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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.

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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.

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