XML 85 R12.htm IDEA: XBRL DOCUMENT v3.25.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
As a result of the push-down accounting due to the Merger, the amortized cost of our investments is based on the fair value as of November 16, 2023.
Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value in fixed maturity investments were as follows:
December 31, 2024    
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$222.3 $1.5 $0.6 $— $223.2 
Foreign Governments7.1 — — — 7.1 
Obligations of states and political subdivisions80.1 1.6 — — 81.7 
Corporate bonds1,033.5 19.4 1.3 0.9 1,050.7 
Commercial mortgage-backed securities276.6 10.0 0.3 — 286.3 
Residential mortgage-backed securities201.0 2.8 0.6 — 203.2 
Asset-backed securities104.9 2.6 0.1 — 107.4 
Collateralized loan obligations107.4 2.1 0.2 — 109.3 
Total fixed maturities$2,032.9 $40.0 $3.1 $0.9 $2,068.9 

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 
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of December 31, 2024, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$262.5 $263.9 
Due after one year through five years887.4 898.7 
Due after five years through ten years173.0 179.4 
Due after ten years20.1 20.7 
Structured securities689.9 706.2 
Total$2,032.9 $2,068.9 
The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations. The model duration of the assets comprising our fixed maturity investment portfolio was 2.66 years and 2.68 years at December 31, 2024 and 2023, respectively.
Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of December 31, 2024 and 2023 were as follows:
December 31, 2024  
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type  
Hedge funds$27.5 $— 
Private equity262.4 214.1 
Real estate equity investments282.6 — 
Other4.9 6.8 
Total other investments$577.4 $220.9 
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 
The following describes each investment type:
•Hedge funds: Hedge funds, carried at net asset value (“NAV”) as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
•Private equity: Private equity includes limited partnership investments accounted for in accordance with the equity method of accounting and whose strategies include: buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies.
•Real estate equity investments: Includes equity interests with underlying real estate investments accounted for in accordance with the equity method of accounting.
•Other: Other primarily includes equity investments accounted for in accordance with the equity method of accounting and investments for which the Company has elected the fair value option of accounting.
Unrealized Losses and Other-than-temporary Impairments
An aging of unrealized losses on our investments in fixed maturities is presented below.
December 31, 2024Less Than One YearOne Year or GreaterTotal
(in millions)
Fair
Value (1)
Unrealized
Losses		Fair
Value		Unrealized
Losses
Fair
Value (1)
Unrealized
Losses
Fixed maturities      
U.S. Governments$17.4 $0.6 $— $— $17.4 $0.6 
Corporate bonds19.6 1.2 1.7 0.1 21.3 1.3 
Commercial mortgage-backed securities9.7 0.1 8.0 0.2 17.7 0.3 
Residential mortgage-backed securities48.9 0.6 — — 48.9 0.6 
Asset-backed securities9.9 0.1 — — 9.9 0.1 
  Collateralized loan obligations11.5 0.2 — — 11.5 0.2 
Total fixed maturities$117.0 $2.8 $9.7 $0.3 $126.7 $3.1 
(1) Current year presentation: The fair values associated with unrealized losses less than $0.1 are not presented in the table above.
December 31, 2023Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities      
U.S. Governments$— $— $— $— $— $— 
Foreign Governments0.1 — — — 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 obligations 21.4 — — — 21.4 — 
Total fixed maturities$107.2 $1.4 $— $— $107.2 $1.4 
We hold a total of 1,042 fixed maturity securities, of which 105 were in an unrealized loss position for less than one year and 13 were in an unrealized loss position for a period one year or greater as of December 31, 2024.
For fixed maturities with a decline in fair value below the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net investment and other gains (losses) in the Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is reported as a separate component of stockholders’ equity in other comprehensive income (loss). Accrued interest is excluded from the measurement of the allowance for credit losses.
When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.
In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in realized investment gains. We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in Net investment and other gains (losses) in the Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.
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 months ending December 31, 2024 and 2023, respectively:
Predecessor
Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Balance, January 1, 2023$0.7 $0.4 $1.6 $0.1 $2.8 
Securities for which allowance was not previously recorded0.1 0.5 2.1 — 2.7 
Securities sold during the period— — (0.7)— (0.7)
Reductions for credit impairments— — — — — 
Additional net increases (decreases) in existing allowance0.3 (0.4)(0.4)— (0.5)
Balance, through November 15, 2023$1.1 $0.5 $2.6 $0.1 $4.3 
Successor
Balance, November 16, 2023$— $— $— $— $— 
Additions-initial adoption of accounting standard— — — — — 
Securities for which allowance was not previously recorded — — — — — 
Securities sold during the period — — — — — 
Reductions for credit impairments— — — — — 
Additional net increases (decreases) in existing allowance — — 0.2 — 0.2 
Balance, through December 31, 2023$— $— $0.2 $— $0.2 
Additions-initial adoption of accounting standard— — — — — 
Securities for which allowance was not previously recorded— — 0.8 — 0.8 
Securities sold during the period— — (0.1)— (0.1)
Reductions for credit impairments— — — — — 
Additional net increases (decreases) in existing allowance— — — — — 
Balance, December 31, 2024$— $— $0.9 $— $0.9 
Mortgage Loans
Mortgage loan investments are composed of participation interests in a portfolio of commercial and residential mortgage loans. Loan collateral is diversified with regard to property type and geography. The following table presents loans by property type:
December 31, 2024
(in millions)CostCompositionLoan Count
Apartments$82.5 39.3 %10
Hotel12.66.0 %1
Industrial69.232.9 %3
Office26.012.4 %1
Retail19.89.4 %2
Total$210.1 100.0 %17 

