Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

LEASES

The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.

The following table presents operating lease right-of-use assets and lease liabilities.

(Dollars in Millions)	Dec 31, 2024		Dec 31, 2023
Operating Lease Right-of-Use Assets	$	33.9	$	38.4
Operating Lease Liabilities	51.6		62.3

Lease expenses are included in Insurance and Other Expenses in the Consolidated Statements of Income (Loss). Additional information regarding the Company’s operating leases for the year ended December 31, 2024 and 2023 is presented below.

(Dollars in Millions)	2024		2023
Lease Cost:
Operating Lease Cost	$	15.5	$	15.7
Variable Lease Cost	4.7		3.2
Short-Term Lease Cost1	1.1		0.3
Total Lease Cost	$	21.3	$	19.2

1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

The Company had no expenses during the year ended December 31, 2024 or 2022 associated with lease impairments and other related costs. The Company incurred expenses of $18.0 million for the year ended December 31, 2023 associated with lease impairments and other related costs.

NOTE 25. LEASES (Continued)

Other Information on Operating Leases

Significant judgments and assumptions for determining lease asset and liability at December 31, 2024 and 2023 are presented below.

	2024		2023
Weighted-average Remaining Lease Term - Operating Leases	4.5 years		5.5 years
Weighted-average Discount Rate - Operating Leases	4.5	%	4.3	%

Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value.

Future minimum lease payments under operating leases at December 31, 2024 are presented below.

(Dollars in Millions)
2025	$	18.2
2026	11.3
2027	9.9
2028	7.1
2029	5.4
2030 and Thereafter	12.9
Total Future Payments	$	64.8
Less: Discount	13.2
Present Value of Minimum Lease Payments	$	51.6

As of December 31, 2024 and 2023, the Company did not have any finance leases.

Leases

LEASES

The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.

The following table presents operating lease right-of-use assets and lease liabilities.

(Dollars in Millions)	Dec 31, 2024		Dec 31, 2023
Operating Lease Right-of-Use Assets	$	33.9	$	38.4
Operating Lease Liabilities	51.6		62.3

Lease expenses are included in Insurance and Other Expenses in the Consolidated Statements of Income (Loss). Additional information regarding the Company’s operating leases for the year ended December 31, 2024 and 2023 is presented below.

(Dollars in Millions)	2024		2023
Lease Cost:
Operating Lease Cost	$	15.5	$	15.7
Variable Lease Cost	4.7		3.2
Short-Term Lease Cost1	1.1		0.3
Total Lease Cost	$	21.3	$	19.2

1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

The Company had no expenses during the year ended December 31, 2024 or 2022 associated with lease impairments and other related costs. The Company incurred expenses of $18.0 million for the year ended December 31, 2023 associated with lease impairments and other related costs.

NOTE 25. LEASES (Continued)

Other Information on Operating Leases

Significant judgments and assumptions for determining lease asset and liability at December 31, 2024 and 2023 are presented below.

	2024		2023
Weighted-average Remaining Lease Term - Operating Leases	4.5 years		5.5 years
Weighted-average Discount Rate - Operating Leases	4.5	%	4.3	%

Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value.

Future minimum lease payments under operating leases at December 31, 2024 are presented below.

(Dollars in Millions)
2025	$	18.2
2026	11.3
2027	9.9
2028	7.1
2029	5.4
2030 and Thereafter	12.9
Total Future Payments	$	64.8
Less: Discount	13.2
Present Value of Minimum Lease Payments	$	51.6

As of December 31, 2024 and 2023, the Company did not have any finance leases.