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Investment securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of net investment income
Net investment income for the three and nine months ended September 30, 2020 and 2019 consisted of the following:
For the three months ended September 30,For the nine months ended September 30,
(Millions)2020201920202019
Fixed maturity investments$10.1 $12.8 $31.5 $40.0 
Short-term investments0.6 4.1 5.2 12.0 
Equity securities0.8 2.7 5.5 12.5 
Other long-term investments(1)(2)
(6.0)5.2 (2.7)12.3 
Total investment income5.5 24.8 39.5 76.8 
Investment expenses(3.8)(2.0)(9.5)(9.5)
Net investment income$1.7 $22.8 $30.0 $67.3 
(1)Includes $(8.1) and $0.0 of interest on funds held for the three months ended September 30, 2020 and 2019, respectively.
(2)Includes $(7.5) and $0.6 of interest on funds held for the nine months ended September 30, 2020 and 2019, respectively.
Schedule of net realized and unrealized investment gains (losses)
Net realized and unrealized investment gains (losses) for the three and nine months ended September 30, 2020 and 2019 consisted of the following:
For the three months ended September 30,For the nine months ended September 30,
(Millions)2020201920202019
Gross realized gains$41.3 $22.1 $140.7 $63.1 
Gross realized (losses)(45.1)(6.8)(117.1)(23.2)
Net realized (losses) gains on investments(1)(2)
(3.8)15.3 23.6 39.9 
Net unrealized gains (losses) on investments(3)(4)
31.2 53.9 (3.9)143.4 
Net realized and unrealized gains (losses) on investments$27.4 $69.2 $19.7 $183.3 
(1)Includes $(11.2) and $14.0 of realized (losses) gains due to foreign currency for the three months ended September 30, 2020 and 2019, respectively.
(2)Includes $5.4 and $34.5 of realized gains due to foreign currency for the nine months ended September 30, 2020 and 2019, respectively.
(3)Includes $(16.7) and $33.9 of unrealized (losses) gains due to foreign currency for the three months ended September 30, 2020 and 2019, respectively.
(4)Includes $(29.8) and $51.7 of unrealized (losses) gains due to foreign currency for the nine months ended September 30, 2020 and 2019, respectively.
Schedule of net realized investment gains (losses)
Net realized investment gains for the three and nine months ended September 30, 2020 and 2019 consisted of the following:
For the three months ended September 30,For the nine months ended September 30,
(Millions)2020201920202019
Fixed maturity investments$(0.4)$7.5 $17.3 $22.4 
Equity securities1.0 1.7 (5.0)(0.1)
Short-term investments(6.2)6.5 (2.4)9.7 
Derivative instruments1.8 (0.7)10.3 (1.5)
Other long-term investments— 0.3 3.4 9.4 
Net realized investment (losses) gains$(3.8)$15.3 $23.6 $39.9 
Schedule of net unrealized investment gains (losses)
Net unrealized investment gains (losses) for the three and nine months ended September 30, 2020 and 2019 consisted of the following:
For the three months ended September 30,For the nine months ended September 30,
(Millions)2020201920202019
Fixed maturity investments$(1.0)$31.4 $2.2 $72.1 
Equity securities18.5 12.0 (33.7)50.4 
Short-term investments(3.1)4.6 (3.2)6.4 
Derivative instruments(0.8)0.9 1.4 0.2 
Other long-term investments17.6 5.0 29.4 14.3 
Net unrealized investment gains (losses)$31.2 $53.9 $(3.9)$143.4 
The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the three and nine months ended September 30, 2020 and 2019:
For the three months ended September 30,For the nine months ended September 30,
(Millions)2020201920202019
Fixed maturity investments$— $— $0.3 $— 
Other long-term investments8.2 (0.3)3.1 10.1 
Total unrealized investment gains (losses) – Level 3 investments$8.2 $(0.3)$3.4 $10.1 
Schedule of investment securities and other long-term investments
The cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of Sirius Group's fixed maturity investments as of September 30, 2020 and December 31, 2019, were as follows:
September 30, 2020
(Millions)Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
(losses)		Net foreign
currency
gains
(losses)		Fair value
Corporate debt securities$471.4 $10.0 $(0.8)$1.3 $481.9 
Asset-backed securities740.0 8.4 (12.4)(4.4)731.6 
Residential mortgage-backed securities393.8 22.2 (0.9)1.4 416.5 
U.S. government and government agency119.2 0.8 — (3.6)116.4 
Commercial mortgage-backed securities120.8 3.1 (1.7)— 122.2 
Non-U.S. government and government agency71.4 0.4 (0.1)(0.6)71.1 
Preferred stocks14.9 3.1 (0.1)— 17.9 
U.S. States, municipalities and political subdivision1.2 0.1 — — 1.3 
Total fixed maturity investments$1,932.7 $48.1 $(16.0)$(5.9)$1,958.9 
December 31, 2019
(Millions)Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
(losses)		Net foreign
currency
gains
(losses)		Fair value
Corporate debt securities$458.6 $5.2 $(1.2)$11.5 $474.1 
Asset-backed securities489.4 1.4 (3.9)(0.1)486.8 
Residential mortgage-backed securities426.2 10.5 (1.4)3.6 438.9 
U.S. government and government agency111.5 0.7 (0.4)(1.3)110.5 
Commercial mortgage-backed securities88.5 0.9 (0.6)0.2 89.0 
Non-U.S. government and government agency63.7 — (0.7)— 63.0 
Preferred stocks17.0 — — — 17.0 
U.S. States, municipalities and political subdivision1.7 — — — 1.7 
Total fixed maturity investments$1,656.6 $18.7 $(8.2)$13.9 $1,681.0 
The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains, and fair values of Sirius Group's equity securities and other long-term investments as of September 30, 2020 and December 31, 2019, were as follows:
September 30, 2020
(Millions)Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
(losses)		Net foreign
currency
gains		Fair value
Equity securities$170.0 $27.8 $(39.7)$0.6 $158.7 
Other long-term investments$327.5 $75.5 $(24.4)$9.4 $388.0 
December 31, 2019
(Millions)Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
(losses)		Net foreign
currency
gains		Fair value
Equity securities$379.2 $55.6 $(37.3)$7.7 $405.2 
Other long-term investments$315.4 $49.9 $(29.3)$10.8 $346.8 
Equity securities at fair value consisted of the following as of September 30, 2020 and December 31, 2019:
(Millions)September 30, 2020December 31, 2019
Fixed income mutual funds$1.8 $175.3 
Common stocks170.1 228.1 
Other equity securities(1)
(13.2)1.8 
Total Equity securities$158.7 $405.2 
(1)Sirius Group engaged in short selling of certain equity securities for which settlement was pending as of September 30, 2020.

