Investments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Debt Securities, Available-for-sale [Line Items] |
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| Schedule of Unrealized Loss on Investments |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2025 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in Millions) | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fixed Maturities: | | | | | | | | | | | | | | U.S. Government and Government Agencies and Authorities | | $ | 3.1 | | | $ | — | | | $ | 380.3 | | | $ | (82.8) | | | $ | 383.4 | | | $ | (82.8) | | | States and Political Subdivisions | | 86.2 | | | (2.4) | | | 1,063.3 | | | (183.3) | | | 1,149.5 | | | (185.7) | | | Foreign Governments | | 1.0 | | | — | | | 0.5 | | | (0.1) | | | 1.5 | | | (0.1) | | | Corporate Securities: | | | | | | | | | | | | | | Bonds and Notes | | 353.0 | | | (5.4) | | | 2,759.5 | | | (428.1) | | | 3,112.5 | | | (433.5) | | | Redeemable Preferred Stocks | | — | | | — | | | 2.0 | | | — | | | 2.0 | | | — | | | Collateralized Loan Obligations | | 238.2 | | | (1.2) | | | 61.7 | | | (6.6) | | | 299.9 | | | (7.8) | | | Other Mortgage- and Asset-backed | | 24.7 | | | (0.5) | | | 249.5 | | | (22.7) | | | 274.2 | | | (23.2) | | | Total Fixed Maturities | | $ | 706.2 | | | $ | (9.5) | | | $ | 4,516.8 | | | $ | (723.6) | | | $ | 5,223.0 | | | $ | (733.1) | |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2024 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in Millions) | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fixed Maturities: | | | | | | | | | | | | | | U.S. Government and Government Agencies and Authorities | | $ | 41.7 | | | $ | (0.5) | | | $ | 383.6 | | | $ | (101.9) | | | $ | 425.3 | | | $ | (102.4) | | | States and Political Subdivisions | | 242.7 | | | (10.3) | | | 933.4 | | | (215.1) | | | 1,176.1 | | | (225.4) | | | Foreign Governments | | — | | | — | | | 1.4 | | | (0.2) | | | 1.4 | | | (0.2) | | | Corporate Securities: | | | | | | | | | | | | | | Bonds and Notes | | 674.3 | | | (40.9) | | | 2,605.7 | | | (477.9) | | | 3,280.0 | | | (518.8) | | | Redeemable Preferred Stocks | | 2.0 | | | — | | | 6.6 | | | (1.0) | | | 8.6 | | | (1.0) | | | Collateralized Loan Obligations | | 34.2 | | | (0.1) | | | 89.5 | | | (7.1) | | | 123.7 | | | (7.2) | | | Other Mortgage- and Asset-backed | | 12.0 | | | (0.1) | | | 261.7 | | | (34.4) | | | 273.7 | | | (34.5) | | | Total Fixed Maturities | | $ | 1,006.9 | | | $ | (51.9) | | | $ | 4,281.9 | | | $ | (837.6) | | | $ | 5,288.8 | | | $ | (889.5) | |
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| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the year ended December 31, 2025. Accrued interest excluded from the amortized cost of fixed maturities total $75.3 million and $70.9 million as of December 31, 2025 and 2024, respectively, and is reported within the Other Receivables line of the Consolidated Balance Sheets. The Company monitors accrued interest and writes off amounts when they are deemed uncollectible. | | | | | | | | | | | | | | | | | | | | | | | | | | | | States and Political Subdivisions | | | | Corporate Bonds and Notes | | | | Total | | (Dollars in Millions) | | Balance, Beginning of Year | | $ | 0.3 | | | | | $ | 10.4 | | | | | $ | 10.7 | | Additions for Securities for which No Previous Expected Credit Losses were
Recognized | | — | | | | | 2.4 | | | | | 2.4 | | | Reductions due to Sales | | — | | | | | (1.1) | | | | | (1.1) | | | Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized | | (0.1) | | | | | 9.4 | | | | | 9.3 | | Write-Offs Charged Against Allowance | | — | | | | | (1.2) | | | | | (1.2) | | | Balance, End of Year | | $ | 0.2 | | | | | $ | 19.9 | | | | | $ | 20.1 | |
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the year ended December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | States and Political Subdivisions | | | | Corporate Bonds and Notes | | | | Total | | (Dollars in Millions) | | Balance, Beginning of Year | | $ | 0.5 | | | | | $ | 7.7 | | | | | $ | 8.2 | | | | | | | | | | | | | Additions for Securities for which No Previous Expected Credit Losses were
