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Fair value measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Investments, Categorized by the Level of the Fair Value Hierarchy | The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Quoted prices in active markets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (Level 1) |  | (Level 2) |  | (Level 3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 1,007.8 |  |  | $ | — |  |  | $ | 1,007.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | — |  |  | 931.0 |  |  | — |  |  | 931.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities | — |  |  | 174.0 |  |  | — |  |  | 174.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 1,618.3 |  |  | — |  |  | 1,618.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 881.4 |  |  | — |  |  | — |  |  | 881.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. government and government agency | — |  |  | 22.7 |  |  | — |  |  | 22.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities, available for sale | 881.4 |  |  | 3,753.8 |  |  | — |  |  | 4,635.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 19.1 |  |  | — |  |  | 19.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | — |  |  | 47.9 |  |  | — |  |  | 47.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities | — |  |  | 42.7 |  |  | — |  |  | 42.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 3.8 |  |  | — |  |  | 3.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 4.1 |  |  | — |  |  | — |  |  | 4.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities, trading | 4.1 |  |  | 113.5 |  |  | — |  |  | 117.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments | 48.2 |  |  | — |  |  | — |  |  | 48.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term investments | 0.3 |  |  | 5.1 |  |  | 87.0 |  |  | 92.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets | — |  |  | — |  |  | 27.8 |  |  | 27.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 934.0 |  |  | $ | 3,872.4 |  |  | $ | 114.8 |  |  | 4,921.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost and equity method investments |  |  |  |  |  |  | 65.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in funds valued at NAV |  |  |  |  |  |  | 160.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  |  |  |  |  |  | $ | 5,146.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | 6.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | 6.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2024
| Quoted prices in active markets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Total
| (Level 1) |  | (Level 2) |  | (Level 3) |
Assets |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 1,149.7 |  |  | $ | — |  |  | $ | 1,149.7 |
Residential mortgage-backed securities | — |  |  | 973.8 |  |  | — |  |  | 973.8 |
Commercial mortgage-backed securities | — |  |  | 224.5 |  |  | — |  |  | 224.5 |
Corporate debt securities | — |  |  | 1,899.9 |  |  | — |  |  | 1,899.9 |
U.S. government and government agency | 859.0 |  |  | — |  |  | — |  |  | 859.0 |
Non-U.S. government and government agency | — |  |  | 24.1 |  |  | — |  |  | 24.1 |
Total debt securities, available for sale | 859.0 |  |  | 4,272.0 |  |  | — |  |  | 5,131.0 |
Asset-backed securities | — |  |  | 53.1 |  |  | — |  |  | 53.1 |
Residential mortgage-backed securities | — |  |  | 48.7 |  |  | — |  |  | 48.7 |
Commercial mortgage-backed securities | — |  |  | 51.8 |  |  | — |  |  | 51.8 |
Corporate debt securities | — |  |  | 4.6 |  |  | — |  |  | 4.6 |
U.S. Government and government agency | 4.0 |  |  | — |  |  | — |  |  | 4.0 |
Total debt securities, trading | 4.0 |  |  | 158.2 |  |  | — |  |  | 162.2 |
Short-term investments | 73.6 |  |  | 22.2 |  |  | — |  |  | 95.8 |
Other long-term investments | 0.3 |  |  | 3.0 |  |  | 86.6 |  |  | 89.9 |
Derivative assets | — |  |  | — |  |  | 0.9 |  |  | 0.9 |
| $ | 936.9 |  |  | $ | 4,455.4 |  |  | $ | 87.5 |  |  | 5,479.8 |
Cost and equity method investments |  |  |  |  |  |  | 64.7 |
Investments in funds valued at NAV |  |  |  |  |  |  | 161.9 |
Total assets |  |  |  |  |  |  | $ | 5,706.4 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 14.3 |  |  | $ | 14.3 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 14.3 |  |  | $ | 14.3 |
Schedule of Reconciliation of Assets Measured at Fair Value using Level 3 Inputs | The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2025 and 2024:
| January 1, 2025 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales & Settlements |  | Realized and Unrealized Gains (Losses)(1) |  |  |  | March 31, 2025
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term investments | $ | 86.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  |  |  | $ | 87.0 |
