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Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses | 12 Months Ended
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Dec. 31, 2025
Insurance [Abstract] |
Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses | 14. LIABILITIES FOR OUTSTANDING CLAIMS, LOSSES AND LOSS ADJUSTMENT EXPENSES Reserving Process Overview Management’s process for establishing loss reserves is comprehensive and involves input from multiple functions throughout the organization, including actuarial, finance, claims, legal, underwriting, distribution and business operations management. A review of loss reserves for each of the classes of business that the Company writes is conducted regularly, generally quarterly. This review process takes into consideration a variety of trends that impact the ultimate settlement of claims. Where appropriate, the loss reserving process includes a review of overall payment patterns and the emergence of paid and reported losses relative to expectations. The loss reserve estimation process relies on the basic assumption that past experience, adjusted for the effects of current developments and likely trends, is an appropriate basis for predicting future outcomes. As part of this process, the Company uses a variety of analytical methods that consider experience, trends and other relevant factors. IBNR reserves are generally calculated by first projecting the ultimate cost of all claims that have been reported or expected to be reported in the future and then subtracting reported losses and LAE. IBNR reserves include both incurred but not reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. Reported losses include cumulative paid losses and LAE plus outstanding case reserves. The Company’s ultimate IBNR reserves are estimated by management and reserving actuaries on an aggregate basis for each line of business or coverage for loss and LAE liabilities not reflected within the case reserves. Case reserves are established by claim personnel individually, on a claim by claim basis, and based on information specific to the occurrence and terms of the underlying policy. Case reserves are periodically reviewed and modified based on new or additional information pertaining to the claim. For events designated as catastrophes, the Company generally calculates IBNR reserves directly as a result of an estimated IBNR claim count and an estimated average claim amount for each event. Such an assessment involves a comprehensive analysis of the nature of the event, of policyholder exposures within the affected geographic area, and of available claims intelligence. Carried reserves for each line of business and coverage are determined based on the quarterly loss reserving process. In making the determination, the Company considers numerous quantitative and qualitative factors. Quantitative factors include changes in reserve estimates in the period, the maturity of the accident year, trends observed over the recent past, the level of volatility within a particular class of business, the estimated effects of reinsurance, including reinstatement premiums, general economic trends such as inflation, and other factors. Qualitative factors may include legal and regulatory developments, changes in claim handling and case reserving practices, court actions or delays in legal proceedings, social inflation and legal system abuse dynamics, changes in claims complexion, recent entry into new markets or products, changes in underwriting practices or business mix, concerns that the Company does not have sufficient or quality historical reported and paid loss and LAE information with respect to a particular line of business and coverage, effects of the economy and political outlook, perceived anomalies in the historical results, evolving trends or other factors. Pressure from litigation trends, legal system abuse, and general and social inflation in the U.S. economy in recent years, along with other factors outside the Company’s control, have resulted in higher claims costs. Additionally, several other significant uncertainties persist, including increased attorney involvement in claims resulting in delayed claim settlements and a trend toward higher valued settlements and litigation costs. Reserve Rollforward and Prior Year Development The Company regularly updates its reserve estimates as new information becomes available and further events occur which may impact the resolution of unsettled claims. Reserve adjustments are reflected in results of operations as adjustments to losses and LAE. Often these adjustments are recognized in periods subsequent to the period in which the underlying policy was written and loss event occurred. These types of subsequent adjustments are described as loss and LAE “development.” Such development can be either favorable or unfavorable to the Company’s financial results and may vary by line of business. In this section, all amounts presented include catastrophe losses and LAE. Catastrophe losses were $276.3 million, $375.9 million, and $690.1 million in 2025, 2024, and 2023, respectively. The table below provides a reconciliation of the gross beginning and ending reserve for unpaid losses and loss adjustment expenses.
YEARS ENDED DECEMBER 31 |  | 2025 |  |  | 2024 |  |  | 2023 |
(in millions) |  |  |  |  |  |  |  |  |
Gross reserve for losses and LAE, beginning of year |  | $ | 7,461.2 |  |  | $ | 7,308.1 |  |  | $ | 7,012.6 |
Reinsurance recoverable on unpaid losses |  |  | 1,829.8 |  |  |  | 1,795.0 |  |  |  | 1,748.6 |
Net reserve for losses and LAE, beginning of year |  |  | 5,631.4 |  |  |  | 5,513.1 |  |  |  | 5,264.0 |
Net incurred losses and LAE in respect of losses occurring in: |  |  |  |  |  |  |  |  |
Current year |  |  | 3,825.7 |  |  |  | 3,866.8 |  |  |  | 4,150.5 |
Prior years |  |  | (96.4 | ) |  |  | (109.4 | ) |  |  | (15.9 | )
Total incurred losses and LAE |  |  | 3,729.3 |  |  |  | 3,757.4 |  |  |  | 4,134.6 |
Net payments of losses and LAE in respect of losses occurring in: |  |  |  |  |  |  |  |  |
Current year |  |  | 1,641.0 |  |  |  | 1,800.6 |  |  |  | 2,037.9 |
Prior years |  |  | 1,814.8 |  |  |  | 1,838.5 |  |  |  | 1,847.6 |
Total payments |  |  | 3,455.8 |  |  |  | 3,639.1 |  |  |  | 3,885.5 |
Net reserve for losses and LAE, end of year |  |  | 5,904.9 |  |  |  | 5,631.4 |  |  |  | 5,513.1 |
Reinsurance recoverable on unpaid losses |  |  | 1,850.3 |  |  |  | 1,829.8 |  |  |  | 1,795.0 |
Gross reserve for losses and LAE, end of year |  | $ | 7,755.2 |  |  | $ | 7,461.2 |  |  | $ | 7,308.1 |
The following table provides a summary of (favorable) unfavorable loss and LAE reserve development.
YEARS ENDED DECEMBER 31 |  | 2025 |  |  | 2024 |  |  | 2023 |
(in millions) |  |  |  |  |  |  |  |  |
Core Commercial |  | $ | (18.1 | ) |  | $ | (50.0 | ) |  | $ | (2.0 | )
Specialty |  |  | (60.8 | ) |  |  | (60.9 | ) |  |  | (57.1 | )
Personal Lines |  |  | (18.2 | ) |  |  | 0.1 |  |  |  | 40.9 |
Other |  |  | 0.7 |  |  |  | 1.4 |  |  |  | 2.3 |
Total loss and LAE reserve development, including catastrophes |  | $ | (96.4 | ) |  | $ | (109.4 | ) |  | $ | (15.9 | )
As a result of continuing trends in the Company’s business, reserves, including catastrophes, have been re-estimated for all prior accident years and were decreased by $96.4 million, $109.4 million and $15.9 million in 2025, 2024 and 2023, respectively. 2025 For the year ended December 31, 2025, net favorable loss and LAE development was $96.4 million. Specialty favorable loss and LAE development of $60.8 million was primarily due to lower than expected non-catastrophe losses in the Specialty Property & Casualty lines division, primarily in the programs and excess and surplus lines, the Professional and Executive Lines division, primarily in the claims-made general liability coverage, and in the Marine division. Personal Lines favorable loss and LAE development of $18.2 million was primarily due to lower than expected catastrophe and non-catastrophe losses in the homeowners line. Core Commercial favorable loss and LAE development of $18.1 million was primarily due to lower than expected catastrophe losses in the commercial multiple peril line related to events from accident years 2023 through 2024, including several convective storms across multiple states and Winter Storm Elliot. Additionally, favorable development was due to lower than expected non-catastrophe losses in the workers’ compensation, general liability and commercial multiple peril lines, partially offset by higher than expected losses in the commercial automobile and other core commercial lines. 2024 For the year ended December 31, 2024, net favorable loss and LAE development was $109.4 million. Specialty favorable loss and LAE development of $60.9 million was primarily due to lower than expected non-catastrophe losses in the Professional and Executive Lines division’s claims-made general liability coverage and, to a lesser extent, in the Surety and Specialty Property & Casualty divisions, as well as lower than expected catastrophe losses primarily in the Marine division. Core Commercial favorable loss and LAE development of $50.0 million was primarily due to catastrophe development of $32.3 million, driven by lower than expected losses in accident years 2021 through 2023, including several convective storms across multiple states, Winter Storm Elliot and Hurricane Ian. Additionally, and to a lesser extent, favorable development was due to lower than expected non-catastrophe losses across each of the main product lines: commercial multiple peril, commercial automobile, workers’ compensation and other commercial lines. Personal Lines unfavorable loss and LAE development of $0.1 million was primarily due to higher than expected losses in the other personal lines, partially offset by lower than expected non-catastrophe losses within the personal automobile line. 2023 For the year ended December 31, 2023, net favorable loss and LAE development was $15.9 million. The favorable loss and LAE development in Specialty of $57.1 million was primarily due to lower than expected losses within the Professional and Executive Lines division and in the Surety division. Core Commercial favorable loss and LAE development of $2.0 million was primarily due to lower than expected losses in the workers’ compensation line, and was partially offset by unfavorable development in the commercial automobile line, commercial umbrella coverage, and, to a lesser extent, in general liability coverages. Personal Lines unfavorable loss and LAE development of $40.9 million was primarily due to higher than expected losses in the personal automobile line, standalone personal umbrella coverage, and homeowners line. The net unfavorable development within the personal automobile line related to bodily injury coverages, whereas the homeowners line was driven by higher than expected catastrophe losses primarily related to Winter Storm Elliot. Carried Reserves The table below summarizes the gross, ceded and net reserves for losses and LAE and reconciles to the incurred claims development in the following section. Within the Core Commercial segment, commercial multiple peril includes small commercial umbrella policies sold as an endorsement, and general liability and umbrella - occurrence which includes workers’ compensation excess coverages.
YEARS ENDED DECEMBER 31 |  | 2025 |  |  | 2024 |
(in millions) |  | Gross |  |  | Ceded |  |  | Net |  |  | Gross |  |  | Ceded |  |  | Net |
Commercial multiple peril |  | $ | 1,712.8 |  |  | $ | (247.0 | ) |  | $ | 1,465.8 |  |  | $ | 1,626.9 |  |  | $ | (202.0 | ) |  | $ | 1,424.9 |
Workers’ compensation |  |  | 768.7 |  |  |  | (129.3 | ) |  |  | 639.4 |  |  |  | 761.1 |  |  |  | (131.6 | ) |  |  | 629.5 |
Commercial automobile liability |  |  | 581.7 |  |  |  | (27.1 | ) |  |  | 554.6 |  |  |  | 513.5 |  |  |  | (22.3 | ) |  |  | 491.2 |
General liability and umbrella - occurrence |  |  | 697.2 |  |  |  | (293.7 | ) |  |  | 403.5 |  |  |  | 620.7 |  |  |  | (258.2 | ) |  |  | 362.5 |
Other core commercial |  |  | 100.9 |  |  |  | (19.3 | ) |  |  | 81.6 |  |  |  | 91.2 |  |  |  | (10.1 | ) |  |  | 81.1 |
Total Core Commercial |  |  | 3,861.3 |  |  |  | (716.4 | ) |  |  | 3,144.9 |  |  |  | 3,613.4 |  |  |  | (624.2 | ) |  |  | 2,989.2 |
Specialty property & casualty |  |  | 845.3 |  |  |  | (249.7 | ) |  |  | 595.6 |  |  |  | 837.9 |  |  |  | (257.3 | ) |  |  | 580.6 |
General liability - claims made |  |  | 472.9 |  |  |  | (30.6 | ) |  |  | 442.3 |  |  |  | 454.2 |  |  |  | (30.6 | ) |  |  | 423.6 |
Other specialty |  |  | 414.7 |  |  |  | (42.6 | ) |  |  | 372.1 |  |  |  | 383.8 |  |  |  | (46.7 | ) |  |  | 337.1 |
Total Specialty |  |  | 1,732.9 |  |  |  | (322.9 | ) |  |  | 1,410.0 |  |  |  | 1,675.9 |  |  |  | (334.6 | ) |  |  | 1,341.3 |
Personal automobile liability |  |  | 1,655.4 |  |  |  | (787.6 | ) |  |  | 867.8 |  |  |  | 1,635.6 |  |  |  | (817.4 | ) |  |  | 818.2 |
Homeowners |  |  | 300.8 |  |  |  | (3.9 | ) |  |  | 296.9 |  |  |  | 323.6 |  |  |  | (1.5 | ) |  |  | 322.1 |
Other personal |  |  | 175.2 |  |  |  | (2.2 | ) |  |  | 173.0 |  |  |  | 149.8 |  |  |  | (1.8 | ) |  |  | 148.0 |
Total Personal Lines |  |  | 2,131.4 |  |  |  | (793.7 | ) |  |  | 1,337.7 |  |  |  | 2,109.0 |  |  |  | (820.7 | ) |  |  | 1,288.3 |
Total Other |  |  | 29.6 |  |  |  | (17.3 | ) |  |  | 12.3 |  |  |  | 62.9 |  |  |  | (50.3 | ) |  |  | 12.6 |
Total loss and LAE reserves |  | $ | 7,755.2 |  |  | $ | (1,850.3 | ) |  | $ | 5,904.9 |  |  | $ | 7,461.2 |  |  | $ | (1,829.8 | ) |  | $ | 5,631.4 |
Core Commercial - general liability and umbrella - occurrence is primarily comprised of the Company’s commercial monoline general liability and umbrella coverages. Other core commercial lines is primarily comprised of commercial property and product liability coverages. Specialty general liability - claims made is comprised of claims made coverages within the Professional and Executive Lines division, primarily comprised of professional and management liability lines. Other specialty lines is primarily comprised of marine, surety, healthcare, and fidelity lines. Total Other is comprised of the Company’s run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty reinsurance pools, and run-off product liability business, which includes $27.5 million and $55.8 million of gross asbestos and environmental reserves as of December 31, 2025 and 2024, respectively. Incurred claims development tables For the following net reserve components, Core Commercial - commercial multiple peril, Core Commercial - workers’ compensation, Core Commercial - commercial automobile liability, Core Commercial - general liability and umbrella - occurrence, Specialty property & casualty, Specialty general liability - claims made, personal automobile liability, and homeowners, the Company is presenting incurred claims development tables by accident year. In each of these tables, the Company is presenting the number of years for which claims are typically outstanding, which is consistent with the period at which substantially all of the reserve development has emerged based on past history. The following tables present cumulative incurred loss and allocated loss adjustment expenses (“ALAE”), cumulative paid loss and ALAE, and IBNR balances at December 31, 2025. IBNR includes both incurred but not reported liabilities and expected development on reported claims. In addition, cumulative incurred claim counts are presented as of December 31, 2025 and claim duration is presented in a separate table disclosing the average annual percentage payout of incurred claims by age, net of reinsurance. Claim duration is calculated as an average of paid loss and ALAE divided by incurred loss and ALAE by elapsed year. The incurred claims development tables presented are reconciled to the net carried reserves in the preceding table as of December 31, 2025. Incurred claim count information presented represents claim frequency by individual claimant and measures the frequency of direct claim settlements that have resulted in or are expected to result in claim payments. Claim count information is presented in a manner consistent with that used in the quarterly loss reserving process. A single claim event, particularly in automobile lines, may result in multiple individual claimants and, therefore, multiple claim counts. Incurred claim counts are comprised of outstanding claims and those that are closed with a loss payment and exclude those that are closed without a loss payment. A single claim event may result in multiple claims closed with a payment when a claim is subsequently reopened with further payment. In this case, a reopened claim payment is counted as an incremental claim settlement. Claim count information is not available for direct and assumed participations in various involuntary pools and residual market mechanisms, which represent approximately 4% or less of both the total net earned premium and net incurred claims for the lines presented. Incurred claim counts are also not adjusted for the effect of claims ceded as part of reinsurance programs, although the incurred losses and cumulative paid losses presented in the following tables are presented net of reinsurance ceded.
Core Commercial - commercial multiple peril |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2018 |  | $ | 511.1 |  |  | $ | 495.6 |  |  | $ | 489.5 |  |  | $ | 490.6 |  |  | $ | 495.8 |  |  | $ | 499.7 |  |  | $ | 500.1 |  |  | $ | 502.6 |  |  | $ | 12.8 |  |  |  | 15,935 |
2019 |  |  |  |  |  | 520.2 |  |  |  | 527.0 |  |  |  | 533.1 |  |  |  | 542.6 |  |  |  | 540.2 |  |  |  | 537.4 |  |  |  | 536.1 |  |  |  | 18.0 |  |  |  | 15,266 |
2020 |  |  |  |  |  |  |  |  | 562.1 |  |  |  | 546.7 |  |  |  | 531.5 |  |  |  | 514.9 |  |  |  | 509.5 |  |  |  | 511.8 |  |  |  | 20.5 |  |  |  | 12,972 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 673.5 |  |  |  | 658.7 |  |  |  | 655.1 |  |  |  | 651.9 |  |  |  | 650.1 |  |  |  | 29.2 |  |  |  | 14,854 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 748.1 |  |  |  | 749.2 |  |  |  | 733.8 |  |  |  | 722.5 |  |  |  | 51.9 |  |  |  | 13,975 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 698.3 |  |  |  | 684.1 |  |  |  | 672.4 |  |  |  | 95.4 |  |  |  | 12,765 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 662.4 |  |  |  | 633.1 |  |  |  | 157.6 |  |  |  | 12,025 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 682.8 |  |  |  | 304.8 |  |  |  | 9,297 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,911.4 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2018 |  | $ | 165.7 |  |  | $ | 274.1 |  |  | $ | 326.4 |  |  | $ | 362.9 |  |  | $ | 403.6 |  |  | $ | 429.5 |  |  | $ | 454.9 |  |  | $ | 462.9 |  |  |  |  |  |  |
2019 |  |  |  |  |  | 156.5 |  |  |  | 288.5 |  |  |  | 348.7 |  |  |  | 396.3 |  |  |  | 444.5 |  |  |  | 470.4 |  |  |  | 490.8 |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  | 200.8 |  |  |  | 318.6 |  |  |  | 364.2 |  |  |  | 401.0 |  |  |  | 434.2 |  |  |  | 461.9 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  | 245.1 |  |  |  | 392.6 |  |  |  | 450.0 |  |  |  | 513.8 |  |  |  | 564.2 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198.2 |  |  |  | 441.2 |  |  |  | 513.8 |  |  |  | 575.5 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 240.5 |  |  |  | 392.1 |  |  |  | 460.1 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 217.9 |  |  |  | 355.2 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 209.8 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,580.4 |  |  |  |  |  |  |
Total reserves for 2018 - 2025 accident years (incurred - paid) |  |  |  |  |  |  | 1,331.0 |  |  |  |  |  |  |
Total reserves for 2017 and prior accident years |  |  |  |  |  |  | 108.8 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  |  |  |  | 26.0 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 1,465.8 |  |  |  |  |  |  |
Core Commercial - workers’ compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2016 |  | $ | 158.9 |  |  | $ | 152.8 |  |  | $ | 139.9 |  |  | $ | 133.5 |  |  | $ | 128.3 |  |  | $ | 124.9 |  |  | $ | 122.3 |  |  | $ | 118.3 |  |  | $ | 117.2 |  |  | $ | 115.6 |  |  | $ | 5.1 |  |  |  | 12,853 |
2017 |  |  |  |  |  | 159.6 |  |  |  | 148.7 |  |  |  | 139.9 |  |  |  | 136.7 |  |  |  | 132.4 |  |  |  | 129.6 |  |  |  | 125.7 |  |  |  | 123.8 |  |  |  | 121.8 |  |  |  | 5.6 |  |  |  | 13,496 |
2018 |  |  |  |  |  |  |  |  | 165.2 |  |  |  | 161.3 |  |  |  | 152.6 |  |  |  | 150.8 |  |  |  | 149.2 |  |  |  | 145.8 |  |  |  | 142.7 |  |  |  | 139.8 |  |  |  | 8.4 |  |  |  | 15,075 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 170.5 |  |  |  | 165.0 |  |  |  | 162.9 |  |  |  | 163.2 |  |  |  | 159.5 |  |  |  | 159.2 |  |  |  | 155.6 |  |  |  | 9.7 |  |  |  | 15,551 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 167.1 |  |  |  | 166.8 |  |  |  | 150.6 |  |  |  | 142.4 |  |  |  | 139.8 |  |  |  | 136.0 |  |  |  | 9.9 |  |  |  | 12,237 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 178.5 |  |  |  | 180.8 |  |  |  | 175.5 |  |  |  | 174.0 |  |  |  | 172.5 |  |  |  | 12.0 |  |  |  | 14,827 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198.5 |  |  |  | 205.9 |  |  |  | 207.4 |  |  |  | 206.1 |  |  |  | 17.3 |  |  |  | 15,934 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 202.3 |  |  |  | 215.7 |  |  |  | 215.6 |  |  |  | 23.4 |  |  |  | 14,625 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 209.1 |  |  |  | 206.3 |  |  |  | 43.1 |  |  |  | 13,751 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 217.8 |  |  |  | 89.5 |  |  |  | 13,584 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,687.1 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2016 |  | $ | 29.2 |  |  | $ | 67.0 |  |  | $ | 84.4 |  |  | $ | 93.3 |  |  | $ | 97.2 |  |  | $ | 100.1 |  |  | $ | 102.1 |  |  | $ | 103.5 |  |  | $ | 104.7 |  |  | $ | 104.6 |  |  |  |  |  |  |
2017 |  |  |  |  |  | 28.5 |  |  |  | 63.7 |  |  |  | 82.0 |  |  |  | 92.7 |  |  |  | 99.0 |  |  |  | 102.6 |  |  |  | 106.2 |  |  |  | 108.1 |  |  |  | 109.6 |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  | 32.2 |  |  |  | 72.0 |  |  |  | 91.7 |  |  |  | 104.2 |  |  |  | 112.0 |  |  |  | 117.8 |  |  |  | 121.6 |  |  |  | 123.5 |  |  |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  |  |  | 30.4 |  |  |  | 75.7 |  |  |  | 102.4 |  |  |  | 116.2 |  |  |  | 124.5 |  |  |  | 128.7 |  |  |  | 134.3 |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.8 |  |  |  | 71.4 |  |  |  | 91.8 |  |  |  | 102.9 |  |  |  | 109.1 |  |  |  | 112.9 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.6 |  |  |  | 85.3 |  |  |  | 109.4 |  |  |  | 125.5 |  |  |  | 134.0 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.4 |  |  |  | 101.8 |  |  |  | 132.9 |  |  |  | 149.8 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.8 |  |  |  | 107.0 |  |  |  | 141.7 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44.1 |  |  |  | 101.7 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46.4 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,158.5 |  |  |  |  |  |  |
Total reserves for 2016 - 2025 accident years (incurred - paid) |  |  |  |  |  |  | 528.6 |  |  |  |  |  |  |
Total reserves for 2015 and prior accident years |  |  |  |  |  |  | 89.6 |  |  |  |  |  |  |
Unallocated loss adjustment expense and other |  |  |  |  |  |  | 21.2 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 639.4 |  |  |  |  |  |  |
Core Commercial - commercial automobile liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2019 |  | $ | 161.0 |  |  | $ | 167.9 |  |  | $ | 169.7 |  |  | $ | 174.6 |  |  | $ | 181.4 |  |  | $ | 179.9 |  |  | $ | 178.9 |  |  | $ | 5.0 |  |  |  | 9,797 |
2020 |  |  |  |  |  | 153.2 |  |  |  | 141.5 |  |  |  | 140.2 |  |  |  | 134.5 |  |  |  | 132.4 |  |  |  | 131.0 |  |  |  | 5.4 |  |  |  | 5,911 |
2021 |  |  |  |  |  |  |  |  | 154.1 |  |  |  | 156.5 |  |  |  | 146.1 |  |  |  | 144.6 |  |  | 145.4 |  |  |  | 10.9 |  |  |  | 6,132 |
2022 |  |  |  |  |  |  |  |  |  |  |  | 157.5 |  |  |  | 173.3 |  |  |  | 168.7 |  |  |  | 171.7 |  |  |  | 21.4 |  |  |  | 6,185 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 171.5 |  |  |  | 179.4 |  |  |  | 194.1 |  |  |  | 40.3 |  |  |  | 6,271 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 182.7 |  |  |  | 203.6 |  |  |  | 80.9 |  |  |  | 6,059 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 220.8 |  |  |  | 163.7 |  |  |  | 5,419 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,245.5 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2019 |  | $ | 27.1 |  |  | $ | 64.5 |  |  | $ | 94.8 |  |  | $ | 126.5 |  |  | $ | 147.9 |  |  | $ | 163.5 |  |  | $ | 167.9 |  |  |  |  |  |  |
2020 |  |  |  |  |  | 21.0 |  |  |  | 42.1 |  |  |  | 71.4 |  |  |  | 96.3 |  |  |  | 112.0 |  |  |  | 119.7 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  | 17.7 |  |  |  | 45.2 |  |  |  | 73.7 |  |  |  | 98.8 |  |  |  | 120.0 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  | 18.9 |  |  |  | 53.0 |  |  |  | 80.5 |  |  |  | 122.2 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.7 |  |  |  | 55.3 |  |  |  | 101.2 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.0 |  |  |  | 58.4 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.5 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 714.9 |  |  |  |  |  |  |
Total reserves for 2019 - 2025 accident years (incurred - paid) |  |  |  |  |  |  |  |  |  | 530.6 |  |  |  |  |  |  |
Total reserves for 2018 and prior accident years |  |  |  |  |  |  |  |  |  | 19.4 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  |  |  |  |  |  |  | 4.6 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  |  |  |  | $ | 554.6 |  |  |  |  |  |  |
Core Commercial - general liability and umbrella - occurrence |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2016 |  | $ | 58.5 |  |  | $ | 61.0 |  |  | $ | 57.8 |  |  | $ | 55.8 |  |  | $ | 53.7 |  |  | $ | 54.5 |  |  | $ | 54.2 |  |  | $ | 59.2 |  |  | $ | 61.9 |  |  | $ | 65.2 |  |  | $ | 2.6 |  |  |  | 1,218 |
2017 |  |  |  |  |  | 58.2 |  |  |  | 67.1 |  |  |  | 66.3 |  |  |  | 63.0 |  |  |  | 62.9 |  |  |  | 61.0 |  |  |  | 60.8 |  |  |  | 60.9 |  |  |  | 60.2 |  |  |  | 4.1 |  |  |  | 1,036 |
2018 |  |  |  |  |  |  |  |  | 58.8 |  |  |  | 61.1 |  |  |  | 60.3 |  |  |  | 63.3 |  |  |  | 63.2 |  |  |  | 65.0 |  |  |  | 64.3 |  |  |  | 60.4 |  |  |  | 6.4 |  |  |  | 978 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 58.9 |  |  |  | 60.0 |  |  |  | 60.3 |  |  |  | 69.3 |  |  |  | 73.7 |  |  |  | 74.5 |  |  |  | 71.3 |  |  |  | 7.8 |  |  |  | 882 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.2 |  |  |  | 58.9 |  |  |  | 53.4 |  |  |  | 52.1 |  |  |  | 44.9 |  |  |  | 43.9 |  |  |  | 9.1 |  |  |  | 561 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58.3 |  |  |  | 70.0 |  |  |  | 73.7 |  |  |  | 69.6 |  |  |  | 68.2 |  |  |  | 19.5 |  |  |  | 529 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63.3 |  |  |  | 76.6 |  |  |  | 75.2 |  |  |  | 89.3 |  |  |  | 27.4 |  |  |  | 542 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.2 |  |  |  | 77.6 |  |  |  | 79.7 |  |  |  | 43.2 |  |  |  | 443 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 93.3 |  |  |  | 94.9 |  |  |  | 65.1 |  |  |  | 468 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98.7 |  |  |  | 84.0 |  |  |  | 428 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 731.8 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2016 |  | $ | 0.7 |  |  | $ | 7.3 |  |  | $ | 14.8 |  |  | $ | 25.3 |  |  | $ | 31.7 |  |  | $ | 34.4 |  |  | $ | 38.7 |  |  | $ | 52.0 |  |  | $ | 54.1 |  |  | $ | 56.5 |  |  |  |  |  |  |
2017 |  |  |  |  |  | 2.3 |  |  |  | 9.0 |  |  |  | 19.3 |  |  |  | 27.1 |  |  |  | 33.9 |  |  |  | 42.6 |  |  |  | 46.8 |  |  |  | 49.0 |  |  |  | 51.8 |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  | 1.0 |  |  |  | 4.4 |  |  |  | 18.8 |  |  |  | 27.2 |  |  |  | 38.1 |  |  |  | 40.7 |  |  |  | 45.7 |  |  |  | 48.2 |  |  |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  |  |  | 4.3 |  |  |  | 8.7 |  |  |  | 16.5 |  |  |  | 28.2 |  |  |  | 38.2 |  |  |  | 49.9 |  |  |  | 57.1 |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.1 |  |  |  | 9.2 |  |  |  | 11.9 |  |  |  | 17.8 |  |  |  | 24.7 |  |  |  | 27.8 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.5 |  |  |  | 6.6 |  |  |  | 17.3 |  |  |  | 29.6 |  |  |  | 40.4 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.4 |  |  |  | 9.3 |  |  |  | 19.1 |  |  |  | 39.8 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.4 |  |  |  | 11.4 |  |  |  | 18.3 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.6 |  |  |  | 11.0 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.4 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 352.3 |  |  |  |  |  |  |
Total reserves for 2016 - 2025 accident years (incurred - paid) |  |  |  |  |  |  | 379.5 |  |  |  |  |  |  |
Total reserves for 2015 and prior accident years |  |  |  |  |  |  | 21.1 |  |  |  |  |  |  |
Unallocated loss adjustment expense and other |  |  |  |  |  |  | 2.9 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 403.5 |  |  |  |  |  |  |
Specialty property & casualty |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2018 |  | $ | 193.0 |  |  | $ | 194.1 |  |  | $ | 193.7 |  |  | $ | 190.2 |  |  | $ | 191.1 |  |  | $ | 191.1 |  |  | $ | 189.3 |  |  | $ | 188.7 |  |  | $ | 5.5 |  |  |  | 6,382 |
2019 |  |  |  |  |  | 212.2 |  |  |  | 209.4 |  |  |  | 225.7 |  |  |  | 237.1 |  |  |  | 236.8 |  |  |  | 231.0 |  |  |  | 228.4 |  |  |  | 9.9 |  |  |  | 6,469 |
2020 |  |  |  |  |  |  |  |  | 181.1 |  |  |  | 170.8 |  |  |  | 164.9 |  |  |  | 169.5 |  |  |  | 165.6 |  |  |  | 161.2 |  |  |  | 10.0 |  |  |  | 5,219 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 202.9 |  |  |  | 213.9 |  |  |  | 210.2 |  |  |  | 211.2 |  |  |  | 205.9 |  |  |  | 19.4 |  |  |  | 5,912 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 218.3 |  |  |  | 215.3 |  |  |  | 222.2 |  |  |  | 217.8 |  |  |  | 36.2 |  |  |  | 5,442 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 229.7 |  |  |  | 214.2 |  |  |  | 208.4 |  |  |  | 58.4 |  |  |  | 4,526 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 212.8 |  |  |  | 214.1 |  |  |  | 87.9 |  |  |  | 4,200 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 226.6 |  |  |  | 135.4 |  |  |  | 2,939 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,651.1 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2018 |  | $ | 56.0 |  |  | $ | 107.9 |  |  | $ | 124.9 |  |  | $ | 140.3 |  |  | $ | 158.6 |  |  | $ | 170.4 |  |  | $ | 176.5 |  |  | $ | 179.7 |  |  |  |  |  |  |
