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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Components of Net Investment
The components of net investment income for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20252024
Fixed maturity securities$71.6 $70.4 
Equity securities1.0 1.2 
Limited partnership interests16.3 6.2 
Short-term and other investments5.4 4.7 
Investment expenses(2.8)(2.6)
Net investment income - investment portfolio
91.5 79.9 
Investment income - deposit asset on reinsurance24.4 25.5 
Total net investment income
$115.9 $105.4 
Schedule of Net Investment Gains (Losses)
Net investment gains (losses) for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20252024
Fixed maturity securities$0.2 $(1.0)
Equity securities(1.2)2.6 
Short-term investments and other(2.3)0.6 
Net investment gains (losses)
$(3.3)$2.2 
The breakdown of net investment gains (losses) by transaction type for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20252024
Credit loss impairments$— $(0.9)
Intent-to-sell impairments— — 
Total impairments— (0.9)
Sales and other, net0.2 (0.1)
Change in fair value - equity securities(1.2)2.6 
Change in fair value and gains (losses) realized
on settlements - derivatives
(2.3)0.6 
Net investment gains (losses)
$(3.3)$2.2 
Schedule of Allowance for Credit Loss Impairments on Fixed Maturity Securities
The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments):
($ in millions)Three Months Ended
March 31,
20252024
Beginning balance$0.9 $1.2 
Credit losses on fixed maturity securities for which credit losses were not previously reported— 0.9 
Net increase related to credit losses previously reported— — 
Reduction of credit allowances related to sales— — 
Write-offs— — 
Ending balance$0.9 $2.1 
Schedule of Available-for-sale Securities Reconciliation Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
March 31, 2025
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities
$866.8 $6.1 $60.7 $812.2 
Other, including U.S. Treasury securities
422.5 0.4 59.6 363.3 
Municipal bonds1,236.1 18.2 98.4 1,155.9 
Foreign government bonds14.1 — 0.8 13.3 
Corporate bonds1,972.2 20.1 212.4 1,779.9 
Other asset-backed securities1,346.0 8.7 21.6 1,333.1 
Totals$5,857.7 $53.5 $453.5 $5,457.7 
December 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$827.9 $2.7 $74.8 $755.8 
Other, including U.S. Treasury securities426.5 0.1 69.0 357.6 
Municipal bonds1,239.1 17.5 105.8 1,150.8 
Foreign government bonds14.1 — 1.0 13.1 
Corporate bonds1,995.2 17.3 230.1 1,782.4 
Other asset-backed securities1,339.7 10.8 22.3 1,328.2 
Totals$5,842.5 $48.4 $503.0 $5,387.9 
Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Securities and Equity Securities in an Unrealized Loss Position In consideration of the factors, we expect to receive cash flows sufficient to recover the entire amortized cost basis of the securities in the following table.
($ in millions)12 Months or LessMore than 12 MonthsTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
March 31, 2025
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$70.1 $0.7 $427.0 $60.0 $497.1 $60.7 
Other
45.4 0.5 282.1 59.1 327.5 59.6 
Municipal bonds206.5 6.0 636.4 92.4 842.9 98.4 
Foreign government bonds
1.5 — 11.8 0.8 13.3 0.8 
Corporate bonds
198.9 11.8 1,083.2 200.6 1,282.1 212.4 
Other asset-backed securities
499.4 2.4 296.9 19.2 796.3 21.6 
Total
$1,021.8 $21.4 $2,737.4 $432.1 $3,759.2 $453.5 
Number of positions with a
   gross unrealized loss
769 1,828 2,597 
Fair value as a percentage of total fixed
   maturity securities at fair value
18.7 %50.1 %68.8 %
December 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$208.3 $3.1 $419.3 $71.7 $627.6 $74.8 
Other77.1 1.5 274.6 67.6 351.7 69.1 
Municipal bonds193.5 3.4 632.0 102.4 825.5 105.8 
Foreign government bonds1.5 — 11.7 0.9 13.2 0.9 
Corporate bonds235.4 10.3 1,075.8 219.8 1,311.2 230.1 
Other asset-backed securities133.3 0.9 338.3 21.4 471.6 22.3 
Total
$849.1 $19.2 $2,751.7 $483.8 $3,600.8 $503.0 
Number of positions with a
   gross unrealized loss
665 1,862 2,527 
Fair value as a percentage of total fixed
   maturity securities at fair value
15.8 %51.1 %66.9 %
Schedule of Distribution of the Company's Fixed Maturity Portfolio by Estimated Expected Maturity
With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings were as follows:
Number of Positions
March 31, 2025December 31, 2024
Credit Rating
AAA154 155 
AA888 899 
A307 320 
BBB362 370 
Total investment grade
1,711 1,744 
BB41 40 
B15 18 
CCC or lower 6 4 
Total below investment grade
62 62 
Not rated 55 56 
Totals:1,828 1,862 
The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.
($ in millions)March 31, 2025
Amortized
Cost, net		Fair
Value
Percent of Total Fair Value
Estimated expected maturity:
Due in 1 year or less$238.2 $235.9 4.3 %
Due after 1 year through 5 years1,406.8 1,383.0 25.3 %
Due after 5 years through 10 years1,509.7 1,453.4 26.6 %
Due after 10 years through 20 years1,550.9 1,405.6 25.8 %
Due after 20 years1,152.1 979.8 18.0 %
Total$5,857.7 $5,457.7 100.0 %
Average option-adjusted duration, in years5.5
Schedule of Proceeds Received From Sales of Fixed Maturities and Equity Securities
Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows:
($ in millions)Three Months Ended
March 31,
20252024
Fixed maturity securities
Proceeds received
$77.8 $88.0 
Gross gains realized
1.2 1.3 
Gross losses realized
(1.0)(1.4)
Equity securities
Proceeds received
$— $— 
Gross gains realized
— — 
Gross losses realized
— — 
Schedule of Reconciliation of Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities and Equity Securities
The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:
($ in millions)Three Months Ended
March 31,
20252024
Net unrealized investment gains (losses)
   on fixed maturity securities, net of tax
Beginning of period$(357.4)$(328.3)
Change in net unrealized investment gains
   (losses) on fixed maturity securities		43.0 (20.5)
Reclassification of net investment losses
   on fixed maturity securities to net income		(0.1)0.8 
End of period$(314.5)$(348.0)
Schedule of Carrying Amounts of Equity Method Limited Partnership Interests The carrying amounts of EMA limited partnership interests were as follows:
($ in millions)
March 31, 2025December 31, 2024
Commercial mortgage loan funds$590.5 $596.0 
Real estate equity funds
145.5 144.7 
Private equity funds
107.5 102.2 
Infrastructure equity funds
88.6 81.7 
Infrastructure debt funds
64.7 69.0 
Other funds(1)
128.8 127.7 
Total$1,125.6 $1,121.3 
(1)Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital and private credit funds.
Schedule of Offsetting Assets and Liability The following table presents instruments that were subject to a master netting arrangement for the Company.
($ in millions)Gross
Amounts
Offset in the
Consolidated
Balance
Sheets		Net Amounts
of Assets/
Liabilities
Presented
in the
Consolidated
Balance
Sheets		Gross Amounts Not Offset
in the Consolidated
Balance Sheets
Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
March 31, 2025
Asset derivatives:
Free-standing derivatives$13.8 $— $13.8 $— $14.4 $(0.6)
December 31, 2024
Asset derivatives:
Free-standing derivatives$18.5 $— $18.5 $— $20.4 $(1.9)