Derivative assets | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 26.9 |  |  |  |  | 27.8 |
Total assets | $ | 87.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27.3 |  |  |  |  | $ | 114.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities | $ | (14.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 2.8 |  |  |  |  | $ | (6.1) |
Total liabilities | $ | (14.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 2.8 |  |  |  |  | $ | (6.1) |
| January 1, 2024 |  | Transfers in to (out of) Level 3 |  | Purchases |  |  |  | Sales & Settlements |  | Realized and Unrealized Gains (Losses)(1) |  |  |  | March 31, 2024
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term investments | $ | 169.7 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 0.9 |  |  |  |  | $ | 170.6 |
Derivative assets | 15.7 |  |  | — |  |  | — |  |  |  |  | (4.6) |  |  | (9.7) |  |  |  |  | 1.4 |
Total assets | $ | 185.4 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (4.6) |  |  | $ | (8.8) |  |  |  |  | $ | 172.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability-classified capital instruments | $ | (67.3) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (15.9) |  |  |  |  | $ | (83.2) |
Derivative liabilities | (6.4) |  |  | — |  |  | — |  |  |  |  | (1.1) |  |  | (13.1) |  |  |  |  | (20.6) |
Total liabilities | $ | (73.7) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (1.1) |  |  | $ | (29.0) |  |  |  |  | $ | (103.8) |
(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income. See Note 8 for classifications of gains (losses) on derivatives.
Schedule of Reconciliation of Liabilities Measured at Fair Value using Level 3 Inputs | The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2025 and 2024:
| January 1, 2025 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales & Settlements |  | Realized and Unrealized Gains (Losses)(1) |  |  |  | March 31, 2025
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term investments | $ | 86.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  |  |  | $ | 87.0 |
Derivative assets | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 26.9 |  |  |  |  | 27.8 |
Total assets | $ | 87.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27.3 |  |  |  |  | $ | 114.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities | $ | (14.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 2.8 |  |  |  |  | $ | (6.1) |
Total liabilities | $ | (14.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  | $ | 2.8 |  |  |  |  | $ | (6.1) |
| January 1, 2024 |  | Transfers in to (out of) Level 3 |  | Purchases |  |  |  | Sales & Settlements |  | Realized and Unrealized Gains (Losses)(1) |  |  |  | March 31, 2024
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term investments | $ | 169.7 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 0.9 |  |  |  |  | $ | 170.6 |
Derivative assets | 15.7 |  |  | — |  |  | — |  |  |  |  | (4.6) |  |  | (9.7) |  |  |  |  | 1.4 |
Total assets | $ | 185.4 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (4.6) |  |  | $ | (8.8) |  |  |  |  | $ | 172.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability-classified capital instruments | $ | (67.3) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (15.9) |  |  |  |  | $ | (83.2) |
Derivative liabilities | (6.4) |  |  | — |  |  | — |  |  |  |  | (1.1) |  |  | (13.1) |  |  |  |  | (20.6) |
Total liabilities | $ | (73.7) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (1.1) |  |  | $ | (29.0) |  |  |  |  | $ | (103.8) |
(1)Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains in the consolidated statements of income. Realized and unrealized gains (losses) on liability-classified capital instruments are included in loss on settlement and change in fair value of liability-classified capital instruments, in the consolidated statements of income. See Note 8 for classifications of gains (losses) on derivatives.
Schedule of Financial Instruments for which the Carrying Value differs from the Estimated Fair Values | The following table includes financial instruments for which the carrying value differs from the estimated fair values as of March 31, 2025 and December 31, 2024. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.
|  | March 31, 2025 |  | December 31, 2024
|  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
2024 Senior Notes |  | $ | 417.2 |  |  | $ | 395.1 |  |  | 411.2 |  |  | 394.8 |
2017 SEK Subordinated Notes |  | 251.8 |  |  | 268.4 |  |  | 228.7 |  |  | 244.3 |
Series B preference shares |  | $ | 201.3 |  |  | $ | 200.0 |  |  | $ | 206.0 |  |  | $ | 200.0 |

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