Leases

3 Months Ended

Mar. 31, 2025

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)	Mar 31, 2025		Dec 31, 2024
Operating Lease Right-of-Use Assets	$	38.2	$	33.9
Operating Lease Liabilities	54.7		51.6

Lease expenses are included in Insurance and Other Expenses in the Condensed Consolidated Statements of Income. Additional information regarding the Company’s operating leases is presented below.

	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Lease Cost:
Operating Lease Cost	$	4.0	$	3.9
Variable Lease Cost	1.1		1.1
Short-Term Lease Cost1	0.1		—
Total Lease Cost	$	5.2	$	5.0
1 Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets.

Other Information on Operating Leases

Significant judgments and assumptions for determining lease asset and liability at March 31, 2025 and 2024 are presented below.

	Three Months Ended
	Mar 31, 2025		Mar 31, 2024
Weighted-average Remaining Lease Term - Operating Leases	5.4 years		5.5 years
Weighted-average Discount Rate - Operating Leases	4.6	%	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 March 31, 2025 are presented below.

(Dollars in Millions)	March 31, 2025
Remainder of 2025	$	13.4
2026	11.9
2027	10.5
2028	7.5
2029	5.6
2030 and Thereafter	13.0
Total Future Payments	$	61.9
Less: Discount	7.2
Present Value of Minimum Lease Payments	$	54.7

As of March 31, 2025 and December 31, 2024, 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)	Mar 31, 2025		Dec 31, 2024
Operating Lease Right-of-Use Assets	$	38.2	$	33.9
Operating Lease Liabilities	54.7		51.6

Lease expenses are included in Insurance and Other Expenses in the Condensed Consolidated Statements of Income. Additional information regarding the Company’s operating leases is presented below.

	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Lease Cost:
Operating Lease Cost	$	4.0	$	3.9
Variable Lease Cost	1.1		1.1
Short-Term Lease Cost1	0.1		—
Total Lease Cost	$	5.2	$	5.0
1 Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets.

Other Information on Operating Leases

Significant judgments and assumptions for determining lease asset and liability at March 31, 2025 and 2024 are presented below.

	Three Months Ended
	Mar 31, 2025		Mar 31, 2024
Weighted-average Remaining Lease Term - Operating Leases	5.4 years		5.5 years
Weighted-average Discount Rate - Operating Leases	4.6	%	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 March 31, 2025 are presented below.

(Dollars in Millions)	March 31, 2025
Remainder of 2025	$	13.4
2026	11.9
2027	10.5
2028	7.5
2029	5.6
2030 and Thereafter	13.0
Total Future Payments	$	61.9
Less: Discount	7.2
Present Value of Minimum Lease Payments	$	54.7

As of March 31, 2025 and December 31, 2024, the Company did not have any finance leases.