Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 14, 2025 |
Jun. 28, 2024 |
|
| Document Information [Line Items] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Registrant Name | HANOVER INSURANCE GROUP, INC. | ||
| Entity Central Index Key | 0000944695 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Emerging Growth Company | false | ||
| Entity Small Business | false | ||
| Entity Public Float | $ 4,472,656,527 | ||
| Entity Common Stock, Shares Outstanding | 35,926,567 | ||
| Entity Current Reporting Status | Yes | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Entity Shell Company | false | ||
| Entity File Number | 1-13754 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Tax Identification Number | 04-3263626 | ||
| Entity Address, Address Line One | 440 Lincoln Street | ||
| Entity Address, City or Town | Worcester | ||
| Entity Address, State or Province | MA | ||
| Entity Address, Postal Zip Code | 01653 | ||
| City Area Code | 508 | ||
| Local Phone Number | 855-1000 | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Entity Interactive Data Current | Yes | ||
| ICFR Auditor Attestation Flag | true | ||
| Auditor Name | PricewaterhouseCoopers LLP | ||
| Auditor Firm ID | 238 | ||
| Auditor Location | Boston, Massachusetts | ||
| Auditor Opinion | Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of The Hanover Insurance Group, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedules I, II, III, V, and VI listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. |
||
| Documents Incorporated by Reference | Portions of The Hanover Insurance Group, Inc.’s Proxy Statement to be filed pursuant to Regulation 14A relating to the 2025 Annual Meeting of Shareholders to be held May 13, 2025 are incorporated by reference in Part III. |
||
| Common Stock, $.01 Par Value [Member] | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | Common Stock, $.01 par value | ||
| Trading Symbol | THG | ||
| Security Exchange Name | NYSE | ||
| 7 5/8% Senior Debentures Due 2025 [Member] | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | 7 5/8% Senior Debentures due 2025 | ||
| Trading Symbol | THG | ||
| Security Exchange Name | NYSE |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 426.0 | $ 35.3 | $ 116.0 |
| Changes in net unrealized gains (losses) on investment securities: | |||
| Having no credit losses recognized in the Consolidated Statements of Income | 56.8 | 175.0 | (822.6) |
| Having credit losses recognized in the Consolidated Statements of Income | 2.5 | 3.6 | (3.7) |
| Total available-for-sale securities | 59.3 | 178.6 | (826.3) |
| Pension and postretirement benefits: | |||
| Net actuarial gains (losses) arising in the period | (5.8) | 3.1 | (5.7) |
| Amortization recognized as net periodic benefit and postretirement cost | 5.4 | 6.2 | 4.3 |
| Total pension and postretirement benefits | (0.4) | 9.3 | (1.4) |
| Long-duration insurance contracts: | |||
| Net change in market risk | 2.0 | (3.6) | 17.0 |
| Total other comprehensive income (loss), net of tax | 60.9 | 184.3 | (810.7) |
| Comprehensive income (loss) | $ 486.9 | $ 219.6 | $ (694.7) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Fixed maturities, amortized cost | $ 9,051.5 | $ 8,573.9 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 20,000,000.0 | 20,000,000.0 |
| Preferred stock, issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 300,000,000.0 | 300,000,000.0 |
| Common stock, shares issued | 60,500,000 | 60,500,000 |
| Treasury stock, shares | 24,600,000 | 24,700,000 |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | ITEM 1C–CYBERSECURITY Risk Management and Strategy Our business operations and strategy are highly dependent on our ability, and the ability of certain third parties, to access internal and external systems and data to perform necessary business functions. We are heavily reliant on data and information, including non-public information, as well as technology systems that process and store such data and information, the integrity and functionality of which are critical to our ability to grow our business, operate efficiently, and generate earnings. As discussed in further detail in “Risk Factors” in Part I – Item 1A, and like others in the financial services industry, we have from time to time experienced, and are likely to continue to experience, security events and data incidents, and while none of these events to date have had a material adverse effect on our business, no assurances can be made that such attacks or security events will not have a material adverse impact on our business, results of operations or financial condition in the future, due to impairments in our ability to conduct our business or harm to our relationships with our business partners and customers. We have an enterprise-wide cybersecurity program that provides governance, direction and executive support for assessing, identifying and managing cybersecurity risks. Our cybersecurity program aligns with leading industry frameworks including the National Institute of Standards and Technology Cyber Security Framework and Control Objectives for Information and Related Technologies. Our cybersecurity program is designed to identify relevant assets and associated risks, protect against, detect, respond to and recover from cybersecurity events, and employs a “defense in depth” strategy that uses multiple security measures to protect the confidentiality, integrity, and availability of our systems and information assets. We continually assess our cybersecurity and threat detection capabilities, including our proficiency in identifying emerging tactics, techniques, and procedures of threat actors, to enhance our ability to focus resources appropriately. Our cybersecurity program incorporates ongoing risk management practices such as risk identification and the maintenance of a cyber risk register, threat intelligence tracking, identification and monitoring of key controls using key performance indicators, the performance of independent control effectiveness testing by internal audit, annual third-party risk assessments, external penetration testing, and cyber incident response exercises. Our cybersecurity program also incorporates processes intended to help anticipate emerging technology innovation, utilizing a security capability map as a resource in combination with our cyber risk and enterprise risk assessment processes, to inform and prioritize investment decision-making in connection with the cybersecurity program. Additionally, we collaborate with industry associations, government authorities, peers and external advisors to monitor the threat environment and to inform our security practices, including for industry best practices for cybersecurity programs and capabilities, incident response processes, legal and regulatory developments, and experiential guidance. Our cybersecurity risk management activities are integrated in our overall enterprise risk management processes, so that cyber risks are assessed in the context of other risks relevant to our overall enterprise risk profile, to inform the organization’s decision-making and planning processes. We have a third-party risk management program that assesses the inherent risks of third-party service providers and informs our due diligence and continuous monitoring of such parties. Through this process, our information security personnel, in collaboration with our vendor management operations, evaluate the information security and business continuity capabilities, risks and controls, of prospective and existing service providers. We manage cybersecurity incidents pursuant to a documented incident response plan executed by an incident response team consisting of senior leaders and their team members who are integral to effective incident response management, including but not limited to representatives from information security, legal, compliance, risk management, communications, facilities, operations, marketing and distribution, finance, and human resources, as well as external, nationally recognized legal and forensics resources who are familiar with our operations and incident response team, and who routinely participate in our tabletop training. We employ a formal incident escalation process based on the nature of the incident and its risk severity, for alerting and engaging with executive leadership and members of our Audit Committee and Board of Directors. The incident response plan includes processes integrated with our business continuity and emergency response plans. Governance Our Board of Directors monitors the major risks we face, including cybersecurity and operational risks, and reviews management’s plans for mitigating or remediating such risks. The Board has designated the Audit Committee, which oversees controls for our major risk exposures, to have principal responsibility for monitoring management’s cybersecurity risk management program and associated risks. The Audit Committee reviews management’s overall approach to managing and mitigating our exposure to cybersecurity and privacy risks, and reviews information technology’s program to monitor and assess information security and the related efforts associated with cybersecurity, considering, among other things, emerging cybersecurity developments and threats. Our Chief Information Security Officer (“CISO”) and Chief Information and Innovation Officer (“CIIO”) provide regular reports and update briefings on cybersecurity matters to the Audit Committee. The topics covered by these briefings routinely include a review of top cybersecurity threats and exploits, a review of the recurring internal risk assessments and annual cyber risk assessment performed by third parties, key updates to the cyber risk management program, cybersecurity risk-mitigating controls, strategic planning considerations, security and infrastructure investments, regulatory and compliance updates, and cybersecurity incident updates, among other topics. Our CISO has primary responsibility for our cybersecurity program and the management and oversight of our information security department. Our CISO has nearly 25 years of experience in information technology, including 14 years of cybersecurity experience, all of which has been in the property and casualty insurance industry. We have a diverse information security team with varying backgrounds, years of experience and levels of information security certification. Our CISO reports directly to our CIIO, who reports directly to our Chief Executive Officer (“CEO”). The CISO and CIIO routinely inform and advise executive management of salient aspects of our cybersecurity program, and developments related to key risks, threats and data incidents, addressing in further detail the matters noted above that are reported to the Audit Committee. Members of the information security team participate in our Enterprise Risk Management Group consisting of senior leaders who meet regularly to assess new and emerging risks to the organization, including cybersecurity risks. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our cybersecurity risk management activities are integrated in our overall enterprise risk management processes, so that cyber risks are assessed in the context of other risks relevant to our overall enterprise risk profile, to inform the organization’s decision-making and planning processes. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board of Directors monitors the major risks we face, including cybersecurity and operational risks, and reviews management’s plans for mitigating or remediating such risks. The Board has designated the Audit Committee, which oversees controls for our major risk exposures, to have principal responsibility for monitoring management’s cybersecurity risk management program and associated risks. The Audit Committee reviews management’s overall approach to managing and mitigating our exposure to cybersecurity and privacy risks, and reviews information technology’s program to monitor and assess information security and the related efforts associated with cybersecurity, considering, among other things, emerging cybersecurity developments and threats. Our Chief Information Security Officer (“CISO”) and Chief Information and Innovation Officer (“CIIO”) provide regular reports and update briefings on cybersecurity matters to the Audit Committee. The topics covered by these briefings routinely include a review of top cybersecurity threats and exploits, a review of the recurring internal risk assessments and annual cyber risk assessment performed by third parties, key updates to the cyber risk management program, cybersecurity risk-mitigating controls, strategic planning considerations, security and infrastructure investments, regulatory and compliance updates, and cybersecurity incident updates, among other topics. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board has designated the Audit Committee, which oversees controls for our major risk exposures, to have principal responsibility for monitoring management’s cybersecurity risk management program and associated risks. The Audit Committee reviews management’s overall approach to managing and mitigating our exposure to cybersecurity and privacy risks, and reviews information technology’s program to monitor and assess information security and the related efforts associated with cybersecurity, considering, among other things, emerging cybersecurity developments and threats. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Chief Information Security Officer (“CISO”) and Chief Information and Innovation Officer (“CIIO”) provide regular reports and update briefings on cybersecurity matters to the Audit Committee. |
| Cybersecurity Risk Role of Management [Text Block] | Our Board of Directors monitors the major risks we face, including cybersecurity and operational risks, and reviews management’s plans for mitigating or remediating such risks. The Board has designated the Audit Committee, which oversees controls for our major risk exposures, to have principal responsibility for monitoring management’s cybersecurity risk management program and associated risks. The Audit Committee reviews management’s overall approach to managing and mitigating our exposure to cybersecurity and privacy risks, and reviews information technology’s program to monitor and assess information security and the related efforts associated with cybersecurity, considering, among other things, emerging cybersecurity developments and threats. Our Chief Information Security Officer (“CISO”) and Chief Information and Innovation Officer (“CIIO”) provide regular reports and update briefings on cybersecurity matters to the Audit Committee. The topics covered by these briefings routinely include a review of top cybersecurity threats and exploits, a review of the recurring internal risk assessments and annual cyber risk assessment performed by third parties, key updates to the cyber risk management program, cybersecurity risk-mitigating controls, strategic planning considerations, security and infrastructure investments, regulatory and compliance updates, and cybersecurity incident updates, among other topics. Our CISO has primary responsibility for our cybersecurity program and the management and oversight of our information security department. Our CISO has nearly 25 years of experience in information technology, including 14 years of cybersecurity experience, all of which has been in the property and casualty insurance industry. We have a diverse information security team with varying backgrounds, years of experience and levels of information security certification. Our CISO reports directly to our CIIO, who reports directly to our Chief Executive Officer (“CEO”). The CISO and CIIO routinely inform and advise executive management of salient aspects of our cybersecurity program, and developments related to key risks, threats and data incidents, addressing in further detail the matters noted above that are reported to the Audit Committee. Members of the information security team participate in our Enterprise Risk Management Group consisting of senior leaders who meet regularly to assess new and emerging risks to the organization, including cybersecurity risks. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our CISO has primary responsibility for our cybersecurity program and the management and oversight of our information security department. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CISO has nearly 25 years of experience in information technology, including 14 years of cybersecurity experience, all of which has been in the property and casualty insurance industry. We have a diverse information security team with varying backgrounds, years of experience and levels of information security certification. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our CISO reports directly to our CIIO, who reports directly to our Chief Executive Officer (“CEO”). The CISO and CIIO routinely inform and advise executive management of salient aspects of our cybersecurity program, and developments related to key risks, threats and data incidents, addressing in further detail the matters noted above that are reported to the Audit Committee. Members of the information security team participate in our Enterprise Risk Management Group consisting of senior leaders who meet regularly to assess new and emerging risks to the organization, including cybersecurity risks. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 426.0 | $ 35.3 | $ 116.0 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On November 5, 2024, John C. Roche, the Company’s President and CEO, adopted a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). His 10b5-1 trading plan provides for the exercise, and subsequent sale, of options to purchase an aggregate of 21,413 shares of the Company’s common stock that were issued to Mr. Roche on February 23, 2016 and set to expire on February 23, 2026. The 10b5-1 trading plan expires on February 20, 2026, or upon an earlier date if and when all the options are exercised and sold. The amount of shares actually sold will depend on the satisfaction of certain conditions as set forth in his 10b5-1 trading plan. On November 27, 2024, Bryan J. Salvatore, the Company’s Executive Vice President and President, Specialty, adopted a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). His 10b5-1 trading plan provides for the exercise, and subsequent sale, of options to purchase an aggregate of 21,052 shares of the Company’s common stock that were issued to Mr. Salvatore on June 12, 2017 and set to expire on June 12, 2027. The 10b5-1 trading plan expires on May 30, 2025, or upon an earlier date if and when all the options are exercised and sold. The amount of shares actually sold will depend on the satisfaction of certain conditions as set forth in his 10b5-1 trading plan. No other officer or director adopted, modified, or terminated a contract, instruction or written plan for the purchase or sale of the Company’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement during the fourth quarter ended December 31, 2024. |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule 10b5-1 Arrangement Modified | false |
| Non-Rule 10b5-1 Arrangement Modified | false |
| Rule 10b5-1 Plan [Member] | John C. Roche [Member] | |
| Trading Arrangements, by Individual | |
| Name | John C. Roche |
| Title | President and CEO |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | November 5, 2024 |
| Expiration Date | February 20, 2026 |
| Aggregate Available | 21,413 |
| Rule 10b5-1 Plan [Member] | Bryan J. Salvatore [Member] | |
| Trading Arrangements, by Individual | |
| Name | Bryan J. Salvatore |
| Title | Executive Vice President and President |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | November 27, 2024 |
| Expiration Date | May 30, 2025 |
