v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
March 31, 2025
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$210.5 $3.0 $0.3 $— $213.2 
Foreign Governments4.1 0.1 — — 4.2 
Obligations of states and political subdivisions66.2 1.9 — — 68.1 
Corporate bonds896.4 23.3 1.2 1.1 917.4 
Commercial mortgage-backed securities305.1 12.6 0.3 — 317.4 
Residential mortgage-backed securities196.7 5.7 — — 202.4 
Asset-backed securities101.1 3.0 0.1 0.1 103.9 
Collateralized loan obligations86.3 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 LossesFair
Value
Fixed maturities
U.S. Governments$222.3 $1.5 $0.6 $— $223.2 
Foreign Governments7.1 — — — 7.1 
Obligations of states and political subdivisions80.1 1.6 — — 81.7 
Corporate bonds1,033.5 19.4 1.3 0.9 1,050.7 
Commercial mortgage-backed securities276.6 10.0 0.3 — 286.3 
Residential mortgage-backed securities201.0 2.8 0.6 — 203.2 
Asset-backed securities104.9 2.6 0.1 — 107.4 
Collateralized loan obligations107.4 2.1 0.2 — 109.3 
Total fixed maturities$2,032.9 $40.0 $3.1 $0.9 $2,068.9 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of March 31, 2025, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$242.5 $243.8 
Due after one year through five years778.9 794.1 
Due after five years through ten years136.0 143.0 
Due after ten years19.8 22.0 
Structured securities689.2 712.9 
Total$1,866.4 $1,915.8 
Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio
Details regarding the carrying value and unfunded investment commitments of Other investments as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
(in millions)Carrying
Value		Unfunded
Commitments		Carrying
Value		Unfunded
Commitments
Investment type
Hedge funds$27.0 $— $27.5 $— 
Private equity258.0 211.9 262.4 214.1 
Real estate equity investments283.4 5.5 282.6 — 
Other5.0 — 4.9 6.8 
Total other investments$573.4 $217.4 $577.4 $220.9 
Schedule of Unrealized Gain (Loss) on Investments
An aging of unrealized losses on our investments in fixed maturities is presented below:
March 31, 2025Less Than One YearOne Year or GreaterTotal
(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 bonds24.1 1.1 2.5 0.1 26.6 1.2 
Commercial mortgage-backed securities28.3 0.2 8.9 0.1 37.2 0.3 
Asset-backed securities13.8 0.1 — — 13.8 0.1 
Total fixed maturities$83.9 $1.7 $11.4 $0.2 $95.3 $1.9 
December 31, 2024Less Than One YearOne Year or GreaterTotal
(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 bonds19.6 1.2 1.7 0.1 21.3 1.3 
Commercial mortgage-backed securities9.7 0.1 8.0 0.2 17.7 0.3 
Residential mortgage-backed securities48.9 0.6 — — 48.9 0.6 
Asset-backed securities9.9 0.1 — — 9.9 0.1 
Collateralized loan obligations11.5 0.2 — — 11.5 0.2 
Total fixed maturities$117.0 $2.8 $9.7 $0.3 $126.7 $3.1 
Schedule of Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three months ended March 31, 2025 and 2024, respectively:

(in millions)Corporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2025$0.9 $— $0.9 
Securities for which allowance was not previously recorded0.1 0.1 0.2 
Additional net increases (decreases) in existing allowance0.1 — 0.1 
Ending balance, March 31, 2025$1.1 $0.1 $1.2 

(in millions)Foreign GovernmentsCorporate bondsTotal
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 
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents loans by property type:
March 31, 2025
(in millions)CostCompositionLoan Count
Apartments$109.5 50.2 %14
Hotel12.6 5.8 %1
Industrial32.8 15.0 %2
Office44.1 20.2 %4
Retail19.3 8.8 %2
Total$218.3 100.0 %23 

December 31, 2024
(in millions)CostCompositionLoan Count
Apartments$82.5 39.3 %10
Hotel12.66.0 %1
Industrial69.232.9 %3
Office26.012.4 %1
Retail19.89.4 %2
Total$210.1 100.0 %17 
Schedule of Financing Receivable Credit Quality Indicators
The following table presents our loans by Debt Service Coverage Ratio (“DSCR”):
March 31, 2025
(in millions)CostLoan Count
Less than 1.00$37.4 4 
1.00 to 1.5065.0 8 
Greater than 1.5 to 2.088.2 6 
Greater than 2.0 to 3.012.6 1 
Total$203.2 19 
December 31, 2024
(in millions)CostLoan Count
Less than 1.00$12.2 3
1.00 to 1.5037.14
Greater than 1.5 to 2.0135.78
Greater than 2.0 to 3.012.61
Total$197.6 16
DSCR does not include residential mortgage loans, which are included within Apartments property type.
The following table presents loans by Loan To Value:
March 31, 2025
(in millions)CostLoan Count
Greater than 50.0% to 55.0%$22.6 2 
Greater than 55.0% to 60.0%15.1 5 
Greater than 60.0% to 70.0%102.1 8 
Greater than 70.0%78.5 8 
Total$218.3 23 

December 31, 2024
(in millions)CostLoan Count
Equal to or less than 50.0%$1.7 2
Greater than 50.0% to 55.0%43.2 1
Greater than 55.0% to 60.0%12.4 1
Greater than 60.0% to 70.0%47.6 4
Greater than 70.0%105.2 9 
Total$210.1 17
Schedule of Financing Receivable, before Allowance for Credit Loss, Maturity
The following table presents loans by maturity:
March 31, 2025
(in millions)CostLoan Count
One year or less$95.4 8 
Greater than one year and less than three48.3 5 
Greater than three years and less than five years17.9 2 
Greater than seven years and less than ten years56.7 8 
Total$218.3 23 

