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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income/(loss) $ 486,100,000 $ 534,700,000 $ 51,100,000
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization (1,000,000.0) 11,000,000.0 43,300,000
Impairment of lease assets 0 0 (6,700,000)
Amortization of right-of-use operating lease assets 9,900,000 10,700,000 10,100,000
Interest on operating lease liabilities 4,100,000 4,500,000 5,400,000
Realized and unrealized investment gains (52,600,000) (75,900,000) (5,000,000.0)
Realized and unrealized investment losses [1] 102,100,000 61,400,000 182,600,000
Deferred tax expense/(benefit) (88,600,000) (197,700,000) (104,600,000)
Net realized and unrealized investment foreign exchange losses/(gains) 11,200,000 (5,300,000) 15,900,000
Net change from current period hedged transactions (6,500,000) (14,000,000.0) 15,400,000
Unrealized (gain)/loss on real estate fund in net investment income 6,100,000 17,900,000 (14,500,000)
Increase (Decrease) in Operating Capital [Abstract]      
Reserve for losses and loss adjustment expenses 312,000,000.0 99,700,000 99,100,000
Unearned premiums 219,500,000 (31,200,000) 345,200,000
Unpaid losses recoverable from reinsurers 405,800,000 319,900,000 (1,599,600,000)
Ceded unearned premiums (168,200,000) 3,800,000 (141,200,000)
Deferred acquisition costs (25,900,000) 22,800,000 (28,200,000)
Reinsurance premiums payable (515,500,000) (563,500,000) 1,404,400,000
Underwriting premiums receivable (181,700,000) 47,100,000 (177,800,000)
Income tax payable and refundable (3,000,000.0) 3,500,000 (1,300,000)
Accrued expenses and other payables 22,400,000 13,200,000 (87,000,000.0)
Derivative assets and derivative liabilities 38,400,000 15,400,000 (21,700,000)
Operating lease liabilities (15,900,000) (15,500,000) (15,500,000)
Other (1) (3,800,000) 62,200,000 (24,400,000)
Net cash provided by/(used in) operating activities 554,900,000 324,700,000 (55,000,000.0)
Cash flows from investing activities:      
(Purchases) of fixed income securities — Available for sale (2,468,500,000) (1,554,800,000) (1,613,900,000)
(Purchases) of fixed income securities — Trading (544,600,000) (418,500,000) (724,600,000)
Proceeds from sales and maturities of fixed income securities — Available for sale 1,872,700,000 1,326,700,000 2,212,500,000
Proceeds from sales and maturities of fixed income securities — Trading 850,100,000 474,000,000.0 293,600,000
Net proceeds from catastrophe bonds — Trading 500,000 1,500,000 500,000
(Purchases) of short-term investments — Available for sale (334,700,000) (265,900,000) (55,900,000)
Proceeds from sale of short-term investments — Available for sale 167,000,000.0 231,000,000.0 13,600,000
(Purchases) of short-term investments — Trading (5,700,000) (15,100,000) (7,000,000.0)
Proceeds from sale of short-term investments — Trading 6,700,000 19,500,000 2,600,000
(Purchases) of privately-held investments - Available for sale (10,000,000.0) (14,700,000) 0
(Purchases) of privately-held investments — Trading (57,000,000.0) (99,000,000.0) (377,900,000)
Proceeds from sale of privately-held investments — Trading 195,400,000 136,900,000 147,400,000
Net change in receivable/(payable) for securities sold/(purchased) 16,800,000 19,900,000 (31,800,000)
(Purchases) of other investments (32,500,000) (9,300,000) (62,500,000)
Net proceeds from sales of other investments 8,500,000 4,900,000 5,900,000
Net (purchases)/sales of fixed assets 17,500,000 8,900,000 (3,000,000.0)
Net (purchases) of investments, equity method 0 (400,000) (2,000,000.0)
Net cash (used in) investing activities (352,800,000) (172,200,000) (196,500,000)
Cash flows from financing activities:      
Repayments of Short-Term Debt 0 (300,000,000.0) 0
Proceeds from term loan facility 0 300,000,000.0 0
Redemption of preference shares (1) (275,000,000.0) [2] 0 0
Preference share issuance 217,000,000.0 0 0
Payments of Ordinary Dividends, Common Stock 195,000,000.0 40,300,000 40,000,000.0
Dividends paid on preference shares (54,900,000) (49,900,000) (44,600,000)
Net cash (used in) financing activities (307,900,000) (90,200,000) (84,600,000)
Effect of exchange rate movements on cash and cash equivalents (8,100,000) 6,600,000 (18,800,000)
(Decrease)/Increase in cash and cash equivalents (113,900,000) 68,900,000 (354,900,000)
Cash and cash equivalents at beginning of period 1,028,100,000 959,200,000 1,314,100,000
Cash and cash equivalents at end of period (2) 914,200,000 1,028,100,000 959,200,000
Supplemental disclosure of cash flow information:      
Income taxes paid 69,000,000.0 60,900,000 29,100,000
Interest paid on long-term debt $ 20,500,000 $ 15,600,000 $ 14,300,000
[1] Realized and unrealized investments gains includes gains of $2.5 million on related party investments (2023 — gains of $8.7 million, 2022 — loss of $0.4 million).
[2] On January 1, 2025, the Company redeemed all 11,000,000 shares of its issued and outstanding 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares. The redemption price was paid on January 2, 2025. To facilitate this redemption, the funds of $275.0 million were transferred to a third party transfer agent on December 30, 2024 and are included in other assets in the consolidated balance sheet. The cash flow has been included under financing activities above. For further details, refer to Note 26, “Subsequent Events”.