
	June 30, 2026
	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	725.7	$	1.4	$	(85.3)	$	—	$	641.8
States and Political Subdivisions	1,412.9		1.1		(180.7)		—		1,233.3
Foreign Governments	8.4		0.2		(0.1)		—		8.5
Corporate Securities:
Bonds and Notes	4,185.3		8.4		(464.6)		(18.8)		3,710.3
Redeemable Preferred Stocks	9.5		0.3		—		—		9.8
Collateralized Loan Obligations	781.5		1.1		(9.2)		(4.6)		768.8
Other Mortgage- and Asset-backed	371.8		0.7		(23.9)		—		348.6
Investments in Fixed Maturities	$	7,495.1	$	13.2	$	(763.8)	$	(23.4)	$	6,721.1


	December 31, 2025
	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			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

Accrued interest excluded from the amortized cost of fixed maturities total $73.5 million and $75.3 million as of June 30, 2026 and December 31, 2025, respectively, and is reported within Other Receivables on the Condensed Consolidated Balance Sheets. The Company monitors accrued interest and writes off amounts when they are not expected to be received.

There were $3.0 million and $1.6 million of unsettled sales of Investments in Fixed Maturities included in Other Receivables at June 30, 2026 and December 31, 2025, respectively. Accrued Expenses and Other Liabilities included $4.2 million and $42.7 million of unsettled purchases of Investments in Fixed Maturities as of June 30, 2026 and December 31, 2025, respectively.


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	227.4	$	212.0
Due after One Year to Five Years	1,092.7		1,047.4
Due after Five Years to Ten Years	912.9		839.9
Due after Ten Years	3,520.4		2,988.3
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,741.7		1,633.5
Investments in Fixed Maturities	$	7,495.1	$	6,721.1

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at June 30, 2026 consisted of securities issued by the Government National Mortgage Association with a fair value of $453.3 million, securities issued by the Federal National Mortgage Association with a fair value of $41.7 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $21.1 million and securities of other non-governmental issuers with a fair value of $1,117.4 million.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	143.4	$	(1.5)	$	359.2	$	(83.8)	$	502.6	$	(85.3)
States and Political Subdivisions	121.0		(2.2)		1,027.7		(178.5)		1,148.7		(180.7)
Foreign Governments	1.7		—		0.5		(0.1)		2.2		(0.1)
Corporate Securities:
Bonds and Notes	518.8		(9.3)		2,710.1		(455.3)		3,228.9		(464.6)
Redeemable Preferred Stocks	—		—		2.0		—		2.0		—
Collateralized Loan Obligations	309.7		(2.7)		55.6		(6.5)		365.3		(9.2)
Other Mortgage- and Asset-backed	43.4		(1.1)		230.9		(22.8)		274.3		(23.9)
Total Fixed Maturities	$	1,138.0	$	(16.8)	$	4,386.0	$	(747.0)	$	5,524.0	$	(763.8)

Investment-grade fixed maturity investments comprised $752.2 million and below-investment-grade fixed maturity investments comprised $11.6 million of the unrealized losses on investments in fixed maturities at June 30, 2026. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 2.4% of the amortized cost basis of the investment.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	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)

Investment-grade fixed maturity investments comprised $719.6 million and below-investment-grade fixed maturity investments comprised $13.6 million of the unrealized losses on investments in fixed maturities at December 31, 2025. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 3.3% of the amortized cost basis of the investment.


	Six Months Ended June 30, 2026
	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.2	$	19.9	$	20.1
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.9		2.9
Reductions Due to Sales	—		(2.3)		(2.3)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.1)		2.8		2.7
Balance, End of Period	$	0.1	$	23.3	$	23.4


	Six Months Ended June 30, 2025
	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.3	$	10.4	$	10.7

Reductions Due to Sales	—		(0.5)		(0.5)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.1)		3.6		3.5
Write-offs Charged Against Allowance	—		(1.1)		(1.1)
Balance, End of Period	$	0.2	$	12.4	$	12.6

Investments in Equity Securities at Fair Value were $309.6 million and $306.4 million at June 30, 2026 and December 31, 2025, respectively. Net unrealized losses arising during the six months ended June 30, 2026 and 2025 and recognized in earnings, related to such investments still held as of June 30, 2026 and June 30, 2025, were $2.7 million and $0.1 million, respectively.

