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Investments | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments 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 |
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 |  |  |  |  |  |  |
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. 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 |  |  |  |  |
Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. 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 |
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) |
Total gross unrealized losses represented approximately 7% of the aggregate fair value of the related securities as of March 31, 2026 and 9% as of December 31, 2025. Approximately 20% and 8% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of March 31, 2026 and December 31, 2025, respectively. The total gross unrealized losses are comprised of 2,423 and 1,827 individual securities as of March 31, 2026 and December 31, 2025, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of March 31, 2026 and December 31, 2025 were related to non-credit factors and therefore, did not recognize credit-related losses during the three months ended March 31, 2026. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value. The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of March 31, 2026, approximately 34% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $4.9 million as of March 31, 2026, and from less than $0.1 million to $5.0 million as of December 31, 2025. Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s annual net operating income to its annual debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter. 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.

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