  |  |  |  |  |  |
U.S. government | $ | 248.7 |  |  | $ | 0.5 |  |  | $ | (3.7) |  |  | $ | 245.5 |
Municipal | 3.3 |  |  | — |  |  | (0.2) |  |  | 3.1 |
Corporate | 178.8 |  |  | 0.7 |  |  | (8.0) |  |  | 171.5 |
High yield loans | 90.8 |  |  | 1.3 |  |  | — |  |  | 92.1 |
Non-U.S. government-backed corporate | 8.6 |  |  | — |  |  | (0.3) |  |  | 8.3 |
Non-U.S. government | 35.8 |  |  | 0.1 |  |  | (1.1) |  |  | 34.8 |
Asset-backed | 936.0 |  |  | 2.1 |  |  | (29.9) |  |  | 908.2 |
Agency mortgage-backed | 25.0 |  |  | — |  |  | (2.8) |  |  | 22.2 |
Total fixed income securities — Trading | 1,527.0 |  |  | 4.7 |  |  | (46.0) |  |  | 1,485.7 |
Short-term investments — Trading | 2.1 |  |  | — |  |  | — |  |  | 2.1 |
Catastrophe bonds — Trading | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
Privately-held investments — Tradin g |  |  |  |  |  |  |
Commercial mortgage loans | 293.2 |  |  | 1.0 |  |  | (19.3) |  |  | 274.9 |
Middle market loans and other private debt | 85.9 |  |  | — |  |  | (1.1) |  |  | 84.8 |
Asset-backed securities | 83.1 |  |  | 0.4 |  |  | (0.6) |  |  | 82.9 |
Global corporate securities | 14.7 |  |  | — |  |  | (0.3) |  |  | 14.4 |
Short-term investments | 18.0 |  |  | — |  |  | — |  |  | 18.0 |
Total privately-held investments — Trading | 494.9 |  |  | 1.4 |  |  | (21.3) |  |  | 475.0 |
Total Investments — Trading | $ | 2,025.6 |  |  | $ | 6.1 |  |  | $ | (67.3) |  |  | $ | 1,964.4 |
| As at December 31, 2022
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
Fixed Income Securities — Trading |  |  |  |  |  |  |
U.S. government | $ | 267.9 |  |  | $ | — |  |  | $ | (6.3) |  |  | $ | 261.6 |
Municipal | 3.9 |  |  | — |  |  | (0.3) |  |  | 3.6 |
Corporate | 175.3 |  |  | 0.3 |  |  | (13.5) |  |  | 162.1 |
High yield loans | 90.2 |  |  | 0.2 |  |  | (2.1) |  |  | 88.3 |
Non-U.S. government-backed corporate | 12.2 |  |  | — |  |  | (0.6) |  |  | 11.6 |
Non-U.S. government | 32.2 |  |  | — |  |  | (1.8) |  |  | 30.4 |
Asset-backed | 970.3 |  |  | 0.2 |  |  | (74.0) |  |  | 896.5 |
Agency mortgage-backed | 24.7 |  |  | — |  |  | (3.3) |  |  | 21.4 |
Total fixed income securities — Trading | 1,576.7 |  |  | 0.7 |  |  | (101.9) |  |  | 1,475.5 |
Short-term investments — Trading | 6.3 |  |  | — |  |  | — |  |  | 6.3 |
Catastrophe bonds — Trading | 5.1 |  |  | — |  |  | (2.2) |  |  | 2.9 |
Privately-held investments — Trading |  |  |  |  |  |  |
Commercial mortgage loans | 312.6 |  |  | 0.6 |  |  | (1.1) |  |  | 312.1 |
Middle market loans and other private debt | 109.0 |  |  | — |  |  | (2.1) |  |  | 106.9 |
Asset-backed securities | 68.8 |  |  | — |  |  | (2.0) |  |  | 66.8 |
Global corporate securities | 15.1 |  |  | — |  |  | (0.1) |  |  | 15.0 |
Equity securities | 6.6 |  |  | — |  |  | — |  |  | 6.6 |
Short-term investments | 25.6 |  |  | — |  |  | — |  |  | 25.6 |
Total privately-held investments — Trading | 537.7 |  |  | 0.6 |  |  | (5.3) |  |  | 533.0 |
Total Investments — Trading | $ | 2,125.8 |  |  | $ | 1.3 |  |  | $ | (109.4) |  |  | $ | 2,017.7 |
Schedule of Commercial Mortgage and Middle Market Loans |  |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481212/470-30-50-1 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration