v3.25.2
Short-Duration Insurance Contracts
 6 Months Ended
Jun. 30, 2025
Insurance Loss Reserves [Abstract]  
Short-Duration Insurance Contracts Short-Duration Insurance Contracts
Property & casualty Unpaid Claims and Claim Expense Reserves
The following table is a summary reconciliation of the beginning and ending property & casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net property & casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets. Also included in property & casualty claims expense reserves are legacy commercial line exposures, which are included in the Corporate & Other segment for segment reporting purposes.
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Property & Casualty  
Beginning gross reserves$416.7 $418.2 $420.6 $416.8 
Less: reinsurance recoverables98.3 103.6 100.8 104.0 
Net reserves, beginning of period(1)
318.4 314.6 319.8 312.8 
Incurred claims and claim expenses:  
Claims occurring in the current period141.9 159.0 265.7 283.7 
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)
(5.5)(6.2)(10.8)(6.2)
Total claims and claim expenses incurred136.4 152.8 254.9 277.5 
Claims and claim expense payments
for claims occurring during:
  
Current period
89.7 94.2 139.7 138.7 
Prior periods
44.0 42.0 113.9 120.4 
Total claims and claim expense payments133.7 136.2 253.6 259.1 
Net reserves, end of period(1)
321.0 331.2 321.0 331.2 
Plus: reinsurance recoverables98.8 101.7 98.8 101.7 
Ending gross reserves$419.8 $432.9 $419.8 $432.9 
(1)Reserves net of expected reinsurance recoverables.
(2)Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

The company recognized $5.5 million and $10.8 million of net favorable prior years' reserve development for the three and six months ended June 30, 2025. There was $6.2 million prior years' reserve development for Property & Casualty claims for the three and six months ended June 30, 2024. The net favorable development for the six months ended June 30, 2025 was primarily a result of favorable loss trends in auto and property for accident years 2024 and prior. The net favorable development for the six months ended June 30, 2024 was primarily a result of favorable loss trends in auto and property for accident years 2023 and prior.
Group Benefits Unpaid Claims and Claim Expense Reserves
The following table is a summary reconciliation of the beginning and ending Group Benefits unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net Group Benefits insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Group Benefits  
Beginning gross reserves$109.0 $114.3 $104.9 $116.6 
Less: reinsurance recoverables25.9 27.6 25.2 27.7 
Net reserves, beginning of period(1)
83.1 86.7 79.7 88.9 
Incurred claims and claim expenses:  
Claims occurring in the current period18.6 19.4 37.0 39.6 
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)
(3.0)(3.3)(2.6)(9.4)
Total claims and claim expenses incurred15.6 16.1 34.4 30.2 
Claims and claim expense payments
for claims occurring during:
  
Current period
5.9 8.2 9.7 12.1 
Prior periods
5.4 6.5 17.0 18.9 
Total claims and claim expense payments11.3 14.7 26.7 31.0 
Net reserves, end of period(1)
87.4 88.1 87.4 88.1 
Plus: reinsurance recoverables25.8 28.0 25.8 28.0 
Ending gross reserves$113.2 $116.1 $113.2 $116.1 
(1) Reserves net of expected reinsurance recoverables.
(2) Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

Net favorable prior years' reserve development for Group Benefits was $3.0 million and $3.3 million for the three months ended June 30, 2025 and 2024, and $2.6 million and $9.4 million for the six months ended June 30, 2025 and 2024, respectively. The favorable development for the six months ended June 30, 2025 was primarily the result of favorable loss trends in group life and disability for loss years 2024 and prior. The favorable development for the six months ended June 30, 2024 was primarily the result of favorable loss trends in specialty health and group life and disability for loss years 2023 and prior.
Reconciliation of Property & Casualty and Group Benefits Unpaid Claims and Claim Expense Reserves to the Consolidated Balance Sheets
($ in millions)
As of June 30, 2025
As of December 31, 2024
Ending gross reserves
Property & Casualty$419.8 $420.6 
Group Benefits113.2 104.9 
Total short-duration insurance contracts533.0 525.5 
Other than short-duration(1)
43.6 43.7 
Total unpaid claims and claims expenses$576.6 $569.2 
(1) This line includes Life & Retirement, Supplemental, and other certain group benefit reserves.