| Aggregate Available | 21,052 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation and Principles of Consolidation The consolidated financial statements of The Hanover Insurance Group, Inc. (“THG” or the “Company”), include the accounts of The Hanover Insurance Company (“Hanover Insurance”) and Citizens Insurance Company of America (“Citizens”), THG’s principal property and casualty companies; and other insurance and non-insurance subsidiaries. These legal entities conduct their operations through several reporting segments discussed in Note 12 – “Segment Information.” The consolidated financial statements also include the Company’s discontinued operations, consisting primarily of the Company’s former accident and health insurance business. The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring items, necessary for a fair presentation of the financial position and results of operations. B. Investments Fixed maturities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses, net of taxes, reported in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. The amortized cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity. Equity securities are carried at fair value. Increases and decreases in fair value are reported in net income. Other investments consist primarily of limited partnerships and mortgage participations. Investments in limited partnerships include interests in private equity and real estate funds. Investments in certain limited partnership interests, where the Company’s interest is so minor that it exercises virtually no influence over operating and financial policies, are accounted for at fair value utilizing the net asset value (“NAV”) as a practical expedient to determine fair value. All other limited partnerships are accounted for in accordance with the equity method of accounting. Mortgage participations represent interests in commercial mortgage loans originated and serviced by a third-party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. Mortgage participations are stated at unpaid principal balances adjusted for deferred fees or expenses, net of an allowance for credit losses. The Company excludes accrued interest receivable from both the estimated fair value and the amortized cost basis of its investment securities, and reports such amounts separately on the Consolidated Balance Sheets as accrued investment income. When an accrued interest receivable is deemed uncollectible it is written off as a charge to investment income, rather than recorded through an allowance. Net investment income includes interest, income from limited partnership interests, and dividends. Interest income is recognized based on the effective yield method, which includes the amortization of premiums and accretion of discounts. The effective yield used to determine the amortization for fixed maturities subject to prepayment risk, such as mortgage-backed and asset-backed securities, is recalculated and adjusted periodically based upon actual historical and projected future cash flows. The adjustment to yields for highly rated prepayable fixed maturities is accounted for using the retrospective method. The adjustment to yields for all other prepayable fixed maturities is accounted for using the prospective method. Fixed maturities and mortgage participations for which payments are delinquent are placed on non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized and unrealized investment gains and losses include net gains and losses on investment sales, changes in the credit loss allowance on fixed maturity securities and mortgage loans, intent to sell impairments, and valuation changes of equity securities. Net gains and losses on sales of investments are determined on a specific identification basis. The Company reviews fixed maturity securities in an unrealized loss position and assesses whether it intends to sell the security or more likely than not will be required to sell the security before the recovery of its amortized cost basis. If the debt security meets either of these two criteria, an intent to sell impairment is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the impairment measurement date. If neither of the above criteria are met, the credit loss portion of the unrealized loss is recorded through earnings and the non-credit portion remains in other comprehensive income (loss). Credit losses are estimated by comparing the amortized cost of the fixed maturity security with the net present value of the security’s projected future cash flows, discounted at the effective interest rate implicit in the investment prior to impairment. The non-credit portion of the impairment is equal to the difference between the fair value and the net present value of the security’s cash flows at the impairment measurement date. Credit losses are recorded through an allowance for credit losses and recoveries of impairments on fixed maturities are recognized as reversals of the allowance for credit losses. The allowance for credit losses is limited to the amount that fair value is less than amortized cost and therefore, increases in the fair value of investments due to reasons other than credit could result in decreases in the allowance and an increase in net income. Mortgage participations are pooled by similar risk characteristics and evaluated for credit losses. The allowance for credit losses is calculated using expected loss rates, which vary based on risk factors such as property type, geographic market, and loan-to-value and debt service coverage ratios. C. Financial Instruments In the normal course of business, the Company may enter into transactions involving various types of financial instruments, including debt, investments, such as fixed maturities, limited partnerships, mortgage loans and equity securities, investment and loan commitments, and certain derivative contracts. These instruments involve credit risk and could also be subject to risk of loss due to interest rate fluctuation. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize losses. D. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and highly liquid debt instruments purchased with an original maturity of three months or less. E. Deferred Acquisition Costs Acquisition costs consist of commissions, underwriting costs and other costs, which vary with, and are primarily related to, the successful production of premiums. Acquisition costs are deferred and amortized over the terms of the insurance policies. Deferred acquisition costs (“DAC”) for each reporting segment are reviewed to determine if the costs are recoverable from future income, including investment income. If such costs are determined to be unrecoverable, they are expensed at the time of determination. Although recoverability of DAC is not assured, the Company believes it is more likely than not that all of these costs will be recovered. The amount of DAC considered recoverable, however, could be reduced in the near-term if the estimates of total revenues discussed above are reduced or permanently impaired as a result of a disposition of a line of business. The amount of amortization of DAC could be revised in the near-term if any of the estimates discussed above are revised. F. Reinsurance Recoverables The Company shares certain insurance risks it has underwritten, through the use of reinsurance contracts, with various insurance entities. Reinsurance accounting is followed for ceded transactions when the risk transfer provisions of Accounting Standards Codification (“ASC”) 944, Financial Services – Insurance, have been met. As a result, when the Company experiences loss or claims events that are subject to a reinsurance contract, reinsurance recoverables are recorded. The amount of the reinsurance recoverable can vary based on the terms of the reinsurance contract, the size of the individual loss or claim, the aggregate amount of all losses or claims in a particular line or book of business, or an aggregate amount of losses associated with a particular accident year. The valuation of losses or claims recoverable depends on whether the underlying loss or claim is a reported loss or claim, or an incurred but not reported loss. For reported losses and claims, the Company values reinsurance recoverables at the time the underlying loss or claim is recognized, in accordance with contract terms. For incurred but not reported losses, the Company estimates the amount of reinsurance recoverables based on the terms of the reinsurance contracts and historical reinsurance recovery information and applies that information to the gross loss reserve. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business and the balance is disclosed separately in the financial statements. However, the ultimate amount of the reinsurance recoverable is not known until all losses and claims are settled. Allowances are established for amounts deemed uncollectible and reinsurance recoverables are recorded net of these allowances. The Company evaluates the financial condition of its reinsurers and monitors concentration risk to minimize its exposure to significant credit losses from individual reinsurers. G. Property, Equipment, Capitalized Software AND LEASES Property, equipment, leasehold improvements and capitalized software are recorded at cost, less accumulated depreciation and amortization. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets, which generally range from 3 to 30 years. The estimated useful life for capitalized software is generally 5 to 7 years. Amortization of leasehold improvements is provided using the straight-line method over the lesser of the term of the lease or the estimated useful life of the improvements. The Company has entered into operating and financing leases through which it recognizes “right-of-use” assets that are recorded at the present value of future minimum lease payments, less accumulated depreciation. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets, which generally range from 4 to 6 years for real estate and fleet leases. The Company tests for the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company recognizes impairment losses only to the extent that the carrying amounts of long-lived assets exceed the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. When an impairment loss occurs, the Company reduces the carrying value of the asset to fair value and no longer depreciates the asset. Fair values are estimated using discounted cash flow analyses. H. GOODWILL AND INTANGIBLE ASSETS The Company carries its goodwill at cost, net of amortization accumulated prior to January 1, 2002, and net of impairments. Increases to goodwill are generated through acquisition and represent the excess of the cost of an acquisition over the fair value of net assets acquired, including any intangibles acquired. Since January 1, 2002, goodwill is no longer amortized but, rather, is reviewed for impairment. Additionally, acquisitions can also produce intangible assets, which have either a definite or indefinite life. Intangible assets with definite lives are amortized over that life, whereas those intangible assets determined to have an indefinite life are reviewed at least annually for impairment. At December 31, 2024 and 2023, the Company held goodwill of $178.8 million. At December 31, 2024 and 2023, the Company held intangible assets with indefinite lives of $15.5 million. The Company tests for the recoverability of goodwill and intangible assets with indefinite lives annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company recognizes impairment losses only to the extent that the carrying amounts of reporting units with goodwill exceed the fair value. The amount of the impairment loss that would be recognized is determined based upon the excess of the carrying value of goodwill compared to the implied fair value of the goodwill, as determined with respect to all assets and liabilities of the reporting unit. The Company performed its annual impairment reviews of goodwill and indefinite-lived assets in the fourth quarters of 2024 and 2023, with no impairments recognized. I. LIABILITIES FOR LOSSES, LAE AND UNEARNED PREMIUMS Liabilities for outstanding claims, losses, and loss adjustment expenses (“LAE”) are estimates of payments to be made for reported losses and LAE and estimates of losses and LAE incurred but not reported (“IBNR”). These liabilities are determined using case basis evaluations and statistical analyses of historical loss patterns, and represent estimates of the ultimate cost of all losses incurred but not paid. These estimates are continually reviewed and adjusted as necessary; adjustments are reflected in current operations. Estimated amounts of salvage and subrogation on unpaid losses are deducted from the liability for unpaid claims. Premiums for direct and assumed business are reported as earned on a pro-rata basis over the contract period. The unexpired portion of these premiums is recorded as unearned premiums. All losses, LAE and unearned premium liabilities are based on the various estimates discussed in this note. Although the adequacy of these amounts cannot be assured, the Company believes that it is more likely than not that these liabilities and accruals will be sufficient to meet future obligations of policies in force. The amount of liabilities and accruals, however, could be revised in the near-term if the estimates discussed above are revised. J. Debt The Company’s debt at December 31, 2024 includes senior and subordinated debentures. Debt instruments are carried at principal amount borrowed, net of any applicable unamortized discounts and issuance costs. See Note 5 – “Debt and Credit Arrangements.” K. Premium, Premium Receivable, Fee Revenue and Related Expenses Insurance premiums written are generally recorded at the policy inception and are primarily earned on a pro-rata basis over the terms of the policies for all products. Premiums written may also include estimates that are derived from multiple sources, which include the historical experience of the underlying business, similar businesses, and available industry information. These estimates are regularly reviewed and updated, and any resulting adjustments are included in the current year’s results. Unearned premium reserves represent the portion of premiums written that relates to the unexpired terms of the underlying in-force insurance policies and reinsurance contracts. Premium receivables reflect the unpaid balance of premiums written as of the balance sheet date. Premium receivables are generally short-term in nature and are reported net of an allowance for estimated uncollectible premium accounts. The Company reviews its receivables for collectability at the balance sheet date. The allowance for uncollectible accounts was not material as of December 31, 2024 and 2023. Ceded premiums are charged to income over the applicable term of the various reinsurance contracts with third-party reinsurers. Reinsurance reinstatement premiums, when required, are recognized in the same period as the loss event that gave rise to the reinstatement premiums. Losses and related expenses are matched with premiums, resulting in their recognition over the lives of the contracts. This matching is accomplished through estimated and unpaid losses and amortization of deferred acquisition costs. L. Income Taxes The Company is subject to the tax laws and regulations of the U.S. federal jurisdiction and various state jurisdictions. The Company files a consolidated U.S. federal income tax return that includes the holding company and its U.S. subsidiaries. Generally, taxes are accrued at the U.S. statutory tax rate of 21%. The Company’s accounting for income taxes represents its best estimate of various events and transactions. Deferred income taxes are generally recognized when assets and liabilities have different values for financial statement and tax reporting purposes, and for other temporary taxable and deductible differences as defined by ASC 740, Income Taxes (“ASC 740”). These temporary differences are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. These differences result primarily from insurance reserves, deferred acquisition costs, investments, and employee benefit plans. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under U.S. federal tax law. Consideration is given to all available positive and negative evidence, including reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances are established if, based on available information, it is determined that it is more likely than not that all or some portion of the deferred tax assets will not be realized. Changes in valuation allowances are generally reflected in income tax expense or as an adjustment to other comprehensive income (loss), depending on the nature of the item for which the valuation allowance is being recorded. M. Stock-Based Compensation The Company recognizes the fair value of compensation costs for all share-based payments, including employee stock options, in the financial statements. Unvested awards are generally expensed on a straight-line basis, by tranche, over the vesting period of the award. The Company’s stock-based compensation plans are discussed further in Note 9 – “Stock-Based Compensation Plans.” N. Earnings Per Share Earnings per share (“EPS”) for the years ended December 31, 2024, 2023 and 2022 is based on a weighted average of the number of shares outstanding during each year. Basic and diluted EPS is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. The weighted average shares outstanding used to calculate basic EPS differ from the weighted average shares outstanding used in the calculation of diluted EPS due to the effect of dilutive employee stock options, non-vested stock grants, and other contingently issuable shares. If the effect of such items is antidilutive, the weighted average shares outstanding used to calculate diluted EPS would be equal to those used to calculate basic EPS. Options to purchase shares of common stock whose exercise prices are greater than the average market price of the common shares are not included in the computation of diluted earnings per share because the effect would be antidilutive. O. New Accounting Pronouncements Recently Implemented Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASC Update No. , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This Update requires entities to disclose significant segment expenses and other segment items on an annual and interim basis, and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”), and an explanation of how the CODM uses the reported measures of segment profit or loss. The Update does not change how entities identify operating segments, aggregate them, or apply the quantitative thresholds to determine reportable segments. This Update is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company implemented this guidance effective January 1, 2024, on a retrospective basis, and it did not have a material effect on its financial position or results of operations, as the Update is disclosure related. Recently Issued Standards In November 2024, the FASB issued ASC Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This Update requires entities to disclose, at each interim and annual reporting period, specified information about certain costs and expenses in the notes to financial statements. Entities must disclose the amounts, in a tabular format, of relevant expense captions presented on the face of the income statement within continuing operations that contain expenses associated with employee compensation, depreciation, and intangible asset amortization. Additionally, the Update requires qualitative disclosure of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the disclosure of total of selling expenses, among other items. This Update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods, as clarified in ASC Update No. 2025-01, beginning after December 15, 2027, with early adoption permitted. This guidance may be implemented either on a prospective or retrospective basis. The Company does not expect implementation of this guidance to have a material effect on its financial position or results of operations, as the Update is disclosure related. In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This Update requires entities to disclose an annual tabular rate reconciliation, using both percentages and currency amounts, broken out into specific categories, to the extent those items exceed a specified threshold. In addition, all entities are required to disclose annual income taxes paid, net of refunds received, disaggregated by federal, state, and foreign jurisdictions, and for individual jurisdictions when the amount is at least five percent of total income tax payments, net of refunds received. This Update is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. This guidance may be implemented either on a prospective or retrospective basis. The Company does not expect implementation of this guidance to have a material effect on its financial position or results of operations, as the Update is disclosure related. P. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation, when applicable. |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 2. INVESTMENTS A. FIXED MATURITIES The amortized cost and fair value of available-for-sale fixed maturities were as follows:
The Company enters into various agreements that may require its fixed maturities to be held as collateral by others. At December 31, 2024 and 2023, fixed maturities with fair values of $130.9 million and $153.0 million, respectively, were held as collateral for the FHLB collateralized borrowing program. See Note 5 — “Debt and Credit Arrangements” for additional information related to the Company’s FHLB program. Additionally, at December 31, 2024 and 2023, fixed maturities with fair values of $316.3 million and $301.6 million, respectively, were on deposit with various state governmental authorities or trustees. The amortized cost and fair value by maturity periods for fixed maturities are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or the Company may have the right to put or sell the obligations back to the issuers.
B. UNREALIZED GAINS AND LOSSES Unrealized gains and losses on available-for-sale fixed maturities are summarized in the following table.
C. FIXED MATURITY SECURITIES IN AN UNREALIZED LOSS POSITION The following tables provide information about the Company’s available-for-sale fixed maturity securities that were in an unrealized loss position at December 31, 2024 and 2023, including the length of time the securities have been in an unrealized loss position:
The Company views gross unrealized losses on fixed maturities as non-credit related and through its assessment of unrealized losses has determined that these securities will recover, allowing the Company to realize the anticipated long-term economic value. The Company currently does not intend to sell, nor does it expect to be required to sell these securities before recovery of their amortized cost. The Company employs a systematic methodology to evaluate declines in fair value below amortized cost for fixed maturity securities. In determining impairments, the Company evaluates several factors and circumstances, including the issuer’s overall financial condition; the issuer’s credit and financial strength ratings; the issuer’s financial performance, including earnings trends and asset quality; any specific events which may influence the operations of the issuer; the general outlook for market conditions in the industry or geographic region in which the issuer operates; and the degree to which the fair value of an issuer’s securities is below the Company’s amortized cost. The Company also considers any factors that might raise doubt about the issuer’s ability to make contractual payments as they come due and whether the Company expects to recover the entire amortized cost basis of the security. D. OTHER INVESTMENTS The Company’s mortgage participations and other mortgage loans were $304.9 million and $371.4 million at December 31, 2024 and 2023, respectively. Participating interests in commercial mortgage loans are originated and serviced by a third-party. For these investments, the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgages. Mortgage participations and other mortgage loans were comprised of the following property types and geographic locations.
