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v3.26.1

INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fixed Maturities for Available for Sale Securities | At March 31, 2026, 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 | $ | 14,558.6 |  |  | $ | 39.6 |  |  | $ | (1,578.6) |  |  | $ | (37.8) |  |  | $ | 12,981.8 |
United States Treasury securities and obligations of United States government corporations and agencies | 208.9 |  |  | — |  |  | (32.5) |  |  | — |  |  | 176.4 |
States and political subdivisions | 3,250.8 |  |  | 21.4 |  |  | (390.2) |  |  | (2.8) |  |  | 2,879.2 |
Foreign governments | 134.8 |  |  | 0.4 |  |  | (13.4) |  |  | (1.0) |  |  | 120.8 |
Asset-backed securities | 1,844.1 |  |  | 7.8 |  |  | (51.4) |  |  | (0.1) |  |  | 1,800.4 |
Agency residential mortgage-backed securities | 810.6 |  |  | 9.5 |  |  | (0.9) |  |  | — |  |  | 819.2 |
Non-agency residential mortgage-backed securities | 1,556.2 |  |  | 32.7 |  |  | (85.5) |  |  | — |  |  | 1,503.4 |
Collateralized loan obligations | 1,466.5 |  |  | 1.3 |  |  | (4.2) |  |  | — |  |  | 1,463.6 |
Commercial mortgage-backed securities | 2,250.9 |  |  | 4.1 |  |  | (116.5) |  |  | (2.2) |  |  | 2,136.3 |
Total fixed maturities, available for sale | $ | 26,081.4 |  |  | $ | 116.8 |  |  | $ | (2,273.2) |  |  | $ | (43.9) |  |  | $ | 23,881.1 |
At December 31, 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 | $ | 14,568.8 |  |  | $ | 137.1 |  |  | $ | (1,413.2) |  |  | $ | (30.2) |  |  | $ | 13,262.5 |
United States Treasury securities and obligations of United States government corporations and agencies | 207.2 |  |  | 0.1 |  | (30.2) |  |  | — |  |  | 177.1 |
States and political subdivisions | 3,311.4 |  |  | 25.1 |  | (378.9) |  |  | (2.9) |  |  | 2,954.7 |
Foreign governments | 130.9 |  |  | 0.9 |  | (10.7) |  |  | (0.6) |  |  | 120.5 |
Asset-backed securities | 1,780.8 |  |  | 14.0 |  | (47.4) |  |  | (0.1) |  |  | 1,747.3 |
Agency residential mortgage-backed securities | 838.3 |  |  | 11.4 |  | (0.2) |  |  | — |  |  | 849.5 |
Non-agency residential mortgage-backed securities | 1,639.1 |  |  | 37.5 |  | (90.9) |  |  | — |  |  | 1,585.7 |
Collateralized loan obligations | 1,142.4 |  |  | 2.8 |  | (2.7) |  |  | — |  |  | 1,142.5 |
Commercial mortgage-backed securities | 2,157.5 |  |  | 6.4 |  | (114.7) |  |  | (2.2) |  |  | 2,047.0 |
Total fixed maturities, available for sale | $ | 25,776.4 |  |  | $ | 235.3 |  |  | $ | (2,088.9) |  |  | $ | (36.0) |  |  | $ | 23,886.8 |
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 March 31, 2026 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 | $ | 258.3 |  |  | $ | 255.4 |
Due after one year through five years | 2,220.8 |  |  | 2,205.6 |
Due after five years through ten years | 3,001.3 |  |  | 2,966.1 |
Due after ten years | 12,672.7 |  |  | 10,731.1 |
Subtotal | 18,153.1 |  |  | 16,158.2 |
Structured securities | 7,928.3 |  |  | 7,722.9 |
Total fixed maturities, available for sale | $ | 26,081.4 |  |  | $ | 23,881.1 |
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 March 31, 2026 (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 |  | $ | 2,103.4 |  |  | $ | (75.5) |  |  | $ | 1,866.3 |  |  | $ | (411.6) |  |  | $ | 3,969.7 |  |  | $ | (487.1) |
United States Treasury securities and obligations of United States government corporations and agencies |  | 18.9 |  |  | (0.2) |  |  | 153.3 |  |  | (32.3) |  |  | 172.2 |  |  | (32.5) |
