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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Securities, Available-for-sale [Line Items] |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2025 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 228.2 |  |  | $ | 225.8 |
Due after One Year to Five Years |  | 925.2 |  |  | 894.4 |
Due after Five Years to Ten Years |  | 920.7 |  |  | 839.7 |
Due after Ten Years |  | 3,497.9 |  |  | 3,001.5 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,759.7 |  |  | 1,658.9 |
Investments in Fixed Maturities |  | $ | 7,331.7 |  |  | $ | 6,620.3 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2025 is presented below.
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(Dollars in Millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Government Agencies and Authorities |  | $ | 3.2 |  |  | $ | — |  |  | $ | 382.4 |  |  | $ | (84.7) |  |  | $ | 385.6 |  |  | $ | (84.7) |
States and Political Subdivisions |  | 178.5 |  |  | (6.6) |  |  | 971.5 |  |  | (187.9) |  |  | 1,150.0 |  |  | (194.5) |
Foreign Governments |  | 3.7 |  |  | (0.1) |  |  | 0.4 |  |  | (0.2) |  |  | 4.1 |  |  | (0.3) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 538.0 |  |  | (21.3) |  |  | 2,472.6 |  |  | (395.9) |  |  | 3,010.6 |  |  | (417.2) |
Redeemable Preferred Stocks |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |  |  | — |
Collateralized Loan Obligations |  | 57.0 |  |  | (0.5) |  |  | 68.8 |  |  | (6.0) |  |  | 125.8 |  |  | (6.5) |
Other Mortgage- and Asset-backed |  | 13.4 |  |  | — |  |  | 247.6 |  |  | (24.8) |  |  | 261.0 |  |  | (24.8) |
Total Fixed Maturities |  | $ | 793.8 |  |  | $ | (28.5) |  |  | $ | 4,145.3 |  |  | $ | (699.5) |  |  | $ | 4,939.1 |  |  | $ | (728.0) |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2024 is presented below.
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(Dollars in Millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Government Agencies and Authorities |  | $ | 41.7 |  |  | $ | (0.5) |  |  | $ | 383.6 |  |  | $ | (101.9) |  |  | $ | 425.3 |  |  | $ | (102.4) |
States and Political Subdivisions |  | 242.7 |  |  | (10.3) |  |  | 933.4 |  |  | (215.1) |  |  | 1,176.1 |  |  | (225.4) |
Foreign Governments |  | — |  |  | — |  |  | 1.4 |  |  | (0.2) |  |  | 1.4 |  |  | (0.2) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 674.3 |  |  | (40.9) |  |  | 2,605.7 |  |  | (477.9) |  |  | 3,280.0 |  |  | (518.8) |
Redeemable Preferred Stocks |  | 2.0 |  |  | — |  |  | 6.6 |  |  | (1.0) |  |  | 8.6 |  |  | (1.0) |
Collateralized Loan Obligations |  | 34.2 |  |  | (0.1) |  |  | 89.5 |  |  | (7.1) |  |  | 123.7 |  |  | (7.2) |
Other Mortgage- and Asset-backed |  | 12.0 |  |  | (0.1) |  |  | 261.7 |  |  | (34.4) |  |  | 273.7 |  |  | (34.5) |
Total Fixed Maturities |  | $ | 1,006.9 |  |  | $ | (51.9) |  |  | $ | 4,281.9 |  |  | $ | (837.6) |  |  | $ | 5,288.8 |  |  | $ | (889.5) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | The Company monitors accrued interest and writes off amounts when they are not expected to be received.
|  | States and Political Subdivisions |  | Corporate Bonds and Notes |  | Total
(Dollars in Millions)
Balance, Beginning of Year |  | $ | 0.3 |  |  | $ | 10.4 |  |  | $ | 10.7 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized |  | — |  |  | 2.1 |  |  | 2.1 |
Reductions Due to Sales |  | — |  |  | (0.4) |  |  | (0.4) |
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized |  | (0.2) |  |  | 4.7 |  |  | 4.5 |
Write-Offs Charged Against Allowance |  | — |  |  | (1.2) |  |  | (1.2) |
Balance, End of Period |  | $ | 0.1 |  |  | $ | 15.6 |  |  | $ | 15.7 |
Note 6 - Investments (Continued) The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the nine months ended September 30, 2024.