At December 31, 2024, scheduled maturities of mortgage participations and other loans were as follows: due in 2025 - $68.6 million; in 2026 - $54.1 million; 2027 - $29.7 million; 2028 - $29.8 million and thereafter - $122.7 million. Actual maturities could differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties, and loans may be refinanced. In determining estimated credit losses on mortgage participations and other loans, the Company evaluates several factors, including credit risk. The amortized cost of mortgage participations and other loans by credit ratings and year of origination was as follows:
During 2024, the Company recorded a write-off of $4.9 million on a mortgage participation that was originated prior to 2020. The property was subsequently sold. Other investments also include interests in limited partnerships of $395.0 million and $415.6 million at December 31, 2024 and December 31, 2023, respectively. E. OTHER At December 31, 2024 and 2023, the Company’s exposure to concentration of investments in a single investee that exceeded 10% of shareholders’ equity included securities of the U.S. government and U.S. government-sponsored agencies, as well as $304.9 million and $371.4 million, respectively of mortgage participations with a highly-rated single third-party. At December 31, 2024, there were contractual investment commitments of up to $180.6 million. |
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Investment Income and Gains and Losses |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Income and Gains and Losses | 3. INVESTMENT INCOME AND GAINS AND LOSSES A. NET INVESTMENT INCOME The components of net investment income were as follows:
The change in fair value of limited partnerships measured using NAV is reported in net investment income, of which holding losses of $8.3 million, $8.1 million and $2.0 million were related to securities owned at December 31, 2024, 2023 and 2022, respectively. We held no fixed maturity securities or mortgages loans on non-accrual status at December 31, 2024. The carrying value of fixed maturity securities on non-accrual status was $14.8 million at December 31, 2023. The effects on income of non-accruals compared with amounts that would have been recognized in accordance with the original terms of the fixed maturities were not material for the years ended December 31, 2024, 2023 and 2022. B. NET REALIZED AND UNREALIZED INVESTMENT GAINS AND LOSSES Net realized and unrealized gains (losses) on investments, including impairments, were as follows:
The following table provides pre-tax net realized and unrealized gains (losses) on equity securities:
Impairments Included in net realized and unrealized investment gains (losses) for the years ended December 31, 2024, 2023 and 2022, were net impairments of investment securities totaling $5.8 million, $18.0 million and $16.7 million, respectively. In 2024, impairments consisted of $4.1 million on mortgage loans and $1.7 million on fixed maturities. In 2023, impairments consisted of $11.1 million on fixed maturities, primarily related to intent to sell securities, and $6.9 million of estimated credit losses on mortgage loans. In 2022, impairments consisted of $18.5 million on fixed maturities, of which $14.8 million related to intent to sell securities and $3.7 million related to estimated credit losses. These impairments were partially offset by recoveries of $1.8 million of estimated credit losses on mortgage loans. At December 31, 2024 and 2023, the allowance for credit losses on mortgage loans was $5.7 million and $10.0 million, respectively, and the allowance for credit losses on available-for-sale securities was $0.6 million and $1.9 million, respectively. The following table provides rollforwards of the allowance for credit losses on mortgage loans:
The methodology and significant inputs used to measure the amount of credit losses were as follows: Mortgage loans – the Company estimated losses by applying expected loss rates, which are based on historical data. Embedded in expected loss rates are mortgage risk ratings and risk factors associated with property type such as office, retail, lodging, multi-family and industrial. Risk ratings, based on property characteristics and metrics including the geographic market, are predominantly driven by estimates of loan-to-value and debt service coverage ratios. Ratings may be adjusted to reflect current conditions and to incorporate reasonable and supportable forecasts, such as volatility of cash flows and valuation. Fixed maturities, Corporate bonds – the Company utilized a financial model that derives expected cash flows based on probability-of-default factors by credit rating and asset duration, and loss-given-default factors based on security type. These factors are based on historical data provided by an independent third-party rating agency. In addition, other qualitative market data relevant to the realizability of contractual cash flows may be considered, including current conditions and reasonable and supportable forecasts. The proceeds from sales of available-for-sale fixed maturities, and the gross realized gains and gross realized losses on those sales, were as follows:
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | 4. FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, i.e., exit price, in an orderly transaction between market participants. The Company emphasizes the use of observable market data whenever available in determining fair value. Fair values presented for certain financial instruments are estimates which, in many cases, may differ significantly from the amounts that could be realized upon immediate liquidation. A hierarchy of the three broad levels of fair value is as follows, with the highest priority given to Level 1 as these are the most observable, and the lowest priority given to Level 3: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data, including model-derived valuations. Level 3 – Unobservable inputs that are supported by little or no market activity. When more than one level of input is used to determine fair value, the financial instrument is classified as Level 2 or Level 3 according to the lowest level input that has a significant impact on the fair value measurement. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and have not changed since last year. FIXED MATURITIES Level 1 securities generally include U.S. Treasury issues and other securities that are highly liquid, and for which quoted market prices are available. Level 2 securities are valued using pricing for similar securities and pricing models that incorporate observable inputs including, but not limited to, yield curves and issuer spreads. Level 3 securities include issues for which little observable data can be obtained, primarily due to the illiquid nature of the securities, and for which significant inputs used to determine fair value are based on the Company’s own assumptions. The Company utilizes third party pricing services for the valuation of the majority of its fixed maturity securities and receives one quote per security. When quoted market prices in an active market are available, they are provided by the pricing service as the fair value and such values are classified as Level 1. Since fixed maturities other than U.S. Treasury securities generally do not trade on a daily basis, the pricing services prepare estimates of fair value for those securities using pricing techniques based on a market approach. Inputs into the fair value pricing common to all asset classes include: benchmark U.S. Treasury security yield curves; reported trades of identical or similar fixed maturity securities; broker/dealer quotes of identical or similar fixed maturity securities and structural characteristics such as maturity date, coupon, mandatory principal payment dates, frequency of interest and principal payments, and optional redemption features. Inputs into the fair value applications that are unique by asset class include, but are not limited to:
Generally, all prices provided by the pricing services, except actively traded securities with quoted market prices, are reported as Level 2. The Company holds privately placed fixed maturity securities and certain other fixed maturity securities that do not have an active market and for which the pricing services cannot provide fair values. The Company determines fair values for these securities using either matrix pricing, which utilizes the market approach, or broker quotes. The Company will use observable market data as inputs into the fair value techniques, as discussed in the determination of Level 2 fair values, to the extent it is available, but is also required to use a certain amount of unobservable judgment due to the illiquid nature of the securities involved. Unobservable judgment reflected in the Company’s matrix model accounts for estimates of additional spread required by market participants for factors such as issue size, credit stress, structural complexity, high bond coupon or other unique features. These matrix-priced securities are reported as Level 2 or Level 3, depending on the significance of the impact of unobservable judgment on the security’s value. Additionally, the Company may obtain non-binding broker quotes, which are reported as Level 3. EQUITY SECURITIES Level 1 consists of publicly traded securities, including exchange traded funds, valued at quoted market prices. Level 2 includes securities that are valued using pricing for similar securities and pricing models that incorporate observable inputs. Level 3 consists of common or preferred stock of private companies for which observable inputs are not available. The Company utilizes a third-party pricing service for the valuation of the majority of its equity securities and receives one quote for each equity security. When quoted market prices in an active market are available, they are provided by the pricing service as the fair value and such values are classified as Level 1. The Company holds certain equity securities that have been issued by privately-held entities that do not have an active market and for which the pricing service cannot provide fair values. The Company estimates fair value for these securities based on prices from recent financing rounds, which may be adjusted for liquidity and other factors, or based on the issuer’s book value and market multiples, and reports them as Level 3. Additionally, the Company may obtain non-binding broker or dealer quotes, which are reported as Level 3. OTHER INVESTMENTS Other investments primarily include limited partnerships not subject to the equity method of accounting and mortgage participations. The fair values of limited partnerships not subject to the equity method of accounting are based on the NAV provided by the general partner, adjusted for recent financial information, and are excluded from the fair value hierarchy. The estimated fair values of the financial instruments were as follows:
The Company has processes designed to ensure that the values received from its third-party pricing services are accurately recorded, that the data inputs and valuation approaches and techniques utilized are appropriate and consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. The Company reviews each of the pricing service’s policies describing its methodology, processes, practices and inputs, including various financial models used to value securities. For assets carried at fair value, the Company performs a review of the fair value hierarchy classifications and of prices received from its pricing services on a quarterly basis. Also, the Company reviews the portfolio pricing, including a process for which securities with changes in prices that exceed a defined threshold are verified to independent sources, if available. If upon review, the Company is not satisfied with the validity of a given price, a pricing challenge would be submitted to the pricing service along with supporting documentation for its review. The Company does not adjust quotes or prices obtained from the pricing services unless the pricing service agrees with the Company’s challenge. During 2024 and 2023, the Company did not adjust any prices received from its pricing services. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets or liabilities within the fair value hierarchy. As previously discussed, the Company utilizes third-party pricing services for the valuation of the majority of its fixed maturities and equity securities. The pricing services have indicated that they will only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If a pricing service discontinues pricing an investment, the Company will use observable market data to the extent it is available, but may also be required to make assumptions for market-based inputs that are unavailable due to market conditions. The following tables provide, for each hierarchy level, the Company’s investment assets that were measured at fair value on a recurring basis.
Limited partnerships measured at fair value using the NAV based on an ownership interest in partners’ capital have not been included in the hierarchy tables. At December 31, 2024 and 2023, the fair values of these were $83.0 million and $114.6 million, respectively, approximately 1% of total investment assets. The following tables provide, for each hierarchy level, the Company’s estimated fair values of financial instruments that were not carried at fair value.
The following tables provide a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
During the year ended December 31, 2024, a fixed maturity security was transferred from Level 3 to Level 2 because it was valued by a pricing service with observable inputs rather than being valued by the Company’s internal matrix model. During the year ended December 31, 2023, there were no transfers between Level 2 and Level 3. The Company held no Level 3 liabilities for the years ended December 31, 2024 and 2023. The following table provides quantitative information about the significant unobservable inputs used by the Company in the fair value measurements of Level 3 assets. A valuation of $12.0 million for an equity security based on a dealer quote for which there was a lack of transparency as to inputs used to develop the valuation has been excluded.
The weighted average of the unobservable inputs was weighted by the relative fair value of the securities to which the inputs were applied. Each unobservable input is based on the Company’s subjective opinion and therefore inherently contains a degree of uncertainty. Where discounted cash flows were used in the valuation of fixed maturities, the internally-developed discount rate was adjusted by the significant unobservable inputs shown in the table. Increases (decreases) in any of these inputs in isolation would result in a lower (higher) fair value measurement. Increases (decreases) in unobservable inputs used in the valuation of equity securities would result in a higher (lower) fair value measurement. There were no interrelationships between these inputs which might magnify or mitigate the effect of changes in unobservable inputs on the fair value measurement. |
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Debt and Credit Arrangements |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Arrangements | 5. DEBT AND CREDIT ARRANGEMENTS Debt consists of the following:
The Company held $375.0 million par value of 4.5% unsecured senior debentures at December 31, 2024 and 2023, that were issued on April 8, 2016, and mature on April 15, 2026. The Company also held $300.0 million aggregate principal amount of 2.50% unsecured senior debentures, issued on August 24, 2020 and maturing September 1, 2030 at December 31, 2024 and 2023. Additionally, the Company had outstanding 7.625% unsecured senior debentures with a par value of $61.8 million as of December 31, 2024 and 2023, maturing on October 15, 2025. All of the Company’s outstanding senior debentures are subject to certain restrictive covenants, including limitations on the issuance or disposition of stock of restricted subsidiaries and limitations on liens, and pay interest semi-annually. The Company also held subordinated debentures with a par value of $50.1 million as of December 31, 2024 and 2023, maturing February 3, 2027, and pay cumulative dividends semi-annually at 8.207%. Membership in the FHLB provides the Company with access to additional short-term liquidity based on the level of investment in FHLB stock and pledged collateral. Total holdings of FHLB stock was $6.1 million at December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, the Company had pledged government agency securities with a fair value of $130.9 million and $153.0 million, respectively, as collateral for periodic short-term borrowings with the FHLB. There were no borrowings outstanding with the FHLB at December 31, 2024 or 2023. In July 2023, the Company entered into a $150.0 million credit agreement that provides for a five-year unsecured revolving credit facility. The Company had no borrowings under this credit agreement as of and during the years ended December 31, 2024 and 2023. Interest expense was $34.1 million in 2024, 2023 and 2022. At December 31, 2024, the Company was in compliance with the covenants associated with all of its debt indentures and credit arrangements. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 6. INCOME TAXES Provisions for income taxes have been calculated in accordance with the provisions of ASC 740. Income from continuing operations before income taxes and a summary of the components of income tax expense in the Consolidated Statements of Income are shown below:
The income tax expense attributable to the consolidated results of continuing operations is different from the amount determined by multiplying income from continuing operations before income taxes by the U.S. statutory federal income tax rate of 21%. The sources of the difference and the tax effects of each were as follows:
The following are the components of the Company’s deferred tax assets and liabilities, excluding those associated with its discontinued operations.
Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Company believes it is more likely than not that the deferred tax assets will be realized; therefore there was no valuation allowance required at December 31, 2024 or 2023. In prior years, the Company completed several transactions which resulted in, for tax purposes only, realized gains in its investment portfolio. As a result of these transactions, the Company was able to utilize capital losses carried forward and to release the valuation allowance recorded against the deferred tax asset related to these losses. The releases of these valuation allowances were recorded as a benefit in accumulated other comprehensive loss. Previously unrealized benefits of $1.2 million, $1.3 million and $1.4 million, were recognized as part of income from continuing operations during 2024, 2023 and 2022, respectively. The remaining amount of $3.1 million in accumulated other comprehensive loss will be released into income from continuing operations in future years, as the investment securities subject to these transactions are sold or mature. The table below provides a reconciliation of the beginning and ending liability for uncertain tax positions as follows:
Included in the December 31, 2024 balance is a receivable of $1.1 million for tax positions, for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, a change in the timing of deductions would not impact the annual effective tax rate. There were no tax positions at December 31, 2023 and 2022 for which the ultimate deductibility was highly certain, but for which there was uncertainty about the timing of such deductibility. The Company recognizes interest and penalties related to unrecognized tax benefits in federal income tax expense. For each of the years ended December 31, 2024, 2023 and 2022, the Company has released and/or recognized de minimis amounts of net interest and has not recognized any penalties associated with unrecognized tax benefits. In 2025, the Company is expecting to release $0.4 million of liability due to the expiration of a statute of limitations. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions, as well as foreign jurisdictions. The Company and its subsidiaries are subject to U.S. federal and state income tax examinations and foreign examinations for years after 2020. |
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Pension Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plans | 7. PENSION PLANS DEFINED BENEFIT PLANS The Company recognizes the funded status of its defined benefit plans in its Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation of the Company’s defined benefit plans. The Company provides information for its overfunded plan separate from its underfunded plan. Defined Benefit Plans Prior to 2005, THG provided retirement benefits to substantially all of its employees under defined benefit pension plans. These plans were based on a defined benefit cash balance formula, whereby the Company annually provided an allocation to each covered employee based on a percentage of that employee’s eligible salary, similar to a defined contribution plan arrangement. In addition to the cash balance allocation, certain employees who had met specified age and service requirements as of December 31, 1994 were eligible for a grandfathered benefit based primarily on each employee’s years of service and compensation during their highest five consecutive plan years of employment. The Company’s policy for the plans is to fund at least the minimum amount required by the Employee Retirement Income Security Act of 1974 (“ERISA”). As of January 1, 2005, the defined benefit pension plans were frozen, and since that date no further cash balance allocations have been credited to participants. Participants’ accounts are credited with interest daily, based upon the General Agreement of Trades and Tariffs rate (the 30-year Treasury Bond interest rate). As of December 31, 2024, based on current estimates of plan liabilities and other assumptions, the assets of the qualified defined benefit exceeded the projected benefit obligation by approximately $8.9 million. Assumptions Defined Benefit Plans In order to measure the expense associated with these plans, management must make various estimates and assumptions, including discount rates used to value liabilities, assumed rates of return on plan assets, employee turnover rates and anticipated mortality rates, for example. The estimates used by management are based on the Company’s historical experience, as well as current facts and circumstances. In addition, the Company uses outside actuaries to assist in measuring the expense and liability associated with these plans. The Company measures the funded status of its plans as of the date of its year-end statement of financial position. The Company utilizes a measurement date of December 31st to determine its benefit obligations, consistent with the date of its Consolidated Balance Sheets. Weighted average assumptions used to determine pension benefit obligations are as follows:
The Company utilizes a measurement date of January 1st to determine its periodic pension costs. Weighted average assumptions used to determine net periodic pension costs for the defined benefit plans are as follows:
The expected rates of return were determined using historical mean returns for each asset class, adjusted for certain factors believed to have an impact on future returns. These returns are generally weighted to the plan’s actual asset allocation, and are net of administrative expenses. For the defined benefit plan, the 2024 expected return on plan assets of 5.875% reflects long-term expectations and decreased slightly from the expected rates in 2023 based upon long-term market expectations. The Company reviews and updates, at least annually, its expected return on plan assets based on changes in the actual assets held by the plan and market conditions. Plan Assets Qualified Defined Benefit Plan For the qualified defined benefit plan, a target allocation approach is utilized, which focuses on creating a mix of assets that will generate modest growth from equity securities while minimizing volatility from changes in the markets and economic environment. Various factors are taken into consideration in determining the appropriate asset mix, such as census data, actuarial valuation information and capital market assumptions. Target allocations are reviewed and updated at least annually. Changes are made periodically. The following table provides its year-end 2024 target allocations and actual invested asset allocations at December 31, 2024 and 2023.
