
March 31, 2025
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Fixed maturities
U.S. Governments	$	210.5	$	3.0	$	0.3	$	—	$	213.2
Foreign Governments	4.1		0.1		—		—		4.2
Obligations of states and political subdivisions	66.2		1.9		—		—		68.1
Corporate bonds	896.4		23.3		1.2		1.1		917.4
Commercial mortgage-backed securities	305.1		12.6		0.3		—		317.4
Residential mortgage-backed securities	196.7		5.7		—		—		202.4
Asset-backed securities	101.1		3.0		0.1		0.1		103.9
Collateralized loan obligations	86.3		2.9		—		—		89.2
Total fixed maturities	$	1,866.4	$	52.5	$	1.9	$	1.2	$	1,915.8


December 31, 2024
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Fixed maturities
U.S. Governments	$	222.3	$	1.5	$	0.6	$	—	$	223.2
Foreign Governments	7.1		—		—		—		7.1
Obligations of states and political subdivisions	80.1		1.6		—		—		81.7
Corporate bonds	1,033.5		19.4		1.3		0.9		1,050.7
Commercial mortgage-backed securities	276.6		10.0		0.3		—		286.3
Residential mortgage-backed securities	201.0		2.8		0.6		—		203.2
Asset-backed securities	104.9		2.6		0.1		—		107.4
Collateralized loan obligations	107.4		2.1		0.2		—		109.3
Total fixed maturities	$	2,032.9	$	40.0	$	3.1	$	0.9	$	2,068.9


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	242.5	$	243.8
Due after one year through five years	778.9		794.1
Due after five years through ten years	136.0		143.0
Due after ten years	19.8		22.0
Structured securities	689.2		712.9
Total	$	1,866.4	$	1,915.8


	March 31, 2025				December 31, 2024
(in millions)	Carrying Value		Unfunded Commitments		Carrying Value		Unfunded Commitments
Investment type
Hedge funds	$	27.0	$	—	$	27.5	$	—
Private equity	258.0		211.9		262.4		214.1

Real estate equity investments	283.4		5.5		282.6		—
Other	5.0		—		4.9		6.8
Total other investments	$	573.4	$	217.4	$	577.4	$	220.9

•Hedge funds: Hedge funds, carried at net asset value (“NAV”) as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.

•Private equity: Private equity includes limited partnership investments accounted for in accordance with the equity method of accounting and whose strategies include: buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies.


March 31, 2025	Less Than One Year				One Year or Greater				Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities
U.S. Governments	$	17.7	$	0.3	$	—	$	—	$	17.7	$	0.3


Corporate bonds	24.1		1.1		2.5		0.1		26.6		1.2
Commercial mortgage-backed securities	28.3		0.2		8.9		0.1		37.2		0.3

Asset-backed securities	13.8		0.1		—		—		13.8		0.1

Total fixed maturities	$	83.9	$	1.7	$	11.4	$	0.2	$	95.3	$	1.9


December 31, 2024	Less Than One Year				One Year or Greater				Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities
U.S. Governments	$	17.4	$	0.6	$	—	$	—	$	17.4	$	0.6


Corporate bonds	19.6		1.2		1.7		0.1		21.3		1.3
Commercial mortgage-backed securities	9.7		0.1		8.0		0.2		17.7		0.3
Residential mortgage-backed securities	48.9		0.6		—		—		48.9		0.6
Asset-backed securities	9.9		0.1		—		—		9.9		0.1
Collateralized loan obligations	11.5		0.2		—		—		11.5		0.2
Total fixed maturities	$	117.0	$	2.8	$	9.7	$	0.3	$	126.7	$	3.1

The Company holds a total of 963 fixed maturity securities, of which 37 were in an unrealized loss position for less than one year and 12 were in an unrealized loss position for a period of one year or greater as of March 31, 2025. The unrealized losses as of March 31, 2025 are primarily driven by interest rate movements.

For fixed maturities with a decline in fair value below the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.

When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.

In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in Net investment and other gains (losses). We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.



(in millions)	Corporate bonds		Asset backed securities		Total
Beginning balance, January 1, 2025	$	0.9	$	—	$	0.9

Securities for which allowance was not previously recorded	0.1		0.1		0.2


Additional net increases (decreases) in existing allowance	0.1		—		0.1
Ending balance, March 31, 2025	$	1.1	$	0.1	$	1.2



(in millions)	Foreign Governments		Corporate bonds		Total
Beginning balance, January 1, 2024	$	0.2	$	—	$	0.2

Securities for which allowance was not previously recorded	—		0.1		0.1


Additional net increases (decreases) in existing allowance	(0.2)		0.1		(0.1)
Ending balance, March 31, 2024	$	—	$	0.2	$	0.2

For mortgage loans an allowance for credit losses is established at the time of origination or purchase, as necessary, and is updated each reporting period. Changes in the allowance for credit losses are recorded in Net investment and other gains (losses). This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions.

