XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 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:
| March 31, 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 | $ | 63.7 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | (1.1) |  |  | $ | 63.1 |
States, municipalities and political subdivisions | 99.2 |  |  | — |  |  | 0.8 |  |  | (5.2) |  |  | 94.8 |
Foreign governments | 625.2 |  |  | — |  |  | 5.1 |  |  | (15.3) |  |  | 615.0 |
Asset-backed | 856.3 |  |  | — |  |  | 3.3 |  |  | (9.5) |  |  | 850.1 |
Commercial mortgage-backed | 434.4 |  |  | — |  |  | 3.3 |  |  | (18.7) |  |  | 419.0 |
Residential mortgage-backed | 1,032.2 |  |  | — |  |  | 6.8 |  |  | (37.5) |  |  | 1,001.5 |
U.S. corporate | 4,055.3 |  |  | (2.8) |  |  | 51.6 |  |  | (133.6) |  |  | 3,970.5 |
Foreign corporate | 1,790.4 |  |  | — |  |  | 25.3 |  |  | (45.9) |  |  | 1,769.8 |
Total fixed maturity securities | $ | 8,956.7 |  |  | $ | (2.8) |  |  | $ | 96.7 |  |  | $ | (266.8) |  |  | $ | 8,783.8 |
| 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 March 31, 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.
| March 31, 2026 |  |  |  |  |  |
| Cost or Amortized Cost |  | Fair Value |  |  |  |  |  |
Due in one year or less | $ | 153.0 |  |  | $ | 152.8 |  |  |  |  |  |  |
Due after one year through five years | 1,406.7 |  |  | 1,408.7 |  |  |  |  |  |  |
Due after five years through ten years | 3,730.5 |  |  | 3,735.3 |  |  |  |  |  |  |
Due after ten years | 1,343.6 |  |  | 1,216.4 |  |  |  |  |  |  |
Total | 6,633.8 |  |  | 6,513.2 |  |  |  |  |  |  |
Asset-backed | 856.3 |  |  | 850.1 |  |  |  |  |  |  |
Commercial mortgage-backed | 434.4 |  |  | 419.0 |  |  |  |  |  |  |
Residential mortgage-backed | 1,032.2 |  |  | 1,001.5 |  |  |  |  |  |  |
Total | $ | 8,956.7 |  |  | $ | 8,783.8 |  |  |  |  |  |  |
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 March 31, |  |
| 2026 |  | 2025 |  |  |  |
Net realized (losses) gains on investments related to sales and other and fair value changes to equity securities: |  |  |  |  |  |  |
Fixed maturity securities | $ | (13.0) |  |  | $ | (17.0) |  |  |  |  |
Equity securities (1) | (2.7) |  |  | 2.8 |  |  |  |  |
Commercial mortgage loans on real estate | 0.3 |  |  | 1.4 |  |  |  |  |
Other investments | (0.2) |  |  | (0.2) |  |  |  |  |
Total net realized losses on investments related to sales and other and fair value changes to equity securities | (15.6) |  |  | (13.0) |  |  |  |  |
Net realized losses related to impairments: |  |  |  |  |  |  |
Fixed maturity securities | (2.5) |  |  | — |  |  |  |  |
Other investments | (3.1) |  |  | (3.0) |  |  |  |  |
Total net realized losses related to impairments | (5.6) |  |  | (3.0) |  |  |  |  |
Total net realized losses on investments and fair value changes to equity securities | $ | (21.2) |  |  | $ | (16.0) |  |  |  |  |
(1)Upward adjustments of $0.1 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, and impairments of $0.0 million and $3.0 million for the three months ended March 31, 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 March 31, |  |
| 2026 |  | 2025 |  |  |  |
Net gains (losses) recognized on equity securities | $ | (2.7) |  |  | $ | 2.8 |  |  |  |  |
Less: Net realized gains (losses) related to sales of equity securities | — |  |  | (0.5) |  |  |  |  |
Total fair value changes to equity securities held | $ | (2.7) |  |  | $ | 3.3 |  |  |  |  |
