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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
March 31, 2024
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$354.4 $1.6 $— $— $356.0 
Foreign Governments5.6 0.6 — — 6.2 
Obligations of states and political subdivisions87.2 1.5 — — 88.7 
Corporate bonds1,097.4 19.2 0.9 0.2 1,115.5 
Commercial mortgage-backed securities264.5 11.4 0.5 — 275.4 
Residential mortgage-backed securities230.7 6.1 — — 236.8 
Asset-backed securities131.9 1.9 0.1 — 133.7 
Collateralized loan obligations198.3 3.0 0.2 — 201.1 
Total fixed maturities$2,370.0 $45.3 $1.7 $0.2 $2,413.4 
December 31, 2023
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$357.7 $4.5 $— $— $362.2 
Foreign Governments27.9 2.6 — 0.2 30.3 
Obligations of states and political subdivisions92.4 2.0 — — 94.4 
Corporate bonds1,185.0 28.9 0.8 — 1,213.1 
Commercial mortgage-backed securities270.9 10.1 0.5 — 280.5 
Residential mortgage-backed securities235.2 13.6 — — 248.8 
Asset-backed securities140.4 1.7 0.1 — 142.0 
Collateralized loan obligations212.0 2.1 — — 214.1 
Total fixed maturities$2,521.5 $65.5 $1.4 $0.2 $2,585.4 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of March 31, 2024, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$347.3 $347.6 
Due after one year through five years950.2 961.3 
Due after five years through ten years231.5 240.5 
Due after ten years15.6 17.0 
Structured securities825.4 847.0 
Total$2,370.0 $2,413.4 
Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio
Details regarding the carrying value and unfunded investment commitments of other investments as of March 31, 2024 and December 31, 2023 were as follows:
March 31, 2024
(in millions)Carrying
Value		Unfunded
Commitments
Investment type
Hedge funds$31.5 $— 
Private equity257.9 82.4 
Other55.0 11.3 
Total other investments$344.4 $93.7 
December 31, 2023
(in millions)Carrying
Value		Unfunded
Commitments
Investment type
Hedge funds$56.2 $— 
Private equity250.3 93.4 
Other4.5 — 
Total other investments$311.0 $93.4 
Unrealized Gain (Loss) on Investments
An aging of unrealized losses on our investments in fixed maturities is presented below:
March 31, 2024Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$103.4 $— $— $— $103.4 $— 
Obligations of states and political subdivisions14.6 — — — 14.6 — 
Corporate bonds49.9 0.9 — — 49.9 0.9 
Commercial mortgage-backed securities21.6 0.5 — — 21.6 0.5 
Residential mortgage-backed securities3.9 — — — 3.9 — 
Asset-backed securities13.2 0.1 — — 13.2 0.1 
Collateralized loan obligations5.6 0.2 — — 5.6 0.2 
Total fixed maturities$212.2 $1.7 $— $— $212.2 $1.7 
December 31, 2023Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
Foreign Governments$0.1 $— $— $— $0.1 $— 
Obligations of states and political subdivisions0.5 — — — 0.5 — 
Corporate bonds38.7 0.8 — — 38.7 0.8 
Commercial mortgage-backed securities32.2 0.5 — — 32.2 0.5 
Residential mortgage-backed securities2.9 — — — 2.9 — 
Asset-backed securities11.4 0.1 — — 11.4 0.1 
Collateralized loan obligations21.4 — — — 21.4 — 
Total fixed maturities$107.2 $1.4 $— $— $107.2 $1.4 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three months ending March 31, 2024 and 2023, respectively:

Successor
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2024$0.2 $— $— $— $0.2 
Securities for which allowance was not previously recorded— — 0.1 — 0.1 
Additional net increases (decreases) in existing allowance(0.2)— 0.1 — (0.1)
Ending balance, March 31, 2024$— $— $0.2 $— $0.2 

Predecessor
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2023$0.7 $0.4 $1.6 $0.1 $2.8 
Securities for which allowance was not previously recorded— — 0.2 — 0.2 
Securities sold during the period— — (0.3)— (0.3)
Additional net increases (decreases) in existing allowance0.1 — (0.1)— — 
Ending balance, March 31, 2023$0.8 $0.4 $1.4 $0.1 $2.7 
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents loans by property type:
March 31, 2024
(in millions)CostCompositionLoan Count
Residential$1.7 1.0 %1
Apartments76.1 44.3 %16
Hotel22.3 13.0 %4
Industrial26.0 15.2 %4
Office25.9 15.1 %1
Retail19.6 11.4 %4
Total$171.6 100.0 %30 