Mortgage loan investments are composed of participation interests in a portfolio of commercial and residential mortgage loans. Loan collateral is diversified with regard to property type and geography. The following table presents loans by property type:


	March 31, 2025
(in millions)	Cost		Loan Count
One year or less	$	95.4	8
Greater than one year and less than three	48.3		5
Greater than three years and less than five years	17.9		2

Greater than seven years and less than ten years	56.7		8

Total	$	218.3	23


	December 31, 2024
(in millions)	Cost		Loan Count
One year or less	$	34.9	3
Greater than one year and less than three	103.5		7
Greater than three years and less than five years	17.7		2

Greater than seven years and less than ten years	54.0		5

Total	$	210.1	17

The following table presents our gross realized investment gains and losses:


	For the Three Months Ended March 31,
(in millions)	2025		2024
Realized gains on fixed maturities and other:
Fixed maturities	$	2.2	$	6.8
Other investments, including short-term investments	1.6		2.6

Total realized gains on fixed maturities and other	3.8		9.4

Realized losses on fixed maturities and other:
Fixed maturities	(0.3)		(0.3)
Other investments, including short-term investments	(4.1)		(2.8)

Total realized losses on fixed maturities and other	(4.4)		(3.1)


Other net losses recognized on fixed maturities and other:
Credit losses on fixed maturities	(0.3)		(0.5)
Impairment related to change in intent	(0.2)		—
Other	(2.5)		—
Total other net losses recognized on fixed maturities and other	(3.0)		(0.5)

Equity securities:
Net realized gains (losses) on equity securities	—		0.4
Change in unrealized gains (losses) on equity securities held at the end of the period	13.3		—
Net gains (losses) on equity securities	13.3		0.4

Net investment and other gains (losses) before income taxes	9.7		6.2
Income tax (benefit) provision	2.8		1.6
Net investment and other gains (losses), net of income taxes	$	6.9	$	4.6


	For the Three Months Ended March 31,
(in millions)	2025		2024
Change in unrealized gains (losses)
Fixed maturities	$	9.4	$	(19.9)


Other and short-term investments	(0.2)		(0.4)
Net unrealized investment gains (losses) before income taxes	9.2		(20.3)
Income tax provision (benefit)	2.0		(4.4)
Net unrealized investment gains (losses), net of income taxes	$	7.2	$	(15.9)

We entered into foreign currency exchange forward contracts primarily to manage currency exposure from our non-USD insurance operations. The currency forward contracts were carried at fair value in our Condensed Consolidated Balance Sheets in Accrued underwriting expenses and other liabilities and Other assets as of March 31, 2025 and December 31, 2024, respectively. The net realized gains and (losses) are included in Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss).


	March 31, 2025				December 31, 2024
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value





Asset manager investment exposure
Open contracts in a gain position	$	—	$	—	$	151.0	$	2.7
Open contracts in a loss position	105.4		(2.3)		—		—
Net open contracts for asset manager investment exposure			(2.3)				2.7
Total			$	(2.3)			$	2.7


	For the Three Months Ended March 31,
(in millions)	2025		2024
Realized gains
Operational currency exposure	$	—	$	1.4
Asset manager investment exposure	—		1.2

Gross realized investment gains	—		2.6
Realized losses
Operational currency exposure	—		(2.7)
Asset manager investment exposure	(4.1)		—

Gross realized investment losses	(4.1)		(2.7)
Net realized investment (losses) gains on foreign currency exchange forward contracts	$	(4.1)	$	(0.1)

We are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. We maintain assets pledged as collateral in support of irrevocable letters of credit issued under the terms of certain reinsurance agreements for loss and loss expense reserves. The following table presents our components of restricted investments:


(in millions)	March 31, 2025		December 31, 2024
Securities and cash on deposit for regulatory and other purposes	$	167.2	$	180.1
Securities and cash pledged as collateral for letters of credit	42.6		40.1

Total restricted investments	$	209.8	$	220.2

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transfer the asset or liability.

•Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. Significant increases (decreases) in those inputs in isolation could result in a significantly lower (higher) fair value measurement.

To validate the fair value of investments in the Company’s Condensed Consolidated Financial Statements, we receive prices from multiple sources including third-party pricing services and our outside investment managers. Through a comparative analysis, the Company validates the reasonableness of its valuations. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of March 31, 2025 and December 31, 2024. A description of the valuation techniques we use to measure assets at fair value is as follows:

•United States Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.

•United States Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated government and credit securities are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.

•Asset and mortgage-backed securities and collateralized loan obligations are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.

Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate and governmental bonds reported at fair value using Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date.

Derivative assets: As a result of the Company’s commutation of the assumed reinsurance agreement with Riverstone Holdings Limited, the Company classified the ceded reserves on the Malta business as a derivative in accordance with ASC 815. As the ceded reserves are shorter term in nature, management has concluded that the fair value is equivalent to its carrying value, resulting in no impact to earnings.