|  | States and Political Subdivisions |  | Corporate Bonds and Notes |  | Total
(Dollars in Millions)
Balance, Beginning of Year |  | $ | 0.5 |  |  | $ | 7.7 |  |  | $ | 8.2 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized |  | — |  |  | 2.0 |  |  | 2.0 |
Reductions Due to Sales |  | — |  |  | (0.8) |  |  | (0.8) |
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized |  | (0.3) |  |  | 0.4 |  |  | 0.1 |
Balance, End of Period |  | $ | 0.2 |  |  | $ | 9.3 |  |  | $ | 9.5 |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at September 30, 2025 and December 31, 2024 were:
(Dollars in Millions) |  | Sep 30, 2025 |  | Dec 31, 2024
Equity Securities at Modified Cost |  | $ | 22.2 |  |  | $ | 22.5 |
Real Estate at Depreciated Cost |  | 93.3 |  |  | 99.5 |
Mortgage Loans |  | 148.2 |  |  | 75.3 |
Alternative Energy Partnership Investments |  | 17.4 |  |  | 17.6 |
Other |  | 5.9 |  |  | 2.2 |
Total Other Investments |  | $ | 287.0 |  |  | $ | 217.1 |
Investment Income | Net Investment Income for the three and nine months ended September 30, 2025 and 2024 was:
|  | Three Months Ended |  | Nine Months Ended
(Dollars in Millions) |  | Sep 30, 2025 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
Investment Income: |  |  |  |  |  |  |  |
Interest on Fixed Maturities 1 |  | $ | 79.1 |  |  | $ | 79.0 |  |  | $ | 232.4 |  |  | $ | 239.0 |
Dividends on Equity Securities Excluding Alternative Investments |  | 2.1 |  |  | 0.9 |  |  | 3.6 |  |  | 4.6 |
Alternative Investments: |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  | — |  |  | 0.9 |  |  | (6.0) |  |  | (15.9) |
Limited Liability Investments Included in Equity Securities |  | 4.0 |  |  | 9.1 |  |  | 10.8 |  |  | 18.7 |
Total Alternative Investments |  | 4.0 |  |  | 10.0 |  |  | 4.8 |  |  | 2.8 |
Short-term Investments |  | 4.2 |  |  | 8.4 |  |  | 18.8 |  |  | 23.0 |
Loans to Policyholders |  | 5.2 |  |  | 5.5 |  |  | 15.6 |  |  | 15.8 |
Real Estate |  | 2.5 |  |  | 2.2 |  |  | 7.0 |  |  | 6.7 |
Company-Owned Life Insurance |  | 10.8 |  |  | 9.7 |  |  | 31.5 |  |  | 25.7 |
Other |  | 3.1 |  |  | 2.2 |  |  | 8.4 |  |  | 7.3 |
Total Investment Income |  | 111.0 |  |  | 117.9 |  |  | 322.1 |  |  | 324.9 |
Investment Expenses: |  |  |  |  |  |  |  |
Real Estate |  | 2.0 |  |  | 1.8 |  |  | 6.3 |  |  | 6.1 |
Other Investment Expenses |  | 4.2 |  |  | 5.0 |  |  | 13.9 |  |  | 14.3 |
Total Investment Expenses |  | 6.2 |  |  | 6.8 |  |  | 20.2 |  |  | 20.4 |
Net Investment Income |  | $ | 104.8 |  |  | $ | 111.1 |  |  | $ | 301.9 |  |  | $ | 304.5 |
1 Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.7 million and $4.8 million for the three months ended September 30, 2025 and 2024, respectively, and $14.3 million and $15.4 million for the nine months ended September 30, 2025 and 2024, respectively.
