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Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of financial assets and liabilities measured at fair value
The following tables summarize Sirius Group's financial assets and liabilities measured at fair value as of September 30, 2020 and December 31, 2019 by level:
September 30, 2020
(Millions)Fair
Value		Level 1
Inputs		Level 2
Inputs		Level 3
Inputs
Assets measured at fair value
Fixed maturity investments:
U.S. Government and government agency$116.4 $115.4 $1.0 $— 
Corporate debt securities481.9 — 481.9 — 
Residential mortgage-backed securities416.5 — 416.5 — 
Asset-backed securities731.6 — 731.6 — 
Commercial mortgage-backed securities122.2 — 122.2 — 
Non-U.S. government and government agency71.1 20.8 50.3 — 
Preferred stocks17.9 — 15.3 2.6 
U.S. States, municipalities, and political subdivision1.3 — 1.3 — 
Total fixed maturity investments1,958.9 136.2 1,820.1 2.6 
Equity securities:
Fixed income mutual funds1.8 1.8 — — 
Common stocks170.1 170.1 — — 
Other equity securities(1)
(13.2)(16.9)3.7 — 
Total equity securities158.7 155.0 3.7 — 
Short-term investments1,132.6 1,068.4 64.2 — 
Other long-term investments(2)
86.9 — — 86.9 
Total investments$3,337.1 $1,359.6 $1,888.0 $89.5 
Loan participation28.5 — — 28.5 
Derivative instruments7.7 6.6 — 1.1 
Total assets measured at fair value$3,373.3 $1,366.2 $1,888.0 $119.1 
Liabilities measured at fair value
Contingent consideration liabilities$0.3 $— $— $0.3 
Derivative instruments3.6 0.1 — 3.5 
Total liabilities measured at fair value$3.9 $0.1 $— $3.8 
(1)Sirius Group engaged in short selling of certain equity securities for which settlement was pending as of September 30, 2020.
(2)Excludes fair value of $301.1 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
December 31, 2019
(Millions)Fair
value		Level 1
inputs		Level 2
inputs		Level 3
inputs
Assets measured at fair value
Fixed maturity investments:
U.S. Government and government agency$110.5 $109.1 $1.4 $— 
Corporate debt securities474.1 — 474.1 — 
Asset-backed securities486.8 — 486.8 — 
Residential mortgage-backed securities438.9 — 438.9 — 
Commercial mortgage-backed securities89.0 — 89.0 — 
Non-U.S. government and government agency63.0 31.7 31.3 — 
Preferred stocks17.0 — — 17.0 
U.S. States, municipalities, and political subdivision1.7 — 1.7 — 
Total fixed maturity investments1,681.0 140.8 1,523.2 17.0 
Equity securities:
Fixed income mutual funds175.3 175.3 — — 
Common stocks228.1 228.1 — — 
Other equity securities1.8 — 1.8 — 
Total equity securities405.2 403.4 1.8 — 
Short-term investments1,085.2 1,073.7 11.5 — 
Other long-term investments(1)
77.8 — — 77.8 
Total investments$3,249.2 $1,617.9 $1,536.5 $94.8 
Loan participation20.0 — — 20.0 
Derivative instruments11.4 1.3 — 10.1 
Total assets measured at fair value$3,280.6 $1,619.2 $1,536.5 $124.9 
Liabilities measured at fair value
Contingent consideration liabilities$28.2 $— $— $28.2 
Derivative instruments9.5 0.2 — 9.3 
Total liabilities measured at fair value$37.7 $0.2 $— $37.5 
(1)Excludes fair value of $269.0 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
Rollforward of Level 3 fair value measurements
The following tables present changes in Level 3 for financial instruments measured at fair value for the three months ended September 30, 2020 and September 30, 2019:
For the three months ended September 30, 2020
(Millions)Fixed
Maturities
Other
long-term
investments(1)
Loan ParticipationDerivative
instruments
assets &
(liabilities)		Contingent
consideration
(liabilities)
Balance as of June 30, 2020$2.6 $78.2 $27.3 $1.5 $(22.9)
Total realized and unrealized gains (losses)— 8.2 — (1.7)(0.3)
Foreign currency gains through Other Comprehensive Income— 0.5 — — — 
Purchases— — 2.5 — — 
Sales/Settlements(2)
— — (1.3)(2.2)22.9 
Balance as of September 30, 2020$2.6 $86.9 $28.5 $(2.4)$(0.3)
(1)Excludes fair value of $301.1 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
(2)Includes $18.4 payment of contingent consideration for 2017 purchase of IMG and $4.5 payment of contingent consideration for the 2017 purchase of Armada.

