XML 115 R64.htm IDEA: XBRL DOCUMENT v3.24.3

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investment Income

The following table summarizes investment income for the twelve months ended December 31, 2023, 2022 and 2021:

			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.

The following table summarizes investment income for the three and nine months ended September 30, 2024 and 2023:

			For the Three Months Ended												For the Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
			($ in millions)												($ in millions)
Fixed income securities, available for sale			$	40.7					$	28.8					$	117.0					$	84.5
Fixed income securities, trading			21.5						25.6						69.3						73.4
Short-term investments, available for sale			0.7						2.2						2.5						3.8
Short-term investments, trading			—						0.2						0.1						0.3
Fixed term deposits (included in cash and cash equivalents)			12.1						9.8						33.2						27.1
Catastrophe bonds, trading			—						0.3						—						1.4
Privately-held investments, available for sale			0.3						—						0.7						—
Privately-held investments, trading			8.7						11.4						29.7						32.9
Other investments, at fair value (1)			(2.3)						0.7						(4.4)						(9.7)
Total			81.7						79.0						248.1						213.7
Investment expenses			(2.1)						(1.1)						(9.2)						(6.4)
Net investment income			$	79.6					$	77.9					$	238.9					$	207.3

________________

(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

The following table summarizes the net realized and unrealized investment gains and losses recorded in the consolidated statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the twelve months ended December 31, 2023, 2022 and 2021:

			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)

The following table summarizes the net realized and unrealized investment gains and losses recorded in the consolidated statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the three and nine months ended September 30, 2024 and 2023:

			For the Three Months Ended												For the Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
			($ in millions)												($ in millions)
Available for sale:
Fixed income securities — gross realized gains			$	1.0					$	—					$	1.4					$	0.4
Fixed income securities — gross realized (losses)			(10.9)						(8.6)						(36.1)						(15.6)
Short-term investments — gross realized gains			0.5						—						0.7						0.1
Short-term investments — gross realized (losses)			—						—						(1.4)						(0.3)
Net change in expected credit gains			0.5						0.3						0.9						4.0
Trading:
Fixed income securities — gross realized gains			—						—						1.0						0.3
Fixed income securities — gross realized (losses)			(0.2)						(0.5)						(9.5)						(1.5)
Fixed income securities — net unrealized gains			19.6						10.4						43.7						41.4
Short-term investments — gross realized gains			—						—						—						0.1
Short-term investments — gross realized (losses)			—						—						(0.2)						(0.2)
Privately-held investments — gross realized gains			0.1						0.2						0.6						0.3
Privately-held investments — gross realized (losses)			(14.3)						—						(14.6)						—
Privately-held investments — net unrealized gains/(losses)			9.5						(4.1)						(8.0)						(13.1)
Catastrophe bonds — net unrealized gains/(losses)			—						0.1						—						(0.5)
Investments, equity method:
Net change in realized and unrealized gains in Multi-Line Reinsurer			0.3						0.4						0.5						0.8
Total net realized and unrealized investment gains/(losses) recorded in the consolidated statement of operations			$	6.1					$	(1.8)					$	(21.0)					$	16.2
Change in available for sale net unrealized gains/(losses):
Available for sale investments			$	120.7					$	(45.0)					$	103.6					$	(32.7)
Income tax (expense)			(15.1)						(0.2)						(13.1)						(1.8)
Total change in net unrealized gains/(losses), net of taxes recorded in other comprehensive income			$	105.6					$	(45.2)					$	90.5					$	(34.5)

Cost or Amortized Cost, Unrealized and Realized Gains and Losses and Estimated Fair Value of Available for Sale Investments

The following tables present the cost or amortized cost, gross unrealized gains and losses and estimated fair market value of available for sale investments in fixed income securities, short-term investments and privately-held investments as at December 31, 2023 and December 31, 2022:

			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

The scheduled maturity distribution of the Company’s available for sale securities as at December 31, 2023 and December 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