December 31, 2024
(in millions)CostLoan Count
One year or less$34.9 3
Greater than one year and less than three103.5 7
Greater than three years and less than five years17.7 2
Greater than seven years and less than ten years54.0 5
Total$210.1 17
Schedule of Company's Investment and Other Gains and Losses
The following table presents our gross realized investment gains and losses:
For the Three Months Ended March 31,
(in millions)20252024
Realized gains on fixed maturities and other:
Fixed maturities$2.2 $6.8 
Other investments, including short-term investments1.6 2.6 
Total realized gains on fixed maturities and other3.8 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 period13.3 — 
Net gains (losses) on equity securities13.3 0.4 
Net investment and other gains (losses) before income taxes9.7 6.2 
Income tax (benefit) provision2.8 1.6 
Net investment and other gains (losses), net of income taxes$6.9 $4.6 
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to fixed maturity investments are summarized as follows:
For the Three Months Ended March 31,
(in millions)20252024
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 taxes9.2 (20.3)
Income tax provision (benefit)2.0 (4.4)
Net unrealized investment gains (losses), net of income taxes$7.2 $(15.9)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of March 31, 2025 and December 31, 2024 was as follows:
March 31, 2025December 31, 2024
(in millions)Notional AmountFair ValueNotional AmountFair Value
Asset manager investment exposure
Open contracts in a gain position$— $— $151.0 $2.7 
Open contracts in a loss position105.4 (2.3)— — 
Net open contracts for asset manager investment exposure(2.3)2.7 
Total$(2.3)$2.7 
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table presents our gross realized investment gains and losses on our foreign currency exchange forward contracts:
For the Three Months Ended March 31,
(in millions)20252024
Realized gains
Operational currency exposure$— $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)
Schedule of Restricted Assets The following table presents our components of restricted investments:
(in millions)March 31, 2025December 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 credit42.6 40.1 
Total restricted investments$209.8 $220.2 
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
Based on an analysis of the inputs, our financial assets and liabilities measured at fair value on a recurring basis have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)March 31,
2025		Level 1Level 2Level 3
Fixed maturities
U.S. Governments$213.2 $211.0 $2.2 $— 
Foreign Governments4.2 — 4.2 — 
Obligations of states and political subdivisions68.1 — 68.1 — 
Corporate bonds917.4 — 892.6 24.8 
Commercial mortgage-backed securities317.4 — 316.3 1.1 
Residential mortgage-backed securities202.4 — 202.4 — 
Asset-backed securities103.9 — 75.8 28.1 
Collateralized loan obligations89.2 — 85.3 3.9 
Total fixed maturities1,915.8 211.0 1,646.9 57.9 
Equity securities431.3 310.5 — 120.8 
Other investments9.5 — 0.2 9.3 
Short-term investments360.6 360.5 0.1 — 
Derivatives21.5 — 21.5 — 
Total assets$2,738.7 $882.0 $1,668.7 $188.0 
Derivatives2.9 — 2.9 — 
Total liabilities$2.9 $— $2.9 $— 

Fair Value Measurements at Reporting Date Using
(in millions)December 31,
2024		Level 1Level 2Level 3
Fixed maturities
U.S. Governments$223.2 $221.0 $2.2 $— 
Foreign Governments7.1 — 7.1 — 
Obligations of states and political subdivisions81.7 — 81.7 — 
Corporate bonds1,050.7 — 1,028.0 22.7 
Commercial mortgage-backed securities286.3 — 286.3 — 
Residential mortgage-backed securities203.2 — 203.2 — 
Asset-backed securities107.4 — 93.5 13.9 
Collateralized loan obligations109.3 — 109.3 — 
Total fixed maturities2,068.9 221.0 1,811.3 36.6 
Equity securities413.0 297.5 — 115.5 
Other investments4.7 — 0.2 4.5 
Short-term investments209.1 208.9 0.2 — 
Derivatives24.2 — 24.2 — 
Total assets$2,719.9 $727.4 $1,835.9 $156.6 
Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Unobservable Inputs (Level 3)
(in millions)Fixed MaturitiesEquity
Securities		Other InvestmentsTotal
Beginning balance, January 1, 2025$36.6 $115.5 $4.5 $156.6 
Transfers into Level 314.1 — 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 income1.9 — — 1.9 
Purchases, issuances, sales, and settlements:
Purchases7.0 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 MaturitiesEquity
Securities		Other InvestmentsTotal
Beginning balance, January 1, 2024$50.4 $6.4 $— $56.8 
Transfers into Level 30.7 — — 0.7 
Transfers out of Level 3(10.1)— — (10.1)
Total gains or losses (realized/unrealized):— — 
Included in net income1.5 28.3 — 29.8 
Included in other comprehensive loss(0.7)— — (0.7)
Purchases, issuances, sales, and settlements:— — 
Purchases2.5 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 
Schedule of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value
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:
March 31, 2025December 31, 2024
(in millions)CostFair ValueCostFair Value
Mortgage loans$218.3 $218.0 $210.1 $214.2 
Private loans617.8 624.3 577.3 597.2 
Total$836.1 $842.3 $787.4 $811.4 
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
March 31, 2025December 31, 2024
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$162.3 $162.8 $162.0 $163.9 
Subordinated debentures81.4 81.3 81.2 81.3 
Total junior subordinated debentures243.7 244.1 243.2 245.2 
Senior unsecured fixed rate notes129.0 119.1 128.8 128.6 
$372.7 $363.2 $372.0 $373.8