For the three months ended September 30, 2019
(Millions)Fixed
Maturities
Other
long-term
investments(1)
Loan ParticipationDerivative
instruments
assets &
(liabilities)		Contingent
consideration
(liabilities)
Balance as of June 30, 2019$— $88.0 $— $(3.6)$(30.8)
Total realized and unrealized (losses)— (0.3)— (2.0)(2.1)
Foreign currency (losses) through Other Comprehensive Income— (1.0)— — — 
Purchases17.0 — — — — 
Sales/Settlements(2)
— (6.0)— 3.4 6.9 
Balance as of September 30, 2019$17.0 $80.7 $— $(2.2)$(26.0)
(1)Excludes fair value of $287.7 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
(2)Includes $6.9 payment of contingent consideration for 2017 purchase of IMG.
The following tables present changes in Level 3 for financial instruments measured at fair value for the nine months ended September 30, 2020 and September 30, 2019:
For the nine months ended September 30, 2020
(Millions)Fixed
Maturities
Other
long-term
investments(1)
Loan ParticipationDerivative
instruments
assets &
(liabilities)		Contingent
consideration
(liabilities)
Balance as of January 1, 2020$17.0 $77.8 $20.0 $0.8 $(28.2)
Total realized and unrealized gains (losses)2.6 3.1 — (20.7)(0.5)
Foreign currency (losses) through Other Comprehensive Income— 0.5 — — — 
Purchases— 5.5 9.9 — — 
Sales/Settlements(2)
(17.0)— (1.4)17.5 28.4 
Balance as of September 30, 2020$2.6 $86.9 $28.5 $(2.4)$(0.3)
(1)Excludes fair value of $301.1 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
(2)Includes $18.4 payment of contingent consideration for 2017 purchase of IMG and $10.0 payment of contingent consideration for the 2017 purchase of Armada.

For the nine months ended September 30, 2019
(Millions)Fixed
Maturities
Other
long-term
investments(1)
Loan ParticipationDerivative
instruments
assets &
(liabilities)		Contingent
consideration
(liabilities)
Balance as of January 1, 2019$5.4 $63.6 $— $(0.5)$(28.8)
Total realized and unrealized gains (losses)— 10.6 — (7.7)(4.1)
Foreign currency (losses) through Other Comprehensive Income— (1.5)— — — 
Purchases17.0 15.8 — — — 
Sales/Settlements(2)
(5.4)(7.8)— 6.0 6.9 
Balance as of September 30, 2019$17.0 $80.7 $— $(2.2)$(26.0)
(1)Excludes fair value of $287.7 associated with hedge funds and private equity funds which fair value is measured using NAV practical expedient.
(2)Includes $6.9 payment of contingent consideration for 2017 purchase of IMG.
Schedule of significant unobservable inputs used for recurring fair value measurements for Level 3 instruments
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of September 30, 2020 and December 31, 2019, and includes only those instruments for which information about the inputs is reasonably available to Sirius Group, such as data from independent third-party valuation service providers and from internal valuation models.
