Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table identifies the listing currency, fair value and notional amounts of derivative instruments included in the Consolidated Balance Sheets, categorized by primary underlying risk:


		September 30, 2025				December 31, 2024
	Listing currency (1)	Notional amounts(2)		Fair value		Notional amounts(2)		Fair value
Derivative assets



Forwards (3)	AUD/CAD/EUR/GBP/JPY/NZD	$	172.6	$	0.2	$	—	$	—
Total derivative assets		$	172.6	$	0.2	$	—	$	—

Derivative liabilities


Credit default swaps	USD	$	0.1	$	0.1	$	—	$	—
Forwards (3)	AUD/CAD/EUR/GBP/JPY/NZD	—		—		31.0		(0.5)
Total derivative liabilities		$	0.1	$	0.1	$	31.0	$	(0.5)

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(1)AUD = Australian Dollar, CAD = Canadian Dollar, EUR = Euro, GBP = British Pound Sterling, JPY = Japanese Yen, and NZD = New Zealand dollar

(2)The absolute notional exposure represents the Group’s derivative activity, which is representative of the volume of derivatives held during the period.

(3)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

Schedule of Derivative Instruments, Gain (Loss)

The following table presents the Group’s net realized gains/(losses) and change in net unrealized gains/(losses) relating to derivative trading activities for the three and nine months ended September 30, 2025 and 2024. Net realized gains/(losses) and net unrealized gains/(losses) related to derivatives are included in net realized and unrealized investment gains/(losses) and net foreign exchange losses in the Consolidated Statements of Income.


	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	Net realized gains/(losses)		Change in net unrealized gains/(losses)		Net realized gains/(losses)		Change in net unrealized gains/(losses)		Net realized gains/(losses)		Change in net unrealized gains/(losses)		Net realized gains/(losses)		Change in net unrealized gains/(losses)
Fixed income portfolio management

Credit default swaps	$	—	$	(0.1)	$	—	$	—	$	—	$	(0.1)	$	—	$	—
Total fixed income derivatives	—		(0.1)		—		—		—		(0.1)		—		—
Foreign exchange contracts
Forwards (1)	$	(4.7)	$	4.5	$	(3.4)	$	(4.7)	$	(16.7)	$	0.6	$	(4.7)	$	(5.0)

Total	$	(4.7)	$	4.4	$	(3.4)	$	(4.7)	$	(16.7)	$	0.5	$	(4.7)	$	(5.0)

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(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.