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 

The following table presents our commercial mortgage loans by Debt Service Coverage Ratio (“DSCR”):
December 31, 2024
(in millions)CostLoan Count
Less than 1.00$12.2 3
1.00 to 1.5037.1 4
Greater than 1.5 to 2.0135.78
Greater than 2.0 to 3.012.61
Total$197.6 16

December 31, 2023
(in millions)CostLoan Count
Less than 1.00$36.2 8
1.00 to 1.5029.46
Greater than 1.5 to 2.030.96
Greater than 2.0 to 3.036.06
Greater than 3.0 to 4.012.32
Total$144.8 28
The following table presents loans by Loan To Value (“LTV”):
December 31, 2024
(in millions)CostLoan Count
Equal to or less than 50.0%$1.7 2
Greater than 50.0% to 55.0%43.2 1
Greater than 55.0% to 60.0%12.41
Greater than 60.0% to 70.0%47.64
Greater than 70.0%105.2 9
Total$210.1 17

December 31, 2023
(in millions)CostLoan Count
Equal to or less than 50.0%$12.3 2
Greater than 50.0% to 55.0%9.12
Greater than 55.0% to 60.0%18.94
Greater than 60.0% to 70.0%37.36
Greater than 70.0%67.2 14
Total$144.8 28

The following table presents loans by maturity:
December 31, 2024
(in millions)CostLoan Count
One Year or Less$34.9 3 
Greater than One Year and Less than Three Years103.5 7 
Greater than Three Years and Less than Five Years17.72
Greater than Five Years and Less than Seven Years0.00
Greater than Seven Years and Less than Ten Years54.05
Total$210.1 17

December 31, 2023
(in millions)CostLoan Count
One Year or Less$19.7 4
Greater than One Year and Less than Three Years34.96
Greater than Three Years and Less than Five Years32.46
Greater than Five Years and Less than Seven Years17.24
Greater than Seven Years and Less than Ten Years40.68
Total$144.8 28
The following table presents our gross realized investment gains and losses:
SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
Realized gains on fixed maturities and other:   
Fixed maturities$10.9 $0.1 $0.6 $20.5 
Other investments, including short-term investments8.0 5.4 14.9 34.8 
Total realized gains on fixed maturities and other18.9 5.5 15.5 55.3 
Realized losses on fixed maturities and other:
Fixed maturities(1.4)— (25.7)(29.9)
Other investments, including short-term investments(4.1)(5.4)(11.3)(51.1)
Other assets(3.2)— — — 
Total realized losses on fixed maturities and other(8.7)(5.4)(37.0)(81.0)
Other net losses recognized on fixed maturities and other:
Credit gains (losses) on fixed maturities(0.8)(0.2)(2.2)(4.6)
Impairment related to change in intent(1)
— — (2.9)(34.2)
Other(2)
(6.1)— (8.4)(55.1)
Total realized losses on fixed maturities and other(6.9)(0.2)(13.5)(93.9)
Equity securities
Net realized gains (losses) on equity securities(0.9)— 6.8 1.2 
Change in unrealized gains (losses) on equity securities held at the end of the period17.6 (0.2)5.5 3.1 
Net gains (losses) on equity securities16.7 (0.2)12.3 4.3 
Net investment and other gains (losses) before income taxes20.0 (0.3)(22.7)(115.3)
Income tax (benefit) provision4.2 (0.1)(6.8)(10.0)
Net investment and other gains (losses), net of income taxes$15.8 $(0.2)$(15.9)$(105.3)
(1) Refer to the Loss Portfolio Transfer - U.S. in Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for the year ended December 31, 2022.
(2) Refer to the sale of AGSE and Argo Seguros in Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for the year ended December 31, 2022.
The cost of securities sold is based on the specific identification method.
Changes in unrealized gains (losses) related to investments are summarized as follows: 
 SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
Change in unrealized gains (losses)   
Fixed maturities$(25.0)$64.2 $41.2 $(383.7)
Other and short-term investments(0.2)0.4 2.0 (0.8)
Net unrealized investment gains (losses) before income taxes(25.2)64.6 43.2 (384.5)
Income tax provision (benefit)(5.3)13.5 7.4 (71.7)
Net unrealized investment gains (losses), net of income taxes$(19.9)$51.1 $35.8 $(312.8)
Foreign Currency Exchange Forward Contracts
We entered into foreign currency exchange forward contracts primarily to manage operation currency exposure from our non-USD insurance operations. We also invested in a total return strategy which invested in multiple currencies, and that investment was terminated in mid-2021. The currency forward contracts are carried at fair value in our Consolidated Balance Sheets in Accrued underwriting expenses and other liabilities and Other assets at December 31, 2024 and 2023. The net realized gains and (losses) are included in Net realized investment and other gains (losses) in our Consolidated Statements of Income (Loss).
The fair value of our foreign currency exchange forward contracts as of December 31, 2024 and 2023 was as follows:
As of
December 31, 2024December 31, 2023
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$— $— $75.4 $1.8 
Asset manager investment exposure151.0 2.7 89.1 (0.5)
Total$151.0 $2.7 $164.5 $1.3 
The following table presents our gross investment realized gains and losses on our foreign currency exchange forward contracts:
SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
Realized gains   
Operational currency exposure$2.8 $4.5 $12.0 $30.0 
Asset manager investment exposure6.4 — 1.5 3.9 
Gross realized investment gains9.2 4.5 13.5 33.9 
Realized losses
Operational currency exposure(3.6)(2.9)(11.4)(46.3)
Asset manager investment exposure(1.7)(0.7)(1.0)(0.9)
Gross realized investment losses(5.3)(3.6)(12.4)(47.2)
Net realized investment gains (losses) on foreign currency exchange forward contracts$3.9 $0.9 $1.1 $(13.3)
Regulatory Deposits, Pledged Securities and Letters of Credit
We are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. We maintain assets pledged as collateral in support of irrevocable letters of credit issued under the terms of certain reinsurance agreements for reported loss and loss expense reserves. The following table presents our components of restricted assets:
As of
(in millions)December 31, 2024December 31, 2023
Securities and cash on deposit for regulatory and other purposes$180.1 $153.4 
Securities pledged as collateral for letters of credit and other40.1 109.2 
Total restricted investments$220.2 $262.6 
Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transfer the asset or liability.
Valuation techniques consistent with the market and income approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the reporting date. We define actively traded as a security that has traded in the past seven days. We receive one quote per instrument for Level 1 inputs.
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We receive one quote per instrument for Level 2 inputs.
•Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
We receive fair value prices from third-party pricing services and our outside investment managers. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities, and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of December 31, 2024 and 2023. A description of the valuation techniques we use to measure assets at fair value is as follows:
Fixed Maturities (Available-for-Sale) Levels 1 and 2:
•U.S. Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.
•U.S. Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated government and credit securities are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.
•Asset and mortgage-backed securities and collateralized loan obligations are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.
Fixed Maturities Level 3: We own term loans and asset-backed securities that are valued using unobservable inputs. 
Equity Securities Level 1: Equity securities are reported at fair value using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.
Equity Securities Level 3: We own certain equity securities that are reported at fair value using Level 3 inputs. The valuation techniques for these securities include the following:
•Fair value measurements from asset managers based on broker quotes that may be non-binding or use inputs that can be difficult to corroborate with observable market data. Due to the lack of transparency into broker valuation methodologies, valuations based on broker quotes are categorized into Level 3.
•Fair value measurements for private CLO equity tranches that utilize discounted cash flow techniques and incorporate unobservable assumptions.
•Fair value measurements for investments in commercial real estate entities utilizing valuation techniques that incorporate unobservable assumptions, including equity investments in real entities for which we have elected the fair value option. We elect the fair value option for certain investments in order to reflect fair value changes in Net investment and other gains (losses) on our Consolidated Statements of Income (Loss). We apply the equity method of accounting to other similar investments where we have not elected the fair value option of accounting and include those investments within Other investments on our Consolidated Balance Sheets.
Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate and governmental bonds reported at fair value using Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date.
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)December 31, 2024Level 1Level 2Level 3
Fixed maturities    
U.S. Governments$223.2 $221.0 $2.2 $— 
Foreign Governments7.1 — 7.1 — 
Obligations of states and political subdivisions81.7 — 81.7 — 
Corporate bonds1,050.7 — 1,028.0 22.7 
Commercial mortgage-backed securities286.3 — 286.3 — 
Residential mortgage-backed securities203.2 — 203.2 — 
Asset-backed securities107.4 — 93.5 13.9 
Collateralized loan obligations109.3 — 109.3 — 
Total fixed maturities2,068.9 221.0 1,811.3 36.6 
Equity securities413.0 297.5 — 115.5 
Other investments4.7 — 0.2 4.5 
Short-term investments209.1 208.9 0.2 — 
Derivatives24.2 — 24.2 — 
Total assets$2,719.9 $727.4 $1,835.9 $156.6 
  Fair Value Measurements at Reporting Date Using
(in millions)December 31, 2023Level 1Level 2Level 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 