2019 |  |  |  |  |  | 71.5 |  |  |  | 113.9 |  |  |  | 136.5 |  |  |  | 164.9 |  |  |  | 187.1 |  |  |  | 203.5 |  |  |  | 208.1 |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  | 40.4 |  |  |  | 84.0 |  |  |  | 101.2 |  |  |  | 121.9 |  |  |  | 136.3 |  |  |  | 142.8 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  | 59.2 |  |  |  | 106.6 |  |  |  | 125.9 |  |  |  | 149.1 |  |  |  | 167.5 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60.7 |  |  |  | 106.5 |  |  |  | 127.6 |  |  |  | 153.8 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61.1 |  |  |  | 92.4 |  |  |  | 117.1 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.3 |  |  |  | 86.3 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.0 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,111.3 |  |  |  |  |  |  |
Total reserves for 2018 - 2025 accident years (incurred - paid) |  |  |  |  |  |  | 539.8 |  |  |  |  |  |  |
Total reserves for 2017 and prior accident years |  |  |  |  |  |  | 41.1 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  |  |  |  | 14.7 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 595.6 |  |  |  |  |  |  |
Specialty - general liability - claims made |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2019 |  | $ | 119.8 |  |  | $ | 119.5 |  |  | $ | 125.6 |  |  | $ | 127.6 |  |  | $ | 126.7 |  |  | $ | 129.0 |  |  | $ | 128.8 |  |  | $ | 3.4 |  |  |  | 1,201 |
2020 |  |  |  |  |  | 137.3 |  |  |  | 134.2 |  |  |  | 123.3 |  |  |  | 119.1 |  |  |  | 122.5 |  |  |  | 118.0 |  |  |  | 5.8 |  |  |  | 1,193 |
2021 |  |  |  |  |  |  |  |  | 148.2 |  |  |  | 144.8 |  |  |  | 134.6 |  |  |  | 128.6 |  |  |  | 131.8 |  |  |  | 13.2 |  |  |  | 1,083 |
2022 |  |  |  |  |  |  |  |  |  |  |  | 162.3 |  |  |  | 149.0 |  |  |  | 137.6 |  |  |  | 134.6 |  |  |  | 21.8 |  |  |  | 1,089 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 170.5 |  |  |  | 167.7 |  |  |  | 158.1 |  |  |  | 36.1 |  |  |  | 1,383 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 183.6 |  |  |  | 179.0 |  |  |  | 63.4 |  |  |  | 1,524 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 175.3 |  |  |  | 87.3 |  |  |  | 2,672 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,025.6 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2019 |  | $ | 16.5 |  |  | $ | 53.3 |  |  | $ | 77.0 |  |  | $ | 95.4 |  |  | $ | 107.4 |  |  | $ | 115.4 |  |  | $ | 120.1 |  |  |  |  |  |  |
2020 |  |  |  |  |  | 16.8 |  |  |  | 50.6 |  |  |  | 75.0 |  |  |  | 89.4 |  |  |  | 101.2 |  |  |  | 104.6 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  | 15.8 |  |  |  | 49.9 |  |  |  | 76.7 |  |  |  | 92.4 |  |  |  | 105.6 |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  | 18.1 |  |  |  | 54.0 |  |  |  | 78.2 |  |  |  | 94.2 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.9 |  |  |  | 55.4 |  |  |  | 86.7 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24.4 |  |  |  | 64.0 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.4 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 598.6 |  |  |  |  |  |  |
Total reserves for 2019 - 2025 accident years (incurred - paid) |  |  |  |  |  |  | 427.0 |  |  |  |  |  |  |
Total reserves for 2018 and prior accident years |  |  |  |  |  |  | 8.7 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  |  |  |  | 6.6 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 442.3 |  |  |  |  |  |  |
Personal automobile liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2021 |  | $ | 407.2 |  |  | $ | 411.6 |  |  | $ | 408.5 |  |  | $ | 403.0 |  |  | $ | 403.6 |  |  | $ | 6.6 |  |  |  | 30,846 |
2022 |  |  |  |  |  | 441.9 |  |  |  | 458.6 |  |  |  | 456.6 |  |  |  | 458.7 |  |  |  | 16.3 |  |  |  | 33,974 |
2023 |  |  |  |  |  |  |  |  | 489.9 |  |  |  | 511.1 |  |  |  | 523.0 |  |  |  | 42.6 |  |  |  | 35,474 |
2024 |  |  |  |  |  |  |  |  |  |  |  | 494.7 |  |  |  | 497.7 |  |  |  | 90.5 |  |  |  | 31,374 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 531.5 |  |  |  | 263.1 |  |  |  | 26,157 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,414.5 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2021 |  | $ | 106.4 |  |  | $ | 225.9 |  |  | $ | 304.4 |  |  | $ | 353.0 |  |  | $ | 380.7 |  |  |  |  |  |  |