(Millions, except share prices)September 30, 2020
DescriptionValuation Technique(s)Fair valueUnobservable input
Private equity securities (1)Purchase price of recent transaction$32.5 Purchase price40.63
Preferred stock (1)Purchase price of recent transaction$27.9 Purchase price7.74
Loan participation (1)Purchase price of recent transaction$18.5 Comparable yields
Range - 4.46% - 7.82%
Median - 5.74%
Private equity securities (1)Multiple of GAAP book value$13.3 Book value multiple
Range - 0.73x-0.91x
Median - 0.82x
Loan participation (1)Purchase price of recent transaction$10.0 Comparable yields
Range - 4.46% - 7.82%
Median - 5.74%
Private debt instrument (1)Discounted cash flow$6.2 Discount yield
Range - 11.87% - 12.32%
Median - 12.08%
Private equity securities (1)Purchase price of recent transaction$4.7 Purchase price7.74
Private convertible debt instrument (1)Unit price of recent transaction$2.0 Purchase price7.74
Preferred stock (1)Purchase price of recent transaction$1.9 Purchase price$1.9 
Preferred stock (1)Purchase price of recent transaction$0.7 Purchase price$0.7 
Equity warrantsOption pricing model$0.5 Strike price$0.2 
Currency swaps (2)Third party appraisal$0.3 Broker quote$0.3 
Currency forwards(2)Third party appraisal$0.3 Broker quote$0.3 
Private equity securities (1)Purchase price of recent transaction$0.3 Purchase price$0.3 
Contingent considerationExternal valuation model$(0.3)Discounted future payment$(0.3)
Weather derivatives (2)Third party appraisal$(3.5)Broker quote$(3.5)
(1)As of September 30, 2020, each asset type consists of one security.
(2)See Note 12 for discussion of derivative instruments.
(Millions, except share prices)December 31, 2019
DescriptionValuation Technique(s)Fair valueUnobservable input
Private equity securities(1)
Share price of recent transaction$32.5 Purchase share price$40.6 
Loan participation(1)
Purchase price of recent transaction$20.0 Purchase price20.0 
Preferred stock(1)
Share price of recent transaction$17.5 Purchase price$7.74 
Private equity securities(1)
Multiple of GAAP book value$14.2 Book value multiple0.9 
Preferred stock(1)
Purchase price of recent transaction$12.2 Purchase price$12.2 
Private debt instrument(1)
Purchase price of recent transaction$7.2 Purchase price$9.0 
Weather derivatives(2)
Third party appraisal$7.0 Broker quote$7.0 
Private equity securities(1)
Purchase price of recent transaction$5.1 Purchase price$7.74 
Preferred stock(1)
Purchase price of recent transaction$4.8 Purchase price$4.80 
Currency forwards(2)
Third party appraisal$2.7 Broker quote$2.7 
Private equity securities(1)
Purchase price of recent transaction$1.0 Purchase price$10.0 
Equity warrants(2)
Option pricing model$0.4 Strike price$0.2 
Private equity securities(1)
Purchase price of recent transaction$0.3 Purchase price$0.3 
Currency swaps(2)
Third party appraisal$(3.6)Broker quote$(3.6)
Currency forwards(2)
Third party appraisal$(5.7)Broker quote$(5.7)
Contingent considerationExternal valuation model$(28.2)Discounted future payments$(28.2)
(1)As of December 31, 2019, each asset type consists of one security.
(2)See Note 12 for discussion of derivative instruments.
Schedule of financial instruments disclosed, but not carried at fair value The following table includes financial instruments for which the carrying value differs from the estimated fair values at September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
(Millions)
Fair Value(1)
Carrying Value
Fair Value(1)
Carrying Value
Liabilities, Mezzanine equity, and Non-controlling interest:
2017 SEK Subordinated Notes$298.8 $301.3 $294.5 $291.2 
2016 SIG Senior Notes$394.7 $394.5 $394.5 $394.0 
Series B preference shares$244.5 $197.5 $186.4 $223.0 
(1)Fair value estimated by internal pricing and considered a Level 3 measurement.