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v3.25.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Amortized Cost and Estimated Fair Values Of Fixed Income Securities | The amortized cost and fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed Income Securities by Type: |  |  |  |  |  |  |
June 30, 2025: |  |  |  |  |  |  |
Government & Agency | $ | 1,839.2 |  |  | $ | 9.8 |  |  | $ | 30.7 |  |  | $ | 1,818.3 |
Municipal | 184.2 |  |  | — |  |  | 0.3 |  |  | 183.8 |
Corporate | 10,187.4 |  |  | 198.0 |  |  | 30.4 |  |  | 10,355.0 |
| $ | 12,210.9 |  |  | $ | 207.9 |  |  | $ | 61.6 |  |  | $ | 12,357.2 |
December 31, 2024: |  |  |  |  |  |  |
Government & Agency | $ | 1,950.5 |  |  | $ | 2.7 |  |  | $ | 61.3 |  |  | $ | 1,891.9 |
Municipal | 319.6 |  |  | — |  |  | 1.6 |  |  | 317.9 |
Corporate | 9,905.8 |  |  | 76.7 |  |  | 100.8 |  |  | 9,881.7 |
| $ | 12,175.9 |  |  | $ | 79.4 |  |  | $ | 163.8 |  |  | $ | 12,091.5 |
Amortized Cost and Estimated Fair Values Of Fixed Income Securities By Contractual Maturities |
| Amortized Cost |  | Fair Value
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2025: |  |  |
Due in one year or less | $ | 1,371.4 |  |  | $ | 1,369.2 |
Due after one year through five years | 5,941.9 |  |  | 6,002.9 |
Due after five years through ten years | 4,497.1 |  |  | 4,582.4 |
Due after ten years | 400.5 |  |  | 402.6 |
| $ | 12,210.9 |  |  | $ | 12,357.2 |
Gross Unrealized Losses and Fair Value, Aggregated | The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
June 30, 2025: |  |  |  |  |  |  |  |  |  |  |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
Government & Agency | $ | 288.3 |  |  | $ | 3.9 |  |  | $ | 599.6 |  |  | $ | 26.8 |  |  | $ | 887.9 |  |  | $ | 30.7 |
Municipal | 14.3 |  |  | — |  |  | 142.6 |  |  | 0.3 |  |  | 157.0 |  |  | 0.3 |
Corporate | 971.0 |  |  | 8.3 |  |  | 1,193.1 |  |  | 22.1 |  |  | 2,164.2 |  |  | 30.4 |
| $ | 1,273.6 |  |  | $ | 12.3 |  |  | $ | 1,935.4 |  |  | $ | 49.3 |  |  | $ | 3,209.1 |  |  | $ | 61.6 |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
Government & Agency | $ | 678.0 |  |  | $ | 17.9 |  |  | $ | 679.2 |  |  | $ | 43.4 |  |  | $ | 1,357.3 |  |  | $ | 61.3 |
Municipal | 14.4 |  |  | — |  |  | 289.2 |  |  | 1.6 |  |  | 303.6 |  |  | 1.6 |
Corporate | 3,683.0 |  |  | 57.1 |  |  | 1,763.2 |  |  | 43.6 |  |  | 5,446.2 |  |  | 100.8 |
| $ | 4,375.5 |  |  | $ | 75.0 |  |  | $ | 2,731.7 |  |  | $ | 88.7 |  |  | $ | 7,107.2 |  |  | $ | 163.8 |
Equity Securities Reflecting Reported Cost | The following table shows cost and fair value information for equity securities:
| Equity Securities
| Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2025 | $ | 1,422.8 |  |  | $ | 1,167.5 |  |  | $ | 22.4 |  |  | $ | 2,567.8 |
December 31, 2024 | $ | 1,410.7 |  |  | $ | 1,148.6 |  |  | $ | 18.6 |  |  | $ | 2,540.7 |
Fair Value, Assets Measured on Recurring Basis | The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
|  | Fair Value Measurements
As of June 30, 2025: |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed income securities: |  |  |  |  |  |  |  |
Government & Agency |  | $ | 1,608.9 |  |  | $ | 209.4 |  |  | $ | — |  |  | $ | 1,818.3 |
Municipal |  | — |  |  | 183.8 |  |  | — |  |  | 183.8 |
Corporate |  | — |  |  | 10,345.8 |  |  | 9.1 |  |  | 10,355.0 |
