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Debt and letter of credit facilities | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt and letter of credit facilities | 12. Debt and letter of credit facilities Debt obligations The following table represents a summar y of the Company’s debt obl igations on its consolidated balance sheets as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
|  | Amount |  | Effective rate (1) |  | Amount |  | Effective rate (1)
2024 Senior Notes, at face value |  | $ | 400.0 |  |  | 7.4 | % |  | $ | 400.0 |  |  | 7.4 | %
Unamortized discount and issuance costs |  | (4.9) |  |  |  |  | (5.2) |  |  |
2024 Senior Notes, carrying value |  | 395.1 |  |  |  |  | 394.8 |  |  |
2017 SEK Subordinated Notes, at face value |  | 273.7 |  |  | 7.1 | % |  | 249.2 |  |  | 7.9 | %
Unamortized discount |  | (5.3) |  |  |  |  | (4.9) |  |  |
2017 SEK Subordinated Notes, carrying value |  | 268.4 |  |  |  |  | 244.3 |  |  |
Total debt |  | $ | 663.5 |  |  |  |  | $ | 639.1 |  |  |
(1)Effective rate considers the effect of the debt issuance costs, discount, and premium. The Company was in compliance with all debt covenants as of and for the periods ended March 31, 2025 and December 31, 2024. Interest expense For the three months ended March 31, 2025 total interest expense includes $11.8 million associated with debt obligations (2024 - $11.8 million) and $8.4 million of funds withheld interest from loss portfolio transfers (2024 - $7.1 million). See Note 10 “Loss and loss adjustment expense reserves” for further discussion on the 2024 LPT. Standby letter of credit facilities As of March 31, 2025, the Company had entered into the following letter of credit facilities:
| Letters of Credit |  | Collateral
| Committed Capacity |  | Issued |  | Cash and Cash Equivalents |  | Debt securities
Committed - Secured letters of credit facilities | $ | 355.0 |  |  | $ | 253.2 |  |  | $ | 13.4 |  |  | $ | 242.1 |
Uncommitted - Secured letters of credit facilities | n/a |  | 877.6 |  |  | 9.7 |  |  | 1,065.2 |
|  |  | $ | 1,130.8 |  |  | $ | 23.1 |  |  | $ | 1,307.3 |
The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 4 for additional information. Revolving credit facility In addition to the letter of credit facilities above, the Company entered into a four-year, $400.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, effective December 19, 2024. The Facility includes an option for the Company to request a 12-month extension, subject to satisfaction of certain conditions including, but not limited to, the consent of lenders representing a majority-in-interest of commitments, of the Facility maturity date. Subject to customary conditions precedent upon any Company borrowing request, t he Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. As of March 31, 2025, there were no outstanding borrowings under the Facility. In addition, as of and for the periods ended March 31, 2025 and December 31, 2024, the Company was in compliance with all of the covenants under the Facility

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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