Valuation of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Instruments [Abstract]

Estimated fair value of financial instruments table

The carrying value and the estimated fair value of the Company’s financial instruments at fair value were as follows:


	June 30, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(in millions)
Financial assets
Total investments at fair value	$	2,231.1	$	2,231.1	$	2,234.8	$	2,234.8
Cash and cash equivalents	113.3		113.3		159.8		159.8
Restricted cash and cash equivalents	0.2		0.2		0.2		0.2
Financial liabilities
Credit agreement (Note 10)	$	20.0	$	20.0	$	—	$	—
FHLB advances (Note 10)	105.0		103.5		35.0		35.0

Fair value, assets and liabilities measured on recurring basis table

The following table presents the Company’s investments at fair value and the corresponding fair value measurements.


	June 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities:
U.S. Treasuries	$	—	$	80.9	$	—	$	—	$	80.1	$	—

States and municipalities	—		151.7		—		—		159.9		—
Corporate securities	—		637.8		65.0		—		600.8		54.5
Residential mortgage-backed securities	—		745.3		2.9		—		799.9		3.0
Commercial mortgage-backed securities	—		30.0		—		—		28.9		—
Asset-backed securities	—		156.1		10.2		—		150.3		12.8
Collateralized loan obligations	—		2.5		—		—		12.5		—
Foreign government securities	—		—		2.0		—		—		2.0
Other securities	—		153.5		—		—		136.0		—
Total fixed maturity securities	$	—	$	1,957.8	$	80.1	$	—	$	1,968.4	$	72.3
Equity securities at fair value:
Industrial and miscellaneous	$	149.1	$	—	$	—	$	157.9	$	—	$	—

Other	22.4		—		—		26.1		—		—
Total equity securities at fair value	$	171.5	$	—	$	—	$	184.0	$	—	$	—
Short-term investments	$	—	$	21.7	$	—	$	—	$	10.1	$	—
Total investments at fair value	$	171.5	$	1,979.5	$	80.1	$	184.0	$	1,978.5	$	72.3

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs.


	Six Months Ended
	June 30,
	2026		2025
	(in millions)
Balance at the beginning of the period	$	72.3	$	65.6

Purchases	11.5		3.0
Sales	(2.5)		(1.1)
Unrealized (losses) gains included in comprehensive income or loss	(1.2)		1.1
Balance at end of period	$	80.1	$	68.6

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

Financial Instruments Carried at Net Asset Value

The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company’s Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have a fund term of 3 to 12 years, subject to two or three one-year extensions at the general partner’s discretion. The Company periodically receives and recognizes as Net investment income on the Company’s Consolidated Statements of Comprehensive Income (Loss) distributions of proceeds from dividends and interest from fund investments, as well as from any dispositions of fund investments during the course of the fund term. As of June 30, 2026, the Company had unfunded commitments to these private equity limited partnerships totaling $9.7 million.

Additionally, certain cash equivalents, principally money market securities, are measured using NAV, which approximates fair value.

The following table presents cash and investments carried at NAV on the Company’s Consolidated Balance Sheets.


	June 30, 2026		December 31, 2025
	(in millions)
Cash equivalents carried at NAV	$	59.0	$	110.9
Other invested assets carried at NAV	96.1		96.5

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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