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, 2023December 31, 2022December 31, 2021
($ in millions)
Fixed income securities — Available for sale$115.7 $95.6 $87.2 
Fixed income securities — Trading98.9 57.0 30.2 
Short-term investments — Available for sale5.3 0.6 0.1 
Short-term investments — Trading0.3 0.1 — 
Fixed term deposits (included in cash and cash equivalents)39.9 6.6 0.7 
Catastrophe bonds — Trading0.2 0.3 0.9 
Privately-held investments — Available for sale
0.1 — — 
Privately-held investments — Trading44.7 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 $147.5 
________________
(1)Other investments primarily represent the Company’s investments in investment funds. The amount reported represents the change in fair value of the investments in the period.
Net Realized and Unrealized Investment Gains and Losses and Change in Unrealized Gains and Losses on Investments  
For the Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2021
($ 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 gains0.6 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 gains1.0 0.2 12.2 
Fixed income securities — gross realized (losses)(3.5)(1.8)(2.0)
Short-term investments — gross realized gains0.1 — 0.1 
Short-term investments — gross realized (losses)(0.3)— (0.3)
Privately-held investments — gross realized gains0.8 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 MVI0.2 — 0.1 
Gross unrealized gains/(losses) in Multi-Line Reinsurer0.8 (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. agency7.5 — (0.3)— 7.2 
Municipal133.6 — (5.0)(0.5)128.1 
Corporate2,051.1 12.1 (101.5)(2.4)1,959.3 
Non-U.S. government-backed corporate106.5 0.1 (5.9)— 100.7 
Non-U.S. government279.9 0.6 (6.7)— 273.8 
Agency commercial mortgage-backed6.6 — (0.8)— 5.8 
Agency residential mortgage-backed519.9 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)$4,231.1 
________________
(1)For more information on the allowance for expected credit losses, refer to Note 25, “Allowance for Expected Credit Losses”.
As at December 31, 2022
Cost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Market
Value
($ in millions)
Fixed Income Securities — Available for sale
U.S. government$1,003.7 $— $(50.7)$— $953.0 
U.S. agency9.2 — (0.4)— 8.8 
Municipal159.9 — (9.4)(1.0)149.5 
Corporate2,016.9 3.5 (169.1)(6.3)1,845.0 
Non-U.S. government-backed corporate119.4 — (8.8)(0.2)110.4 
Non-U.S. government225.2 0.1 (11.5)(0.2)213.6 
Non-agency commercial mortgage-backed6.6 — (1.0)— 5.6 
Agency mortgage-backed590.4 — (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 sale52.4 — (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 
Municipal3.3 — (0.2)3.1 
Corporate178.8 0.7 (8.0)171.5 
High yield loans90.8 1.3 — 92.1 
Non-U.S. government-backed corporate8.6 — (0.3)8.3 
Non-U.S. government35.8 0.1 (1.1)34.8 
Asset-backed936.0 2.1 (29.9)908.2 
Agency mortgage-backed25.0 — (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 — Trading
Commercial mortgage loans293.2 1.0 (19.3)274.9 
Middle market loans and other private debt
85.9 — (1.1)84.8 
Asset-backed securities83.1 0.4 (0.6)82.9 
Global corporate securities14.7 — (0.3)14.4 
Short-term investments18.0 — — 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 
Municipal3.9 — (0.3)3.6 
Corporate175.3 0.3 (13.5)162.1 
High yield loans90.2 0.2 (2.1)88.3 
Non-U.S. government-backed corporate12.2 — (0.6)11.6 
Non-U.S. government32.2 — (1.8)30.4 
Asset-backed970.3 0.2 (74.0)896.5 
Agency mortgage-backed24.7 — (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 loans312.6 0.6 (1.1)312.1 
Middle market loans and other private debt
109.0 — (2.1)106.9 
Asset-backed securities68.8 — (2.0)66.8 
Global corporate securities15.1 — (0.1)15.0 
Equity securities6.6 — — 6.6 
Short-term investments25.6 — — 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