Equity securities |  | 2,565.6 |  |  | — |  |  | 2.2 |  |  | 2,567.8 |
Short-term investments |  | $ | 1,215.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,215.4 |
As of December 31, 2024: |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Government & Agency |  | $ | 1,652.7 |  |  | $ | 239.1 |  |  | $ | — |  |  | $ | 1,891.9 |
Municipal |  | — |  |  | 317.9 |  |  | — |  |  | 317.9 |
Corporate |  | — |  |  | 9,862.2 |  |  | 19.4 |  |  | 9,881.7 |
Equity securities |  | 2,538.5 |  |  | — |  |  | 2.1 |  |  | 2,540.7 |
Short-term investments |  | $ | 1,403.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,403.7 |
Investment Income | The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
| Quarters Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net investment income: |  |  |  |  |  |  |
Fixed income securities | $ | 141.2 |  |  | $ | 128.3 |  |  | $ | 279.8 |  |  | $ | 254.7 |
Equity securities | 20.9 |  |  | 19.2 |  |  | 41.7 |  |  | 40.0 |
Short-term investments | 11.8 |  |  | 19.6 |  |  | 23.8 |  |  | 36.8 |
Other investments (a) | 2.8 |  |  | 7.8 |  |  | 7.6 |  |  | 14.9 |
Gross investment income | 176.9 |  |  | 175.1 |  |  | 353.1 |  |  | 346.6 |
Investment expenses (a) | 5.4 |  |  | 7.6 |  |  | 10.8 |  |  | 14.9 |
Net investment income | $ | 171.5 |  |  | $ | 167.4 |  |  | $ | 342.2 |  |  | $ | 331.6 |
Net investment gains (losses): |  |  |  |  |  |  |
Realized from actual transactions: |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
Gains | $ | 1.5 |  |  | $ | 1.3 |  |  | $ | 2.1 |  |  | $ | 1.9 |
Losses | (4.1) |  |  | (53.9) |  |  | (5.8) |  |  | (69.9) |
Net | (2.6) |  |  | (52.5) |  |  | (3.6) |  |  | (67.9) |
Equity securities: |  |  |  |  |  |  |
Gains | 11.4 |  |  | 0.9 |  |  | 51.4 |  |  | 199.7 |
Losses | (11.3) |  |  | — |  |  | (12.4) |  |  | — |
Net | 0.1 |  |  | 0.9 |  |  | 38.9 |  |  | 199.7 |
Other investments, net | — |  |  | — |  |  | (0.3) |  |  | — |
Total realized from actual transactions | (2.4) |  |  | (51.7) |  |  | 34.9 |  |  | 131.7 |
From impairments | — |  |  | (2.4) |  |  | — |  |  | (5.4) |
From unrealized changes in fair value of equity securities | (4.9) |  |  | (86.3) |  |  | 12.7 |  |  | (99.6) |
Total realized and unrealized investment gains | (7.3) |  |  | (140.5) |  |  | 47.7 |  |  | 26.6 |
Current and deferred income taxes | (2.6) |  |  | (29.9) |  |  | 9.1 |  |  | 5.2 |
Net of tax realized and unrealized investment gains (losses) | $ | (4.7) |  |  | $ | (110.6) |  |  | $ | 38.5 |  |  | $ | 21.4 |
Changes in unrealized investment gains (losses) |  |  |  |  |  |  |
reflected directly in shareholders' equity: |  |  |  |  |  |  |
Fixed income securities | $ | 90.7 |  |  | $ | 11.8 |  |  | $ | 230.6 |  |  | $ | (73.8) |
Less: Deferred income taxes (credits) | 19.0 |  |  | 2.5 |  |  | 48.6 |  |  | (15.4) |
| 71.6 |  |  | 9.2 |  |  | 182.0 |  |  | (58.4) |
Other investments | — |  |  | 0.3 |  |  | 1.6 |  |  | 0.4 |
Less: Deferred income taxes | — |  |  | — |  |  | 0.3 |  |  | — |
| — |  |  | 0.2 |  |  | 1.3 |  |  | 0.3 |
Net changes in unrealized investment gains (losses), |  |  |  |  |  |  |
net of tax | $ | 71.6 |  |  | $ | 9.5 |  |  | $ | 183.3 |  |  | $ | (58.0) |
_________ (a) Includes interest on funds held.

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