The Company’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities available for sale, debt securities held for trading, short-term investments, and other long-term investments which are classified as trading securities with the exception of debt securities held as available for sale. Realized investment gains and losses on debt securities are reported in pre-tax revenues. Unrealized investment gains and losses on debt securities are reported based on classification. Trading securities flow through pre-tax revenues, whereas securities classified as available for sale (“AFS”) flow through other comprehensive income.

For debt securities classified as AFS for which a decline in the fair value between the amortized cost is due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding impact to the consolidated statements of income. The allowance is limited to the difference between amortized cost and fair value. A credit loss impairment assessment is performed on securities using both quantitative and qualitative factors. Qualitative factors include significant declines in fair value below amortized cost. Additionally, a qualitative assessment is also performed over debt securities to evaluate potential credit losses. Examples of qualitative indicators include issuer credit downgrades as well as changes to credit spreads.

The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency
losses, and fair value of the Company's debt securities as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency losses		Fair value
Debt securities, available for sale
Asset-backed securities	$	1,001.5	$	9.6	$	(3.3)	$	—	$	1,007.8
Residential mortgage-backed securities	930.1		11.8		(10.9)		—		931.0
Commercial mortgage-backed securities	172.2		2.3		(0.5)		—		174.0

Corporate debt securities	1,615.3		15.9		(5.4)		(7.5)		1,618.3
U.S. government and government agency	875.4		7.4		(1.4)		—		881.4
Non-U.S. government and government agency	22.5		0.2		—		—		22.7


Total debt securities, available for sale (1)	$	4,617.0	$	47.2	$	(21.5)	$	(7.5)	$	4,635.2
Debt securities, trading
Asset-backed securities	$	20.0	$	—	$	(0.9)	$	—	$	19.1
Residential mortgage-backed securities	54.8		0.1		(7.0)		—		47.9
Commercial mortgage-backed securities	46.3		0.3		(3.9)		—		42.7

Corporate debt securities	15.5		—		(11.7)		—		3.8
U.S. government and government agency	4.3		—		(0.2)		—		4.1



Total debt securities, trading	$	140.9	$	0.4	$	(23.7)	$	—	$	117.6


	December 31, 2024
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency losses		Fair value
Debt securities, available for sale
Asset-backed securities	$	1,142.7	$	11.2	$	(4.2)	$	—	$	1,149.7
Residential mortgage-backed securities	985.8		8.3		(20.3)		—		973.8
Commercial mortgage-backed securities	224.2		1.4		(1.1)		—		224.5

Corporate debt securities	1,905.2		9.1		(10.4)		(4.0)		1,899.9
U.S. government and government agency	861.0		2.2		(4.2)		—		859.0
Non-U.S. government and government agency	24.9		0.1		—		(0.9)		24.1


Total debt securities, available for sale (1)	$	5,143.8	$	32.3	$	(40.2)	$	(4.9)	$	5,131.0
Debt securities, trading
Asset-backed securities	$	54.7	$	—	$	(1.6)	$	—	$	53.1
Residential mortgage-backed securities	56.4		—		(7.7)		—		48.7
Commercial mortgage-backed securities	56.8		0.5		(5.5)		—		51.8

Corporate debt securities	15.1		0.1		(10.6)		—		4.6
U.S. government and government agency	4.3		—		(0.3)		—		4.0



Total debt securities, trading	$	187.3	$	0.6	$	(25.7)	$	—	$	162.2

As of March 31, 2025, 461 unique debt securities classified as AFS were in a gross unrealized loss position for greater than 12 months (December 31, 2024 - 518 unique debt securities). Refer to the tables below for the Company’s breakdown of AFS debt securities in a gross unrealized loss position as of March 31, 2025 and December 31, 2024.


	March 31, 2025
	12 Months or Less				Greater than 12 Months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
Debt securities, available for sale
Asset-backed securities	$	246.2	$	(1.1)	$	37.6	$	(2.2)	$	283.8	$	(3.3)
Residential mortgage-backed securities	195.7		(2.1)		223.2		(8.8)		418.9		(10.9)
Commercial mortgage-backed securities	45.1		(0.2)		6.0		(0.4)		51.1		(0.6)
Corporate debt securities	312.4		(5.2)		25.1		(0.2)		337.5		(5.4)
U.S. government and government agency	112.4		(0.7)		43.5		(0.6)		155.9		(1.3)

Total debt securities, available for sale	$	911.8	$	(9.3)	$	335.4	$	(12.2)	$	1,247.2	$	(21.5)


