Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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

	March 31, 2024
	Listing currency (1)	Notional amounts(2)		Fair value
Derivative liabilities by primary underlying risk
Foreign exchange contracts
Forwards (3)	AUD/CAD/EUR/GBP/JPY	$	116.3	$	(0.2)
Total derivative liabilities		$	116.3	$	(0.2)

	December 31, 2023
	Listing currency (1)	Notional amounts(2)		Fair value
Derivative liabilities by primary underlying risk
Foreign exchange contracts
Forwards (3)	AUD/CAD/EUR/GBP/JPY	$	(9.7)	$	(1.1)
Total derivative liabilities		$	(9.7)	$	(1.1)

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(1)AUD = Australian Dollar, CAD = Canadian Dollar, EUR = Euro, GBP = British pound and JPY = Japanese Yen.

(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

Derivative Instruments, Gain (Loss)

The following table presents derivative instruments by major risk type, the Group’s net realized gains/(losses) and change in net unrealized gains/(losses) relating to derivative trading activities for the three months ended March 31, 2024 and 2023. Net realized gains/(losses) and net unrealized gains/(losses) related to derivatives are included in net foreign exchange (gains)/losses in the Consolidated Statements of Income.

	Three Months Ended
	March 31, 2024				March 31, 2023
Derivatives	Net realized gains/(losses)		Change in net unrealized gains/(losses)		Net realized gains/(losses)		Change in net unrealized gains/(losses)
Foreign exchange contracts
Forwards (1)	(2.9)		0.9		6.4		(9.9)
Total foreign exchange contracts	(2.9)		0.9		6.4		(9.9)
Total	$	(2.9)	$	0.9	$	6.4	$	(9.9)

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