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Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures
The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.
The levels of the fair value hierarchy are described below:
•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025. The amounts presented below for short-term investments, other investments, cash equivalents, other assets and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, the Retiree Medical Pension 401(h), and other derivatives. Other liabilities are comprised of investments in the AIP and contingent considerations related to business combinations. The fair value amounts presented for other investments are received directly from third parties.  
 
March 31, 2026
 
 
Total
Level 1
 
Level 2
 
Level 3
 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities
$
63.1 
$
— 
  
$
63.1 
  
$
— 
  
States, municipalities and political subdivisions
94.8 
— 
  
94.8 
  
— 
  
Foreign governments
615.0 
— 
  
615.0 
  
— 
  
Asset-backed
850.1 
— 
  
713.4 
  
136.7 
Commercial mortgage-backed
419.0 
— 
  
419.0 
  
— 
  
Residential mortgage-backed
1,001.5 
— 
  
1,001.5 
  
— 
  
U.S. corporate
3,970.5 
— 
3,897.8 
72.7 
Foreign corporate
1,769.8 
— 
  
1,756.3 
  
13.5 
  
Equity securities:
Mutual funds
37.9 
16.3 
— 
21.6 
Common stocks
2.2 
2.2 
  
— 
  
— 
Non-redeemable preferred stocks
157.2 
— 
  
156.8 
  
0.4 
  
Short-term investments
278.0 
269.8 
(2)
8.2 
(3)
— 
  
Other investments
69.5 
69.5 
(1)
— 
— 
Cash equivalents
1,156.7 
1,141.9 
(2)
14.8 
(3)
— 
  
Other assets
5.0 
— 
— 
5.0 
(4)
Total financial assets
$
10,490.3 
$
1,499.7 
  
$
8,740.7 
  
$
249.9 
  
Financial Liabilities
Other liabilities
$
93.6 
$
61.9 
(1)
$
— 
$
31.7 
(5)
Total financial liabilities
$
93.6 
$
61.9 
  
$
— 
  
$
31.7 
  
 
December 31, 2025
 
 
Total
Level 1
 
Level 2
 
Level 3
 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities
$
62.9 
$
— 
 
$
62.9 
 
$
— 
 
States, municipalities and political subdivisions
96.1 
— 
 
96.1 
 
— 
 
Foreign governments
593.9 
— 
 
593.9 
 
— 
 
Asset-backed
845.7 
— 
 
715.9 
 
129.8 
 
Commercial mortgage-backed
417.4 
— 
 
417.4 
 
— 
 
Residential mortgage-backed
954.7 
— 
 
954.7 
 
— 
 
U.S. corporate
3,877.6 
— 
3,812.0 
65.6 
Foreign corporate
1,729.4 
— 
 
1,721.5 
 
7.9 
 
Equity securities:
Mutual funds
37.3 
16.1 
— 
21.2 
Common stocks
2.0 
2.0 
 
— 
 
— 
Non-redeemable preferred stocks
167.8 
— 
 
167.5 
 
0.3 
 
Short-term investments
336.3 
329.0 
(2)
7.3 
(3)
— 
 
Other investments
72.2 
72.2 
(1)
— 
— 
Cash equivalents
1,349.3 
1,335.5 
(2)
13.8 
(3)
— 
 
Other assets
6.4 
— 
  
— 
6.4 
(4)
Total financial assets
$
10,549.0 
$
1,754.8 
 
$
8,563.0 
 
$
231.2 
 
Financial Liabilities
Other liabilities
$
85.0 
$
62.7 
(1)
$
— 
$
22.3 
(5)
Total financial liabilities
$
85.0 
$
62.7 
 
$
— 
 
$
22.3 
 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities.
(4)Primarily includes derivatives.
(5)Includes contingent consideration liabilities.
The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 
March 31, 2026
 
 
Fair Value
 
Carrying Value
Total
Level 1
Level 2
Level 3
Financial Assets
Commercial mortgage loans on real estate
$
309.5 
$
306.0 
$
— 
$
— 
$
306.0 
Other investments
12.3 
12.3 
1.1 
— 
11.2 
Other assets
27.1 
27.1 
— 
— 
27.1 
Total financial assets
$
348.9 
$
345.4 
$
1.1 
$
— 
$
344.3 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)
$
1.8 
$
1.7 
$
— 
$
— 
$
1.7 
Funds withheld under reinsurance
287.1 
287.1 
287.1 
— 
— 
Debt
2,207.5 
2,143.0 
— 
2,143.0 
— 
Total financial liabilities
$
2,496.4 
$
2,431.8 
$
287.1 
$
2,143.0 
$
1.7 
 
December 31, 2025
 
 
Fair Value
  
Carrying Value
Total
Level 1
Level 2
Level 3
Financial Assets
Commercial mortgage loans on real estate
$
324.7 
$
323.1 
$
— 
$
— 
$
323.1 
Other investments
12.4 
12.4 
1.1 
— 
11.3 
Other assets
31.3 
31.3 
— 
— 
31.3 
Total financial assets
$
368.4 
$
366.8 
$
1.1 
$
— 
$
365.7 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)
$
1.8 
$
1.8 
$
— 
$
— 
$
1.8 
Funds withheld under reinsurance
266.4 
266.4 
266.4 
— 
— 
Debt
2,206.9 
2,164.5 
— 
2,164.5 
— 
Total financial liabilities
$
2,475.1 
$
2,432.7 
$
266.4 
$
2,164.5 
$
1.8 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.