	December 31, 2024
	12 Months or Less				Greater than 12 Months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
Debt securities, available for sale
Asset-backed securities	$	180.4	$	(1.8)	$	23.8	$	(2.4)	$	204.2	$	(4.2)
Residential mortgage-backed securities	437.4		(7.9)		223.9		(12.4)		661.3		(20.3)
Commercial mortgage-backed securities	67.4		(0.7)		7.5		(0.4)		74.9		(1.1)
Corporate debt securities	738.5		(10.0)		46.8		(0.4)		785.3		(10.4)
U.S. government and government agency	247.2		(3.0)		62.7		(1.2)		309.9		(4.2)

Total debt securities, available for sale	$	1,670.9	$	(23.4)	$	364.7	$	(16.8)	$	2,035.6	$	(40.2)

The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of March 31, 2025 was approximately 3.0 years, including short-term investments (December 31, 2024 - approximately 3.1 years).

The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of March 31, 2025 and December 31, 2024 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


	March 31, 2025								December 31, 2024
	Debt securities, AFS				Debt securities, trading				Debt securities, AFS				Debt securities, trading
	Cost or amortized cost		Fair value		Cost or amortized cost		Fair value		Cost or amortized cost		Fair value		Cost or amortized cost		Fair value
Due in one year or less	$	450.6	$	449.5	$	0.7	$	0.7	$	449.3	$	448.2	$	0.5	$	0.5
Due after one year through five years	1,411.9		1,419.7		6.3		6.0		1,648.0		1,646.7		6.7		6.3
Due after five years through ten years	533.0		538.3		0.2		0.2		589.5		586.2		0.3		0.3
Due after ten years	117.7		115.0		12.6		1.1		104.3		101.9		11.9		1.6
Mortgage-backed and asset-backed securities	2,103.8		2,112.7		121.1		109.6		2,352.7		2,348.0		167.9		153.5
Total debt securities	$	4,617.0	$	4,635.2	$	140.9	$	117.6	$	5,143.8	$	5,131.0	$	187.3	$	162.2

The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of March 31, 2025 and December 31, 2024. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations.


	March 31, 2025				December 31, 2024
	Debt securities, AFS		Debt securities, trading		Debt securities, AFS		Debt securities, trading
AAA	$	703.0	$	41.5	$	808.5	$	74.0
AA	2,111.7		33.5		2,227.9		54.0
A	1,039.1		15.4		1,375.0		6.9
BBB	638.9		24.7		659.2		24.2
Other	142.5		2.5		60.4		3.1
Total debt securities	$	4,635.2	$	117.6	$	5,131.0	$	162.2

As of March 31, 2025, the above totals included $137.3 million of sub-prime securities. Of this total, $82.2 million were rated AAA, $28.1 million were rated AA, $7.2 million are rated A, $15.8 million were rated BBB and $4.0 million are unrated. As of December 31, 2024, the above totals included $161.2 million of sub-prime securities. Of this total, $94.9 million were rated AAA, $31.8 million were rated AA, $8.2 million were rated A, $24.9 million were rated BBB and $1.4 million were unrated.

The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company’s other long-term investments as of March 31, 2025 and December 31, 2024 were as follows:



	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Net foreign currency gains		Fair value
March 31, 2025

Other long-term investments	$	437.9	$	32.3	$	(154.8)	$	2.3	$	317.7
December 31, 2024

Other long-term investments	$	438.2	$	37.5	$	(162.7)	$	3.5	$	316.5

The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The following table presents the carrying value of other long-term investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Hedge funds and private equity funds (1) (2)	$	188.2	$	186.0
Strategic investments (2)	101.9		105.0
Other investments (2)	27.6		25.5
Total other long-term investments	$	317.7	$	316.5

(1)Includes $185.7 million of investments carried at NAV (December 31, 2024 - $182.8 million) and no investments classified as Level 3 (December 31, 2024 - no investments classified as Level 3) within the fair value hierarchy.

The Company’s other long-term investments may be accounted for under either the equity method (“equity method investments”) or the fair value option (“equity method eligible unconsolidated entities”). The following table presents the components of other long-term investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Equity method eligible unconsolidated entities, using the fair value option	$	66.6	$	66.6
Equity method investments	26.2		26.1
Other unconsolidated investments, at fair value (1)	186.0		185.2
Other unconsolidated investments, at cost (2)	38.9		38.6
Total other long-term investments	$	317.7	$	316.5

(2)The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices.