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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Fixed Maturities for Available for Sale Securities

At September 30, 2025, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):

			Amortized cost						Gross unrealized gains						Gross unrealized losses						Allowance for credit losses						Estimated fair value
Corporate securities			$	14,226.1					$	158.2					$	(1,352.0)					$	(27.5)					$	13,004.8
Certificates of deposit			—						—						—						—						—
United States Treasury securities and obligations of United States government corporations and agencies			206.2						—						(26.8)						—						179.4
States and political subdivisions			3,346.9						27.3						(375.7)						(2.8)						2,995.7
Foreign governments			121.9						1.1						(10.7)						(0.6)						111.7
Asset-backed securities			1,547.1						11.9						(43.2)						(0.1)						1,515.7
Agency residential mortgage-backed securities			896.0						11.9						(0.5)						—						907.4
Non-agency residential mortgage-backed securities			1,569.7						38.6						(96.9)						—						1,511.4
Collateralized loan obligations			1,127.4						3.2						(4.5)						—						1,126.1
Commercial mortgage-backed securities			2,178.0						5.9						(128.8)						(2.0)						2,053.1
Total fixed maturities, available for sale			$	25,219.3					$	258.1					$	(2,039.1)					$	(33.0)					$	23,405.3

At December 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):

			Amortized cost						Gross unrealized gains						Gross unrealized losses						Allowance for credit losses						Estimated fair value
Corporate securities			$	13,672.1					$	60.2					$	(1,660.4)					$	(31.1)					$	12,040.8
Certificates of deposit			470.0						18.3						—						—						488.3
United States Treasury securities and obligations of United States government corporations and agencies			214.8						—						(28.6)						—						186.2
States and political subdivisions			3,261.9						12.2						(436.4)						(3.4)						2,834.3
Foreign governments			107.2						0.1						(15.3)						(0.9)						91.1
Asset-backed securities			1,574.6						8.3						(66.4)						(0.1)						1,516.4
Agency residential mortgage-backed securities			819.8						5.3						(5.5)						—						819.6
Non-agency residential mortgage-backed securities			1,636.3						33.6						(130.8)						—						1,539.1
Collateralized loan obligations			1,015.2						5.6						(4.0)						—						1,016.8
Commercial mortgage-backed securities			2,379.1						3.7						(183.7)						(1.6)						2,197.5
Total fixed maturities, available for sale			$	25,151.0					$	147.3					$	(2,531.1)					$	(37.1)					$	22,730.1

Schedule of Investments Classified by Contractual Maturity Date

The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale at September 30, 2025 by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  Structured securities (such as asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

			Amortized cost						Estimated fair value
			(Dollars in millions)
Due in one year or less			$	268.0					$	266.9
Due after one year through five years			2,261.0						2,258.5
Due after five years through ten years			2,481.3						2,519.2
Due after ten years			12,890.8						11,247.0
Subtotal			17,901.1						16,291.6
Structured securities			7,318.2						7,113.7
Total fixed maturities, available for sale			$	25,219.3					$	23,405.3

Schedule of Unrealized Loss on Investments

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position at September 30, 2025 (dollars in millions):

						Less than 12 months												12 months or greater												Total
						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Corporate securities						$	198.2					$	(3.4)					$	3,153.4					$	(449.7)					$	3,351.6					$	(453.1)
United States Treasury securities and obligations of United States government corporations and agencies						18.3						(1.7)						154.2						(25.1)						172.5						(26.8)
States and political subdivisions						203.9						(2.0)						861.7						(128.1)						1,065.6						(130.1)
Foreign governments						—						—						20.8						(0.9)						20.8						(0.9)
Asset-backed securities						37.9						(0.3)						621.9						(42.1)						659.8						(42.4)
Agency residential mortgage-backed securities						21.3						(0.1)						45.1						(0.4)						66.4						(.5)
Non-agency residential mortgage-backed securities						84.2						(0.4)						762.5						(96.5)						846.7						(96.9)
Collateralized loan obligations						284.3						(2.4)						66.8						(2.1)						351.1						(4.5)
Commercial mortgage-backed securities						170.9						(0.6)						1,234.4						(128.2)						1,405.3						(128.8)
Total fixed maturities, available for sale						$	1,019.0					$	(10.9)					$	6,920.8					$	(873.1)					$	7,939.8					$	(884.0)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position at December 31, 2024 (dollars in millions):