December 31, 2023
(in millions)CostCompositionLoan Count
Apartments$76.1 52.6 %16
Hotel22.415.4 %4
Industrial26.018.0 %4
Retail20.314.0 %4
Total$144.8 100.0 %28 
Financing Receivable Credit Quality Indicators
The following table presents our loans by Debt Service Coverage Ratio (“DSCR”):
March 31, 2024
(in millions)CostLoan Count
Less than 1.00$36.2 8 
1.00 to 1.5054.5 7 
Greater than 1.5 to 2.030.9 6 
Greater than 2.0 to 3.036.0 6 
Greater than 3.0 to 4.012.3 2 
Total$169.9 29 
DSCR does not include residential mortgage loans.
December 31, 2023
(in millions)CostLoan Count
Less than 1.00$36.2 8
1.00 to 1.5029.4 6
Greater than 1.5 to 2.030.9 6
Greater than 2.0 to 3.036.0 6
Greater than 3.0 to 4.012.3 2
Total$144.8 28

The following table presents loans by Loan To Value (“LTV”):
March 31, 2024
(in millions)CostLoan Count
Equal to or less than 50.0%$12.3 2 
Greater than 50.0% to 55.0%9.0 2 
Greater than 55.0% to 60.0%20.7 5 
Greater than 60.0% to 70.0%63.2 7 
Greater than 70.0%66.4 14 
Total$171.6 30 

December 31, 2023
(in millions)CostLoan Count
Equal to or less than 50.0%$12.3 2
Greater than 50.0% to 55.0%9.1 2
Greater than 55.0% to 60.0%18.9 4
Greater than 60.0% to 70.0%37.3 6
Greater than 70.0%67.2 14 
Total$144.8 28
Financing Receivable, before Allowance for Credit Loss, Maturity
The following table presents loans by maturity:
March 31, 2024
(in millions)CostLoan Count
One Year or Less$44.8 8 
Greater than One Year and Less than Three34.9 3 
Greater than Three Years and Less than Five Years32.4 6 
Greater than Five Years and Less than Seven Years17.2 4 
Greater than Seven Years and Less than Ten Years42.3 9 
Total$171.6 30 