The fair value measurements in the tables above do not equal to Total investments on our Consolidated Balance Sheets as they primarily exclude Mortgage loans, Private loans, certain Other investments and certain Short-term investments. Our mortgage loans and private loans, some of which are classified as short-term investments based on the time to maturity at acquisition, are carried at amortized cost. Certain other investments are accounted for in accordance with the equity-method of accounting, carried at amortized cost or use NAV as a practical expedient.
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Observable Inputs (Level 3)
(in millions)Fixed MaturitiesEquity
Securities		Other InvestmentsTotal
Beginning balance, January 1, 2024$50.4 $6.4 $— $56.8 
Transfers into Level 30.7 — — 0.7 
Transfers out of Level 3(10.1)— — (10.1)
Total gains or losses (realized/unrealized):
Included in net income 1.5 28.3 — 29.8 
Included in other comprehensive income(0.7)— — (0.7)
Purchases, issuances, sales, and settlements:
Purchases2.5 80.9 8.3 91.7 
Sales— (0.1)(1.6)(1.7)
Settlements(7.7)— (2.2)(9.9)
 Ending balance, December 31, 2024$36.6 $115.5 $4.5 $156.6 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2024$— $28.4 $— $28.4 
(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)
At December 31, 2024 and 2023, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis or any financial liabilities on a recurring basis.
The Company holds investments in mortgage loans and private loans reported at cost, less an allowance for expected credit losses on the Consolidated Balance Sheets. The allowance for expected credit losses on mortgage loans was $1.2 million and $0.2 million at December 31, 2024 and 2023, respectively. The allowance for expected credit losses on private loans was $4.4 million and $0.0 million at December 31, 2024 and 2023, respectively. The cost and estimated fair value of the investments in mortgage and private loans were:

As of
December 31, 2024December 31, 2023
(in millions)CostFair ValueCostFair Value
Mortgage Loans$210.1 $214.2 $144.8 $148.8 
Private Loans 577.3 597.2 — — 
Total$787.4 $811.4 $144.8 $148.8