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.

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.

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.

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.

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.

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.


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.

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	%