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Schedule II - Condensed Financial Information of Registrant
 9 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
SCHEDULE II  - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
As at December 31, 2023As at December 31, 2022
($ in millions, except per share amounts)
ASSETS
Fixed income maturities (trading)43.2 40.5 
Cash and cash equivalents43.5 44.4 
Investments in subsidiaries (1)
3,284.2 2,767.9 
Intercompany funds due from affiliates4.3 1.7 
Right-of-use operating lease assets1.5 2.0 
Other assets5.6 5.9 
Total assets$3,382.3 $2,862.4 
LIABILITIES
Accrued expenses and other payables27.8 22.3 
Intercompany funds due to affiliates144.7 180.5 
Long-term debt300.0 — 
Short-term debt— 299.9 
Operating lease liabilities1.3 1.7 
Total liabilities$473.8 $504.4 
SHAREHOLDERS’ EQUITY
Ordinary shares$0.6 $0.6 
Preference shares753.5 753.5 
Additional paid in capital761.2 761.2 
Retained earnings 1,793.5 1,349.0 
Accumulated other comprehensive income, net of taxes:
Unrealized (loss) on investments(227.6)(333.2)
(Loss)/gain on derivatives(0.2)13.8 
Cumulative (losses) on foreign currency translation adjustments(172.5)(186.9)
Total accumulated other comprehensive (loss)(400.3)(506.3)
Total shareholders’ equity2,908.5 2,358.0 
Total liabilities and shareholders’ equity$3,382.3 $2,862.4 
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(1)The Company’s investment in subsidiaries is accounted for under the equity method and adjustments to the carrying value of these investments are made based on the Company’s share of capital, including share of income and expenses. Changes in the value were recognized in realized and unrealized investment gains and losses in the statement of operations.
Twelve Months Ended December 31, 2023Twelve Months Ended December 31, 2022Twelve Months Ended December 31, 2021
($ in millions)
Operating Activities:
Equity in net earnings/(losses) of subsidiaries and other investments, equity method $304.7 $14.2 $(90.5)
Dividend income364.4 121.7 193.0 
Net realized and unrealized investment gains/(losses)1.1 (4.0)(0.5)
Other income3.2 1.0 — 
Total revenues673.4 132.9 102.0 
Expenses:
General, administrative and corporate expenses(121.3)(62.7)(54.6)
Interest expense(15.6)(14.3)(14.3)
Other expense(1.8)(4.8)(3.3)
Income from operations before income taxes534.7 51.1 29.8 
Income tax expense— — — 
Net income 534.7 51.1 29.8 
Other comprehensive income/(loss), net of taxes:
Change in unrealized gains/(losses) on investments105.6 (367.8)(158.6)
Net change from current period hedged transactions(14.0)15.4 (6.2)
Change in foreign currency translation adjustment14.4 (30.9)21.4 
Other comprehensive income/(loss), net of tax106.0 (383.3)(143.4)
Comprehensive Income /(loss)
$640.7 $(332.2)$(113.6)
Twelve Months Ended December 31, 2023Twelve Months Ended December 31, 2022Twelve Months Ended December 31, 2021
($ in millions)
Cash Flows From Operating Activities:
Net income (excluding equity in net earnings of subsidiaries)$230.0 $36.9 $120.3 
Adjustments:
Realized and unrealized (gains)/losses(14.8)19.7 (6.7)
Loss/(gain) on derivative contracts14.0 (15.4)6.2 
Amortization of right-of-use operating lease assets0.5 0.5 0.5 
Interest on operating lease liabilities0.1 0.1 0.1 
Change in other assets0.3 2.1 (1.6)
Change in accrued expenses and other payables5.5 (3.2)1.4 
Change in intercompany activities(38.4)41.1 35.0 
Change in right-of use assets— — (2.0)
Change in operating lease liabilities(0.5)(0.6)1.5 
Net cash provided by operating activities196.7 81.2 154.7 
Cash Flows From Investing Activities:
(Purchases)/proceeds of fixed income securities(8.1)(10.0)(42.6)
Proceeds from sales and maturities of fixed maturities, trading6.4 7.8 — 
Investment in subsidiaries(105.7)5.0 (115.0)
Net cash (used in)/provided by investing activities(107.4)2.8 (157.6)
Cash Flows From Financing Activities:
Repayment of short-term debt(300.0)— — 
Proceeds from term loan facility300.0 — — 
Dividends paid on ordinary shares
(40.3)(40.0)— 
Dividends paid on preference shares
(49.9)(44.6)(44.5)
Net cash (used in) financing activities(90.2)(84.6)(44.5)
(Decrease) in cash and cash equivalents(0.9)(0.6)(47.4)
Cash and cash equivalents — beginning of period44.4 45.0 92.4 
Cash and cash equivalents — end of period$43.5 $44.4 $45.0