						Less than 12 months												12 months or greater												Total
						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Corporate securities						$	1,200.8					$	(35.5)					$	4,029.2					$	(740.3)					$	5,230.0					$	(775.8)
United States Treasury securities and obligations of United States government corporations and agencies						44.7						(3.8)						141.5						(24.8)						186.2						(28.6)
States and political subdivisions						831.9						(20.5)						896.1						(212.1)						1,728.0						(232.6)
Foreign governments						17.4						(1.0)						10.0						(1.0)						27.4						(2.0)
Asset-backed securities						124.8						(1.2)						807.9						(64.3)						932.7						(65.5)
Agency residential mortgage-backed securities						297.1						(5.3)						3.1						(0.2)						300.2						(5.5)
Non-agency residential mortgage-backed securities						128.0						(1.4)						884.6						(129.4)						1,012.6						(130.8)
Collateralized loan obligations						162.9						(0.7)						66.9						(3.2)						229.8						(3.9)
Commercial mortgage-backed securities						174.5						(1.2)						1,642.7						(182.5)						1,817.2						(183.7)
Total fixed maturities, available for sale						$	2,982.1					$	(70.6)					$	8,482.0					$	(1,357.8)					$	11,464.1					$	(1,428.4)

Schedule of Changes in the Allowance for Current Expected Credit Losses

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended September 30, 2025 (dollars in millions):

			Corporate securities						Other						Total
Allowance at June 30, 2025			$	33.1					$	6.0					$	39.1
Additions for securities for which credit losses were not previously recorded			0.4						—						0.4
Additions (reductions) for securities where an allowance was previously recorded			(4.6)						(0.5)						(5.1)
Reduction for securities disposed during the period			(1.4)						—						(1.4)
Allowance at September 30, 2025			$	27.5					$	5.5					$	33.0

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the nine months ended September 30, 2025 (dollars in millions):

			Corporate securities						Other						Total
Allowance at December 31, 2024			$	31.1					$	6.0					$	37.1
Additions for securities for which credit losses were not previously recorded			3.5						—						3.5
Additions (reductions) for securities where an allowance was previously recorded			(3.7)						(0.5)						(4.2)
Reduction for securities disposed during the period			(3.4)						—						(3.4)
Allowance at September 30, 2025			$	27.5					$	5.5					$	33.0

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended September 30, 2024 (dollars in millions):

			Corporate securities						Other						Total
Allowance at June 30, 2024			$	38.6					$	1.2					$	39.8
Additions for securities for which credit losses were not previously recorded			1.1						—						1.1
Additions (reductions) for securities where an allowance was previously recorded			(6.6)						0.2						(6.4)
Reduction for securities disposed during the period			(8.6)						—						(8.6)
Allowance at September 30, 2024			$	24.5					$	1.4					$	25.9

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the nine months ended September 30, 2024 (dollars in millions):

			Corporate securities						Other						Total
Allowance at December 31, 2023			$	41.7					$	1.2					$	42.9
Additions for securities for which credit losses were not previously recorded			5.4						0.1						5.5
Additions (reductions) for securities where an allowance was previously recorded			(12.8)						0.2						(12.6)
Reduction for securities disposed during the period			(9.8)						(0.1)						(9.9)
Allowance at September 30, 2024			$	24.5					$	1.4					$	25.9

The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs (dollars in millions):

			Three months ended												Nine months ended
			September 30,												September 30,
			2025						2024						2025						2024
Allowance at the beginning of the period			$	2.3					$	2.8					$	1.3					$	3.1
Additions for securities for which credit losses were not previously recorded			0.2						0.2						1.3						0.6
Additions (reductions) for securities where an allowance was previously recorded			—						0.2						1.4						2.1
Reduction for securities disposed during the period			(2.0)						(1.4)						(3.5)						(4.0)
Allowance at the end of the period			$	0.5					$	1.8					$	0.5					$	1.8

