
	Six Months Ended
	June 30,
	2026		2025
Gross reserves at beginning of period	$	14,775.7	$	13,727.7
Less: Reinsurance losses recoverable	6,399.1		5,807.1
Net reserves at beginning of period:
Specialty Insurance	7,826.6		7,341.5
Title Insurance	545.7		572.7
Other	4.1		6.4
Subtotal	8,376.5		7,920.6
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
Specialty Insurance	1,702.3		1,638.8
Title Insurance	53.7		45.4
Other	2.2		3.7
Subtotal	1,758.3		1,687.9
Change in provision for insured events of prior years:
Specialty Insurance	(16.6)		(77.7)
Title Insurance	(12.8)		(9.0)
Other	(1.1)		(1.8)
Subtotal	(30.6)		(88.6)
Total incurred loss and loss adjustment expenses	1,727.6		1,599.3
Payments:
Loss and loss adjustment expenses attributable to
insured events of the current year:
Specialty Insurance	398.1		389.2
Title Insurance	3.1		2.6
Other	1.3		1.7
Subtotal	402.6		393.6
Loss and loss adjustment expenses attributable to
insured events of prior years:
Specialty Insurance	1,098.4		962.6
Title Insurance	33.0		40.9
Other	1.1		2.1
Subtotal	1,132.6		1,005.8
Total payments	1,535.2		1,399.5
Net reserves at end of period:
Specialty Insurance	8,015.7		7,550.5
Title Insurance	550.4		565.4
Other	2.7		4.3
Subtotal	8,568.9		8,120.4
Reinsurance losses recoverable	6,757.9		6,236.0
Gross reserves at end of period	$	15,326.9	$	14,356.4

Overall, the 2026 change in provision for insured events of prior years reflects favorable prior year loss reserve development for the first six months of 2026 for all groups shown, although at a significantly lower level compared to last year on a consolidated basis.

During the first six months of 2026, Specialty Insurance experienced a significant level of favorable development from accident years 2015 through 2019 and 2023. Net favorable development was predominantly from property and commercial auto with workers' compensation also contributing a strong level of favorable development. This was partially offset by unfavorable development of approximately $40 (1.5 points) from run-off transactional risk business and a modest level of unfavorable development in general liability.