States and political subdivisions |  | 261.4 |  |  | (9.9) |  |  | 846.8 |  |  | (136.5) |  |  | 1,108.2 |  |  | (146.4) |
Foreign governments |  | 8.1 |  |  | (0.2) |  |  | 17.4 |  |  | (3.2) |  |  | 25.5 |  |  | (3.4) |
Asset-backed securities |  | 618.0 |  |  | (5.1) |  |  | 441.5 |  |  | (45.5) |  |  | 1,059.5 |  |  | (50.6) |
Agency residential mortgage-backed securities |  | 100.6 |  |  | (0.6) |  |  | 13.7 |  |  | (0.3) |  |  | 114.3 |  |  | (0.9) |
Non-agency residential mortgage-backed securities |  | 239.5 |  |  | (1.7) |  |  | 624.8 |  |  | (83.9) |  |  | 864.3 |  |  | (85.6) |
Collateralized loan obligations |  | 772.4 |  |  | (2.4) |  |  | 72.9 |  |  | (1.8) |  |  | 845.3 |  |  | (4.2) |
Commercial mortgage-backed securities |  | 605.8 |  |  | (3.7) |  |  | 1,008.8 |  |  | (112.7) |  |  | 1,614.6 |  |  | (116.4) |
Total fixed maturities, available for sale |  | $ | 4,728.1 |  |  | $ | (99.3) |  |  | $ | 5,045.5 |  |  | $ | (827.8) |  |  | $ | 9,773.6 |  |  | $ | (927.1) |
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, 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 |  | $ | 734.9 |  |  | $ | (44.3) |  |  | $ | 2,645.8 |  |  | $ | (426.7) |  |  | $ | 3,380.7 |  |  | $ | (471.0) |
United States Treasury securities and obligations of United States government corporations and agencies |  | 0.4 |  |  | — |  |  | 153.9 |  |  | (30.2) |  |  | 154.3 |  |  | (30.2) |
States and political subdivisions |  | 275.6 |  |  | (8.5) |  |  | 806.0 |  |  | (127.6) |  |  | 1,081.6 |  |  | (136.1) |
Foreign governments |  | 3.1 |  |  | — |  |  | 24.3 |  |  | (2.7) |  |  | 27.4 |  |  | (2.7) |
Asset-backed securities |  | 187.8 |  |  | (1.8) |  |  | 487.7 |  |  | (44.9) |  |  | 675.5 |  |  | (46.7) |
Agency residential mortgage-backed securities |  | 59.8 |  |  | — |  |  | 13.8 |  |  | (0.2) |  |  | 73.6 |  |  | (0.2) |
Non-agency residential mortgage-backed securities |  | 131.4 |  |  | (0.9) |  |  | 703.3 |  |  | (90.0) |  |  | 834.7 |  |  | (90.9) |
Collateralized loan obligations |  | 227.3 |  |  | (0.9) |  |  | 62.9 |  |  | (1.8) |  |  | 290.2 |  |  | (2.7) |
Commercial mortgage-backed securities |  | 243.7 |  |  | (2.1) |  |  | 1,067.2 |  |  | (112.6) |  |  | 1,310.9 |  |  | (114.7) |
Total fixed maturities, available for sale |  | $ | 1,864.0 |  |  | $ | (58.5) |  |  | $ | 5,964.9 |  |  | $ | (836.7) |  |  | $ | 7,828.9 |  |  | $ | (895.2) |
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 March 31, 2026 (dollars in millions):
| Corporate securities |  | Other |  | Total
Allowance at December 31, 2025 | $ | 30.2 |  |  | $ | 5.8 |  |  | $ | 36.0 |
Additions for securities for which credit losses were not previously recorded | 8.9 |  |  | 0.2 |  |  | 9.1 |
Additions for securities where an allowance was previously recorded | 1.4 |  |  | 0.1 |  |  | 1.5 |
Reduction for securities disposed during the period | (2.7) |  |  | — |  |  | (2.7) |
Allowance at March 31, 2026 | $ | 37.8 |  |  | $ | 6.1 |  |  | $ | 43.9 |
The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 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 | 2.5 |  |  | — |  |  | 2.5 |
Additions (reductions) for securities where an allowance was previously recorded | 0.8 |  |  | (0.2) |  |  | 0.6 |
Reduction for securities disposed during the period | (1.3) |  |  | — |  |  | (1.3) |
Allowance at March 31, 2025 | $ | 33.1 |  |  | $ | 5.8 |  |  | $ | 38.9 |
