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Investments (Tables)
 12 Months Ended
Dec. 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 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 
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 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 
Schedule of Carrying Value Redemption Characteristics and Unfunded Investment Commitments of Other Invested Assets Portfolio
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 
Schedule of Aging of Unrealized Losses
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 
Schedule of 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 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 
Predecessor
(in millions)Mortgage loansPrivate loansTotal
Balance, January 1, 2023$0.2 $— $0.2 
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— — — 
Balance, through November 15, 2023$0.2 $— $0.2 
Successor
Balance, November 16, 2023$0.2 $— $0.2 
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— — — 
Balance, through December 31, 2023$0.2 $— $0.2 
Additions-initial adoption of accounting standard— — — 
Securities for which allowance was not previously recorded0.8 4.8 5.6 
Securities sold during the period(0.4)— (0.4)
Reductions for credit impairments— — — 
Additional net increases (decreases) in existing allowance0.6 (0.4)0.2 
Balance, December 31, 2024$1.2 $4.4 $5.6 
Schedule of Loans by Property Type 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 
Schedule of Loans by Debt Service Covenant Ratio
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
Schedule of Loans by Maturity
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
Schedule of Company's Gross Realized Investment Gains (Losses)
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)$(105.3)
(1) Refer to the Loss Portfolio Transfer - U.S. in Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for the year ended December 31, 2022.
(2) Refer to the sale of AGSE and Argo Seguros in Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our 2023 Form 10-K for the year ended December 31, 2022.
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows: 
 SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
Change in unrealized gains (losses)   
Fixed maturities$(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 $(312.8)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of December 31, 2024 and 2023 was as follows:
As of
December 31, 2024December 31, 2023
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$— $— $75.4 $1.8 
Asset manager investment exposure151.0 2.7 89.1 (0.5)
Total$151.0 $2.7 $164.5 $1.3 
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
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)
Schedule of Restricted Assets 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 
Schedule of 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)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 
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 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)
Schedule of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value 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 
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
December 31,
 20242023
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$162.0 $163.9 $160.8 $165.9 
Subordinated debentures81.2 81.3 80.4 83.3 
Total junior subordinated debentures243.2 245.2 241.2 249.2 
Senior unsecured fixed rate notes128.8 128.6 128.0 132.7 
Total$372.0 $373.8 $369.2 $381.9