The following table presents, for each hierarchy level, the qualified defined benefit plan’s investment assets that are measured at fair value at December 31, 2024 and 2023. Refer to Note 4 – “Fair Value” for a description of the different levels in the fair value hierarchy.
Fixed Income Securities and Mutual Funds Securities classified as Level 1 at December 31, 2024 and 2023 include actively traded mutual funds and U.S. Treasury bonds, which are valued at quoted market prices. Securities classified as Level 3 at December 31, 2024 and 2023 include assets held in a fixed account of an insurance company, redeemable at contract value, which approximates fair value. The Plan also holds investments measured at fair value using NAV based on the value of the underlying investments, which is determined independently by the investment manager and have not been included in the table above. These include cash, investments in commingled pools and investment-grade fixed income securities held in a custom fund, and other commingled pools that primarily invest in publicly traded common stocks. The daily NAV, which is not published as a quoted market price for these investments, is used as the basis for transactions. Redemption of these funds is not subject to restriction. The fair values of these investments are as follows:
The table below provides a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Obligations and Funded Status The Company recognizes the current funded status of its plans in its Consolidated Balance Sheets. Changes in the funded status of the plans are reflected as components of either net income or accumulated other comprehensive income (loss). The components of accumulated other comprehensive income (loss) are reflected as a net actuarial gain or loss. The following table reflects the benefit obligations, fair value of plan assets and funded status of the plans at December 31, 2024 and 2023.
(1) The accumulated benefit obligation for these plans is equal to the projected benefit obligation. Actuarial gains related to the change in the benefit obligation for the Company’s benefit plan were $3.8 million for the year ended December 31, 2024, compared to $1.6 million for the year ended December 31, 2023. Actuarial gains in 2024 were primarily due to the increase in the discount rate, whereas the actuarial gains in 2023 reflect changes to participant-related assumptions, partially offset by a decreased in the discount rate. Actuarial losses related to the change in the benefit obligation for the Company’s benefit plan were $0.2 million for the year ended December 31, 2024, compared to actuarial gains of $0.5 million for the year ended December 31, 2023. Components of Net Periodic Pension Cost The components of total net periodic pension cost are as follows:
The following table reflects the total amounts recognized in accumulated other comprehensive income (loss) relating to the defined benefit pension plans as of December 31, 2024 and 2023.
The unrecognized net actuarial gains or losses which exceed 10% of the greater of the projected benefit obligations or the fair value of plan assets are amortized as a component of net periodic pension cost over the next five years. Contributions In accordance with ERISA guidelines, the Company is not required to fund its qualified benefit plan in 2025. The Company expects to contribute $2.6 million to its pension plan to fund 2025 benefit payments. Benefit Payments
The benefit payments are based on the same assumptions used to measure the Company’s benefit obligations at the end of 2024. Benefit payments related to the qualified plan will be made from plan assets held in trust and not included with Company assets, whereas those payments related to the non-qualified plan will be provided for by the Company. DEFINED CONTRIBUTION PLAN In addition to the defined benefit plans, THG provides a qualified defined contribution 401(k) plan for all of its employees, whereby the Company matches employee elective 401(k) contributions, up to a maximum of 6% of eligible compensation for 2024, 2023 and 2022. The Company’s expense for this matching provision was $30.5 million, $27.6 million and $26.4 million for 2024, 2023 and 2022, respectively. In addition to this matching provision, the Company can elect to make an annual contribution to employees’ accounts. |
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Other Comprehensive Income (Loss) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss) | 8. OTHER COMPREHENSIVE INCOME (LOSS) The following table provides changes in other comprehensive income (loss).
Reclassifications out of accumulated other comprehensive loss were as follows:
(1) The amount reclassified from accumulated other comprehensive loss for the pension and postretirement benefits was allocated approximately 40% to loss adjustment expenses and 60% to other operating expenses for each of the years ended December 31, 2024, 2023 and 2022. |
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Stock-based Compensation Plans |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation Plans | 9. STOCK-BASED COMPENSATION PLANS On May 10, 2022 the shareholders approved The Hanover Insurance Group 2022 Long-Term Incentive Plan (the “2022 Stock Plan”). With respect to new share-based issuances, the 2022 Stock Plan replaced The Hanover Insurance Group, Inc. 2014 Long-Term Incentive Plan (the “2014 Stock Plan”) and authorized the issuance of 3,380,000 shares in a new share pool plus any shares subject to outstanding awards under the 2014 Stock Plan that may become available for reissuance as a result of the cash settlement, forfeiture, expiration or cancellation of such awards. The 2022 Stock Plan provides for the granting of the same types of awards as the 2014 Stock Plan, which includes stock options and stock appreciation rights (“SARS”), restricted and unrestricted stock, stock units, performance-based stock awards and cash awards. In accordance with the 2022 Stock Plan, the issuance of one share of common stock in the form of an option or SAR will reduce the share pool by one share, whereas the issuance of one share of common stock for the other types of stock awards provided by the plan will reduce the pool by 3.2 shares. As of December 31, 2024, there were 2,352,468 shares available for grants under the 2022 Stock Plan. On May 9, 2023, shareholders approved The Hanover Insurance Group 2023 Employee Stock Purchase Plan (the “ESPP Plan”) authorizing the issuance of 1,250,000 shares under such plan. As of December 31, 2024, 1,223,023 shares were available for grant under the ESPP Plan. Compensation cost for the years ended December 31, 2024, 2023 and 2022 totaled $31.0 million, $31.1 million and $29.0 million, respectively. Related tax benefits were $6.5 million, $6.5 million and $6.1 million, respectively. STOCK OPTIONS Under the 2022 Stock Plan, options may be granted to eligible employees, directors or consultants at an exercise price equal to the market price of the Company’s common stock on the date of grant. Option shares may be exercised subject to the terms prescribed by the Compensation and Human Capital Committee of the Board of Directors (the “Committee”) at the time of grant. Options granted in 2024, 2023 and 2022 generally vest over 3 years with % vesting in each year. Options must be exercised not later than ten years from the date of grant. Information on the Company’s stock options is summarized below.
Cash received for options exercised for the years ended December 31, 2024, 2023 and 2022 was $14.5 million, $4.2 million and $11.1 million, respectively. The intrinsic value of options exercised for the years ended December 31, 2024, 2023 and 2022 was $8.4 million, $2.6 million and $16.0 million, respectively. The excess tax benefit realized from options exercised for the years ended December 31, 2024, 2023 and 2022 was $1.3 million, $0.3 million and $2.4 million, respectively. The aggregate intrinsic value at December 31, 2024 for options outstanding and options exercisable was $41.4 million and $36.4 million, respectively. At December 31, 2024, the weighted average remaining contractual life for options outstanding and options exercisable was 5.5 years and 4.5 years, respectively. Additional information about employee options outstanding and exercisable at December 31, 2024 is included in the following table:
The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model. For all options granted through December 31, 2024, the exercise price equaled the market price on the grant date. Compensation cost related to options is based upon the grant date fair value and expensed on a straight-line basis over the service period for each separately vesting portion of the option as if the option was, in substance, multiple awards. The weighted average grant date fair value of options granted during the years ended December 31, 2024, 2023 and 2022 was $30.17, $31.55 and $28.54, respectively. The following significant assumptions were used to determine the fair value for options granted in the years indicated.
The expected dividend yield is based on the Company’s dividend payout rate(s), in the year noted. Expected volatility is based generally on the Company’s historical daily stock price volatility. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected term of options granted represents the period of time that options are expected to be outstanding and is derived primarily using historical exercise, forfeit and cancellation behavior, along with certain other factors expected to differ from historical data. The fair value of shares that vested during the years ended December 31, 2024 and 2023 was $1.0 million and $2.9 million, respectively. As of December 31, 2024, the Company had unrecognized compensation expense of $1.4 million related to unvested stock options that is expected to be recognized over a weighted average period of 1.4 years. RESTRICTED STOCK UNITS Stock grants may be awarded to eligible employees at a price established by the Committee (which may be zero). Under the 2022 Stock Plan, the Company may award shares of restricted stock, restricted stock units, as well as shares of unrestricted stock. Restricted stock grants may vest based upon performance criteria, market criteria or continued employment and be in the form of shares or units. Vesting periods are established by the Committee. The Company granted both market-based and performance-based restricted share units in 2024, 2023 and 2022. These units generally vest after three years of continued employment and after the achievement of certain performance targets. The Company also granted time-based restricted stock units to eligible employees in 2024, 2023 and 2022 that generally vest after three years of continued employment. The following table summarizes information about employee restricted stock units:
In 2024, 2023 and 2022, the Company granted market-based awards totaling 25,414, 21,789, and 19,057, respectively, to certain members of senior management, which are included in the table above as performance and market-based restricted stock activity. The vesting of these stock units is based on the relative total shareholder return (“TSR”) of the Company. This metric is generally based on relative TSR for a three-year period as compared to a group of Property and Casualty peer companies. The fair value of market-based awards was estimated at the date of grant using a valuation model. These units have the potential to range from 0% to 150% of the shares disclosed. In 2024, 2023 and 2022, the Company also granted performance-based restricted stock units totaling 27,922, 28,326 and 28,897, respectively to certain members of senior management, which are included in the table above as performance and market-based restricted stock activity. The vesting of these stock units is determined through the use of a performance-based metric (return on equity) and has the potential to range from 0% to 150% of the shares disclosed. Increases above the 100% target level are reflected as granted in the period after which market-based and performance-based stock unit goals are achieved. Decreases below the 100% target level are reflected as forfeited. In 2024, 2,615 performance-based restricted stock units were included as granted due to completion levels in excess of 100% for units granted in 2021. The weighted average grant date fair value of these awards was $115.35. In 2023, 5,961 performance-based restricted stock units were included as granted due to completion levels in excess of 100% for units granted in 2020. The weighted average grant date fair value of these awards was $118.54. In 2022, included in the amounts granted above are 7,988 shares related to 2019 performance-based awards that achieved a payout in excess of 100%. The weighted average grant date fair value of these awards was $119.36. Included in 2024 are 6,339 market-based restricted stock units which were included as forfeited due to completion levels less than 100% for units granted in 2021. The weighted average grant date fair value of these awards was $108.06. Included in 2023 are 2,836 market-based restricted stock units which were included as forfeited due to completion levels less than 100% for units granted in 2020. The weighted average grant date fair value of these awards was $108.15. Included in 2022 are 1,282 market-based restricted stock units which were included as forfeited due to completion levels less than 100% for units granted in 2019. During 2024 there were no additional shares of market-based awards that forfeited, however, during 2023 and 2022, there were 598 shares and 1,043 shares, respectively, of market-based awards that forfeited. Also, during 2024 there were no additional shares of performance-based awards that forfeited, however during 2023 and 2022 there were 559 shares and 976 shares, respectively, of performance-based awards that forfeited. The increase in fair value from the grant date of restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was $2.4 million, $2.7 million and $2.5 million, respectively. The increase in fair value from the grant date for performance and market-based restricted stock units that vested in 2024, 2023 and 2022 were $0.9 million, $1.1 million and $0.6 million, respectively. At December 31, 2024, the fair value of outstanding restricted stock units was $53.1 million and the weighted average remaining contractual life was 1.3 years. The fair value of outstanding performance and market-based restricted stock units was $17.7 million and the weighted average remaining contractual life was 1.2 years. As of December 31, 2024, there was $19.2 million of unrecognized compensation cost related to unvested restricted stock units and performance and market-based restricted stock units. The cost is expected to be recognized over a period of 1.7 years. Compensation cost associated with restricted stock, restricted stock units and performance and market-based restricted stock units is generally calculated based upon grant date fair value, which is determined using current market prices. |
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Earnings Per Share and Shareholders' Equity Transactions |
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| Earnings Per Share and Shareholders' Equity Transactions | 10. EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY TRANSACTIONS The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:
Diluted earnings per share during 2024, 2023 and 2022 excludes 0.4 million, 0.3 million and 0.1 million, respectively, shares of common stock issuable under the Company’s stock compensation plans, because their effect would be antidilutive. The Board of Directors authorized a stock repurchase program which provides for aggregate repurchases of the Company’s common stock of up to $1.3 billion. Under the repurchase authorization, the Company may repurchase, from time to time, common stock in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During both 2024 and 2022, the Company repurchased approximately 0.2 million shares through open market purchases. The Company did not repurchase any shares during 2023. As of December 31, 2024, the Company had repurchased 8.1 million shares under this $1.3 billion program and had approximately $303 million available for additional repurchases. |
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Dividend Restrictions |
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Dec. 31, 2024 | |
| Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
| Dividend Restrictions | 11. DIVIDEND RESTRICTIONS INSURANCE SUBSIDIARIES The individual law of all states, including New Hampshire and Michigan, where Hanover Insurance and Citizens are domiciled, respectively, restrict the payment of dividends to stockholders by insurers. These laws affect the dividend paying ability of Hanover Insurance and Citizens. Pursuant to New Hampshire’s statute, the maximum dividends and other distributions that an insurer may pay in any twelve-month period, without prior approval of the New Hampshire Insurance Commissioner, is limited to the lesser of: (a) 10% of such insurer’s statutory policyholder surplus as of the preceding December 31, or (b) statutory net income less net realized gains, and including undistributed net income from the previous two calendar years. Hanover Insurance declared and paid dividends to its parent totaling $100.0 million in 2024, 2023 and 2022. At January 1, 2025, the maximum dividend payable without prior approval was $196.2 million. In November 2025, the maximum dividend declared payable without prior approval will increase by $100.0 million to a total amount of $296.2 million. Pursuant to Michigan’s statute, the maximum dividends and other distributions that an insurer may pay in any twelve-month period, without prior approval of the Michigan Insurance Commissioner, is limited to the greater of: (a) 10% of policyholders’ surplus as of December 31 of the immediately preceding year or (b) the statutory net income less net realized gains for the immediately preceding calendar year. Citizens declared and paid dividends to its parent, Hanover Insurance, totaling $59.0 million in 2024, $10.0 million in 2023, and $72.0 million in 2022. At January 1, 2025, the maximum dividend payable without prior approval was $32.3 million. In November 2025, the maximum dividend declared payable without prior approval will increase by $59.0 million to a total amount of $91.3 million. The statutes in both New Hampshire and Michigan require that prior notice to the respective Insurance Commissioner of any proposed dividend be provided and such Commissioner may, in certain circumstances, prohibit the payment of the proposed dividend. |
Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | 12. SEGMENT INFORMATION The Company’s primary business operations include insurance products and services provided through four reporting segments: Core Commercial, Specialty, Personal Lines and Other. Core Commercial includes commercial multiple peril, commercial automobile, workers’ compensation, and other commercial coverages provided to small and mid-sized businesses. Specialty includes four divisions of business: Professional and Executive Lines, Specialty Property and Casualty (“Specialty P&C”), Marine, and Surety and Other. Specialty P&C includes coverages such as program business, which provides commercial insurance to markets with specialized coverage or risk management needs related to groups of similar businesses, specialty industrial and commercial property, excess and surplus lines and specialty general liability coverage. Personal Lines includes personal automobile, homeowners and other personal coverages. The Other segment includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to the Company’s former life insurance employees and agents; run-off voluntary assumed property and casualty pools and run-off direct asbestos and environmental, and product liability businesses. Also included in the Other segment during the first half of 2024 and prior were the operations of Opus Investment Management, Inc. (“Opus”), which provided investment management services to THG, as well as institutions, pension funds, and other organizations. During the second and third quarters of 2024, the Company exited all of Opus’ business operations serving unaffiliated entities. Investment management services provided by Opus to THG related to its investment-grade fixed maturity portfolio were also transferred to an external manager during the second quarter of 2024. The Company reports interest expense related to debt separately from the earnings of its reporting segments. For 2024, this consisted of interest on the Company’s senior and subordinated debentures. The separate financial information is presented consistent with the way results are regularly evaluated by the Company’s in deciding how to allocate resources and in assessing performance. Results of the reporting segments are evaluated based on operating income (loss) before interest expense and income taxes, which excludes certain items that are included in net income, such as net realized and unrealized investment gains and losses. Such gains and losses are excluded since they are determined by interest rates, financial markets and the timing of sales. Also, operating income (loss) before interest expense and income taxes excludes net gains and losses on disposals of businesses, gains and losses related to the repayment of debt, discontinued operations, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes and certain other items. Although the items excluded from operating income (loss) before interest expense and income taxes may be important components in understanding and assessing the Company’s overall financial performance, management believes that the presentation of operating income (loss) before interest expense and income taxes enhances an investor’s understanding of the Company’s results of operations by highlighting net income attributable to the core operations of the business. However, operating income (loss) before interest expense and income taxes should not be construed as a substitute for income before income taxes or income from continuing operations or as a substitute for net income. For the Core Commercial, Specialty and Personal Lines segments, the Company’s CODM uses , along with future growth expectations in these measures, and industry and economic information, in deciding the allocation of resources (including employees, financial or capital resources) primarily during the strategic and annual planning processes. The CODM considers a variety of factors, both external and internal, including monthly performance of operating income (loss) before interest expense and income taxes, this performance relative to the plan, as well as current industry factors, and may update resource allocations accordingly throughout the year. Summarized below is financial information with respect to the Company’s reporting segments.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2) Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2) Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2) Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs.
The following table provides identifiable assets for the Company’s business segments and discontinued operations:
The Company reviews the assets of its insurance subsidiaries collectively and does not allocate them among the Core Commercial, Specialty, Personal Lines and Other segments. Discontinued accident and health and life businesses During 1999, the Company exited its accident and health insurance business, consisting of its Employee Benefit Services business, its Affinity Group Underwriters business and its accident and health assumed reinsurance pool business. Prior to 1999, these businesses comprised substantially all of the former Corporate Risk Management Services segment. On January 2, 2009, Hanover Insurance directly assumed a portion of the accident and health business and the remainder of the discontinued First Allmerica Financial Life Insurance Company (“FAFLIC”) accident and health business was reinsured by Hanover Insurance in connection with the sale of FAFLIC to Commonwealth Annuity. At December 31, 2024 and 2023, the portion of the discontinued accident and health business that was directly assumed had assets of $83.7 million and $84.4 million, respectively, consisting primarily of invested assets, and liabilities of $78.9 million and $83.5 million, respectively, consisting primarily of policy liabilities. At December 31, 2024 and 2023, the assets and liabilities of this business, as well as those of the reinsured portion of the accident and health business are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. Discontinued accident and health and life operations for each of the years ended December 31, 2024, 2023 and 2022 were not material. |
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Reinsurance |
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| Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance | 13. REINSURANCE In the normal course of business, the Company seeks to reduce the losses that may arise from catastrophes or other events that cause unfavorable underwriting results by reinsuring certain levels of risk in various areas of exposure with other insurance enterprises or reinsurers. Reinsurance transactions are accounted for in accordance with the provisions of ASC 944. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policy. Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company; consequently, allowances are established for amounts deemed uncollectible. The Company determines the appropriate amount of reinsurance based on evaluations of the risks accepted and analyses prepared by consultants and on market conditions (including the availability and pricing of reinsurance). The Company also believes that the terms of its reinsurance contracts are consistent with industry practice in that they contain standard terms with respect to lines of business covered, limits and retention, arbitration and occurrence. The Company believes that its reinsurers are financially sound, based upon an ongoing review of financial strength ratings assigned to them by rating agencies, their reputations in the reinsurance marketplace, collections history, advice from third parties, and the analysis and guidance of the Company’s reinsurance advisors. As a condition to conduct certain business in various states, the Company is required to participate in residual market mechanisms, facilities, and pooling arrangements such as the Michigan Catastrophic Claims Association (“MCCA”). The Company is subject to concentration of risk with respect to reinsurance ceded to the MCCA. Funding for the MCCA comes from assessments against automobile insurers based upon their share of insured automobiles in the state for which the policyholders have elected unlimited personal injury protection (“PIP”) benefits. Insurers are allowed to pass along this cost to Michigan automobile policyholders that have elected unlimited PIP benefits. During 2024, the Company ceded premiums earned and losses and LAE incurred of $39.2 million and $60.0 million, respectively, and $32.9 million and $72.8 million, respectively, in 2023, to the MCCA. In 2022, the Company ceded $34.6 million and $32.6 million, respectively, of premiums earned and losses and LAE incurred, to the MCCA. The MCCA represented 43.6% of the total reinsurance receivable balance at December 31, 2024. Reinsurance recoverables related to the MCCA were $870.4 million and $911.7 million at December 31, 2024 and 2023, respectively. Since the MCCA is supported by assessments permitted by statute, and there have been no significant uncollectible balances from the MCCA identified during the three years ending December 31, 2024, the Company believes it has no significant exposure to uncollectible reinsurance balances from this entity. In 2019, Michigan enacted major reforms to its prior system governing personal and commercial automobile insurance. Among other things, the reform legislation set forth cost saving measures for PIP claims, including MCCA-reinsured claims, that took effect in July 2021. The Company’s current estimate of MCCA reinsurance receivables was reduced for these potential future claim cost savings. This estimate of MCCA reinsurance receivables is subject to change and will be revised further as the actual impacts of these cost saving measures emerge in the future. The following table provides the effects of reinsurance.
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Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses | 14. LIABILITIES FOR OUTSTANDING CLAIMS, LOSSES AND LOSS ADJUSTMENT EXPENSES Reserving Process Overview Management’s process for establishing loss reserves is comprehensive and involves input from multiple functions throughout the organization, including actuarial, finance, claims, legal, underwriting, distribution and business operations management. A review of loss reserves for each of the classes of business that the Company writes is conducted regularly, generally quarterly. This review process takes into consideration a variety of trends that impact the ultimate settlement of claims. Where appropriate, the loss reserving process includes a review of overall payment patterns and the emergence of paid and reported losses relative to expectations. The loss reserve estimation process relies on the basic assumption that past experience, adjusted for the effects of current developments and likely trends, is an appropriate basis for predicting future outcomes. As part of this process, the Company uses a variety of analytical methods that consider experience, trends and other relevant factors. IBNR reserves are generally calculated by first projecting the ultimate cost of all claims that have been reported or expected to be reported in the future and then subtracting reported losses and LAE. IBNR reserves include both incurred but not reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. Reported losses include cumulative paid losses and LAE plus outstanding case reserves. The Company’s ultimate IBNR reserves are estimated by management and reserving actuaries on an aggregate basis for each line of business or coverage for loss and LAE liabilities not reflected within the case reserves. Case reserves are established by claim personnel individually, on a claim by claim basis, and based on information specific to the occurrence and terms of the underlying policy. Case reserves are periodically reviewed and modified based on new or additional information pertaining to the claim. For events designated as catastrophes, the Company generally calculates IBNR reserves directly as a result of an estimated IBNR claim count and an estimated average claim amount for each event. Such an assessment involves a comprehensive analysis of the nature of the event, of policyholder exposures within the affected geographic area, and of available claims intelligence. Carried reserves for each line of business and coverage are determined based on the quarterly loss reserving process. In making the determination, the Company considers numerous quantitative and qualitative factors. Quantitative factors include changes in reserve estimates in the period, the maturity of the accident year, trends observed over the recent past, the level of volatility within a particular class of business, the estimated effects of reinsurance, including reinstatement premiums, general economic trends such as inflation, and other factors. Qualitative factors may include legal and regulatory developments, changes in claim handling and case reserving practices, court actions or delays in legal proceedings, social inflation and legal system abuse dynamics, changes in claims complexion, recent entry into new markets or products, changes in underwriting practices or business mix, concerns that the Company does not have sufficient or quality historical reported and paid loss and LAE information with respect to a particular line of business and coverage, effects of the economy and political outlook, perceived anomalies in the historical results, evolving trends or other factors. Pressure from litigation trends, supply chain disruptions and inflation in the U.S. economy in recent years, along with other factors outside of our control, have resulted in higher claims costs. Additionally, several other significant uncertainties persist, including increased attorney involvement in claims resulting in delayed claim settlements and a trend toward higher valued settlements and litigation. Reserve Rollforward and Prior Year Development The Company regularly updates its reserve estimates as new information becomes available and further events occur which may impact the resolution of unsettled claims. Reserve adjustments are reflected in results of operations as adjustments to losses and LAE. Often these adjustments are recognized in periods subsequent to the period in which the underlying policy was written and loss event occurred. These types of subsequent adjustments are described as loss and LAE “development.” Such development can be either favorable or unfavorable to the Company’s financial results and may vary by line of business. In this section, all amounts presented include catastrophe losses and LAE. Catastrophe losses were $375.9 million in 2024, $690.1 million in 2023, and $402.6 million in 2022. The table below provides a reconciliation of the gross beginning and ending reserve for unpaid losses and loss adjustment expenses.
The following table provides a summary of (favorable) unfavorable loss and LAE reserve development.
As a result of continuing trends in the Company’s business, reserves, including catastrophes, have been re-estimated for all prior accident years and were decreased by $109.4 million, $15.9 million and $32.6 million in 2024, 2023 and 2022, respectively. 2024 In 2024, net favorable loss and LAE development was $109.4 million, primarily as a result of net favorable development of $60.9 million in Specialty and net favorable development of $50.0 million in Core Commercial. The favorable development in Specialty was primarily due to non-catastrophe losses of $46.2 million, including $23.3 million in the Professional and Executive Lines division’s general liability-claims made coverage and, to a lesser extent, in the Surety and Specialty P&C divisions. There were also lower than expected catastrophe losses, primarily in the Marine division. The favorable development in Core Commercial was primarily due to favorable catastrophe development of $32.3 million, primarily due to lower than expected losses in accident years 2021 through 2023, including several convective storms across multiple states, Winter Storm Elliot and Hurricane Ian. Additionally, to a lesser extent, Core Commercial favorable development resulted from lower than expected non-catastrophe losses across each of the main product lines: commercial multiple peril, commercial automobile, workers’ compensation and other commercial lines. Within non-catastrophe losses, lower than expected property losses of $30.3 million were partially offset by higher than expected liability losses of $12.6 million. The Personal Lines development was primarily due to lower than expected non-catastrophe losses of $13.8 million within the personal automobile line, partially offset by higher than expected losses of $13.3 million in other personal lines within the standalone umbrella coverage and, to a lesser extent, the homeowners line. 2023 In 2023, net favorable loss and LAE development was $15.9 million, primarily as a result of net favorable development of $57.1 million in Specialty, partially offset by net unfavorable development of $40.9 million in Personal Lines. The favorable development in Specialty was primarily due to lower than expected losses of $36.5 million within the Professional and Executive Lines division, primarily in accident years 2019 through 2022, and lower than expected losses of $12.0 million in the surety line, primarily in accident years 2017 through 2021. The unfavorable development in Personal Lines was primarily due to higher than expected losses of $14.2 million in the personal automobile line, $13.4 million in the standalone personal umbrella coverage, and $11.5 million in the homeowners line. The higher than expected losses in the standalone personal umbrella coverage were primarily in accident years 2021 and 2022. The higher than expected losses in the personal automobile line were primarily within bodily injury coverages in accident years 2018, 2019 and 2022, and within property damage coverages in accident years 2021 and 2022, partially offset by lower than expected losses within personal injury protection coverages in accident years 2021 and 2022. The net unfavorable development within the homeowners line was driven by higher than expected catastrophe losses primarily related to 2022 Winter Storm Elliot. Within Core Commercial, favorable development of $35.4 million in the workers’ compensation line was partially offset by unfavorable development of $15.5 million in the commercial automobile line, $10.4 million in the commercial umbrella coverage and, to a lesser extent, the general liability coverages. The lower than expected losses in the workers’ compensation line were primarily in accident years 2013 through 2021. The higher than expected losses in the commercial automobile line were driven by higher bodily injury and personal injury protection losses in accident years 2014 through 2019 and 2022, partially offset by lower than expected losses in accident years 2020 and 2021. The higher than expected losses in the commercial umbrella coverage were primarily in accident years 2016 through 2019 and 2022. 2022 In 2022, net favorable loss and LAE development was $32.6 million, primarily as a result of net favorable development of $28.2 million in Specialty and net favorable development of $27.6 million in Core Commercial, partially offset by net unfavorable development of $22.0 million in Personal Lines. The favorable development in Specialty was primarily due to lower than expected losses of $26.3 million within the Professional and Executive Lines division, lower than expected losses of $14.5 million in the surety line, and lower than expected losses of $10.9 million in the Marine division, partially offset by higher than expected losses of $23.5 million in the Specialty P&C division. Within Specialty P&C, higher than expected losses of $31.0 million in program business were partially offset by lower than expected losses in the specialty industrial line. The favorable development in Core Commercial was primarily due to lower than expected losses of $32.1 million within the workers’ compensation line in accident years 2013 through 2018 and 2020, and lower than expected losses of $16.4 million within the commercial multiple peril line, driven by favorable catastrophe loss development, partially offset by higher than expected losses of $18.0 million in the commercial automobile line, driven by higher bodily injury and personal injury protection losses in accident years 2016, 2018, 2019 and 2021. Core Commercial favorable catastrophe loss development within the commercial multiple peril line includes lower than expected losses related to certain 2021 events including winter storms, Hurricane Ida, tornadoes, and other storms. The unfavorable development in Personal Lines was primarily due to higher than expected losses of $29.3 million in the homeowners line, primarily in accident year 2021. The net unfavorable development within homeowners was driven by higher than expected catastrophe losses related to certain 2021 events including Michigan hail storms and other wind storms, partially offset by lower than expected losses related to 2021 Hurricane Ida, and higher than expected non-catastrophe losses due to higher severity and longer cycle times in repair activity, primarily related to claims incurred in the fourth quarter of 2021. Carried Reserves The table below summarizes the gross, ceded and net reserves for losses and LAE and reconciles to the incurred claims development in the following section. Within the Core Commercial segment, commercial multiple peril includes small commercial umbrella policies sold as an endorsement, and general liability and umbrella - occurrence which includes workers’ compensation excess coverages.
Core Commercial - general liability and umbrella - occurrence is primarily comprised of the Company’s commercial monoline general liability and umbrella coverages. Other core commercial lines is primarily comprised of commercial property and product liability coverages. Specialty general liability - claims made is comprised of claims made coverages within the Professional and Executive Lines division, primarily comprised of professional and management liability lines. Other specialty lines is primarily comprised of marine, surety, healthcare, and fidelity lines. Total Other is comprised of the Company’s run-off voluntary assumed property and casualty reinsurance pools business, run-off direct asbestos and environmental, and product liability businesses, which includes $55.8 million and $57.5 million of gross asbestos and environmental reserves as of December 31, 2024 and 2023, respectively. Incurred claims development tables For the following net reserve components, Core Commercial - commercial multiple peril, Core Commercial - workers’ compensation, Core Commercial - commercial automobile liability, Core Commercial - general liability and umbrella - occurrence, Specialty property & casualty, Specialty general liability - claims made, personal automobile liability, and homeowners, the Company is presenting incurred claims development tables by accident year. In each of these tables, the Company is presenting the number of years for which claims are typically outstanding, which is consistent with the period at which substantially all of the reserve development has emerged based on past history. The following tables present cumulative incurred loss and allocated loss adjustment expenses (“ALAE”), cumulative paid loss and ALAE, and IBNR balances at December 31, 2024. IBNR includes both incurred but not reported liabilities and expected development on reported claims. In addition, cumulative incurred claim counts are presented as of December 31, 2024 and claim duration is presented in a separate table disclosing the average annual percentage payout of incurred claims by age, net of reinsurance. Claim duration is calculated as an average of paid loss and ALAE divided by incurred loss and ALAE by elapsed year. The incurred claims development tables presented are reconciled to the net carried reserves in the preceding table as of December 31, 2024. Incurred claim count information presented represents claim frequency by individual claimant and measures the frequency of direct claim settlements that have resulted in or are expected to result in claim payments. Claim count information is presented in a manner consistent with that used in the quarterly loss reserving process. A single claim event, particularly in automobile lines, may result in multiple individual claimants and, therefore, multiple claim counts. Incurred claim counts are comprised of outstanding claims and those that are closed with a loss payment and exclude those that are closed without a loss payment. A single claim event may result in multiple claims closed with a payment when a claim is subsequently reopened with further payment. In this case, a reopened claim payment is counted as an incremental claim settlement. Claim count information is not available for direct and assumed participations in various involuntary pools and residual market mechanisms, which represent approximately 4% or less of both the total net earned premium and net incurred claims for the lines presented. Incurred claim counts are also not adjusted for the effect of claims ceded as part of reinsurance programs, although the incurred losses and cumulative paid losses presented in the following tables are presented net of reinsurance ceded.
The following table is information about average historical claims duration as of December 31, 2024. The table is computed based on the paid and incurred claims data, net of reinsurance, for the accident years presented in the preceding claims development tables.
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Commitments and Contingencies |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company has been named a defendant in various legal proceedings arising in the normal course of business. In addition, the Company is involved, from time to time, in examinations, investigations and proceedings by governmental and self-regulatory agencies. The potential outcome of any such action or regulatory proceedings in which the Company has been named a defendant or the subject of an inquiry, examination or investigation, and its ultimate liability, if any, from such action or regulatory proceedings, is difficult to predict at this time. The ultimate resolutions of such proceedings are not expected to have a material effect on its financial position, although they could have a material effect on the results of operations for a particular quarterly or annual period. Residual Markets The Company is required to participate in residual markets in various states, which generally pertain to high risk insureds, disrupted markets or lines of business or geographic areas where rates are regarded as excessive. The results of the residual markets are not subject to the predictability associated with the Company’s own managed business, and are significant to both the personal and commercial automobile lines of business. |
Statutory Financial Information |
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| Statutory Accounting Practices [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Financial Information | 16. STATUTORY FINANCIAL INFORMATION The Company’s insurance subsidiaries are required to file annual statements with state regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis), as codified by the National Association of Insurance Commissioners (“NAIC”). Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. The Company’s insurance subsidiaries did not have any permitted practices as of or for the years ended December 31, 2024, 2023 and 2022. Statutory capital and surplus differs from shareholders’ equity reported in accordance with U.S. GAAP primarily because under the statutory basis of accounting, deferred acquisition costs are expensed when incurred, generally bonds are carried at amortized cost, certain assets are non-admitted, and the recognition of deferred tax assets is based on different recoverability assumptions. The following table provides statutory net income for the years ended December 31 and statutory capital and surplus for the insurance subsidiaries as of December 31 for the periods indicated:
The minimum statutory capital and surplus necessary to satisfy the Company’s regulatory requirements was $705.7 million, $667.0 million and $645.9 million, which equals the Authorized Control Level at December 31, 2024, 2023 and 2022, respectively. |
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Subsequent Events |
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Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 17. SUBSEQUENT EVENTS There were no subsequent events requiring adjustment to the financial statements and no additional disclosures required in the notes to the consolidated financial statements. |
SCHEDULE I SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES |
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| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE I SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | SCHEDULE I THE HANOVER INSURANCE GROUP, INC. SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES
(1) Original cost of equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums and accretion of discounts. (2)
Mortgage loans on real estate are shown on the balance sheet at unpaid principal balances adjusted for deferred fees or expenses, net of an allowance for credit losses. |
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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY STATEMENTS OF INCOME | SCHEDULE II THE HANOVER INSURANCE GROUP, INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. SCHEDULE II (CONTINUED) THE HANOVER INSURANCE GROUP, INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY BALANCE SHEETS
The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. SCHEDULE II (CONTINUED) THE HANOVER INSURANCE GROUP, INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS
Included in other operating cash flows was the cash portion of dividends received from unconsolidated subsidiaries. Additionally, investment assets of $25.8 million, $98.6 million and $98.8 million were transferred to the parent company in 2024, 2023 and 2022, respectively, to settle dividend obligations and other intercompany borrowings and balances. The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. |
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SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | SCHEDULE III THE HANOVER INSURANCE GROUP, INC. SUPPLEMENTARY INSURANCE INFORMATION
(1) The Company manages investment assets for its Core Commercial, Specialty, Personal Lines and Other segments on a combined basis, based on the requirements of its combined insurance companies. Net investment income is allocated to these segments based on actuarial information related to the underlying businesses. (2)
For other operating expenses that are not directly attributable to a single segment, expenses are allocated using a consistent and reasonable approach, generally based on net premiums earned. |
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SCHEDULE IV REINSURANCE |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
| SCHEDULE IV REINSURANCE | SCHEDULE IV THE HANOVER INSURANCE GROUP, INC. REINSURANCE Incorporated herein by reference to Note 13 — “Reinsurance” in the Notes to Consolidated Financial Statements. |
SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE V THE HANOVER INSURANCE GROUP, INC. VALUATION AND QUALIFYING ACCOUNTS
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SCHEDULE VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS | SCHEDULE VI THE HANOVER INSURANCE GROUP, INC. SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS
(1) Reserves for unpaid claims and claim adjustment expenses are shown gross of $1,829.8 million and $1,795.0 million of reinsurance recoverable on unpaid losses in 2024 and 2023, respectively. Unearned premiums are shown gross of prepaid premiums of $90.5 million and $99.1 million in 2024 and 2023, respectively. Reserves for unpaid claims and claims adjustment expense also include policyholder dividends. (2)
The Company does not use discounting techniques. |
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION | A. Basis of Presentation and Principles of Consolidation The consolidated financial statements of The Hanover Insurance Group, Inc. (“THG” or the “Company”), include the accounts of The Hanover Insurance Company (“Hanover Insurance”) and Citizens Insurance Company of America (“Citizens”), THG’s principal property and casualty companies; and other insurance and non-insurance subsidiaries. These legal entities conduct their operations through several reporting segments discussed in Note 12 – “Segment Information.” The consolidated financial statements also include the Company’s discontinued operations, consisting primarily of the Company’s former accident and health insurance business. The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring items, necessary for a fair presentation of the financial position and results of operations. |
| INVESTMENTS | B. Investments Fixed maturities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses, net of taxes, reported in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. The amortized cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity. Equity securities are carried at fair value. Increases and decreases in fair value are reported in net income. Other investments consist primarily of limited partnerships and mortgage participations. Investments in limited partnerships include interests in private equity and real estate funds. Investments in certain limited partnership interests, where the Company’s interest is so minor that it exercises virtually no influence over operating and financial policies, are accounted for at fair value utilizing the net asset value (“NAV”) as a practical expedient to determine fair value. All other limited partnerships are accounted for in accordance with the equity method of accounting. Mortgage participations represent interests in commercial mortgage loans originated and serviced by a third-party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. Mortgage participations are stated at unpaid principal balances adjusted for deferred fees or expenses, net of an allowance for credit losses. The Company excludes accrued interest receivable from both the estimated fair value and the amortized cost basis of its investment securities, and reports such amounts separately on the Consolidated Balance Sheets as accrued investment income. When an accrued interest receivable is deemed uncollectible it is written off as a charge to investment income, rather than recorded through an allowance. Net investment income includes interest, income from limited partnership interests, and dividends. Interest income is recognized based on the effective yield method, which includes the amortization of premiums and accretion of discounts. The effective yield used to determine the amortization for fixed maturities subject to prepayment risk, such as mortgage-backed and asset-backed securities, is recalculated and adjusted periodically based upon actual historical and projected future cash flows. The adjustment to yields for highly rated prepayable fixed maturities is accounted for using the retrospective method. The adjustment to yields for all other prepayable fixed maturities is accounted for using the prospective method. Fixed maturities and mortgage participations for which payments are delinquent are placed on non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized and unrealized investment gains and losses include net gains and losses on investment sales, changes in the credit loss allowance on fixed maturity securities and mortgage loans, intent to sell impairments, and valuation changes of equity securities. Net gains and losses on sales of investments are determined on a specific identification basis. The Company reviews fixed maturity securities in an unrealized loss position and assesses whether it intends to sell the security or more likely than not will be required to sell the security before the recovery of its amortized cost basis. If the debt security meets either of these two criteria, an intent to sell impairment is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the impairment measurement date. If neither of the above criteria are met, the credit loss portion of the unrealized loss is recorded through earnings and the non-credit portion remains in other comprehensive income (loss). Credit losses are estimated by comparing the amortized cost of the fixed maturity security with the net present value of the security’s projected future cash flows, discounted at the effective interest rate implicit in the investment prior to impairment. The non-credit portion of the impairment is equal to the difference between the fair value and the net present value of the security’s cash flows at the impairment measurement date. Credit losses are recorded through an allowance for credit losses and recoveries of impairments on fixed maturities are recognized as reversals of the allowance for credit losses. The allowance for credit losses is limited to the amount that fair value is less than amortized cost and therefore, increases in the fair value of investments due to reasons other than credit could result in decreases in the allowance and an increase in net income. Mortgage participations are pooled by similar risk characteristics and evaluated for credit losses. The allowance for credit losses is calculated using expected loss rates, which vary based on risk factors such as property type, geographic market, and loan-to-value and debt service coverage ratios. |
| FINANCIAL INSTRUMENTS | C. Financial Instruments In the normal course of business, the Company may enter into transactions involving various types of financial instruments, including debt, investments, such as fixed maturities, limited partnerships, mortgage loans and equity securities, investment and loan commitments, and certain derivative contracts. These instruments involve credit risk and could also be subject to risk of loss due to interest rate fluctuation. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize losses. |
| CASH AND CASH EQUIVALENTS | D. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and highly liquid debt instruments purchased with an original maturity of three months or less. |
| DEFERRED ACQUISITION COSTS | E. Deferred Acquisition Costs Acquisition costs consist of commissions, underwriting costs and other costs, which vary with, and are primarily related to, the successful production of premiums. Acquisition costs are deferred and amortized over the terms of the insurance policies. Deferred acquisition costs (“DAC”) for each reporting segment are reviewed to determine if the costs are recoverable from future income, including investment income. If such costs are determined to be unrecoverable, they are expensed at the time of determination. Although recoverability of DAC is not assured, the Company believes it is more likely than not that all of these costs will be recovered. The amount of DAC considered recoverable, however, could be reduced in the near-term if the estimates of total revenues discussed above are reduced or permanently impaired as a result of a disposition of a line of business. The amount of amortization of DAC could be revised in the near-term if any of the estimates discussed above are revised. |
| REINSURANCE RECOVERABLES | F. Reinsurance Recoverables The Company shares certain insurance risks it has underwritten, through the use of reinsurance contracts, with various insurance entities. Reinsurance accounting is followed for ceded transactions when the risk transfer provisions of Accounting Standards Codification (“ASC”) 944, Financial Services – Insurance, have been met. As a result, when the Company experiences loss or claims events that are subject to a reinsurance contract, reinsurance recoverables are recorded. The amount of the reinsurance recoverable can vary based on the terms of the reinsurance contract, the size of the individual loss or claim, the aggregate amount of all losses or claims in a particular line or book of business, or an aggregate amount of losses associated with a particular accident year. The valuation of losses or claims recoverable depends on whether the underlying loss or claim is a reported loss or claim, or an incurred but not reported loss. For reported losses and claims, the Company values reinsurance recoverables at the time the underlying loss or claim is recognized, in accordance with contract terms. For incurred but not reported losses, the Company estimates the amount of reinsurance recoverables based on the terms of the reinsurance contracts and historical reinsurance recovery information and applies that information to the gross loss reserve. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business and the balance is disclosed separately in the financial statements. However, the ultimate amount of the reinsurance recoverable is not known until all losses and claims are settled. Allowances are established for amounts deemed uncollectible and reinsurance recoverables are recorded net of these allowances. The Company evaluates the financial condition of its reinsurers and monitors concentration risk to minimize its exposure to significant credit losses from individual reinsurers. |
| PROPERTY, EQUIPMENT, CAPITALIZED SOFTWARE AND LEASES | G. Property, Equipment, Capitalized Software AND LEASES Property, equipment, leasehold improvements and capitalized software are recorded at cost, less accumulated depreciation and amortization. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets, which generally range from 3 to 30 years. The estimated useful life for capitalized software is generally 5 to 7 years. Amortization of leasehold improvements is provided using the straight-line method over the lesser of the term of the lease or the estimated useful life of the improvements. The Company has entered into operating and financing leases through which it recognizes “right-of-use” assets that are recorded at the present value of future minimum lease payments, less accumulated depreciation. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets, which generally range from 4 to 6 years for real estate and fleet leases. The Company tests for the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company recognizes impairment losses only to the extent that the carrying amounts of long-lived assets exceed the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. When an impairment loss occurs, the Company reduces the carrying value of the asset to fair value and no longer depreciates the asset. Fair values are estimated using discounted cash flow analyses. |
| GOODWILL AND INTANGIBLE ASSETS | H. GOODWILL AND INTANGIBLE ASSETS The Company carries its goodwill at cost, net of amortization accumulated prior to January 1, 2002, and net of impairments. Increases to goodwill are generated through acquisition and represent the excess of the cost of an acquisition over the fair value of net assets acquired, including any intangibles acquired. Since January 1, 2002, goodwill is no longer amortized but, rather, is reviewed for impairment. Additionally, acquisitions can also produce intangible assets, which have either a definite or indefinite life. Intangible assets with definite lives are amortized over that life, whereas those intangible assets determined to have an indefinite life are reviewed at least annually for impairment. At December 31, 2024 and 2023, the Company held goodwill of $178.8 million. At December 31, 2024 and 2023, the Company held intangible assets with indefinite lives of $15.5 million. The Company tests for the recoverability of goodwill and intangible assets with indefinite lives annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company recognizes impairment losses only to the extent that the carrying amounts of reporting units with goodwill exceed the fair value. The amount of the impairment loss that would be recognized is determined based upon the excess of the carrying value of goodwill compared to the implied fair value of the goodwill, as determined with respect to all assets and liabilities of the reporting unit. The Company performed its annual impairment reviews of goodwill and indefinite-lived assets in the fourth quarters of 2024 and 2023, with no impairments recognized. |