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 March 31, 2026 (dollars in millions):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated fair value
Loan-to-value ratio (a) |  | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Total amortized cost |  | Commercial mortgage loans |  | Collateral
Less than 60% |  | $ | 102.6 |  |  | $ | 303.1 |  |  | $ | 168.8 |  |  | $ | 197.4 |  |  | $ | 140.4 |  |  | $ | 545.4 |  |  | $ | 1,457.7 |  |  | $ | 1,385.5 |  |  | $ | 4,580.5 |
60% to less than 70% |  | — |  |  | 88.6 |  |  | 15.0 |  |  | 17.7 |  |  | 37.4 |  |  | 25.7 |  |  | 184.4 |  |  | 175.4 |  |  | 279.8 |
70% to less than 80% |  | — |  |  | 18.1 |  |  | — |  |  | 59.9 |  |  | 77.4 |  |  | 22.4 |  |  | 177.8 |  |  | 162.8 |  |  | 238.7 |
80% to less than 90% |  | — |  |  | 10.0 |  |  | — |  |  | — |  |  | 13.4 |  |  | — |  |  | 23.4 |  |  | 21.5 |  |  | 29.0 |
90% to less than 100% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.6 |  |  | 9.6 |  |  | 7.4 |  |  | 9.7 |
Total |  | $ | 102.6 |  |  | $ | 419.8 |  |  | $ | 183.8 |  |  | $ | 275.0 |  |  | $ | 268.6 |  |  | $ | 603.1 |  |  | $ | 1,852.9 |  |  | $ | 1,752.6 |  |  | $ | 5,137.7 |
________________ (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 period indicated (dollars in millions):
|  |  |  | Three months ended
|  |  |  | March 31,
|  |  |  |  |  | 2026 |  | 2025
Allowance at the beginning of the period |  |  |  |  |  | $ | 20.9 |  |  | $ | 13.6 |
Increase (decrease) in provision for expected credit losses |  |  |  |  |  | (3.9) |  |  | 6.5 |
Allowance at the end of the period |  |  |  |  |  | $ | 17.0 |  |  | $ | 20.1 |
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 |  |
|  | March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
Realized investment gains (losses): |  |  |  |  |  |  |  |
Gross realized gains on sales of fixed maturities, available for sale |  | $ | 52.2 |  |  | $ | 1.0 |  |  |  |  |
Gross realized losses on sales of fixed maturities, available for sale |  | (56.3) |  |  | (2.8) |  |  |  |  |
Equity securities, net |  | (1.9) |  |  | — |  |  |  |  |
Other, net |  | (1.8) |  |  | (2.0) |  |  |  |  |
Total realized investment losses |  | (7.8) |  |  | (3.8) |  |  |  |  |
Change in allowance for credit losses and write-downs |  | (9.6) |  |  | (9.6) |  |  |  |  |
Change in fair value of equity securities (a) |  | (2.0) |  |  | (2.5) |  |  |  |  |
Other changes in fair value (b) (c) |  | (3.3) |  |  | 9.1 |  |  |  |  |
Other investment losses |  | (14.9) |  |  | (3.0) |  |  |  |  |
Total investment losses |  | $ | (22.7) |  |  | $ | (6.8) |  |  |  |  |
_________________ (a) Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $(3.6) million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. (b) Other changes in fair value are comprised of (i) gains (losses) related to certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value, of $(2.9) million and $7.9 million for the three months ended March 31, 2026 and 2025, respectively; and (ii) the increase (decrease) in fair value of embedded derivatives related to a modified coinsurance agreement of $(0.4) million and $1.2 million for the three months ended March 31, 2026 and 2025, 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 $(3.3) million and $5.8 million for the three months ended March 31, 2026 and 2025, respectively.

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