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Fair value measurements (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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