Schedule of Realized Gain (Loss) | The components of Net Realized Investment Gains for the three and nine months ended September 30, 2025 and 2024 are presented below:
|  | Three Months Ended |  | Nine Months Ended
(Dollars in Millions) |  | Sep 30, 2025 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
Fixed Maturities: |  |  |  |  |  |  |  |
Gains on Sales |  | $ | 3.7 |  |  | $ | 0.9 |  |  | $ | 5.4 |  |  | $ | 15.9 |
Losses on Sales |  | (0.5) |  |  | — |  |  | (1.5) |  |  | (2.6) |
Losses on Hedging Activity 1 |  | — |  |  | — |  |  | — |  |  | (7.9) |
Equity Securities: |  |  |  |  |  |  |  |
Gains on Sales |  | 0.5 |  |  | — |  |  | 0.5 |  |  | 4.1 |
Losses on Sales |  | — |  |  | — |  |  | — |  |  | (0.1) |
Other Investments: |  |  |  |  |  |  |  |
Gains on Sales |  | 0.2 |  |  | 1.8 |  |  | 0.3 |  |  | 3.3 |
Losses on Sales |  | — |  |  | (1.6) |  |  | — |  |  | (3.5) |
Net Realized Investment Gains |  | $ | 3.9 |  |  | $ | 1.1 |  |  | $ | 4.7 |  |  | $ | 9.2 |
1 Includes Ultra-Long Treasury Future derivative securities which do not qualify for hedge accounting treatment.
Investments in Fixed Maturities |
Debt Securities, Available-for-sale [Line Items] |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and fair values of the Company’s Investments in Fixed Maturities at September 30, 2025 were:
|  | Amortized Cost |  | Gross Unrealized |  | Allowance for Expected Credit Losses |  | Fair Value
(Dollars in Millions) |  | Gains |  | Losses
U.S. Government and Government Agencies and Authorities |  | $ | 673.4 |  |  | $ | 3.2 |  |  | $ | (84.7) |  |  | $ | — |  |  | $ | 591.9 |
States and Political Subdivisions |  | 1,435.6 |  |  | 2.2 |  |  | (194.5) |  |  | (0.1) |  |  | 1,243.2 |
Foreign Governments |  | 12.1 |  |  | 0.2 |  |  | (0.3) |  |  | — |  |  | 12.0 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,982.7 |  |  | 22.1 |  |  | (417.2) |  |  | (13.4) |  |  | 3,574.2 |
Redeemable Preferred Stocks |  | 9.8 |  |  | 0.5 |  |  | — |  |  | — |  |  | 10.3 |
Collateralized Loan Obligations |  | 823.8 |  |  | 2.8 |  |  | (6.5) |  |  | (2.2) |  |  | 817.9 |
Other Mortgage- and Asset-backed |  | 394.3 |  |  | 1.3 |  |  | (24.8) |  |  | — |  |  | 370.8 |
Investments in Fixed Maturities |  | $ | 7,331.7 |  |  | $ | 32.3 |  |  | $ | (728.0) |  |  | $ | (15.7) |  |  | $ | 6,620.3 |
The amortized cost and fair values of the Company’s Investments in Fixed Maturities at December 31, 2024 were:
|  | Amortized Cost |  | Gross Unrealized |  | Allowance for Expected Credit Losses |  | Fair Value
(Dollars in Millions) |  | Gains |  | Losses |  |
U.S. Government and Government Agencies and Authorities |  | $ | 588.6 |  |  | $ | 0.6 |  |  | $ | (102.4) |  |  | $ | — |  |  | $ | 486.8 |
States and Political Subdivisions |  | 1,457.3 |  |  | 1.6 |  |  | (225.4) |  |  | (0.3) |  |  | 1,233.2 |
Foreign Governments |  | 6.5 |  |  | 0.3 |  |  | (0.2) |  |  | — |  |  | 6.6 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 4,038.3 |  |  | 8.9 |  |  | (518.8) |  |  | (8.8) |  |  | 3,519.6 |
Redeemable Preferred Stocks |  | 9.8 |  |  | 0.1 |  |  | (1.0) |  |  | — |  |  | 8.9 |
Collateralized Loan Obligations |  | 747.8 |  |  | 2.5 |  |  | (7.2) |  |  | (1.6) |  |  | 741.5 |
Other Mortgage- and Asset-backed |  | 446.7 |  |  | 0.8 |  |  | (34.5) |  |  | — |  |  | 413.0 |
Investments in Fixed Maturities |  | $ | 7,295.0 |  |  | $ | 14.8 |  |  | $ | (889.5) |  |  | $ | (10.7) |  |  | $ | 6,409.6 |

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