Schedule of Equity Securities without Readily Determinable Fair Value | The following table summarizes information related to these investments:
| March 31, 2026 |  | December 31, 2025
Initial cost | $ | 84.7 |  |  | $ | 82.5 |
Cumulative upward adjustments | 55.7 |  |  | 55.6 |
Cumulative downward adjustments (including impairments) | (22.8) |  |  | (22.8) |
Carrying value | $ | 117.6 |  |  | $ | 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 March 31, 2026 and December 31, 2025 were as follows:
| March 31, 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 | $ | 19.2 |  |  | $ | (0.2) |  |  | $ | 9.1 |  |  | $ | (0.9) |  |  | $ | 28.3 |  |  | $ | (1.1) |
States, municipalities and political subdivisions | 13.8 |  |  | (0.4) |  |  | 49.0 |  |  | (4.8) |  |  | 62.8 |  |  | (5.2) |
Foreign governments | 179.8 |  |  | (4.3) |  |  | 162.3 |  |  | (11.0) |  |  | 342.1 |  |  | (15.3) |
Asset-backed | 371.0 |  |  | (3.1) |  |  | 83.2 |  |  | (6.4) |  |  | 454.2 |  |  | (9.5) |
Commercial mortgage-backed | 101.8 |  |  | (1.7) |  |  | 116.6 |  |  | (17.0) |  |  | 218.4 |  |  | (18.7) |
Residential mortgage-backed | 357.3 |  |  | (3.8) |  |  | 164.7 |  |  | (33.7) |  |  | 522.0 |  |  | (37.5) |
U.S. corporate | 1,200.5 |  |  | (27.6) |  |  | 486.8 |  |  | (106.0) |  |  | 1,687.3 |  |  | (133.6) |
Foreign corporate | 556.9 |  |  | (11.2) |  |  | 188.4 |  |  | (34.7) |  |  | 745.3 |  |  | (45.9) |
Total fixed maturity securities | $ | 2,800.3 |  |  | $ | (52.3) |  |  | $ | 1,260.1 |  |  | $ | (214.5) |  |  | $ | 4,060.4 |  |  | $ | (266.8) |
| 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 March 31, 2026 and December 31, 2025.
| March 31, 2026
| Origination Year
| 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Total |  | % of Total
Loan to value ratios (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
70% and less | $ | 9.2 |  |  | $ | 50.6 |  |  | $ | 48.3 |  |  | $ | 23.5 |  |  | $ | 25.6 |  |  | $ | 69.6 |  |  | $ | 226.8 |  |  | 71.8 | %
71% to 80% | — |  |  | — |  |  | 5.0 |  |  | 11.2 |  |  | 8.6 |  |  | 15.3 |  |  | 40.1 |  |  | 12.7 | %
81% to 95% | — |  |  | 2.3 |  |  | 1.0 |  |  | — |  |  | 9.3 |  |  | 14.1 |  |  | 26.7 |  |  | 8.5 | %
Greater than 95% | — |  |  | — |  |  | — |  |  | 3.8 |  |  | 9.9 |  |  | 8.6 |  |  | 22.3 |  |  | 7.0 | %
Total | $ | 9.2 |  |  | $ | 52.9 |  |  | $ | 54.3 |  |  | $ | 38.5 |  |  | $ | 53.4 |  |  | $ | 107.6 |  |  | $ | 315.9 |  |  | 100.0 | %
| March 31, 2026
| Origination Year
| 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Total |  | % of Total
Debt-service coverage ratios (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater than 2.0 | $ | 1.7 |  |  | $ | 6.8 |  |  | $ | 4.5 |  |  | $ | 0.5 |  |  | $ | 12.8 |  |  | $ | 38.8 |  |  | $ | 65.1 |  |  | 20.6 | %
1.5 to 2.0 | 1.9 |  |  | 13.3 |  |  | 19.4 |  |  | 8.7 |  |  | 9.2 |  |  | 23.8 |  |  | 76.3 |  |  | 24.2 | %
1.0 to 1.5 | 5.6 |  |  | 32.8 |  |  | 27.8 |  |  | 14.2 |  |  | 11.0 |  |  | 22.3 |  |  | 113.7 |  |  | 36.0 | %
Less than 1.0 | — |  |  | — |  |  | 2.6 |  |  | 15.1 |  |  | 20.4 |  |  | 22.7 |  |  | 60.8 |  |  | 19.2 | %
Total | $ | 9.2 |  |  | $ | 52.9 |  |  | $ | 54.3 |  |  | $ | 38.5 |  |  | $ | 53.4 |  |  | $ | 107.6 |  |  | $ | 315.9 |  |  | 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.

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in equity security without readily determinable fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 + Details
Name: | us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration