Allowance for Credit Losses

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

Premiums receivable

The following table presents the balances of premiums receivable, net of allowance for estimated uncollectible premiums, including expected lifetime credit losses and the changes in the allowance for the respective periods:

(in millions)	Premiums Receivable, Net of Allowance for Estimated Uncollectible Premiums		Allowance for Estimated Uncollectible Premiums
	Successor
Balance, December 31, 2023	$	230.7	$	3.0
Current period change for estimated uncollectible premiums			3.0
Write-offs of uncollectible premiums receivable			(1.8)
Balance, September 30, 2024	$	191.7	$	4.2
	Predecessor
Balance, December 31, 2022	$	292.0	$	4.7
Current period change for estimated uncollectible premiums			5.1
Write-offs of uncollectible premiums receivable			(2.4)
Balance, September 30, 2023	$	269.7	$	7.4

Reinsurance Recoverables

The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, including expected credit losses and changes in the allowance for the respective periods:

(in millions)	Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance		Allowance for Estimated Uncollectible Reinsurance
	Successor
Balance, December 31, 2023	$	2,959.3	$	—
Balance, September 30, 2024	$	3,130.7	$	—
	Predecessor
Balance, December 31, 2022	$	3,029.1	$	4.7
Balance, September 30, 2023	$	2,889.6	$	4.7

We primarily utilize A.M. Best credit ratings when determining the allowance and adjust as needed based on our historical experience with the reinsurers. A portion of our reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.