| LIABILITIES FOR LOSSES, LAE, AND UNEARNED PREMIUMS | I. LIABILITIES FOR LOSSES, LAE AND UNEARNED PREMIUMS Liabilities for outstanding claims, losses, and loss adjustment expenses (“LAE”) are estimates of payments to be made for reported losses and LAE and estimates of losses and LAE incurred but not reported (“IBNR”). These liabilities are determined using case basis evaluations and statistical analyses of historical loss patterns, and represent estimates of the ultimate cost of all losses incurred but not paid. These estimates are continually reviewed and adjusted as necessary; adjustments are reflected in current operations. Estimated amounts of salvage and subrogation on unpaid losses are deducted from the liability for unpaid claims. Premiums for direct and assumed business are reported as earned on a pro-rata basis over the contract period. The unexpired portion of these premiums is recorded as unearned premiums. All losses, LAE and unearned premium liabilities are based on the various estimates discussed in this note. Although the adequacy of these amounts cannot be assured, the Company believes that it is more likely than not that these liabilities and accruals will be sufficient to meet future obligations of policies in force. The amount of liabilities and accruals, however, could be revised in the near-term if the estimates discussed above are revised. |
| DEBT | J. Debt The Company’s debt at December 31, 2024 includes senior and subordinated debentures. Debt instruments are carried at principal amount borrowed, net of any applicable unamortized discounts and issuance costs. See Note 5 – “Debt and Credit Arrangements.” |
| PREMIUM, PREMIUM RECEIVABLE, FEE REVENUE AND RELATED EXPENSES | K. Premium, Premium Receivable, Fee Revenue and Related Expenses Insurance premiums written are generally recorded at the policy inception and are primarily earned on a pro-rata basis over the terms of the policies for all products. Premiums written may also include estimates that are derived from multiple sources, which include the historical experience of the underlying business, similar businesses, and available industry information. These estimates are regularly reviewed and updated, and any resulting adjustments are included in the current year’s results. Unearned premium reserves represent the portion of premiums written that relates to the unexpired terms of the underlying in-force insurance policies and reinsurance contracts. Premium receivables reflect the unpaid balance of premiums written as of the balance sheet date. Premium receivables are generally short-term in nature and are reported net of an allowance for estimated uncollectible premium accounts. The Company reviews its receivables for collectability at the balance sheet date. The allowance for uncollectible accounts was not material as of December 31, 2024 and 2023. Ceded premiums are charged to income over the applicable term of the various reinsurance contracts with third-party reinsurers. Reinsurance reinstatement premiums, when required, are recognized in the same period as the loss event that gave rise to the reinstatement premiums. Losses and related expenses are matched with premiums, resulting in their recognition over the lives of the contracts. This matching is accomplished through estimated and unpaid losses and amortization of deferred acquisition costs. |
| INCOME TAXES | L. Income Taxes The Company is subject to the tax laws and regulations of the U.S. federal jurisdiction and various state jurisdictions. The Company files a consolidated U.S. federal income tax return that includes the holding company and its U.S. subsidiaries. Generally, taxes are accrued at the U.S. statutory tax rate of 21%. The Company’s accounting for income taxes represents its best estimate of various events and transactions. Deferred income taxes are generally recognized when assets and liabilities have different values for financial statement and tax reporting purposes, and for other temporary taxable and deductible differences as defined by ASC 740, Income Taxes (“ASC 740”). These temporary differences are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. These differences result primarily from insurance reserves, deferred acquisition costs, investments, and employee benefit plans. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under U.S. federal tax law. Consideration is given to all available positive and negative evidence, including reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances are established if, based on available information, it is determined that it is more likely than not that all or some portion of the deferred tax assets will not be realized. Changes in valuation allowances are generally reflected in income tax expense or as an adjustment to other comprehensive income (loss), depending on the nature of the item for which the valuation allowance is being recorded. |
| STOCK-BASED COMPENSATION | M. Stock-Based Compensation The Company recognizes the fair value of compensation costs for all share-based payments, including employee stock options, in the financial statements. Unvested awards are generally expensed on a straight-line basis, by tranche, over the vesting period of the award. The Company’s stock-based compensation plans are discussed further in Note 9 – “Stock-Based Compensation Plans.” |
| EARNINGS PER SHARE | N. Earnings Per Share Earnings per share (“EPS”) for the years ended December 31, 2024, 2023 and 2022 is based on a weighted average of the number of shares outstanding during each year. Basic and diluted EPS is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. The weighted average shares outstanding used to calculate basic EPS differ from the weighted average shares outstanding used in the calculation of diluted EPS due to the effect of dilutive employee stock options, non-vested stock grants, and other contingently issuable shares. If the effect of such items is antidilutive, the weighted average shares outstanding used to calculate diluted EPS would be equal to those used to calculate basic EPS. Options to purchase shares of common stock whose exercise prices are greater than the average market price of the common shares are not included in the computation of diluted earnings per share because the effect would be antidilutive. |
| NEW ACCOUNTING PRONOUNCEMENTS | O. New Accounting Pronouncements Recently Implemented Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASC Update No. , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This Update requires entities to disclose significant segment expenses and other segment items on an annual and interim basis, and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires entities to disclose the title and position of the Chief Operating Decision Maker (“CODM”), and an explanation of how the CODM uses the reported measures of segment profit or loss. The Update does not change how entities identify operating segments, aggregate them, or apply the quantitative thresholds to determine reportable segments. This Update is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company implemented this guidance effective January 1, 2024, on a retrospective basis, and it did not have a material effect on its financial position or results of operations, as the Update is disclosure related. Recently Issued Standards In November 2024, the FASB issued ASC Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This Update requires entities to disclose, at each interim and annual reporting period, specified information about certain costs and expenses in the notes to financial statements. Entities must disclose the amounts, in a tabular format, of relevant expense captions presented on the face of the income statement within continuing operations that contain expenses associated with employee compensation, depreciation, and intangible asset amortization. Additionally, the Update requires qualitative disclosure of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the disclosure of total of selling expenses, among other items. This Update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods, as clarified in ASC Update No. 2025-01, beginning after December 15, 2027, with early adoption permitted. This guidance may be implemented either on a prospective or retrospective basis. The Company does not expect implementation of this guidance to have a material effect on its financial position or results of operations, as the Update is disclosure related. In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This Update requires entities to disclose an annual tabular rate reconciliation, using both percentages and currency amounts, broken out into specific categories, to the extent those items exceed a specified threshold. In addition, all entities are required to disclose annual income taxes paid, net of refunds received, disaggregated by federal, state, and foreign jurisdictions, and for individual jurisdictions when the amount is at least five percent of total income tax payments, net of refunds received. This Update is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. This guidance may be implemented either on a prospective or retrospective basis. The Company does not expect implementation of this guidance to have a material effect on its financial position or results of operations, as the Update is disclosure related. |
| RECLASSIFICATIONS | P. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation, when applicable. |
Investments (Tables) |
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| Schedule of Available-for-sale Fixed Maturities Reconciliation | The amortized cost and fair value of available-for-sale fixed maturities were as follows:
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| Investments Classified by Contractual Maturity Date | The amortized cost and fair value by maturity periods for fixed maturities are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or the Company may have the right to put or sell the obligations back to the issuers.
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| Unrealized Gains and Losses on Available-for-Sale and Other Securities | Unrealized gains and losses on available-for-sale fixed maturities are summarized in the following table.
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| Schedule of Unrealized Loss on Investments | The following tables provide information about the Company’s available-for-sale fixed maturity securities that were in an unrealized loss position at December 31, 2024 and 2023, including the length of time the securities have been in an unrealized loss position:
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| Schedule of Other Investments | Mortgage participations and other mortgage loans were comprised of the following property types and geographic locations
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| Schedule of Amortized Cost of Mortgage Participations and Other Loans by Credit Ratings and Year of Origination | The amortized cost of mortgage participations and other loans by credit ratings and year of origination was as follows:
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Investment Income and Gains and Losses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Investment Income | The components of net investment income were as follows:
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| Schedule of Net Realized and Unrealized Gains (Losses) on Investments Including Impairments | Net realized and unrealized gains (losses) on investments, including impairments, were as follows:
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| Schedule of Pre-tax Net Realized and Unrealized Gains (Losses) on Equity Securities | The following table provides pre-tax net realized and unrealized gains (losses) on equity securities:
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| Schedule of Allowance for Credit Losses | The following table provides rollforwards of the allowance for credit losses on mortgage loans:
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| Schedule of Realized Gain (Loss) | The proceeds from sales of available-for-sale fixed maturities, and the gross realized gains and gross realized losses on those sales, were as follows:
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Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Financial Instruments | The estimated fair values of the financial instruments were as follows:
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| Fair Value, Investment Assets Measured on Recurring Basis | The following tables provide, for each hierarchy level, the Company’s investment assets that were measured at fair value on a recurring basis.
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| Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following tables provide, for each hierarchy level, the Company’s estimated fair values of financial instruments that were not carried at fair value.
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| Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables provide a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
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| Schedule of Additional Information About Significant Unobservable Inputs Used in Fair Valuations of Level 3 | The following table provides quantitative information about the significant unobservable inputs used by the Company in the fair value measurements of Level 3 assets. A valuation of $12.0 million for an equity security based on a dealer quote for which there was a lack of transparency as to inputs used to develop the valuation has been excluded.
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Debt and Credit Arrangements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Debt consists of the following:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income from Continuing Operations Before Income Taxes and Summary of Components of Income Tax Expense (Benefit) | Income from continuing operations before income taxes and a summary of the components of income tax expense in the Consolidated Statements of Income are shown below:
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| Schedule of Effective Income Tax Rate Reconciliation | The income tax expense attributable to the consolidated results of continuing operations is different from the amount determined by multiplying income from continuing operations before income taxes by the U.S. statutory federal income tax rate of 21%. The sources of the difference and the tax effects of each were as follows:
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| Schedule of Deferred Tax Assets and Liabilities | The following are the components of the Company’s deferred tax assets and liabilities, excluding those associated with its discontinued operations.
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| Schedule of Reconciliation of Beginning and Ending Liability for Uncertain tax Positions | The table below provides a reconciliation of the beginning and ending liability for uncertain tax positions as follows:
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Pension Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted Average Assumptions | Weighted average assumptions used to determine pension benefit obligations are as follows:
The Company utilizes a measurement date of January 1st to determine its periodic pension costs. Weighted average assumptions used to determine net periodic pension costs for the defined benefit plans are as follows:
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| Summary of Target Allocations and Invested Asset Allocations | The following table provides its year-end 2024 target allocations and actual invested asset allocations at December 31, 2024 and 2023.
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| Summary of Plan Assets Investment Measured at Fair Value | The following table presents, for each hierarchy level, the qualified defined benefit plan’s investment assets that are measured at fair value at December 31, 2024 and 2023. Refer to Note 4 – “Fair Value” for a description of the different levels in the fair value hierarchy.
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| Summary of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | The table below provides a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
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| Schedule of Benefit Obligations, Plan Assets and Funded Status of Plans | The following table reflects the benefit obligations, fair value of plan assets and funded status of the plans at December 31, 2024 and 2023.
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| Components of Net Periodic Pension Cost | The components of total net periodic pension cost are as follows:
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| Accumulated Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans | The following table reflects the total amounts recognized in accumulated other comprehensive income (loss) relating to the defined benefit pension plans as of December 31, 2024 and 2023.
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| Schedule of Expected Benefit Payments |
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| Investments Net Asset Value [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Values of Investments | The fair values of these investments are as follows:
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Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Other Comprehensive Income (Loss) | The following table provides changes in other comprehensive income (loss).
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| Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss were as follows:
(1)
The amount reclassified from accumulated other comprehensive loss for the pension and postretirement benefits was allocated approximately 40% to loss adjustment expenses and 60% to other operating expenses for each of the years ended December 31, 2024, 2023 and 2022. |
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Stock-based Compensation Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Option Plan Activity | Information on the Company’s stock options is summarized below.
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| Schedule of Stock Options by Exercise Price Range | Additional information about employee options outstanding and exercisable at December 31, 2024 is included in the following table:
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| Schedule of Stock Option Valuation Assumptions | The following significant assumptions were used to determine the fair value for options granted in the years indicated.
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| Summary of Restricted Stock Activity | The following table summarizes information about employee restricted stock units:
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Earnings Per Share and Shareholders' Equity Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Information Regarding Basic and Diluted Earnings Per Share | The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information with Respect to Business Segments | Summarized below is financial information with respect to the Company’s reporting segments.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2)
Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2) Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs.
(1) Includes expenses directly incurred by each reporting segment, as well as corporate and other general expenses that are allocated using a consistent and reasonable approach, generally based on net premiums earned. (2)
Other segment items in Core Commercial, Specialty and Personal Lines primarily includes uncollectible premium charge-offs and non-insurance agency operating expenses, whereas other segment items in the Other segment includes operating costs related to certain of THG’s former investment and life insurance businesses, including defined benefit pension-related costs. |
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| Identifiable Assets by Business Segment | The following table provides identifiable assets for the Company’s business segments and discontinued operations:
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Reinsurance (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Effects of Reinsurance | The following table provides the effects of reinsurance.
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Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Liability for Unpaid Losses and Loss Adjustment Expenses | The table below provides a reconciliation of the gross beginning and ending reserve for unpaid losses and loss adjustment expenses.
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| Schedule of (Favorable)/Unfavorable Loss and LAE Reserve Development | The following table provides a summary of (favorable) unfavorable loss and LAE reserve development.
|
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| Schedule of Carried Reserves | The table below summarizes the gross, ceded and net reserves for losses and LAE and reconciles to the incurred claims development in the following section. Within the Core Commercial segment, commercial multiple peril includes small commercial umbrella policies sold as an endorsement, and general liability and umbrella - occurrence which includes workers’ compensation excess coverages.
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| Schedule of Incurred Claims Development |
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| Computation of Historical Claims on Paid and Incurred Claims Data, Net of Reinsurance | The following table is information about average historical claims duration as of December 31, 2024. The table is computed based on the paid and incurred claims data, net of reinsurance, for the accident years presented in the preceding claims development tables.
