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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-Sale
The following table summarizes the fair value of fixed maturity investments:
December 31, 2023
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$692.4 $4.1 $(9.8)$686.7 
Agencies16.2 0.1 (0.1)16.2 
Non-U.S. government77.6 0.2 (1.8)76.0 
Corporate bonds1,798.4 14.7 (25.8)1,787.3 
Residential mortgage-backed192.0 2.0 (5.8)188.2 
Commercial mortgage-backed53.1 — (2.0)51.1 
Other asset backed securities441.7 1.3 (3.6)439.4 
Total fixed maturity securities$3,271.4 $22.4 $(48.9)$3,244.9 
December 31, 2022
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$643.1 $— $(27.3)$615.8 
Agencies17.5 — (0.4)17.1 
Non-U.S. government115.2 — (4.3)110.9 
Corporate bonds1,078.9 — (58.6)1,020.3 
Residential mortgage-backed41.4 — (6.5)34.9 
Commercial mortgage-backed55.2 — (3.6)51.6 
Other asset backed securities209.5 — (9.2)200.3 
Total fixed maturity securities$2,160.8 $— $(109.9)$2,050.9 
The composition of the fair values of fixed maturity securities by credit rating is as follows:
December 31, 2023December 31, 2022
Fair Value%Fair Value%
AAA$399.5 12 %$269.1 13 %
AA1,119.0 35 %775.6 38 %
A1,145.8 35 %622.3 30 %
BBB573.6 18 %383.9 19 %
BB7.0 — %— — %
Total fixed maturity securities$3,244.9 100 %$2,050.9 100 %
The contractual maturities for fixed maturity securities are listed in the following table:
December 31, 2023December 31, 2022
Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$566.7 $555.9 $701.7 $688.1 
Due after one year through five years2,130.3 2,119.5 1,237.6 1,156.9 
Due after five years through ten years255.5 256.0 94.8 90.6 
Due after ten years318.9 313.5 126.7 115.3 
Total fixed maturity securities$3,271.4 $3,244.9 $2,160.8 $2,050.9 
The following investments were included in short-term investments and are classified as available-for-sale:
December 31, 2023
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$49.0 $— $— $49.0 
Total short-term investments$49.0 $— $— $49.0 
December 31, 2022
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$228.4 $0.1 $— $228.5 
Non-U.S. government23.2 — (0.1)23.1 
Corporate bonds5.4 — — 5.4 
Total short-term investments$257.0 $0.1 $(0.1)$257.0 
The composition of the fair values of short-term investments by credit rating is as follows:
December 31, 2023December 31, 2022
Fair Value%Fair Value%
AAA$— — %$23.1 9 %
AA49.0 100 %232.9 91 %
A— — %1.0 — %
Total short-term investments$49.0 100 %$257.0 100 %
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Group’s available-for-sale portfolio:
December 31, 2023
0 - 12 months> 12 months
Fair
value		Gross unrealized lossesGross unrealized lossesNumber of securities
U.S. Treasuries$362.2 $(0.2)$(9.6)52 
Agencies5.9 — (0.1)5 
Non-U.S. government51.3 — (1.8)29 
Corporate bonds894.8 (0.9)(24.9)527 
Residential mortgage-backed84.3 (0.2)(5.6)54 
Commercial mortgage-backed43.2 (0.1)(1.9)23 
Other asset backed securities208.2 (0.3)(3.3)74 
Total$1,649.9 $(1.7)$(47.2)764 
December 31, 2022
0 - 12 months> 12 months
Fair
value		Gross unrealized lossesGross unrealized lossesNumber of securities
U.S. Treasuries$697.4 $(5.2)$(22.1)93 
Agencies17.1 — (0.4)6 
Non-U.S. government134.2 (0.7)(3.6)52 
Corporate bonds1,017.5 (7.4)(51.2)670 
Residential mortgage-backed35.0 (0.5)(6.0)46 
Commercial mortgage-backed51.5 (0.4)(3.2)27 
Other asset backed securities198.8 (4.1)(5.1)85 
Total$2,151.5 $(18.3)$(91.6)979 
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table provides a roll forward of the allowance for expected credit losses of the Group’s securities classified as available-for-sale:
202320222021
Balance at beginning of year$1.1 $2.2 $0.4 
Expected credit losses on securities where credit losses were not previously recognized4.1 — 1.8 
Reductions for expected credit losses on securities where credit losses were previously recognized(3.5)(1.1)— 
Securities sold/redeemed/matured(0.4)— — 
Balance at end of year$1.3 $1.1 $2.2 
Other Investments Not Readily Marketable
December 31, 2023December 31, 2022
Fair Value%Fair Value%
Wellington Funds$46.9 99 %$43.4 37 %
York Fund0.6 1 %0.9 1 %
Equity and commodity structured notes— — %72.8 62 %
Total other investments at fair value
$47.5 100 %$117.1 100 %
Investment Income
The components of net investment return are as follows:
202320222021
Net interest and dividend income$123.5 $44.0 $24.0 
Investment expenses(4.0)(3.3)(3.4)
Net investment income119.5 40.7 20.6 
Net realized gains/(losses) on fixed maturity securities, available-for-sale(0.7)(2.5)1.2 
Net realized gains on fixed maturity securities, trading— — 0.9 
Net realized gains/(losses) on other investments2.1 27.6 (1.5)
Net realized gains/(losses) on interest rate contracts— (20.3)1.0 
Change in net unrealized gains/(losses) on fixed maturity securities, trading— (0.5)(1.1)
Change in net unrealized gains/(losses) on other investments3.7 (39.8)15.7 
Change in net unrealized gains/(losses) on interest rate contracts— 0.7 (0.9)
Provision for expected credit losses(0.2)1.1 (1.8)
Net realized and unrealized investment gains/(losses)4.9 (33.7)13.5 
Total realized and unrealized investments gains/(losses) and net investment income$124.4 $7.0 $34.1