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Commitments and contingencies | 3 Months Ended
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Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and contingencies | 17. Commitments and contingencies Liability-classified capital instruments On February 26, 2021, the Company completed its acquisition of Sirius International Insurance Group, Ltd. (“Sirius Group”). The aggregate consideration for the transaction included the issuance of preference shares, warrants, and other contingent value components. Series A Preference Shares On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares, par value $0.10 per share (“Series A Preference Shares”), with respect to the consideration price of the Sirius Group acquisition, and the Company issued 11,720,987 Series A Preference Shares. On August 1, 2024, the Company entered into a Confidential Settlement and Mutual Release Agreement with CM Bermuda Limited (“CM Bermuda”) and CMIG International Holding Pte. Ltd, and on the closing of the transaction, all Series A Preference shares held by CM Bermuda were cancelled and retired. During the three months ended March 31, 2024, the Company recorded a loss of $3.9 million from the change in fair value of the Series A Preference Shares. During the three months ended March 31, 2024, the Company did not declare or pay dividends to holders of Series A Preference Shares. Merger Warrants On February 26, 2021, the Company issued certain warrants with respect to the consideration price of the Sirius Group acquisition (the “Merger Warrants”). On December 30, 2024, the Company entered into a securities purchase agreement with CM Bermuda, under which the Company repurchased 20,991,337 warrants held by CM Bermuda at $3.56 per warrant, and the warrants were cancelled upon the closing of the transaction. During the three months ended March 31, 2024, the Company recorded a loss of $12.0 million from the change in fair value of the Merger Warrants. Litigation From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution processes, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance and insurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owed to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. The Company may also be involved, from time to time in the normal course of business, in formal and informal dispute resolution processes that do not arise from, or are not directly related to, claims activity. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations. Leases The Company operates globally and leases office space under various non-cancelable operating lease agreements. During the three months ended March 31, 2025, the Company recognized operating lease expense of $1.9 million (2024 - $2.2 million), including property taxes and routine maintenance expense as well as rental expenses related to short term leases. The following table presents the lease balances within the consolidated balance sheets as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
Operating lease right-of-use assets(1) | $ | 21.5 |  |  | $ | 22.8 |
Operating lease liabilities(2) | $ | 24.2 |  |  | $ | 24.5 |
Weighted average lease term (years) | 5.0 |  | 5.2
Weighted average discount rate | 3.0 | % |  | 3.0 | %
(1) Operating lease right-of-use assets are included in Other assets on the Company’s consolidated balance sheets. (2) Operating lease liabilities are included in Other liabilities on the Company’s consolidated balance sheets. Future minimum rental commitments as of March 31, 2025 under these leases are expected to be as follows:
| Future Payments
Remainder of 2025 | $ | 4.3 |
2026 | 5.2 |
2027 | 4.4 |
2028 | 4.7 |
2029 and thereafter | 5.9 |
Total future annual minimum rental payments | 24.5 |
Less: present value discount | (0.3) |
Total lease liability as of March 31, 2025 | $ | 24.2 |

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