			As at December 31, 2023
			Amortized Cost or Cost						Fair Market Value
			($ in millions)
Due one year or less			$	512.0					$	505.8
Due after one year through five years			2,889.0						2,818.9
Due after five years through ten years			495.1						440.3
Due after ten years			15.7						15.2
			3,911.8						3,780.2
Agency commercial mortgage-backed			6.6						5.8
Agency residential mortgage-backed			519.9						445.1
Total Investments — Available for sale			$	4,438.3					$	4,231.1

			At December 31, 2022
			Amortized Cost or Cost						Fair Market Value
			($ in millions)
Due one year or less			$	231.5					$	228.0
Due after one year through five years			2,526.9						2,385.7
Due after five years through ten years			815.1						707.7
Due after ten years			13.2						10.9
			3,586.7						3,332.3
Non-agency commercial mortgage-backed			6.6						5.6
Agency mortgage-backed			590.4						502.7
Total Investments — Available for sale			$	4,183.7					$	3,840.6

The following tables summarize, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Company’s available for sale portfolio as at December 31, 2023 and December 31, 2022:

			December 31, 2023
			0-12 months												Over 12 months												Total
			Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Number of Securities
			($ in millions)
U.S. government			$	105.5					$	(0.5)					$	673.3					$	(26.2)					$	778.8					$	(26.7)					74
U.S. agency			—						—						7.2						(0.3)						7.2						(0.3)						1
Municipal			11.1						(1.0)						117.0						(4.0)						128.1						(5.0)						54
Corporate			46.7						(0.4)						1,287.2						(101.1)						1,333.9						(101.5)						558
Non-U.S. government-backed corporate			0.2						—						95.5						(5.9)						95.7						(5.9)						12
Non-U.S. government			32.9						(0.2)						180.1						(6.5)						213.0						(6.7)						53
Agency commercial mortgage-backed			—						—						5.8						(0.8)						5.8						(0.8)						1
Agency residential mortgage-backed			0.1						—						435.9						(74.9)						436.0						(74.9)						197
Total			$	196.5					$	(2.1)					$	2,802.0					$	(219.7)					$	2,998.5					$	(221.8)					950

			December 31, 2022
			0-12 months												Over 12 months												Total
			Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Number of Securities
			($ in millions)
U.S. government			$	741.1					$	(30.6)					$	203.4					$	(20.1)					$	944.5					$	(50.7)					118
U.S. agency			7.1						(0.4)						1.7						—						8.8						(0.4)						5
Municipal			133.1						(7.1)						16.4						(2.3)						149.5						(9.4)						59
Corporate			1,104.7						(77.6)						568.2						(91.5)						1,672.9						(169.1)						701
Non-U.S. government-backed corporate			11.3						(0.5)						99.0						(8.3)						110.3						(8.8)						16
Non-U.S. government			63.8						(2.9)						135.9						(8.6)						199.7						(11.5)						45
Non-agency commercial mortgage-backed securities			5.6						(1.0)						—						—						5.6						(1.0)						1
Agency mortgage-backed			202.8						(24.9)						299.1						(62.8)						501.9						(87.7)						220
Total fixed income securities — Available for sale			2,269.5						(145.0)						1,323.7						(193.6)						3,593.2						(338.6)						1,165
Total short-term investments — Available for sale			51.9						(0.4)						—						—						51.9						(0.4)						1
Total			$	2,321.4					$	(145.4)					$	1,323.7					$	(193.6)					$	3,645.1					$	(339.0)					1,166

The following tables present the cost or amortized cost, gross unrealized gains and losses and estimated fair market value of available for sale investments in fixed income securities, short-term investments and privately-held investments as at September 30, 2024 and December 31, 2023:

