Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments within the Company's consolidated balance sheets as at December 31, 2021:

	December 31, 2021
Derivatives not designated as hedging instruments	Derivative assets at fair value(1)(3)		Derivative liabilities at fair value(2)(3)		Notional Value
Foreign currency swaps	$	—	$	1.7	$	40.0
Foreign currency forwards	—		1.3		83.6
Foreign currency futures contracts	0.2		—		133.9
Weather derivatives	—		0.8		6.2
Equity warrants	0.1		—		0.1
Interest rate cap	$	—	$	—	$	250.0

(1)Derivative assets are classified within other assets in the Company's consolidated balance sheets at December 31, 2021.

(2)Derivative liabilities are classified within accounts payable, accrued expenses and other liabilities in the Company's consolidated balance sheets at December 31, 2021.

(3)The Company did not hold the above derivative instruments as of December 31, 2020.

The following tables identify the listing currency, fair value and notional amounts of underwriting-related derivatives included in the consolidated balance sheets as of December 31, 2021 and December 31, 2020:

		December 31, 2021				December 31, 2020
Derivative assets	Listing currency (1)	Fair Value		Notional Amounts (2)		Fair Value		Notional Amounts (2)
Reinsurance contracts accounted for as derivative assets	GBP	$	1.2	$	49.3	$	1.2	$	4.2
		$	1.2	$	49.3	$	1.2	$	4.2
		December 31, 2021				December 31, 2020
Derivative liabilities	Listing currency (1)	Fair Value		Notional Amounts (2)		Fair Value		Notional Amounts (2)
Reinsurance contracts accounted for as derivative liabilities	GBP	$	0.1	$	37.4	$	1.0	$	15.7
		$	0.1	$	37.4	$	1.0	$	15.7

(1)GBP = British Pound.

(2)The absolute notional exposure represents the Company’s derivative activity as of December 31, 2021 and December 31, 2020, which is representative of the volume of derivatives held during the period

Schedule of net impact on earnings relating to derivatives

The following table summarizes information on the classification and net impact on earnings, recognized in the Company's consolidated statements of income relating to derivatives during the year ended December 31, 2021:

Derivatives not designated as hedging instruments	Classification of gains (losses) recognized in earnings	December 31, 2021
Foreign currency swaps	Foreign exchange gains	$	0.2
Foreign currency forwards	Foreign exchange losses	(1.3)
Foreign currency futures contracts	Foreign exchange losses	(8.0)
Foreign currency call options	Foreign exchange gains	0.4
Weather derivatives	Net corporate and other expenses	0.9
Equity warrants	Net realized and unrealized investment losses	$	(0.3)