Other long-term investments at fair value consisted of the following as of September 30, 2020 and December 31, 2019:
(Millions)September 30, 2020December 31, 2019
Hedge funds and private equity funds$301.1 $269.0 
Limited liability companies and private equity securities86.9 77.8 
Total other long-term investments$388.0 $346.8 
Schedule of fixed maturity investment by contractual maturity
The cost or amortized cost and fair value of Sirius Group's fixed maturity investments as of September 30, 2020 and December 31, 2019 are presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.
September 30, 2020December 31, 2019
(Millions)Cost or
amortized cost		Fair valueCost or
amortized cost		Fair value
Due in one year or less$203.2 $212.2 $85.0 $88.4 
Due after one year through five years406.7 404.4 479.1 490.3 
Due after five years through ten years41.0 41.7 46.3 46.0 
Due after ten years12.3 12.4 25.1 24.6 
Mortgage-backed and asset-backed securities1,254.6 1,270.3 1,004.1 1,014.7 
Preferred stocks14.9 17.9 17.0 17.0 
Total$1,932.7 $1,958.9 $1,656.6 $1,681.0 
Schedule of ratings and fair value of fixed maturity investments
The following table summarizes the ratings and fair value of fixed maturity investments held in Sirius Group's investment portfolio as of September 30, 2020 and December 31, 2019:
(Millions)September 30, 2020December 31, 2019
AAA$807.8 $559.8 
AA734.4 724.3 
A213.7 219.0 
BBB99.2 95.8 
Other103.8 82.1 
Total fixed maturity investments(1)
$1,958.9 $1,681.0 
(1)Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor's ("S&P") and 2) Moody's Investors Service ("Moody's").
Summary of investment securities by investment objective and sector
The following table summarizes investments in hedge funds and private equity interests by investment objective and sector as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
(Millions)Fair valueUnfunded
commitments		Fair valueUnfunded
commitments
Hedge funds:
Long/short multi-sector$54.9 $— $53.0 — 
Distressed mortgage credit66.3 — 51.6 — 
Private credit22.1 — 21.5 — 
Multi-sector5.8 — — — 
Other1.2 — 1.4 — 
Total hedge funds150.3 — 127.5 — 
Private equity funds:
Energy infrastructure & services56.6 30.7 53.6 34.6 
Multi-sector13.4 8.1 8.7 7.8 
Healthcare29.1 6.3 25.9 10.4 
Life settlement20.6 — 23.9 — 
Manufacturing/Industrial27.7 — 27.6 3.9 
Private equity secondaries0.6 0.8 0.6 0.8 
Other2.8 1.8 1.2 2.6 
Total private equity funds150.8 47.7 141.5 60.1 
Total hedge and private equity funds included in Other long-term investments$301.1 $47.7 $269.0 $60.1 
Schedule of redemption frequency and advance notice period requirements for investments
The following summarizes the September 30, 2020 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
Notice Period
Redemption Frequency
(Millions)		1-29 days
notice		30-59 days
notice		60-89 days
notice		90-119 days
notice		120+ days
notice		Total
Monthly$5.8 $— $30.5 $— $— $36.3 
Quarterly— 0.6 24.4 66.3 — $91.3 
Semi-annual— — 0.3 — — $0.3 
Annual— — — 0.3 22.1 $22.4 
Total$5.8 $0.6 $55.2 $66.6 $22.1 $150.3 
Schedule of investment securities by lock-up period.
As of September 30, 2020, investments in private equity funds were subject to lock-up periods as follows:
(Millions)1 - 3 years3 – 5 years5 – 10 yearsTotal
Private Equity Funds – expected lock up period remaining$53.9 $19.0 $77.9 $150.8