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v3.25.2

Losses, Claims and Settlement Expenses | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Losses, Claims and Settlement Expenses | Note 3 - Loss and Loss Adjustment Expenses The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
| Six Months Ended
| June 30,
| 2025 |  | 2024
Gross reserves at beginning of period | $ | 13,727.7 |  |  | $ | 12,538.2 |
Less: Reinsurance losses recoverable | 5,807.1 |  |  | 4,977.7 |
Net reserves at beginning of period: |  |  |
Specialty Insurance | 7,341.5 |  |  | 6,955.2 |
Title Insurance | 572.7 |  |  | 598.5 |
Other | 6.4 |  |  | 6.6 |
Subtotal | 7,920.6 |  |  | 7,560.4 |
Incurred loss and loss adjustment expenses: |  |  |
Provisions for insured events of the current year: |  |  |
Specialty Insurance | 1,638.8 |  |  | 1,453.9 |
Title Insurance | 45.4 |  |  | 41.7 |
Other | 3.7 |  |  | 3.5 |
Subtotal | 1,687.9 |  |  | 1,499.1 |
Change in provision for insured events of prior years: |  |  |
Specialty Insurance | (77.7) |  |  | (55.8) |
Title Insurance | (9.0) |  |  | (14.2) |
Other | (1.8) |  |  | (0.8) |
Subtotal | (88.6) |  |  | (71.0) |
Total incurred loss and loss adjustment expenses | 1,599.3 |  |  | 1,428.1 |
Payments: |  |  |
Loss and loss adjustment expenses attributable to |  |  |
insured events of the current year: |  |  |
Specialty Insurance | 389.2 |  |  | 363.4 |
Title Insurance | 2.6 |  |  | 2.2 |
Other | 1.7 |  |  | 1.0 |
Subtotal | 393.6 |  |  | 366.6 |
Loss and loss adjustment expenses attributable to |  |  |
insured events of prior years: |  |  |
Specialty Insurance | 962.6 |  |  | 889.5 |
Title Insurance | 40.9 |  |  | 29.5 |
Other | 2.1 |  |  | 1.8 |
Subtotal | 1,005.8 |  |  | 921.0 |
Total payments | 1,399.5 |  |  | 1,287.6 |
Net reserves at end of period: |  |  |
Specialty Insurance | 7,550.5 |  |  | 7,100.3 |
Title Insurance | 565.4 |  |  | 594.1 |
Other | 4.3 |  |  | 6.4 |
Subtotal | 8,120.4 |  |  | 7,700.8 |
Reinsurance losses recoverable | 6,236.0 |  |  | 5,256.7 |
Gross reserves at end of period | $ | 14,356.4 |  |  | $ | 12,957.6 |
The 2025 change in provision for insured events of prior years reflects favorable prior year loss reserve development for all groups shown. For the first six months of 2025, Specialty Insurance experienced net favorable development from accident years 2011 through 2020. This was partially offset by unfavorable development in accident years 2021 through 2023. Net favorable development came predominantly from workers' compensation, property, and commercial auto, partially offset by unfavorable development in general liability. For Title Insurance, favorable development experienced during the first six months of 2025 occurred largely within the 2020 to 2022 years. The 2024 change in provision for insured events of prior years reflects favorable prior year loss reserve development for all groups shown. For the first six months of 2024, Specialty Insurance experienced net favorable development predominantly from workers' compensation and commercial auto, mostly from accident years 2015 through 2020, partially offset by unfavorable development within general liability. Approximately half of the unfavorable development in general liability originated from very old accident years with the other half from 2015 through 2021. For Title Insurance, favorable development experienced during the first six months of 2024 occurred largely within the 2019 to 2021 years.

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