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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-Sale
The following table summarizes the fair value of fixed maturity investments:
March 31, 2024
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$688.5 $1.1 $(5.7)$683.9 
Agencies16.3 — (0.2)16.1 
Non-U.S. government67.8 — (1.7)66.1 
Corporate bonds1,778.2 7.0 (19.7)1,765.5 
Residential mortgage-backed240.1 1.4 (6.6)234.9 
Commercial mortgage-backed51.3 — (1.5)49.8 
Other asset backed securities412.3 1.5 (3.0)410.8 
Total fixed maturity securities$3,254.5 $11.0 $(38.4)$3,227.1 
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 
The composition of the fair values of fixed maturity securities by credit rating is as follows:
March 31, 2024December 31, 2023
Fair Value%Fair Value%
AAA$383.0 12 %$399.5 12 %
AA1,182.6 36 %1,119.0 35 %
A1,285.5 40 %1,145.8 35 %
BBB373.0 12 %573.6 18 %
BB3.0 — %7.0 — %
Total fixed maturity securities$3,227.1 100 %$3,244.9 100 %
The contractual maturities for fixed maturity securities are listed in the following table:
March 31, 2024December 31, 2023
Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$464.3 $457.1 $566.7 $555.9 
Due after one year through five years2,110.4 2,097.4 2,130.3 2,119.5 
Due after five years through ten years319.9 318.2 255.5 256.0 
Due after ten years359.9 354.4 318.9 313.5 
Total fixed maturity securities$3,254.5 $3,227.1 $3,271.4 $3,244.9 
The following investments were included in short-term investments and are classified as available-for-sale:
March 31, 2024
Amortized CostUnrealized
gains		Unrealized
losses		Fair
value
U.S. Treasuries$76.3 $— $— $76.3 
Total short-term investments
$76.3 $— $— $76.3 
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 
The composition of the fair values of short-term investments by credit rating is as follows:
March 31, 2024December 31, 2023
Fair Value%Fair Value%
AA76.3 100 %49.0 100 %
Total short-term investments$76.3 100 %$49.0 100 %
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:
March 31, 2024
0 - 12 months> 12 months
Fair
value		Gross unrealized lossesGross unrealized lossesNumber of securities
U.S. Treasuries$459.8 $(2.4)$(3.3)54 
Agencies10.0 — (0.2)8 
Non-U.S. government58.6 (0.2)(1.5)31 
Corporate bonds958.2 (2.8)(16.9)507 
Residential mortgage-backed112.3 (0.7)(5.9)67 
Commercial mortgage-backed36.9 — (1.5)21 
Other asset backed securities163.8 (0.6)(2.4)57 
Total$1,799.6 $(6.7)$(31.7)745 
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 
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:
Three months ended
March 31, 2024March 31, 2023
Balance at beginning of period$1.3 $1.1 
Expected credit losses on securities where credit losses were not previously recognized0.5 0.8 
Additions for expected credit losses on securities where credit losses were previously recognized0.8 0.6 
Securities sold/redeemed/matured(0.2)— 
Balance at end of period$2.4 $2.5 
Other Investments Not Readily Marketable
March 31, 2024December 31, 2023
Fair Value%Fair Value%
Wellington Funds$46.4 99 %$46.9 99 %
Other securities valued at net asset value per share0.6 1 %0.6 1 %
Total other investments at fair value
$47.0 100 %$47.5 100 %
Investment Income
The components of net investment return are as follows:
Three Months Ended
March 31, 2024March 31, 2023
Net interest and dividend income$42.1 $21.3 
Investment expenses(1.1)(0.9)
Net investment income41.0 20.4 
Net realized losses on fixed maturity securities, available-for-sale(7.4)— 
Net realized gains on other investments— 2.2 
Change in net unrealized (losses)/gains on other investments(0.5)2.0 
Provision for expected credit losses(1.1)(1.4)
Net realized and unrealized investment (losses)/gains(9.0)2.8 
Total realized and unrealized investments gains/(losses) and net investment income$32.0 $23.2