Investments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value of Fixed Maturity Security |
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Cost or Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Fixed maturity securities: | | | | | | | | | | U.S. government and government agencies and authorities | $ | 63.9 | | | $ | — | | | $ | 0.2 | | | $ | (1.3) | | | $ | 62.8 | | States, municipalities and political subdivisions | 98.3 | | | — | | | 0.7 | | | (5.3) | | | 93.7 | | Foreign governments | 647.5 | | | — | | | 8.1 | | | (13.0) | | | 642.6 | | Asset-backed | 861.1 | | | — | | | 4.3 | | | (8.6) | | | 856.8 | | Commercial mortgage-backed | 482.9 | | | — | | | 2.7 | | | (18.6) | | | 467.0 | | Residential mortgage-backed | 1,113.9 | | | — | | | 6.0 | | | (38.7) | | | 1,081.2 | | U.S. corporate | 4,007.8 | | | — | | | 48.0 | | | (119.6) | | | 3,936.2 | | Foreign corporate | 1,857.7 | | | — | | | 28.4 | | | (36.9) | | | 1,849.2 | | Total fixed maturity securities | $ | 9,133.1 | | | $ | — | | | $ | 98.4 | | | $ | (242.0) | | | $ | 8,989.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Cost or Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Fixed maturity securities: | | | | | | | | | | U.S. government and government agencies and authorities | $ | 62.7 | | | $ | — | | | $ | 1.0 | | | $ | (0.8) | | | $ | 62.9 | | States, municipalities and political subdivisions | 100.0 | | | — | | | 1.2 | | | (5.1) | | | 96.1 | | Foreign governments | 596.1 | | | — | | | 9.1 | | | (11.3) | | | 593.9 | | Asset-backed | 850.2 | | | — | | | 4.6 | | | (9.1) | | | 845.7 | | Commercial mortgage-backed | 431.4 | | | — | | | 5.3 | | | (19.3) | | | 417.4 | | Residential mortgage-backed | 978.6 | | | — | | | 11.5 | | | (35.4) | | | 954.7 | | U.S. corporate | 3,895.5 | | | (1.9) | | | 97.3 | | | (113.3) | | | 3,877.6 | | Foreign corporate | 1,720.8 | | | — | | | 44.9 | | | (36.3) | | | 1,729.4 | | Total fixed maturity securities | $ | 8,635.3 | | | $ | (1.9) | | | $ | 174.9 | | | $ | (230.6) | | | $ | 8,577.7 | |
|
| Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity |
The cost or amortized cost and fair value of fixed maturity securities as of June 30, 2026 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | | Cost or Amortized Cost | | Fair Value | | | | | | | Due in one year or less | $ | 153.9 | | | $ | 153.7 | | | | | | | | Due after one year through five years | 1,363.4 | | | 1,370.8 | | | | | | | | Due after five years through ten years | 3,722.2 | | | 3,738.4 | | | | | | | | Due after ten years | 1,435.7 | | | 1,321.6 | | | | | | | | Total | 6,675.2 | | | 6,584.5 | | | | | | | | Asset-backed | 861.1 | | | 856.8 | | | | | | | | Commercial mortgage-backed | 482.9 | | | 467.0 | | | | | | | | Residential mortgage-backed | 1,113.9 | | | 1,081.2 | | | | | | | | Total | $ | 9,133.1 | | | $ | 8,989.5 | | | | | | | |
|
| Schedule of Gain (Loss) on Securities |
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the consolidated statements of operations for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities: | | | | | | | | Fixed maturity securities | $ | (15.2) | | | $ | (21.2) | | | $ | (28.2) | | | $ | (38.2) | | Equity securities (1) | 2.7 | | | (1.1) | | | — | | | 1.7 | | Commercial mortgage loans on real estate | — | | | 0.3 | | | 0.3 | | | 1.7 | | Other investments | (0.1) | | | 0.3 | | | (0.3) | | | 0.1 | | Total net realized losses on investments related to sales and other and fair value changes to equity securities | (12.6) | | | (21.7) | | | (28.2) | | | (34.7) | | Net realized losses related to impairments: | | | | | | | | Fixed maturity securities | 2.5 | | | — | | | — | | | — | | Other investments | (0.1) | | | — | | | (3.2) | | | (3.0) | | Total net realized losses related to impairments | 2.4 | | | — | | | (3.2) | | | (3.0) | | Total net realized losses on investments and fair value changes to equity securities | $ | (10.2) | | | $ | (21.7) | | | $ | (31.4) | | | $ | (37.7) | |
(1)Upward adjustments of $0.4 million, $0.5 million, $0.0 million and $2.5 million for the three and six months ended June 30, 2026 and 2025, respectively, and impairments of $0.0 million, $0.0 million, $0.0 million and $3.0 million for the three and six months ended June 30, 2026 and 2025, respectively, were realized on equity investments accounted for under the measurement alternative.