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at June 30, 2026 is limited to the total carrying value of $183.0 million. In addition, the Company had outstanding commitments totaling approximately $107.3 million to fund Equity Method Limited Liability Investments at June 30, 2026. At June 30, 2026, 4.1% of Equity Method Limited Liability Investments were reported without a reporting lag, 0.8% of the total carrying value were reported with a one-month lag, and the remainder were reported with a greater than one-month but less than or equal to three-month lag.

There were no unsettled purchases and $0.9 million of unsettled sales of Equity Method Limited Liability Investments at June 30, 2026. As of December 31, 2025, there were no unsettled purchases or sales of Equity Method Limited Liability Investments. Unsettled purchases and sales of Equity Method Limited Liability Investments are carried within Accrued Expenses and Other Liabilities and Other Receivables, respectively, on the Condensed Consolidated Balance Sheets.

Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Investments in Equity Securities at Modified Cost were $18.6 million and $21.7 million at June 30, 2026 and December 31, 2025, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statements of (Loss) Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the six months ended June 30, 2026 and 2025. The Company did not recognize any impairment on Equity Securities at Modified Cost for the six months ended June 30, 2026 and 2025 as a result of the Company’s impairment analysis. As of June 30, 2026 and December 31, 2025, the Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $1.3 million and $3.2 million, respectively, of cumulative impairments on Equity Securities at Modified Cost.

Net Investment Income for the three and six months ended June 30, 2026 and 2025 was:


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Investment Income:
Interest on Fixed Maturities1	$	80.9	$	76.9	$	160.3	$	153.3
Dividends on Equity Securities Excluding Alternative Investments	2.1		0.7		2.8		1.5
Alternative Investments:
Equity Method Limited Liability Investments	1.2		(5.3)		1.8		(6.0)
Limited Liability Investments Included in Equity Securities	3.5		3.1		10.6		6.8
Total Alternative Investments	4.7		(2.2)		12.4		0.8
Short-term Investments	2.7		6.0		5.8		14.6
Loans to Policyholders	5.2		5.1		10.5		10.4
Real Estate	2.7		2.3		5.0		4.5
Company-Owned Life Insurance	12.1		10.5		23.6		20.7
Other	3.3		3.3		7.3		5.3
Total Investment Income	113.7		102.6		227.7		211.1
Investment Expenses:
Real Estate	2.7		2.2		4.5		4.3
Other Investment Expenses	5.6		4.5		10.7		9.7
Total Investment Expenses	8.3		6.7		15.2		14.0
Net Investment Income	$	105.4	$	95.9	$	212.5	$	197.1

1Reduced by interest expense incurred on Federal Home Loan Banks (“FHLB”) borrowings used for spread lending purposes of $3.5 million and $4.8 million for the three months ended June 30, 2026 and 2025, respectively, and $7.4 million and $9.6 million for the six months ended June 30, 2026 and 2025, respectively.


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Fixed Maturities:
Gains on Sales	$	1.3	$	0.4	$	3.9	$	1.7
Losses on Sales	(0.7)		(0.5)		(3.1)		(1.0)

Equity Securities:
Gains on Sales	—		—		0.2		—
Losses on Sales	—		—		—		—
Other Investments:
Gains on Sales	—		—		—		0.1
Losses on Sales	—		—		—		—
Net Realized Investment Gains (Losses)	$	0.6	$	(0.1)	$	1.0	$	0.8

Gross Gains on Sales	$	1.3	$	0.4	$	4.1	$	1.8
Gross Losses on Sales	(0.7)		(0.5)		(3.1)		(1.0)
Net Realized Investment Gains (Losses)	$	0.6	$	(0.1)	$	1.0	$	0.8