Other

6 Months Ended

Jun. 30, 2024

Debt and Other Disclosures [Abstract]

Allowance for Expected Credit Losses on Premiums Receivable

Allowance for Expected Credit Losses on Premiums Receivable

At June 30, 2024, March 31, 2024, and December 31, 2023, the allowance for expected credit losses on premiums receivable was $26.8 million, $30.0 million, and $29.5 million, respectively, on gross premiums receivable of $659.8 million, $676.9 million, and $612.4 million, respectively. The decrease in the allowance of $3.2 million during the three months ended June 30, 2024 was driven primarily by improvements in unemployment levels. The decrease of $2.7 million during the six months ended June 30, 2024 was driven primarily by improvements in the age of premiums receivable and unemployment levels.

At June 30, 2023, March 31, 2023, and December 31, 2022, the allowance for expected credit losses on premiums receivable was $28.7 million, $31.6 million, and $32.5 million, respectively, on gross premiums receivable of $660.3 million, $635.6 million, and $557.6 million, respectively. The decrease in the allowance of $2.9 million and $3.8 million during the three and six months ended June 30, 2023, respectively, was driven primarily by improvements in the age of premiums receivable.

Debt

Debt

In June 2024, we issued $400.0 million of 6.000% senior notes due 2054. The notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt. A portion of the net proceeds of the offering were used to repay the $350.0 million aggregate principal amount of outstanding indebtedness under our senior unsecured delayed draw term loan facility, which was terminated upon repayment.