2022 |  |  |  |  |  | 117.2 |  |  |  | 255.0 |  |  |  | 346.0 |  |  |  | 403.5 |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  | 143.1 |  |  |  | 296.4 |  |  |  | 400.7 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  | 142.9 |  |  |  | 286.5 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 143.2 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,614.6 |  |  |  |  |  |  |
Total reserves for 2021 - 2025 accident years (incurred - paid) |  |  |  | 799.9 |  |  |  |  |  |  |
Total reserves for 2020 and prior accident years |  |  |  | 51.7 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  | 16.2 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  | $ | 867.8 |  |  |  |  |  |  |
Homeowners |  |  |  |  |  |  |  |  |  |
($ in millions) |  |  |  |  |  | As of |
Incurred Losses and ALAE, Net of Reinsurance |  |  | December 31, 2025 |
YEARS ENDED DECEMBER 31, |  |  |  |  |  | Cumulative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incurred |
Accident |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  | Claim |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  | IBNR |  |  | Count |
2022 |  | $ | 548.5 |  |  | $ | 557.0 |  |  | $ | 559.7 |  |  | $ | 561.8 |  |  | $ | 5.3 |  |  |  | 35,242 |
2023 |  |  |  |  |  | 874.4 |  |  |  | 863.8 |  |  |  | 855.3 |  |  |  | 7.0 |  |  |  | 50,444 |
2024 |  |  |  |  |  |  |  |  | 648.6 |  |  |  | 635.6 |  |  |  | 23.8 |  |  |  | 31,998 |
2025 |  |  |  |  |  |  |  |  |  |  |  | 489.2 |  |  |  | 124.6 |  |  |  | 19,467 |
Total |  |  |  |  |  |  |  |  |  |  | $ | 2,541.9 |  |  |  |  |  |  |
Cumulative Paid Losses and ALAE, Net of Reinsurance |  |  |  |  |  |  |
YEARS ENDED DECEMBER 31, |  |  |  |  |  |  |
Accident |  | 2022 |  |  | 2023 |  |  | 2024 |  |  |  |  |  |  |  |  |  |
Year |  | Unaudited |  |  | Unaudited |  |  | Unaudited |  |  | 2025 |  |  |  |  |  |  |
2022 |  | $ | 324.1 |  |  | $ | 511.7 |  |  | $ | 537.0 |  |  | $ | 546.8 |  |  |  |  |  |  |
2023 |  |  |  |  |  | 590.4 |  |  |  | 811.9 |  |  |  | 836.5 |  |  |  |  |  |  |
2024 |  |  |  |  |  |  |  |  | 430.9 |  |  |  | 584.3 |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  | 296.1 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  | 2,263.7 |  |  |  |  |  |  |
Total reserves for 2022 - 2025 accident years (incurred - paid) |  |  |  | 278.2 |  |  |  |  |  |  |
Total reserves for 2021 and prior accident years |  |  |  |  | 13.3 |  |  |  |  |  |  |
Unallocated loss adjustment expense |  |  |  |  |  |  | 5.4 |  |  |  |  |  |  |
Net reserves at December 31, 2025 |  |  |  |  |  | $ | 296.9 |  |  |  |  |  |  |
The following table is information about average historical claims duration as of December 31, 2025. The table is computed based on the paid and incurred claims data, net of reinsurance, for the accident years presented in the preceding claims development tables.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance |
Unaudited |
|  | 1 |  |  | 2 |  |  | 3 |  |  | 4 |  |  | 5 |  |  | 6 |  |  | 7 |  |  | 8 |  |  | 9 |  |  | 10 |
Core Commercial - commercial multiple peril |  |  | 33.4 | % |  |  | 24.3 | % |  |  | 9.9 | % |  |  | 8.3 | % |  |  | 7.8 | % |  |  | 5.1 | % |  |  | 4.4 | % |  |  | 1.6 | % |  |  |  |  |  |
Core Commercial - workers’ compensation |  |  | 22.1 | % |  |  | 29.0 | % |  |  | 15.2 | % |  |  | 8.6 | % |  |  | 4.8 | % |  |  | 3.0 | % |  |  | 2.8 | % |  |  | 1.4 | % |  |  | 1.1 | % |  |  | 0.0 | %
Core Commercial - commercial automobile liability |  |  | 12.8 | % |  |  | 18.2 | % |  |  | 19.7 | % |  |  | 19.6 | % |  |  | 12.8 | % |  |  | 7.3 | % |  |  | 2.5 | % |  |  |  |  |  |  |  |  |
Core Commercial - general liability and umbrella - occurrence |  |  | 3.1 | % |  |  | 9.2 | % |  |  | 13.1 | % |  |  | 16.3 | % |  |  | 14.1 | % |  |  | 9.3 | % |  |  | 8.0 | % |  |  | 9.4 | % |  |  | 3.9 | % |  |  | 3.7 | %
Specialty property & casualty |  |  | 27.5 | % |  |  | 21.4 | % |  |  | 10.1 | % |  |  | 11.3 | % |  |  | 9.3 | % |  |  | 5.8 | % |  |  | 2.6 | % |  |  | 1.7 | % |  |  |  |  |  |
Specialty - general liability - claims made |  |  | 13.0 | % |  |  | 25.9 | % |  |  | 19.4 | % |  |  | 12.6 | % |  |  | 9.8 | % |  |  | 4.5 | % |  |  | 3.6 | % |  |  |  |  |  |  |  |  |
Personal automobile liability |  |  | 27.0 | % |  |  | 29.5 | % |  |  | 19.7 | % |  |  | 12.3 | % |  |  | 6.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homeowners |  |  | 63.8 | % |  |  | 27.8 | % |  |  | 3.7 | % |  |  | 1.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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