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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of debt securities The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of December 31, 2021 and 2020:
2021
Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Net foreign
currency
gains
(losses)		Fair value
Asset-backed securities$512.6 $0.9 $(0.4)$— $513.1 
Residential mortgage-backed securities306.5 — (4.6)— 301.9 
Commercial mortgage-backed securities148.4 0.6 (1.7)— 147.3 
Corporate debt securities605.5 0.6 (3.5)— 602.6 
U.S. government and government agency (1)388.1 0.1 (2.8)— 385.4 
Non-U.S. government and government agency 135.4 0.3 (2.6)(0.8)132.3 
U.S. states, municipalities and political subdivision0.2 — — — 0.2 
Preferred stocks2.6 0.2 — — 2.8 
Total debt securities $2,099.3 $2.7 $(15.6)$(0.8)$2,085.6 
(1)The Company had $nil short positions in long duration U.S. Treasuries as of December 31, 2021. These amounts are included in securities sold, not yet purchased in the consolidated balance sheets.
2020
Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Net foreign
currency
gains
(losses)		Fair value
Asset-backed securities$1.2 $0.1 $— $— $1.3 
Residential mortgage-backed securities8.1 0.6 — — 8.7 
Bank debt0.3 0.1 — — 0.4 
Corporate debt securities29.4 8.4 (0.1)— 37.7 
U.S. government and government agency (1)52.4 1.7 (0.9)— 53.2 
Total debt securities$91.4 $10.9 $(1.0)$— $101.3 
(1)The Company had $12.0 million short positions in long duration U.S. Treasuries as of December 31, 2020. These amounts are included in securities sold, not yet purchased in the consolidated balance sheets.
Schedule of debt securities by contractual maturity
The following table provides the cost or amortized cost and fair value of the Company's debt securities as of December 31, 2021 and 2020 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.
20212020
Cost or
amortized cost		Fair valueCost or
amortized cost		Fair value
Due in one year or less$145.6 $145.1 $50.0 $50.6 
Due after one year through five years870.4 862.4 2.8 3.0 
Due after five years through ten years69.6 68.6 — — 
Due after ten years43.6 44.4 29.4 37.7 
Mortgage-backed and asset-backed securities967.5 962.3 9.2 10.0 
Preferred stocks2.6 2.8 — — 
Total debt securities$2,099.3 $2,085.6 $91.4 $101.3 
Schedule of the ratings and fair value of debt securities
The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of December 31, 2021 and 2020:
20212020
AAA$696.4 $53.2 
AA884.1 — 
A278.5 9.1 
BBB153.1 37.7 
Other73.5 1.3 
Total debt securities (1)$2,085.6 $101.3 
(1)Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor's ("S&P") and 2) Moody's Investors Service.
Schedule of equity securities and other long-term investments
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of the Company’s equity securities and other long-term investments as of December 31, 2021 and 2020, were as follows:
2021
Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Net foreign
currency
gains		Fair value
Equity securities$4.5 $0.1 $(2.0)$0.2 $2.8 
Other long-term investments$443.0 $28.9 $(16.8)$1.0 $456.1 
2020
Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Net foreign
currency
gains		Fair value
Other long-term investments$4.0 $— $— $— $4.0 
Equity securities at fair value consisted of the following as of December 31, 2021:
2021
Fixed income mutual funds$2.1 
Common stocks0.7 
Total equity securities$2.8 
Other long-term investments at fair value consisted of the following as of December 31, 2021 and 2020:
20212020
Hedge funds and private equity funds (1)
$195.7 $— 
Strategic Investments (2)
215.3 4.0 
Other investments (2)
45.1 — 
Total other long-term investments $456.1 $4.0 
(1)Includes $115.2 million of investments valued at NAV and $80.5 million of investments valued at Level 3.
(2)As of December 31, 2021, the Company had $13.8 million of unfunded commitments relating to these investments.
Schedule of investments in hedge funds and private equity interests by investment objective and sector The following table summarizes investments in hedge funds and private equity interests by investment objective and sector as of December 31, 2021:
2021
Fair valueUnfunded
commitments
Hedge funds
Long/short multi-sector$19.8 $— 
Distressed mortgage credit24.6 — 
Private credit24.2 — 
Other1.7 — 
Total hedge funds70.3 — 
Private equity funds
Energy infrastructure & services48.4 19.0 
Multi-sector10.1 5.1 
Healthcare31.0 2.2 
Life settlement12.9 — 
Manufacturing/Industrial19.9 — 
Private equity secondaries0.5 0.4 
Other2.6 — 
Total private equity funds125.4 26.7 
Total hedge and private equity funds included in other long-term investments$195.7 $26.7 
(1)The above table excludes the Company’s investments in TP Enhanced Fund and TP Venture Fund. See “Investment in related party investment funds” below for additional information.
Schedule of other long-term investments subject to restrictions
The following summarizes the December 31, 2021 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
Notice Period
Redemption Frequency1-29 days
notice		30-59 days
notice		60-89 days
notice		90-119 days
notice		120+ days
notice		Total
Quarterly$— $0.1 $19.8 $24.6 $— $44.5 
Semi-annual— — 0.8 — — 0.8 
Annual— — — 0.8 24.2 25.0 
Total$— $0.1 $20.6 $25.4 $24.2 $70.3 
As of December 31, 2021, investments in private equity funds were subject to lock-up periods as follows:
1 - 3 years3 – 5 years5 – 10 yearsTotal
Private equity funds – expected lock-up or commitment period remaining$47.5 $61.4 $16.5 $125.4 
Schedule of investments in related party investment funds
The following table provides the cost and fair value of the Company's investments in related party investment funds as of December 31, 2021 and 2020:
20212020
CostFair valueCostFair value
Third Point Enhanced LP$416.0 $878.2 $891.9 $1,055.6 
Third Point Venture Offshore Fund I LP25.9 31.4 — — 
Investment in related party investment funds, at fair value$441.9 $909.6 $891.9 $1,055.6