			As at September 30, 2024
			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			$	1,329.2					$	11.0					$	(13.8)					$	—					$	1,326.4
U.S. agency			7.5						—						(0.1)						—						7.4
Municipal			81.2						0.1						(1.6)						(0.3)						79.4
Corporate			1,999.9						24.5						(58.5)						(1.7)						1,964.2
Non-U.S. government-backed corporate			146.1						1.2						(3.1)						—						144.2
Non-U.S. government			273.0						2.1						(2.2)						—						272.9
Asset-backed			198.9						1.4						(0.2)						—						200.1
Agency commercial mortgage-backed			5.0						—						(0.5)						—						4.5
Agency residential mortgage-backed			616.6						3.6						(63.5)						—						556.7
Total fixed income securities, available for sale			4,657.4						43.9						(143.5)						(2.0)						4,555.8
Short-term investments, available for sale			66.5						—						—						—						66.5
Privately-held investments, available for sale
Asset-backed securities			25.1						0.2						—						—						25.3
Total investments, available for sale			$	4,749.0					$	44.1					$	(143.5)					$	(2.0)					$	4,647.6

			As at December 31, 2023
			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			$	1,224.9					$	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

The scheduled maturity distribution of the Company’s available for sale securities as at September 30, 2024 and

December 31, 2023 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

			As at September 30, 2024
			Amortized Cost or Cost						Fair Market Value
			($ in millions)
Due one year or less			$	773.6					$	770.1
Due after one year through five years			2,551.5						2,539.5
Due after five years through ten years			578.3						551.4
Due after ten years			—						—
			3,903.4						3,861.0
Agency commercial mortgage-backed			5.0						4.5
Agency residential mortgage-backed			616.6						556.7
Asset-backed			224.0						225.4
Total investments, available for sale			$	4,749.0					$	4,647.6

			As at December 31, 2023
			Amortized Cost or Cost						Fair Market Value
			($ in millions)
Due one year or less			$	512.0					$	505.8
Due after one year through five years			2,889.0						2,818.9
Due after five years through ten years			495.1						440.3
Due after ten years			15.7						15.2
			3,911.8						3,780.2
Agency commercial mortgage-backed			6.6						5.8
Agency residential mortgage-backed			519.9						445.1
Total investments, available for sale			$	4,438.3					$	4,231.1

The following tables summarize, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Company’s available for sale portfolio as at September 30, 2024 and December 31, 2023:

			As at September 30, 2024
			0-12 months												Over 12 months												Total
			Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Number of Securities
			($ in millions)
Fixed income securities, available for sale
U.S. government			$	126.0					$	(0.7)					$	560.2					$	(13.1)					$	686.2					$	(13.8)					65
U.S. agency			—						—						7.4						(0.1)						7.4						(0.1)						1
Municipal			—						—						66.2						(1.6)						66.2						(1.6)						37
Corporate			59.0						(0.3)						920.7						(58.2)						979.7						(58.5)						435
Non-U.S. government-backed corporate			4.2						—						102.9						(3.1)						107.1						(3.1)						12
Non-U.S. government			23.6						—						114.6						(2.2)						138.2						(2.2)						37
Asset-backed			18.8						(0.2)						—						—						18.8						(0.2)						12
Agency commercial mortgage-backed			—						—						4.6						(0.5)						4.6						(0.5)						1
Agency residential mortgage-backed			13.1						—						392.5						(63.5)						405.6						(63.5)						181
Total fixed income securities, available for sale			$	244.7					$	(1.2)					$	2,169.1					$	(142.3)					$	2,413.8					$	(143.5)					781

			As at December 31, 2023
			0-12 months												Over 12 months												Total
			Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Fair Market Value						Gross Unrealized Losses						Number of Securities
			($ in millions)
Fixed income securities, available for sale
U.S. government			$	105.5					$	(0.5)					$	673.3					$	(26.2)					$	778.8					$	(26.7)					74
U.S. agency			—						—						7.2						(0.3)						7.2						(0.3)						1
Municipal			11.1						(1.0)						117.0						(4.0)						128.1						(5.0)						54
Corporate			46.7						(0.4)						1,287.2						(101.1)						1,333.9						(101.5)						558
Non-U.S. government-backed corporate			0.2						—						95.5						(5.9)						95.7						(5.9)						12
Non-U.S. government			32.9						(0.2)						180.1						(6.5)						213.0						(6.7)						53
Agency commercial mortgage-backed			—						—						5.8						(0.8)						5.8						(0.8)						1
Agency residential mortgage-backed			0.1						—						435.9						(74.9)						436.0						(74.9)						197
Total fixed income securities, available for sale			$	196.5					$	(2.1)					$	2,802.0					$	(219.7)					$	2,998.5					$	(221.8)					950

Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Trading Investments in Fixed Income Maturities

he following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of trading investments in fixed income securities, short-term investments, catastrophe bonds and privately-held investments as at December 31, 2023 and December 31, 2022:

			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 — Trading
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

The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of trading investments in fixed income securities, short-term investments, catastrophe bonds and privately-held investments as at September 30, 2024 and December 31, 2023:

			As at September 30, 2024
			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
			($ in millions)
Fixed income securities, trading
U.S. government			$	262.4					$	5.9					$	(1.2)					$	267.1
Municipal			2.1						—						(0.1)						2.0
Corporate			155.0						1.6						(4.0)						152.6
High yield loans			106.7						0.6						(0.3)						107.0
Non-U.S. government-backed corporate			6.4						—						(0.1)						6.3
Non-U.S. government			24.2						0.2						(0.2)						24.2
Asset-backed			688.5						4.1						(3.9)						688.7
Agency mortgage-backed			35.2						0.5						(2.3)						33.4
Total fixed income securities, trading			1,280.5						12.9						(12.1)						1,281.3
Short-term investments, trading			3.2						—						—						3.2
Catastrophe bonds, trading			1.0						—						—						1.0
Privately-held investments, trading
Commercial mortgage loans			161.4						0.7						(28.4)						133.7
Middle market loans and other private debt			64.4						0.1						(0.5)						64.0
Asset-backed securities			129.0						0.5						(0.3)						129.2
Global corporate securities			14.4						—						(0.1)						14.3
Total privately-held investments, trading			369.2						1.3						(29.3)						341.2
Total investments, trading			$	1,653.9					$	14.2					$	(41.4)					$	1,626.7

			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, trading
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

Schedule of Commercial Mortgage and Middle Market Loans

The table below shows the Company’s investments in MVI, Multi-Line Reinsurer and Digital Re for the twelve months ended December 31, 2023 and 2022:

			MVI						Multi-Line Reinsurer						Digital Re						Total
			($ in millions)
Opening undistributed value of investment as at January 1, 2023			$	0.8					$	5.2					$	0.2					$	6.2
Investment in the period			—						0.4						—						0.4
Distribution received			—						—						—						—
Unrealized gain for the twelve months to December 31, 2023			0.2						0.8						—						1.0
Closing value of investment as at December 31, 2023			1.0						6.4						0.2						7.6
Opening undistributed value of investment as at January 1, 2022			$	0.5					$	3.2					$	0.2					$	3.9
Investment in the period			0.4						1.6						—						2.0
Distribution received			—						—						—						—
Unrealized (loss)/gain for the twelve months to December 31, 2022			(0.1)						0.4						—						0.3
Closing value of investments at December 31, 2022			$	0.8					$	5.2					$	0.2					$	6.2

The table below shows the Company’s investments in MVI, Multi-Line Reinsurer and Digital Re for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:

			MVI						Multi-Line Reinsurer						Digital Re						Total
			($ in millions)
Opening undistributed value of investment as at January 1, 2024			$	1.0					$	6.4					$	0.2					$	7.6
Investment in the period			—						—						—						—
Distribution received			—						—						—						—
Unrealized gain for the period			0.1						0.4						—						0.5
Closing value of investments as at September 30, 2024			$	1.1					$	6.8					$	0.2					$	8.1
Opening undistributed value of investment as at January 1, 2023			$	0.8					$	5.2					$	0.2					$	6.2
Investment in the period			—						0.4						—						0.4
Distribution received			—						—						—						—
Unrealized gain for the period			0.2						0.8						—						1.0
Closing value of investments as at December 31, 2023			$	1.0					$	6.4					$	0.2					$	7.6

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