Derivative liabilities: We enter into foreign currency forward contracts to hedge our investment exposure to foreign currencies. These derivatives are carried at fair value using Level 2 inputs, primarily observable foreign exchange rates at the end of the period.


			Fair Value Measurements at Reporting Date Using
(in millions)	March 31, 2025		Level 1		Level 2		Level 3
Fixed maturities
U.S. Governments	$	213.2	$	211.0	$	2.2	$	—
Foreign Governments	4.2		—		4.2		—
Obligations of states and political subdivisions	68.1		—		68.1		—
Corporate bonds	917.4		—		892.6		24.8
Commercial mortgage-backed securities	317.4		—		316.3		1.1
Residential mortgage-backed securities	202.4		—		202.4		—
Asset-backed securities	103.9		—		75.8		28.1
Collateralized loan obligations	89.2		—		85.3		3.9
Total fixed maturities	1,915.8		211.0		1,646.9		57.9
Equity securities	431.3		310.5		—		120.8
Other investments	9.5		—		0.2		9.3
Short-term investments	360.6		360.5		0.1		—
Derivatives	21.5		—		21.5		—
Total assets	$	2,738.7	$	882.0	$	1,668.7	$	188.0

Derivatives	2.9		—		2.9		—
Total liabilities	$	2.9	$	—	$	2.9	$	—


			Fair Value Measurements at Reporting Date Using
(in millions)	December 31, 2024		Level 1		Level 2		Level 3
Fixed maturities
U.S. Governments	$	223.2	$	221.0	$	2.2	$	—
Foreign Governments	7.1		—		7.1		—
Obligations of states and political subdivisions	81.7		—		81.7		—
Corporate bonds	1,050.7		—		1,028.0		22.7
Commercial mortgage-backed securities	286.3		—		286.3		—
Residential mortgage-backed securities	203.2		—		203.2		—
Asset-backed securities	107.4		—		93.5		13.9
Collateralized loan obligations	109.3		—		109.3		—
Total fixed maturities	2,068.9		221.0		1,811.3		36.6
Equity securities	413.0		297.5		—		115.5
Other investments	4.7		—		0.2		4.5
Short-term investments	209.1		208.9		0.2		—
Derivatives	24.2		—		24.2		—
Total assets	$	2,719.9	$	727.4	$	1,835.9	$	156.6

The fair value measurements in the tables above do not equal Total investments on our Condensed Consolidated Balance Sheets as they primarily exclude Mortgage loans, Private loans, certain Other investments and certain Short-term investments. Our mortgage loans and private loans, some of which are classified as short-term investments based on the time to maturity at acquisition, are carried at amortized cost. Certain other investments are accounted for in accordance with the equity method of accounting, carried at amortized cost or use NAV as a practical expedient.


(in millions)	Fixed Maturities		Equity Securities		Other Investments		Total
Beginning balance, January 1, 2025	$	36.6	$	115.5	$	4.5	$	156.6
Transfers into Level 3	14.1		—		4.3		18.4
Transfers out of Level 3	(0.7)		—		—		(0.7)
Total gains or losses (realized/unrealized):
Included in net income	(1.0)		2.0		—		1.0
Included in other comprehensive income	1.9		—		—		1.9
Purchases, issuances, sales, and settlements:
Purchases	7.0		3.3		1.0		11.3

Sales	—		—		(0.5)		(0.5)
Settlements	—		—		—		—
Ending balance, March 31, 2025	$	57.9	$	120.8	$	9.3	$	188.0
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held as of March 31, 2025	$	—	$	2.8	$	—	$	2.8


(in millions)	Fixed Maturities		Equity Securities		Other Investments		Total
Beginning balance, January 1, 2024	$	50.4	$	6.4	$	—	$	56.8
Transfers into Level 3	0.7		—		—		0.7
Transfers out of Level 3	(10.1)		—		—		(10.1)
Total gains or losses (realized/unrealized):					—		—
Included in net income	1.5		28.3		—		29.8
Included in other comprehensive loss	(0.7)		—		—		(0.7)
Purchases, issuances, sales, and settlements:					—		—
Purchases	2.5		80.9		8.3		91.7

Sales	—		(0.1)		(1.6)		(1.7)
Settlements	(7.7)		—		(2.2)		(9.9)
Ending balance, December 31, 2024	$	36.6	$	115.5	$	4.5	$	156.6
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2024	$	—	$	28.4	$	—	$	28.4

The Company holds certain investments at cost, less an allowance for expected credit losses, on the Condensed Consolidated Balance Sheets. The fair value of the Company’s investments is estimated using a discounted cash flow analysis. Due to the level of unobservable inputs factored into the estimation of fair value, the valuation would be categorized as Level 3. The cost and estimated fair value of these investments were: