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Debt Securities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows:
|  | Amortized |  |  | Gross unrealized |  |  | Estimated |
(in millions) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 180.7 |  |  | $ | 0.1 |  |  | $ | (5.2 | ) |  | $ | 175.6 |
Municipal bonds |  |  | 844.9 |  |  |  | 5.3 |  |  |  | (73.7 | ) |  |  | 776.5 |
Foreign government bonds |  |  | 217.1 |  |  |  | 1.6 |  |  |  | (7.1 | ) |  |  | 211.6 |
Governmental agency bonds |  |  | 203.8 |  |  |  | — |  |  |  | (14.0 | ) |  |  | 189.8 |
Governmental agency mortgage-backed securities |  |  | 4,844.4 |  |  |  | 1.7 |  |  |  | (343.8 | ) |  |  | 4,502.3 |
U.S. corporate debt securities |  |  | 948.4 |  |  |  | 5.6 |  |  |  | (28.4 | ) |  |  | 925.6 |
Foreign corporate debt securities |  |  | 491.6 |  |  |  | 5.3 |  |  |  | (12.4 | ) |  |  | 484.5 |
|  | $ | 7,730.9 |  |  | $ | 19.6 |  |  | $ | (484.6 | ) |  | $ | 7,265.9 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 203.3 |  |  | $ | 0.5 |  |  | $ | (4.5 | ) |  | $ | 199.3 |
Municipal bonds |  |  | 1,373.7 |  |  |  | 8.8 |  |  |  | (136.7 | ) |  |  | 1,245.8 |
Foreign government bonds |  |  | 228.4 |  |  |  | 1.4 |  |  |  | (10.5 | ) |  |  | 219.3 |
Governmental agency bonds |  |  | 207.7 |  |  |  | 0.2 |  |  |  | (12.5 | ) |  |  | 195.4 |
Governmental agency mortgage-backed securities |  |  | 4,396.2 |  |  |  | 6.3 |  |  |  | (526.8 | ) |  |  | 3,875.7 |
U.S. corporate debt securities |  |  | 1,007.0 |  |  |  | 6.6 |  |  |  | (55.2 | ) |  |  | 958.4 |
Foreign corporate debt securities |  |  | 478.9 |  |  |  | 5.8 |  |  |  | (21.1 | ) |  |  | 463.6 |
|  | $ | 7,895.2 |  |  | $ | 29.6 |  |  | $ | (767.3 | ) |  | $ | 7,157.5 |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(in millions) |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 81.8 |  |  | $ | (1.8 | ) |  | $ | 52.9 |  |  | $ | (3.4 | ) |  | $ | 134.7 |  |  | $ | (5.2 | )
Municipal bonds |  |  | 248.3 |  |  |  | (4.4 | ) |  |  | 417.0 |  |  |  | (69.3 | ) |  |  | 665.3 |  |  |  | (73.7 | )
Foreign government bonds |  |  | 29.8 |  |  |  | (0.2 | ) |  |  | 72.7 |  |  |  | (6.9 | ) |  |  | 102.5 |  |  |  | (7.1 | )
Governmental agency bonds |  |  | 144.4 |  |  |  | (5.3 | ) |  |  | 37.9 |  |  |  | (8.7 | ) |  |  | 182.3 |  |  |  | (14.0 | )
Governmental agency mortgage-backed securities |  |  | 2,977.2 |  |  |  | (98.4 | ) |  |  | 1,290.4 |  |  |  | (245.4 | ) |  |  | 4,267.6 |  |  |  | (343.8 | )
U.S. corporate debt securities |  |  | 435.2 |  |  |  | (9.6 | ) |  |  | 117.5 |  |  |  | (18.8 | ) |  |  | 552.7 |  |  |  | (28.4 | )
Foreign corporate debt securities |  |  | 159.4 |  |  |  | (3.2 | ) |  |  | 110.5 |  |  |  | (9.2 | ) |  |  | 269.9 |  |  |  | (12.4 | )
|  | $ | 4,076.1 |  |  | $ | (122.9 | ) |  | $ | 2,098.9 |  |  | $ | (361.7 | ) |  | $ | 6,175.0 |  |  | $ | (484.6 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 8.2 |  |  | $ | (0.1 | ) |  | $ | 55.4 |  |  | $ | (4.4 | ) |  | $ | 63.6 |  |  | $ | (4.5 | )
Municipal bonds |  |  | 107.4 |  |  |  | (0.9 | ) |  |  | 956.8 |  |  |  | (135.8 | ) |  |  | 1,064.2 |  |  |  | (136.7 | )
Foreign government bonds |  |  | 33.3 |  |  |  | (0.1 | ) |  |  | 101.4 |  |  |  | (10.4 | ) |  |  | 134.7 |  |  |  | (10.5 | )
Governmental agency bonds |  |  | 0.4 |  |  |  | — |  |  |  | 118.9 |  |  |  | (12.5 | ) |  |  | 119.3 |  |  |  | (12.5 | )
Governmental agency mortgage-backed securities |  |  | 338.3 |  |  |  | (6.6 | ) |  |  | 3,225.3 |  |  |  | (520.2 | ) |  |  | 3,563.6 |  |  |  | (526.8 | )
U.S. corporate debt securities |  |  | 45.1 |  |  |  | (0.4 | ) |  |  | 602.5 |  |  |  | (54.8 | ) |  |  | 647.6 |  |  |  | (55.2 | )
Foreign corporate debt securities |  |  | 19.3 |  |  |  | (0.1 | ) |  |  | 267.3 |  |  |  | (21.0 | ) |  |  | 286.6 |  |  |  | (21.1 | )
|  | $ | 552.0 |  |  | $ | (8.2 | ) |  | $ | 5,327.6 |  |  | $ | (759.1 | ) |  | $ | 5,879.6 |  |  | $ | (767.3 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at December 31, 2024, by contractual maturities, are as follows:
(in millions) |  | Due in one year or less |  |  | Due after one through five years |  |  | Due after five through ten years |  |  | Due after ten years |  |  | Total |
U.S. Treasury bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 32.9 |  |  | $ | 117.6 |  |  | $ | 4.7 |  |  | $ | 25.5 |  |  | $ | 180.7 |
Estimated fair value |  | $ | 32.8 |  |  | $ | 114.7 |  |  | $ | 4.6 |  |  | $ | 23.5 |  |  | $ | 175.6 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 7.1 |  |  |  | 83.0 |  |  |  | 283.1 |  |  |  | 471.7 |  |  |  | 844.9 |
Estimated fair value |  |  | 7.1 |  |  |  | 80.5 |  |  |  | 247.6 |  |  |  | 441.3 |  |  |  | 776.5 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 13.0 |  |  |  | 123.7 |  |  |  | 73.7 |  |  |  | 6.7 |  |  |  | 217.1 |
Estimated fair value |  |  | 13.0 |  |  |  | 125.1 |  |  |  | 67.9 |  |  |  | 5.6 |  |  |  | 211.6 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 8.6 |  |  |  | 1.4 |  |  |  | 149.5 |  |  |  | 44.3 |  |  |  | 203.8 |
Estimated fair value |  |  | 8.6 |  |  |  | 1.4 |  |  |  | 144.2 |  |  |  | 35.6 |  |  |  | 189.8 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 12.4 |  |  |  | 545.2 |  |  |  | 295.6 |  |  |  | 95.2 |  |  |  | 948.4 |
Estimated fair value |  |  | 12.5 |  |  |  | 539.0 |  |  |  | 290.5 |  |  |  | 83.6 |  |  |  | 925.6 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 22.1 |  |  |  | 309.9 |  |  |  | 128.4 |  |  |  | 31.2 |  |  |  | 491.6 |
Estimated fair value |  |  | 22.0 |  |  |  | 308.4 |  |  |  | 126.1 |  |  |  | 28.0 |  |  |  | 484.5 |
Total debt securities, excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 96.1 |  |  | $ | 1,180.8 |  |  | $ | 935.0 |  |  | $ | 674.6 |  |  | $ | 2,886.5 |
Estimated fair value |  | $ | 96.0 |  |  | $ | 1,169.1 |  |  | $ | 880.9 |  |  | $ | 617.6 |  |  | $ | 2,763.6 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,844.4 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,502.3 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,730.9 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,265.9 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at December 31, 2024, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 175.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 175.6 |
Municipal bonds |  |  | 755.1 |  |  |  | 97.3 |  |  |  | 21.1 |  |  |  | 2.7 |  |  |  | 0.3 |  |  |  | — |  |  |  | 776.5 |
Foreign government bonds |  |  | 206.5 |  |  |  | 97.6 |  |  |  | 4.4 |  |  |  | 2.1 |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 211.6 |
Governmental agency bonds |  |  | 189.8 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189.8 |
Governmental agency mortgage-backed securities |  |  | 4,502.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,502.3 |
U.S. corporate debt securities |  |  | 444.1 |  |  |  | 48.0 |  |  |  | 314.5 |  |  |  | 34.0 |  |  |  | 167.0 |  |  |  | 18.0 |  |  |  | 925.6 |
Foreign corporate debt securities |  |  | 259.2 |  |  |  | 53.5 |  |  |  | 181.0 |  |  |  | 37.4 |  |  |  | 44.3 |  |  |  | 9.1 |  |  |  | 484.5 |
|  | $ | 6,532.6 |  |  |  | 89.9 | % |  | $ | 521.0 |  |  |  | 7.2 | % |  | $ | 212.3 |  |  |  | 2.9 | % |  | $ | 7,265.9 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at December 31, 2024, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 134.7 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 134.7 |
Municipal bonds |  |  | 649.2 |  |  |  | 97.6 |  |  |  | 15.8 |  |  |  | 2.4 |  |  |  | 0.3 |  |  |  | — |  |  |  | 665.3 |
Foreign government bonds |  |  | 97.4 |  |  |  | 95.0 |  |  |  | 4.4 |  |  |  | 4.3 |  |  |  | 0.7 |  |  |  | 0.7 |  |  |  | 102.5 |
Governmental agency bonds |  |  | 182.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182.3 |
Governmental agency mortgage-backed securities |  |  | 4,267.6 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,267.6 |
U.S. corporate debt securities |  |  | 317.2 |  |  |  | 57.4 |  |  |  | 202.4 |  |  |  | 36.6 |  |  |  | 33.1 |  |  |  | 6.0 |  |  |  | 552.7 |
Foreign corporate debt securities |  |  | 165.1 |  |  |  | 61.2 |  |  |  | 89.9 |  |  |  | 33.3 |  |  |  | 14.9 |  |  |  | 5.5 |  |  |  | 269.9 |
|  | $ | 5,813.5 |  |  |  | 94.1 | % |  | $ | 312.5 |  |  |  | 5.1 | % |  | $ | 49.0 |  |  |  | 0.8 | % |  | $ | 6,175.0 |

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- Definition Tabular disclosure of the fair value of debt securities portfolio and in an unrealized loss position by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of debt securities by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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