|
| Schedule of Fair Value Changes to Equity Securities |
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Net gains (losses) recognized on equity securities | $ | 2.7 | | | $ | (1.1) | | | $ | — | | | $ | 1.7 | | Less: Net realized gains (losses) related to sales of equity securities | — | | | (13.5) | | | — | | | (14.0) | | Total fair value changes to equity securities held | $ | 2.7 | | | $ | 12.4 | | | $ | — | | | $ | 15.7 | |
|
| Schedule of Equity Securities without Readily Determinable Fair Value |
The following table summarizes information related to these investments: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | Initial cost | $ | 84.9 | | | $ | 82.5 | | Cumulative upward adjustments | 56.1 | | | 55.6 | | Cumulative downward adjustments (including impairments) | (22.8) | | | (22.8) | | Carrying value | $ | 118.2 | | | $ | 115.3 | |
|
| Schedule of Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities |
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of June 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Less than 12 months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Fixed maturity securities: | | | | | | | | | | | | U.S. government and government agencies and authorities | $ | 36.1 | | | $ | (0.4) | | | $ | 8.1 | | | $ | (0.9) | | | $ | 44.2 | | | $ | (1.3) | | States, municipalities and political subdivisions | 16.0 | | | (0.5) | | | 48.0 | | | (4.8) | | | 64.0 | | | (5.3) | | Foreign governments | 193.2 | | | (2.6) | | | 160.2 | | | (10.4) | | | 353.4 | | | (13.0) | | Asset-backed | 370.0 | | | (1.8) | | | 78.3 | | | (6.8) | | | 448.3 | | | (8.6) | | Commercial mortgage-backed | 133.8 | | | (2.1) | | | 107.6 | | | (16.5) | | | 241.4 | | | (18.6) | | Residential mortgage-backed | 495.8 | | | (5.3) | | | 149.6 | | | (33.4) | | | 645.4 | | | (38.7) | | U.S. corporate | 1,131.0 | | | (20.8) | | | 454.5 | | | (98.8) | | | 1,585.5 | | | (119.6) | | Foreign corporate | 512.4 | | | (6.0) | | | 165.0 | | | (30.9) | | | 677.4 | | | (36.9) | | Total fixed maturity securities | $ | 2,888.3 | | | $ | (39.5) | | | $ | 1,171.3 | | | $ | (202.5) | | | $ | 4,059.6 | | | $ | (242.0) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Fixed maturity securities: | | | | | | | | | | | | U.S. government and government agencies and authorities | $ | 12.5 | | | $ | — | | | $ | 9.8 | | | $ | (0.8) | | | $ | 22.3 | | | $ | (0.8) | | States, municipalities and political subdivisions | 4.1 | | | (0.2) | | | 53.0 | | | (4.9) | | | 57.1 | | | (5.1) | | Foreign governments | 93.8 | | | (1.6) | | | 163.8 | | | (9.7) | | | 257.6 | | | (11.3) | | Asset-backed | 364.0 | | | (2.9) | | | 72.8 | | | (6.2) | | | 436.8 | | | (9.1) | | Commercial mortgage-backed | 35.7 | | | (0.8) | | | 131.5 | | | (18.5) | | | 167.2 | | | (19.3) | | Residential mortgage-backed | 72.9 | | | (1.1) | | | 182.1 | | | (34.3) | | | 255.0 | | | (35.4) | | U.S. corporate | 374.6 | | | (8.7) | | | 562.8 | | | (104.6) | | | 937.4 | | | (113.3) | | Foreign corporate | 176.3 | | | (2.8) | | | 220.5 | | | (33.5) | | | 396.8 | | | (36.3) | | Total fixed maturity securities | $ | 1,133.9 | | | $ | (18.1) | | | $ | 1,396.3 | | | $ | (212.5) | | | $ | 2,530.2 | | | $ | (230.6) | |
