Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the year ended December 31, 2024, the periods November 16, 2023 through December 31, 2023 (Successor) and January 1, 2023 through November 15, 2023 (Predecessor), and for the year ended December 31, 2022 is presented below:

(in millions)	Foreign Currency Translation Adjustments		Unrealized Holding Gains (Losses) on Securities		Defined Benefit Pension Plans		Total
	Predecessor
Balance, December 31, 2022	$	(4.2)	$	(293.1)	$	(7.8)	$	(305.1)
Other comprehensive income (loss) before reclassifications	1.0		13.7		0.8		15.5
Amounts reclassified from accumulated other comprehensive loss	—		22.1		—		22.1
Net current-period other comprehensive income (loss)	1.0		35.8		0.8		37.6
Balance, November 15, 2023	$	(3.2)	$	(257.3)	$	(7.0)	$	(267.5)
	Successor
Balance, November 16, 2023	$	—	$	—	$	—	$	—
Other comprehensive income (loss) before reclassifications	0.1		51.2		0.6		51.9
Amounts reclassified from accumulated other comprehensive income	—		(0.1)		—		(0.1)
Net current-period other comprehensive income (loss)	0.1		51.1		0.6		51.8
Balance, December 31, 2023	0.1		51.1		0.6		51.8
Other comprehensive income (loss) before reclassifications	(0.5)		(13.0)		0.3		(13.2)
Amounts reclassified from accumulated other comprehensive income	—		(6.9)		—		(6.9)
Net current-period other comprehensive income (loss)	(0.5)		(19.9)		0.3		(20.1)
Balance, December 31, 2024	$	(0.4)	$	31.2	$	0.9	$	31.7

The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Consolidated Statements of Income (Loss):

	Successor				Predecessor
	For the Year Ended		Period from		Period from		For the Year Ended
	December 31, 2024		November 16, 2023 through December 31, 2023		January 1, 2023 through November 15, 2023		December 31, 2022
(in millions)
Unrealized gains and losses on securities:
Net realized investment and other losses (gains) (1)	$	(8.7)	$	(0.1)	$	28.0	$	43.6
(Benefit) provision for income taxes	1.8		—		(5.9)		(9.2)
Foreign currency translation adjustments:
Net realized investment and other losses (gains) (2)	—		—		—		31.8
Total, net of taxes	$	(6.9)	$	(0.1)	$	22.1	$	66.2

(1) Net realized investment and other losses (gains) in the Predecessor periods include losses realized as a result of the Loss Portfolio Transfer - U.S. and the sale of Argo Underwriting Agency Limited. Refer to Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for additional information.

(2) Foreign currency translation losses were realized as a result of the sale of Argo Seguros and AGSE in 2022. Refer to the sale of Argo Seguros and AGSE in Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for additional information.

Income tax effects are released from accumulated other comprehensive income (loss) for unrealized gains or losses when the gains or losses are realized, and are taxed at the statutory rate based on the jurisdiction of the underlying transaction.