Schedule of Carrying Value and Estimated Fair Value of Outstanding Commercial Mortgage Loans and Underlying Collateral

The following table provides the amortized cost by year of origination and estimated fair value of our outstanding commercial mortgage loans and the underlying collateral as of September 30, 2025 (dollars in millions):

																																																Estimated fair value
Loan-to-value ratio (a)						2025						2024						2023						2022						2021						Prior						Total amortized cost						Commercial mortgage loans						Collateral
Less than 60%						$	165.2					$	169.4					$	179.5					$	142.1					$	113.2					$	455.2					$	1,224.6					$	1,165.6					$	3,987.9
60% to less than 70%						105.4						15.0						36.4						24.1						18.0						36.3						235.2						218.8						362.0
70% to less than 80%						—						—						59.6						51.0						—						22.8						133.4						120.9						181.0
80% to less than 90%						10.1						—						—						61.0						—						—						71.1						64.2						88.3
90% to less than 100%						—						—						—						—						7.8						1.9						9.7						7.6						9.8
Total						$	280.7					$	184.4					$	275.5					$	278.2					$	139.0					$	516.2					$	1,674.0					$	1,577.1					$	4,629.0

________________

(a)Loan-to-value ratios are calculated as the ratio of: (i) the amortized cost of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.

Schedule of Changes in the Allowance for Current Expected Credit Losses Related to Mortgage Loans

The following table summarizes changes in the allowance for credit losses related to mortgage loans for the periods indicated (dollars in millions):

						Three months ended												Nine months ended
						September 30,												September 30,
						2025						2024						2025						2024
Allowance at the beginning of the period						$	21.1					$	13.2					$	13.6					$	15.4
Increase (decrease) in provision for expected credit losses						(0.1)						3.3						7.4						1.1
Allowance at the end of the period						$	21.0					$	16.5					$	21.0					$	16.5

Schedule of Realized Gain (Loss) on Investments

The following table sets forth the total investment gains (losses) for the periods indicated (dollars in millions):

						Three months ended												Nine months ended
						September 30,												September 30,
						2025						2024						2025						2024
Realized investment gains (losses):
Gross realized gains on sales of fixed maturities, available for sale						$	1.9					$	6.3					$	4.8					$	9.3
Gross realized losses on sales of fixed maturities, available for sale						(18.1)						(12.8)						(42.7)						(46.3)
Equity securities, net						0.7						—						0.2						(0.1)
Other, net						2.6						(6.6)						(0.3)						(12.3)
Total realized investment losses						(12.9)						(13.1)						(38.0)						(49.4)
Change in allowance for credit losses						8.0						1.6						(2.6)						7.2
Change in fair value of equity securities (a)						1.4						2.8						3.5						3.0
Other changes in fair value (b) (c)						0.5						9.8						8.9						27.1
Gain on liquidation of variable interest entities						—						0.1						—						3.9
Other investment gains (losses)						9.9						14.3						9.8						41.2
Total investment gains (losses)						$	(3.0)					$	1.2					$	(28.2)					$	(8.2)

_________________

(a)    Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $1.7 million and $2.8 million for the three months ended September 30, 2025 and 2024, respectively, and were $5.9 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively.

(b)    Other changes in fair value are comprised of (i) gains related to certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value, of nil and $8.1 million for the three months ended September 30, 2025 and 2024, respectively, and $7.1 million and $25.2 million for the nine months ended September 30, 2025 and 2024, respectively; and (ii) the increase in fair value of embedded derivatives related to a modified coinsurance agreement of $0.5 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $1.9 million for the nine months ended September 30, 2025 and 2024, respectively.

(c)    Changes in the estimated fair value of fixed maturity investments with embedded derivatives that we have elected the fair value option (that are still held as of the end of the respective periods) were $3.0 million and $6.1 million for the three months ended September 30, 2025 and 2024, respectively, and $10.1 million and $10.8 million for the nine months ended September 30, 2025 and 2024, respectively.

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-Topic 326
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-Section 50
-Paragraph 13
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