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Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table summarizes information on the location and amounts of derivative fair values on the consolidated balance sheet as at December 31, 2024 and 2023:

												As at December 31, 2024												As at December 31, 2023
Derivatives Not Designated as Hedging Instruments Under ASC 815						Balance Sheet Location						Notional Amount						Fair Value						Notional Amount						Fair Value
												($ in millions)												($ in millions)
Foreign Exchange Contracts						Derivative assets						$	550.0					$	17.0					$	1,262.1					$	31.4
Foreign Exchange Contracts (1)						Derivative liabilities						$	1,036.9					$	(41.7)					$	540.8					$	(9.3)
Loss Portfolio Transfer Liability - Embedded Derivative (2)						Derivative liabilities						$	—					$	(3.6)					$	—					$	(16.5)

 ______________ 

(1)    Fair value is net of $0.8 million of cash collateral (December 31, 2023 — $3.4 million).

(2)    The LPT contains an embedded derivative within the contract in relation to the variable interest crediting rate.

												As at December 31, 2024												As at December 31, 2023
Derivatives Designated as Cash Flow Hedges Under ASC 815						Balance Sheet Location						Notional Amount						Fair Value						Notional Amount						Fair Value
												($ in millions)												($ in millions)
Foreign Exchange Contracts						Derivative assets						$	—					$	—					$	76.9					$	0.3
Foreign Exchange Contracts (1)						Derivative liabilities						$	158.0					$	(4.2)					$	—					$	—

 ______________ 

(1)    Fair value is net of $2.0 million of cash collateral (December 31, 2023 — $Nil ).

Gain/(Loss) Recognized in Income on Derivative

The following table provides the unrealized and realized (losses)/gains recorded in the consolidated statements of operations and other comprehensive income for derivatives that are not designated or designated as hedging instruments under ASC 815 — “Derivatives and Hedging” for the twelve months ended December 31, 2024 and 2023:

																		Amount of (Loss)/Gain Recognized on Derivatives
																		For the Twelve Months Ended
									Location of (Loss)/Gain Recognized on Derivatives									December 31, 2024						December 31, 2023
Derivatives not designated as hedges																		($ in millions)
Foreign Exchange Contracts									Change in Fair Value of Derivatives									$	(34.0)					$	10.9
Loss Portfolio Transfer Liability - Embedded Derivative									Change in Fair Value of Derivatives									$	12.9					$	15.2
Derivatives designated as cash flow hedges
Foreign Exchange Contracts									General, administrative and corporate expenses in consolidated statement of operations									$	(0.9)					$	(8.1)
Foreign Exchange Contracts									Net change gross of tax from current period hedged transactions in other comprehensive income									$	(6.5)					$	(14.0)

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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