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Derivative Contracts (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments
As at December 31, 2023As at December 31, 2022
Derivatives Not Designated as Hedging Instruments
Under ASC 815
Balance Sheet LocationNotional
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 ContractsDerivative 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 — $3.7 million).
(2)The LPT contains an embedded derivative within the contract in relation to the variable interest crediting rate.
As at December 31, 2023As at December 31, 2022
Derivatives Designated as Cash Flow Hedges Under ASC 815Balance Sheet LocationNotional
Amount
Fair
Value
Notional
Amount
Fair
Value
($ in millions)($ in millions)
Foreign Exchange ContractsDerivative assets$76.9 $0.3 $109.7 $14.3 
Gain/(Loss) Recognized in Income on Derivative
Amount of (Loss)/Gain Recognized on Derivatives
For the Twelve Months Ended
Location of Gain/(Loss)
Recognized on Derivatives
December 31, 2023December 31, 2022
Derivatives not designated as hedges($ in millions)
Foreign Exchange ContractsChange in Fair Value of Derivatives10.9 (66.0)
Loss Portfolio Transfer Liability - Embedded DerivativeChange in Fair Value of Derivatives15.2 (14.5)
Derivatives designated as cash flow hedges
Foreign Exchange ContractsGeneral, administrative and corporate expenses in consolidated statement of operations(8.1)5.9 
Foreign Exchange ContractsNet change from current period hedged transactions in other comprehensive income(14.0)15.4