December 31, 2023
(in millions)CostLoan Count
One Year or Less$19.7 4
Greater than One Year and Less than Three34.9 6
Greater than Three Years and Less than Five Years32.4 6
Greater than Five Years and Less than Seven Years17.2 4
Greater than Seven Years and Less than Ten Years40.6 8
Total$144.8 28
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains and losses:
SuccessorPredecessor
(in millions)Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Realized gains on fixed maturities and other:
Fixed maturities$6.8 $0.2 
Other investments, including short-term investments2.6 7.8 
Total realized gains on fixed maturities and other9.4 8.0 
Realized losses on fixed maturities and other:
Fixed maturities(0.3)(22.4)
Other investments, including short-term investments(2.8)(5.8)
Total realized losses on fixed maturities and other(3.1)(28.2)
Other net losses recognized on fixed maturities and other:
Credit losses on fixed maturities(0.5)(0.6)
Impairment related to change in intent— — 
Other— (3.6)
Total other net losses recognized on fixed maturities and other(0.5)(4.2)
Equity securities:
Net realized gains (losses) on equity securities0.4 0.3 
Change in unrealized gains (losses) on equity securities held at the end of the period— 6.2 
Net gains (losses) on equity securities0.4 6.5 
Net investment and other gains (losses) before income taxes6.2 (17.9)
Income tax (benefit) provision1.6 (5.1)
Net investment and other gains (losses), net of income taxes$4.6 $(12.8)
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to fixed maturity investments are summarized as follows:
SuccessorPredecessor
(in millions)Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Change in unrealized gains (losses)
Fixed maturities$(19.9)$55.5 
Other and short-term investments(0.4)(0.1)
Net unrealized investment gains (losses) before income taxes(20.3)55.4 
Income tax provision (benefit)(4.4)9.9 
Net unrealized investment gains (losses), net of income taxes$(15.9)$45.5 
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of March 31, 2024 and December 31, 2023 was as follows:
As of
March 31, 2024December 31, 2023
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency
Open contracts in a gain position$— $— $75.4 $1.8 
Open contracts in a loss position100.4 (0.7)43.3 (0.3)
Net open contracts for operational currency$(0.7)$1.5 
Asset manager investment exposure
Open contracts in a gain position$45.8 $1.0 $— $— 
Open contracts in a loss position— — 45.8 (0.2)
Net open contracts for asset manager investment exposure1.0 (0.2)
Total$0.3 $1.3 
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table presents our gross realized investment gains and losses on our foreign currency exchange forward contracts:
SuccessorPredecessor
(in millions)Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Realized gains
Operational currency exposure$1.4 $4.1 
Asset manager investment exposure1.2 — 
Gross realized investment gains2.6 4.1 
Realized losses
Operational currency exposure(2.7)(3.1)
Asset manager investment exposure— (0.3)
Gross realized investment losses(2.7)(3.4)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(0.1)$0.7 
Schedule of Restricted Assets The following table presents our components of restricted investments:
As of
(in millions)March 31, 2024December 31, 2023
Securities on deposit for regulatory and other purposes$152.7 $153.4 
Securities pledged as collateral for letters of credit39.7 109.2 
Total restricted investments$192.4 $262.6 
Financial Assets Measured at Fair Value on Recurring Basis
Based on an analysis of the inputs, our financial assets and liabilities measured at fair value on a recurring basis have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)March 31,
2024
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$356.0 $93.8 $262.2 $— 
Foreign Governments6.2 — 6.2 — 
Obligations of states and political subdivisions88.7 — 88.7 — 
Corporate bonds1,115.5 — 1,093.2 22.3 
Commercial mortgage-backed securities275.4 — 275.4 — 
Residential mortgage-backed securities236.8 — 236.8 — 
Asset-backed securities133.7 — 121.0 12.7 
Collateralized loan obligations201.1 — 201.1 — 
Total fixed maturities2,413.4 93.8 2,284.6 35.0 
Equity securities8.6 2.0 — 6.6 
Other investments1.3 — 0.2 1.1 
Short-term investments1,073.6 1,073.2 0.4 — 
Derivatives0.3 — 0.3 — 
Total assets$3,497.2 $1,169.0 $2,285.5 $42.7 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31,
2023
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$362.2 $360.1 $2.1 $— 
Foreign Governments30.3 — 30.3 — 
Obligations of states and political subdivisions94.4 — 94.4 — 
Corporate bonds1,213.1 — 1,180.5 32.6 
Commercial mortgage-backed securities280.5 — 280.5 — 
Residential mortgage-backed securities248.8 — 248.8 — 
Asset-backed securities142.0 — 124.2 17.8 
Collateralized loan obligations214.1 — 214.1 — 
Total fixed maturities2,585.4 360.1 2,174.9 50.4 
Equity securities10.7 4.3 — 6.4 
Other investments0.2 — 0.2 — 
Short-term investments429.5 429.0 0.5 — 
Derivatives1.3 — 1.3 — 
Total assets$3,027.1 $793.4 $2,176.9 $56.8 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Unobservable Inputs (Level 3)
(in millions)Credit FinancialEquity
Securities		Other Invested AssetsTotal
Beginning balance, January 1, 2024$50.4 $6.4 $— $56.8 
Transfers out of Level 3(10.0)— — (10.0)
Total gains or losses (realized/unrealized):
Included in net income 0.8 0.1 — 0.9 
Included in other comprehensive income(0.4)— — (0.4)
Purchases, issuances, sales, and settlements:
Purchases0.4 0.1 1.1 1.6 
Settlements(6.2)— — (6.2)
 Ending balance, March 31, 2024$35.0 $6.6 $1.1 $42.7 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2024$— $— $— $— 
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2023$40.7 $15.5 $56.2 
Transfers into Level 35.6 — 5.6 
Transfers out of Level 3(5.6)(7.6)(13.2)
Total gains or losses (realized/unrealized):
Included in net income(0.1)(0.4)(0.5)
Included in other comprehensive loss0.8 — 0.8 
Purchases, issuances, sales, and settlements:
Purchases10.6 — 10.6 
Sales(0.5)(1.1)(1.6)
Settlements(1.1)— (1.1)
 Ending balance, December 31, 2023$50.4 $6.4 $56.8 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2023$— $(0.8)$(0.8)
Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value
The Company holds certain investments at cost, less an allowance for expected credit losses, on the Condensed Consolidated Balance Sheets. The fair value of the Company’s investments is estimated using a discounted cash flow analysis. Due to the level of unobservable inputs factored into the estimation of fair value, the valuation would be categorized as Level 3. The cost and estimated fair value of these investments were:
As of
March 31, 2024December 31, 2023
(in millions)CostFair ValueCostFair Value
Mortgage loans$171.6 $176.0 $144.8 $148.8 
Private loans49.4 49.3 — — 
Total$221.0 $225.3 $144.8 $148.8 
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
March 31, 2024December 31, 2023
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$161.0 $168.1 $160.8 $165.9 
Subordinated debentures80.6 84.7 80.4 83.3 
Total junior subordinated debentures241.6 252.8 241.2 249.2 
Senior unsecured fixed rate notes128.1 130.5 128.0 132.7 
$369.7 $383.3 $369.2 $381.9