Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Securities, Available-for-sale [Line Items] |
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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 June 30, 2026 by contractual maturity were: | | | | | | | | | | | | | | | | (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 | |
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| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at June 30, 2026 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2025 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
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| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
The following tables set forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | 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 | |
Note 7 - Investments (Continued) | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Schedule of Other Investments |
The carrying values of the Company’s Other Investments at June 30, 2026 and December 31, 2025 were: | | | | | | | | | | | | | | | | (Dollars in Millions) | | Jun 30,
2026 | | Dec 31,
2025 | Equity Securities at Modified Cost | | $ | 18.6 | | | $ | 21.7 | | | Real Estate at Depreciated Cost | | 95.6 | | | 92.7 | | | Mortgage Loans | | 151.0 | | | 149.8 | | | Other | | 17.5 | | | 7.1 | | | Total Other Investments | | $ | 282.7 | | | $ | 271.3 | |
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| Investment Income |
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. |
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| Schedule of Net Realized Gains (Losses) |
The components of Net Realized Investment Gains (Losses) for the three and six months ended June 30, 2026 and 2025 are presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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 fair values of the Company’s Investments in Fixed Maturities at June 30, 2026 and December 31, 2025 were: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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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 | |
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