|
| Schedule of Credit Quality Indicators for Commercial Mortgage Loans |
The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Origination Year | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | % of Total | Loan-to-value ratios (1): | | | | | | | | | | | | | | | | 70% and less | $ | 17.8 | | | $ | 50.6 | | | $ | 45.2 | | | $ | 21.5 | | | $ | 28.3 | | | $ | 62.3 | | | $ | 225.7 | | | 72.4 | % | 71% to 80% | — | | | — | | | 7.0 | | | 11.1 | | | 5.7 | | | 15.1 | | | 38.9 | | | 12.5 | % | 81% to 95% | — | | | 2.3 | | | 1.0 | | | — | | | 7.2 | | | 11.3 | | | 21.8 | | | 7.0 | % | Greater than 95% | 3.0 | | | — | | | — | | | 3.8 | | | 10.0 | | | 8.6 | | | 25.4 | | | 8.1 | % | Total | $ | 20.8 | | | $ | 52.9 | | | $ | 53.2 | | | $ | 36.4 | | | $ | 51.2 | | | $ | 97.3 | | | $ | 311.8 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Origination Year | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | % of Total | Debt-service coverage ratios (2): | | | | | | | | | | | | | | | | Greater than 2.0 | $ | 7.3 | | | $ | 6.8 | | | $ | 4.5 | | | $ | 0.5 | | | $ | 12.8 | | | $ | 32.0 | | | $ | 63.9 | | | 20.5 | % | 1.5 to 2.0 | 6.0 | | | 13.3 | | | 18.0 | | | 8.7 | | | 9.1 | | | 23.6 | | | 78.7 | | | 25.2 | % | 1.0 to 1.5 | 7.5 | | | 32.8 | | | 28.0 | | | 12.2 | | | 10.9 | | | 22.0 | | | 113.4 | | | 36.4 | % | Less than 1.0 | — | | | — | | | 2.7 | | | 15.0 | | | 18.4 | | | 19.7 | | | 55.8 | | | 17.9 | % | Total | $ | 20.8 | | | $ | 52.9 | | | $ | 53.2 | | | $ | 36.4 | | | $ | 51.2 | | | $ | 97.3 | | | $ | 311.8 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Origination Year | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | % of Total | Loan-to-value ratios (1): | | | | | | | | | | | | | | | | 70% and less | $ | 50.4 | | | $ | 48.5 | | | $ | 27.4 | | | $ | 25.7 | | | $ | 32.2 | | | $ | 44.4 | | | $ | 228.6 | | | 69.0 | % | 71% to 80% | — | | | 5.0 | | | 11.0 | | | 7.5 | | | 16.0 | | | 5.7 | | | 45.2 | | | 13.6 | % | 81% to 95% | 2.3 | | | 1.0 | | | 2.4 | | | 10.5 | | | 12.0 | | | — | | | 28.2 | | | 8.5 | % | Greater than 95% | — | | | — | | | 3.8 | | | 14.9 | | | 10.7 | | | — | | | 29.4 | | | 8.9 | % | Total | $ | 52.7 | | | $ | 54.5 | | | $ | 44.6 | | | $ | 58.6 | | | $ | 70.9 | | | $ | 50.1 | | | $ | 331.4 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Origination Year | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | % of Total | Debt-service coverage ratios (2): | | | | | | | | | | | | | | | | Greater than 2.0 | $ | 6.8 | | | $ | 4.5 | | | $ | 0.5 | | | $ | 12.9 | | | $ | 8.6 | | | $ | 35.2 | | | $ | 68.5 | | | 20.7 | % | 1.5 to 2.0 | 13.2 | | | 19.5 | | | 13.7 | | | 9.2 | | | 19.3 | | | 9.1 | | | 84.0 | | | 25.3 | % | 1.0 to 1.5 | 32.7 | | | 27.8 | | | 15.5 | | | 11.1 | | | 23.3 | | | 2.6 | | | 113.0 | | | 34.1 | % | Less than 1.0 | — | | | 2.7 | | | 14.9 | | | 25.4 | | | 19.7 | | | 3.2 | | | 65.9 | | | 19.9 | % | Total | $ | 52.7 | | | $ | 54.5 | | | $ | 44.6 | | | $ | 58.6 | | | $ | 70.9 | | | $ | 50.1 | | | $ | 331.4 | | | 100.0 | % |
(1)LTV ratio derived from current loan balance divided by the fair value of the property. (2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service.
|