Recognized | | — | | | | | 3.4 | | | | | 3.4 | | | Reduction due to Sales | | — | | | | | (0.8) | | | | | (0.8) | | | Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized | | (0.2) | | | | | 0.1 | | | | | (0.1) | | | | | | | | | | | | | | Balance, End of Year | | $ | 0.3 | | | | | $ | 10.4 | | | | | $ | 10.7 | |
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| Schedule of Other Investments |
The carrying values of the Company’s Other Investments at December 31, 2025 and 2024 were: | | | | | | | | | | | | | | | | (Dollars in Millions) | | 2025 | | 2024 | | Equity Securities at Modified Cost | | $ | 21.7 | | | $ | 22.5 | | | | | | | | Real Estate at Depreciated Cost | | 92.7 | | | 99.5 | | | Mortgage Loans | | 149.8 | | | 75.3 | | | | | | | Other1 | | 7.1 | | | 19.8 | | | Total Other Investments | | $ | 271.3 | | | $ | 217.1 | | | | | | | 1In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other Investments. Prior-period amounts have been recast to conform to the current-period presentation. |
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| Investments in Fixed Maturities |
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| Debt Securities, Available-for-sale [Line Items] |
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| Schedule of Available-for-sale Securities Reconciliation |
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2025 were: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in Millions) | | Amortized
Cost | | Gross Unrealized | | Allowance for Expected Credit Losses | | Fair Value | | Gains | | Losses | | | | U.S. Government and Government Agencies and Authorities | | $ | 702.0 | | | $ | 3.2 | | | $ | (82.8) | | | $ | — | | | $ | 622.4 | | | States and Political Subdivisions | | 1,437.3 | | | 1.8 | | | (185.7) | | | (0.2) | | | 1,253.2 | | | Foreign Governments | | 10.7 | | | 0.4 | | | (0.1) | | | — | | | 11.0 | | | Corporate Securities: | | | | | | | | | | | | Bonds and Notes | | 4,089.8 | | | 11.4 | | | (433.5) | | | (17.4) | | | 3,650.3 | | | Redeemable Preferred Stocks | | 9.8 | | | 0.4 | | | — | | | — | | | 10.2 | | | Collateralized Loan Obligations | | 850.8 | | | 2.5 | | | (7.8) | | | (2.5) | | | 843.0 | | | Other Mortgage- and Asset-backed | | 375.3 | | | 1.1 | | | (23.2) | | | — | | | 353.2 | | | Investments in Fixed Maturities | | $ | 7,475.7 | | | $ | 20.8 | | | $ | (733.1) | | | $ | (20.1) | | | $ | 6,743.3 | |
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2024 were: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross Unrealized | | Allowance for Expected Credit Losses | | Fair Value | (Dollars in Millions) | | Gains | | Losses | | | | U.S. Government and Government Agencies and Authorities | | $ | 588.6 | | | $ | 0.6 | | | $ | (102.4) | | | $ | — | | | $ | 486.8 | | | States and Political Subdivisions | | 1,457.3 | | | 1.6 | | | (225.4) | | | (0.3) | | | 1,233.2 | | | Foreign Governments | | 6.5 | | | 0.3 | | | (0.2) | | | — | | | 6.6 | | | Corporate Securities: | | | | | | | | | | | | Bonds and Notes | | 4,038.3 | | | 8.9 | | | (518.8) | | | (8.8) | | | 3,519.6 | | | Redeemable Preferred Stocks | | 9.8 | | | 0.1 | | | (1.0) | | | — | | | 8.9 | | | Collateralized Loan Obligations | | 747.8 | | | 2.5 | | | (7.2) | | | (1.6) | | | 741.5 | | | Other Mortgage- and Asset-backed | | 446.7 | | | 0.8 | | | (34.5) | | | — | | | 413.0 | | | Investments in Fixed Maturities | | $ | 7,295.0 | | | $ | 14.8 | | | $ | (889.5) | | | $ | (10.7) | | | $ | 6,409.6 | |
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| Investments Classified by Contractual Maturity Date |
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2025 by contractual maturity were: | | | | | | | | | | | | | | | | (Dollars in Millions) | | Amortized Cost | | Fair Value | | Due in One Year or Less | | $ | 196.6 | | | $ | 186.1 | | | Due after One Year to Five Years | | 975.4 | | | 946.3 | | | Due after Five Years to Ten Years | | 942.1 | | | 865.9 | | | Due after Ten Years | | 3,577.4 | | | 3,060.3 | | | Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | | 1,784.2 | | | 1,684.7 | | | Investments in Fixed Maturities | | $ | 7,475.7 | | | $ | 6,743.3 | |
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