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Total net investment income and net realized and unrealized investment gains
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Total net investment income and net realized and unrealized investment gains
7. Total net investment income and net realized and unrealized investment gains
Net investment funds
Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Debt securities, available for sale$58.8 $63.7 
Debt securities, trading3.5 8.8 
Short-term investments1.1 4.4 
Other long-term investments 2.5 0.5 
Derivative instruments(0.2)1.3 
Net investment income and net realized and unrealized investment gains (losses) before other investment expenses and investment income on cash and cash equivalents65.7 78.7 
Investment expenses(5.3)(3.9)
Net investment income on cash and cash equivalents10.5 5.0 
Total net investment income and net realized and unrealized gains (losses) on investments$70.9 $79.8 
Net realized and unrealized gains (losses) on investments
Net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Gross realized gains$8.9 $5.5 
Gross realized losses(14.3)(9.2)
Net realized losses on investments(5.4)(3.7)
Net unrealized gains on investments5.1 4.7 
Net realized and unrealized gains (losses) on investments (1)(2)$(0.3)$1.0 
(1)Excludes unrealized gains (losses) from available for sale investments, net of tax.
(2)Includes net realized and unrealized gains (losses) of $2.6 million from related party investments included in other-long term investments for the three months ended March 31, 2025 (2024 - $(1.9) million).
Net realized investment losses
Net realized investment losses for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Debt securities, available for sale$(2.0)$(0.3)
Debt securities, trading(1.5)(3.4)
Short-term investments0.2 0.6 
Other long-term investments(2.1)(0.8)
Net investment income on cash and cash equivalents— 0.2 
Net realized investment losses$(5.4)$(3.7)
Net realized investment losses on Other long-term investments for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Hedge funds and private equity funds$(1.3)$1.0 
Strategic investments(0.8)(1.8)
Net realized investment losses on Other long-term investments$(2.1)$(0.8)
Net unrealized investment gains
Net unrealized investment gains for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Debt securities, trading$1.8 $5.4 
Short-term investments(0.2)(0.9)
Derivative instruments(0.2)1.0 
Other long-term investments2.6 1.3 
Net investment income (loss) on cash and cash equivalents1.1 (2.1)
Net unrealized investment gains$5.1 $4.7 
    
Net unrealized investment losses on Other long-term investments for the three months ended March 31, 2025 and 2024 consisted of the following:
20252024
Hedge funds and private equity funds$2.0 $(0.6)
Strategic investments0.5 1.9 
Other investments0.1 — 
Net unrealized investment losses on Other long-term investments$2.6 $1.3 
The following table summarizes the amount of total gains included in earnings attributable to unrealized investment gains – Level 3 investments for the three months ended March 31, 2025 and 2024:
20252024
Other long-term investments$1.4 $1.1