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Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investment Investments
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 
Municipal184.2 — 0.3 183.8 
Corporate10,187.4 198.0 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 
Municipal319.6 — 1.6 317.9 
Corporate9,905.8 76.7 100.8 9,881.7 
$12,175.9 $79.4 $163.8 $12,091.5 

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 years5,941.9 6,002.9 
Due after five years through ten years4,497.1 4,582.4 
Due after ten years400.5 402.6 
$12,210.9 $12,357.2 

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 Months12 Months or GreaterTotal
Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
June 30, 2025:
Fixed Income Securities:
Government & Agency$288.3 $3.9 $599.6 $26.8 $887.9 $30.7 
Municipal14.3 — 142.6 0.3 157.0 0.3 
Corporate971.0 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 
Municipal14.4 — 289.2 1.6 303.6 1.6 
Corporate3,683.0 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 

In the above tables, the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. There were no impairment losses in the second quarter or first six months of 2025 or 2024. The Company's allowance for credit losses was $1.6 as of both June 30, 2025 and December 31, 2024.

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 Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels:

•Level 1 inputs are based on quoted market prices in active markets;
•Level 2 observable inputs are based on corroboration with available market data; and
•Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions.

The following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by nationally recognized independent pricing sources as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. Independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets and use their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades, and sector groupings to determine a reasonable fair value.

Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2025 and December 31, 2024.

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 1Level 2Level 3Total
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 securities2,565.6 — 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 securities2,538.5 — 2.1 2,540.7 
Short-term investments$1,403.7 $— $— $1,403.7 

There were no transfers between Levels 1, 2, or 3 during the quarter or six months ended June 30, 2025.

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 EndedSix Months Ended
June 30,June 30,
2025202420252024
Net investment income:
Fixed income securities$141.2 $128.3 $279.8 $254.7 
Equity securities20.9 19.2 41.7 40.0 
Short-term investments11.8 19.6 23.8 36.8 
Other investments (a)
2.8 7.8 7.6 14.9 
Gross investment income176.9 175.1 353.1 346.6 
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:
Gains11.4 0.9 51.4 199.7 
Losses(11.3)— (12.4)— 
Net0.1 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.

For the quarter, changes in the fair value of equity securities still held at June 30, 2025 and 2024 were $0.6 and $(85.5), respectively. For the first six months, changes in the fair value of equity securities still held at June 30, 2025 and 2024 were $61.2 and $97.2, respectively.