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Statutory Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Accounting Practices [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Accounting Practices Disclosure | The following table provides statutory net income for the years ended December 31 and statutory capital and surplus for the insurance subsidiaries as of December 31 for the periods indicated:
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Investments (Unrealized Gains and Losses on Available-For-Sale and Other Securities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Available-for-sale Securities [Line Items] | |||
| Benefit (provision) for deferred income taxes | $ 17.3 | $ 49.0 | $ (217.9) |
| Net Unrealized Appreciation (Depreciation) on Investments [Member] | |||
| Schedule of Available-for-sale Securities [Line Items] | |||
| Net appreciation (depreciation), beginning of year | (462.8) | (641.4) | 184.9 |
| Net appreciation (depreciation) on available-for-sale fixed maturities | 76.6 | 227.6 | (1,044.2) |
| Benefit (provision) for deferred income taxes | (17.3) | (49.0) | 217.9 |
| Total adjustment | 59.3 | 178.6 | (826.3) |
| Net depreciation, end of year | $ (403.5) | $ (462.8) | $ (641.4) |
Investments (Schedule of Amortized Cost of Mortgage Participations and Other Loans by Credit Ratings and Year of Origination) (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Schedule of Investments [Line Items] | |
| Allowance for credit losses | $ (5.7) |
| Amortized cost, net of allowance for credit losses | 304.9 |
| Amortized Cost | |
| Schedule of Investments [Line Items] | |
| Prior to 2020 | 208.9 |
| 2020 | 27.1 |
| 2021 | 54.7 |
| 2022 | 10.0 |
| 2024 | 9.9 |
| Total | 310.6 |
| Aaa/Aa/A | |
| Schedule of Investments [Line Items] | |
| Prior to 2020 | 122.8 |
| 2020 | 5.0 |
| 2021 | 43.1 |
| 2022 | 10.0 |
| 2024 | 9.9 |
| Total | 190.8 |
| Baa | |
| Schedule of Investments [Line Items] | |
| Prior to 2020 | 57.8 |
| 2021 | 11.6 |
| Total | 69.4 |
| Ba and lower | |
| Schedule of Investments [Line Items] | |
| Prior to 2020 | 28.3 |
| 2020 | 22.1 |
| Total | $ 50.4 |
Investment Income and Gains and Losses (Components of Net Investment Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | $ 387.8 | $ 346.0 | $ 307.7 |
| Less: investment expenses | (15.2) | (13.9) | (11.4) |
| Net investment income | 372.6 | 332.1 | 296.3 |
| Fixed Maturities [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | 324.4 | 283.2 | 239.3 |
| Limited Partnerships Interest [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | 20.6 | 30.0 | 35.7 |
| Mortgage Loans on Real Estate [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | 14.4 | 15.8 | 16.1 |
| Equity Securities [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | 3.2 | 6.4 | 12.0 |
| Short-term and Other Investments [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Gross investment income | $ 25.2 | $ 10.6 | $ 4.6 |
Investment Income and Gains and Losses (Schedule of Net Realized and Unrealized Gains (Losses) on Investments Including Impairments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Gain (Loss) on Investments [Line Items] | |||
| Net realized and unrealized investment losses | $ (75.8) | $ (32.5) | $ (106.5) |
| Fixed Maturities [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized and unrealized investment losses | (89.6) | (20.2) | (45.2) |
| Mortgage Loans on Real Estate [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized and unrealized investment losses | (0.5) | (6.9) | 2.3 |
| Equity Securities [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized and unrealized investment losses | 14.2 | (5.6) | (63.3) |
| Other Investments [Member] | |||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized and unrealized investment losses | $ 0.1 | $ 0.2 | $ (0.3) |
Investment Income and Gains and Losses (Schedule of Pre-tax Net Realized and Unrealized Gains (Losses) on Equity Securities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investments, Debt and Equity Securities [Abstract] | |||
| Net gains (losses) recognized during the period | $ 14.2 | $ (5.6) | $ (63.3) |
| Less: net losses recognized on equity securities sold during the period | (11.6) | (42.7) | |
| Net unrealized gains (losses) recognized during the period on equity securities still held | $ 14.2 | $ 6.0 | $ (20.6) |
Investment Income and Gains and Losses (Schedule of Allowance for Credit Losses) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Investments, Debt and Equity Securities [Abstract] | ||
| Allowance for credit losses as of the beginning of the period | $ 10.0 | $ 3.2 |
| Reductions for disposals | (3.6) | (0.1) |
| Reductions for writedowns | (3.0) | |
| Additional credit losses on investments for which an allowance was previously recognized | 2.3 | 6.9 |
| Allowance for credit losses as of the end of the period | $ 5.7 | $ 10.0 |
Investment Income and Gains and Losses (Proceeds from Sales of Available for Sale Fixed Maturities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investments, Debt and Equity Securities [Abstract] | |||
| Proceeds from sales | $ 1,844.1 | $ 168.8 | $ 489.0 |
| Gross gains | 2.5 | 1.0 | 4.4 |
| Gross losses | $ 91.3 | $ 10.5 | $ 34.1 |
Fair Value (Narrative) (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2024 |
|
| Fair Value Measurements [Line Items] | ||
| Investments measured at net asset value based on an ownership interest in partners' | 1.00% | 1.00% |
| Transfer between Level 2 and Level 3 | $ 0 | |
| Fair Value Measured Using NAV [Member] | ||
| Fair Value Measurements [Line Items] | ||
| Investments measured at fair value using net asset value | $ 114,600,000 | $ 83,000,000 |
| Investment, Type [Extensible Enumeration] | Partnership Interest [Member] | Partnership Interest [Member] |
| Level 3 [Member] | ||
| Fair Value Measurements [Line Items] | ||
| Investments measured at fair value using net asset value | $ 3,800,000 | $ 3,900,000 |
| Liabilities held | $ 0 | 0 |
| Valuation for equity security based on dealer quote | $ 12,000,000 |
Debt and Credit Arrangements (Schedule of Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Short-term: | ||
| Short-term debt | $ 61.8 | |
| Long-term: | ||
| Long-term debt principal | 725.1 | $ 786.9 |
| Unamortized debt issuance costs | (2.8) | (3.7) |
| Total long-term debt | 722.3 | 783.2 |
| Total debt | 784.1 | 783.2 |
| Senior debentures maturing April 15, 2026 [Member] | ||
| Long-term: | ||
| Long-term debt principal | 375.0 | 375.0 |
| Senior debentures maturing September 1, 2030 [Member] | ||
| Long-term: | ||
| Long-term debt principal | 300.0 | 300.0 |
| Senior debentures maturing October 15, 2025 [Member] | ||
| Short-term: | ||
| Short-term debt | 61.8 | |
| Long-term: | ||
| Long-term debt principal | 61.8 | 61.8 |
| Subordinated debentures maturing February 3, 2027 [Member] | ||
| Long-term: | ||
| Long-term debt principal | $ 50.1 | $ 50.1 |
Debt and Credit Arrangements (Schedule of Debt) (Parenthetical) (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Senior debentures maturing April 15, 2026 [Member] | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Apr. 15, 2026 | Apr. 15, 2026 |
| Senior debentures maturing September 1, 2030 [Member] | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Sep. 01, 2030 | Sep. 01, 2030 |
| Senior debentures maturing October 15, 2025 [Member] | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Oct. 15, 2025 | Oct. 15, 2025 |
| Subordinated debentures maturing February 3, 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Feb. 03, 2027 | Feb. 03, 2027 |
Income Taxes (Components of Income from Continuing Operations Before Income Taxes and Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Income from continuing operations before income taxes | $ 537.8 | $ 41.1 | $ 144.0 |
| Current | 131.1 | 32.6 | 73.7 |
| Deferred | (18.6) | (25.0) | (46.5) |
| Total income tax expense | $ 112.5 | $ 7.6 | $ 27.2 |
Income Taxes (Narrative) (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes [Line Items] | ||||
| U.S. statutory federal income tax rate | 21.00% | |||
| Valuation allowance | $ 0 | $ 0 | ||
| Income recognized in continuing operations related to non-segment income | 1,200,000 | 1,300,000 | $ 1,400,000 | |
| Liability for uncertain tax positions | 0 | 0 | ||
| Receivable balance for tax positions of current year | 1,100,000 | $ 200,000 | ||
| Release of liability due to expiration of statute of limitations | 900,000 | $ 900,000 | ||
| Forecast [Member] | ||||
| Income Taxes [Line Items] | ||||
| Release of liability due to expiration of statute of limitations | $ 400,000 | |||
| Accumulated Other Comprehensive Loss, net of tax [Member] | ||||
| Income Taxes [Line Items] | ||||
| Realized gains in accumulated other comprehensive income to be released into income from continuing operations in future | $ 3,100,000 | |||
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Expected income tax expense | $ 112.9 | $ 8.7 | $ 30.3 |
| Nondeductible expenses | 4.8 | 3.8 | 3.1 |
| Stock-based compensation windfall benefit | (1.9) | (1.1) | (3.2) |
| Tax difference related to investment disposals and maturities | (1.2) | (1.3) | (1.4) |
| Change in uncertain tax positions | (1.0) | (0.9) | |
| Current year federal tax credits | (0.9) | (0.7) | (0.4) |
| Dividend received deduction | (0.3) | (0.5) | (1.0) |
| Other, net | 0.1 | (0.4) | (0.2) |
| Total income tax expense | $ 112.5 | $ 7.6 | $ 27.2 |
| Effective tax rate | 20.90% | 18.50% | 18.90% |
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Loss, LAE and unearned premium reserves, net | $ 211.0 | $ 197.6 |
| Investments, net | 79.8 | 97.2 |
| Employee benefit plans | 9.4 | 7.3 |
| Other | 14.9 | 9.2 |
| Total deferred tax assets | 315.1 | 311.3 |
| Deferred acquisition costs | 139.2 | 130.4 |
| Software capitalization | 1.7 | 7.6 |
| Total deferred tax liabilities | 140.9 | 138.0 |
| Net deferred tax asset | $ 174.2 | $ 173.3 |
Income Taxes (Summary of Income Tax Uncertainties) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Liability at beginning of year, net | $ 1.3 | $ 2.2 | $ 2.0 |
| Additions for tax positions of current year | 1.1 | 0.2 | |
| Subtractions as a result of a lapse of the applicable statute of limitations | (0.9) | (0.9) | |
| Deferred deductions | (1.1) | ||
| Liability at end of year, net | $ 0.4 | $ 1.3 | $ 2.2 |
Pension Plans (Schedule of Weighted Average Assumptions Used to Determine Pension Benefit Obligations) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Cash balance interest crediting rate | 3.50% | 3.00% | 3.00% |
| Expected return on plan assets | 5.875% | ||
| Qualified Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Discount rate | 6.125% | 5.75% | 6.00% |
| Discount rate | 5.75% | 6.00% | 3.25% |
| Expected return on plan assets | 5.875% | 6.25% | 3.75% |
| Cash balance interest crediting rate | 3.00% | 3.00% | 3.00% |
| Nonqualified Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Discount rate | 6.125% | 5.875% | 6.00% |
| Discount rate | 5.875% | 6.00% | 3.25% |
Pension Plans (Schedule of Fair Values of Investments) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fixed maturities | $ 8,542.2 | $ 7,985.3 |
| Equity securities | 157.7 | 130.9 |
| Investments Net Asset Value [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fixed maturities | 250.1 | 286.5 |
| Equity securities | 33.9 | 35.6 |
| Total investment assets at fair value | $ 284.0 | $ 322.1 |
Pension Plans (Summary for Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Fixed Maturities [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Balance at beginning of period | $ 12.3 | $ 14.4 | |
| Less: Assets transferred to Level 1 investments | (1.9) | (2.5) | |
| Return on plan assets related to assets still held | 0.4 | 0.4 | |
| Balance at end of year | $ 10.8 | $ 12.3 | $ 14.4 |
Pension Plans (Fair Value of Plan Assets and Funded Status of Plans) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Interest cost | $ 20.4 | $ 21.9 | $ 15.3 |
| Qualified Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Benefit obligation, beginning of period | $ 348.4 | $ 361.7 | |
| Interest cost | $ 19.1 | $ 20.5 | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | |
| Actuarial (gains) losses | $ (3.8) | $ (1.6) | |
| Benefits paid | (32.2) | (32.2) | |
| Benefit obligation, end of year | 331.5 | 348.4 | $ 361.7 |
| Balance at beginning of period | 363.0 | 371.5 | |
| Actual return on plan assets | 9.6 | 23.7 | |
| Benefits paid | (32.2) | (32.2) | |
| Balance at end of year | 340.4 | 363.0 | $ 371.5 |
| Funded status of the plans | $ 8.9 | $ 14.6 | |
| Nonqualified Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Benefit obligation, beginning of period | $ 22.6 | $ 24.5 | |
| Interest cost | $ 1.3 | $ 1.4 | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | |
| Actuarial (gains) losses | $ 0.2 | $ (0.5) | |
| Benefits paid | (2.8) | (2.8) | |
| Benefit obligation, end of year | 21.3 | 22.6 | $ 24.5 |
| Contributions | 2.8 | 2.8 | |
| Benefits paid | (2.8) | (2.8) | |
| Funded status of the plans | $ (21.3) | $ (22.6) | |
Pension Plans (Components of Net Periodic Pension Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Retirement Benefits [Abstract] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Interest cost | $ 20.4 | $ 21.9 | $ 15.3 |
| Expected return on plan assets | $ (20.3) | $ (22.1) | $ (17.2) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
| Recognized net actuarial loss | $ 6.7 | $ 7.8 | $ 5.2 |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
| Net periodic pension cost | $ 6.8 | $ 7.6 | $ 3.3 |
Pension Plans (Summary of Amounts Recognized in Accumulated Other Comprehensive Income Loss) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| Net actuarial loss | $ 68.4 | $ 67.8 |
Pension Plans (Summary of Estimated Benefit Payments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| Qualified Plan [Member] | |||
| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| 2025 | $ 36.0 | ||
| 2026 | 34.4 | ||
| 2027 | 33.7 | ||
| 2028 | 31.8 | ||
| 2029 | 30.5 | ||
| 2030-2034 | $ 127.3 | ||
| Nonqualified Plan [Member] | |||
| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Defined Benefit Plan, Type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember | us-gaap:PensionPlansDefinedBenefitMember |
| Defined Benefit Plan, Sponsor Location [Extensible List] | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember | us-gaap:DomesticPlanMember |
| 2025 | $ 2.6 | ||
| 2026 | 2.6 | ||
| 2027 | 2.5 | ||
| 2028 | 2.3 | ||
| 2029 | 2.2 | ||
| 2030-2034 | $ 9.2 | ||
Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Loss) (Parenthetical) (Details) - Defined Benefit Pension and Postretirement Plans [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Condensed Statement Of Income Captions [Line Items] | |||
| Loss adjustment expenses | 40.00% | 40.00% | 40.00% |
| Percentage of other operating expenses | 60.00% | 60.00% | 60.00% |
Stock-based Compensation Plans (Summary of Stock Option Activity) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Shares | |||
| Outstanding, beginning of period, Shares | 1,137,042 | 1,080,852 | 1,230,211 |
| Granted, Shares | 150,731 | 135,019 | 140,339 |
| Exercised, Shares | (173,260) | (56,645) | (279,499) |
| Forfeited or cancelled, Shares | (2,642) | (22,184) | (10,199) |
| Outstanding, end of period, Shares | 1,111,871 | 1,137,042 | 1,080,852 |
| Exercisable, end of period, Shares | 830,549 | 864,186 | 755,953 |
| Weighted Average Exercise Price | |||
| Outstanding, beginning of period, Weighted Average Exercise Price | $ 111.57 | $ 107.07 | $ 99.14 |
| Granted, Weighted Average Exercise Price | 134.26 | 140.01 | 139.51 |
| Exercised, Weighted Average Exercise Price | 93.37 | 88.1 | 87.95 |
| Forfeited or cancelled, Weighted Average Exercise Price | 134.99 | 125.15 | 121.39 |
| Outstanding, end of period, Weighted Average Exercise Price | 117.43 | 111.57 | 107.07 |
| Exercisable, end of period, Weighted Average Exercise Price | $ 110.85 | $ 104.16 | $ 98.82 |
Stock-based Compensation Plans (Schedule of Stock Option Valuation Assumptions) (Details) - Employee Stock Option |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Dividend yield | 2.532% | 2.314% | 2.15% |
| Expected volatility, minimum | 23.571% | 24.429% | 24.254% |
| Expected volatility, maximum | 30.041% | 28.803% | 32.174% |
| Weighted average expected volatility | 26.32% | 26.05% | 28.08% |
| Risk-free interest rate, minimum | 4.202% | 4.008% | 1.562% |
| Risk-free interest rate, maximum | 4.571% | 4.613% | 1.803% |
| Minimum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Expected term, in years | 2 years 6 months | 2 years 6 months | 2 years 6 months |
| Maximum [Member] | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Expected term, in years | 7 years | 7 years | 7 years |
Earnings Per Share and Shareholders' Equity Transactions (Information Regarding Basic and Diluted Earnings Per Share) (Details) - $ / shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Basic shares used in the calculation of earnings per share | 35.9 | 35.7 | 35.6 |
| Diluted shares used in the calculation of earnings per share | 36.4 | 36.1 | 36.1 |
| Per share effect of dilutive securities on income from continuing operations and net income | $ (0.15) | $ (0.01) | $ (0.05) |
| Employee Stock Options [Member] | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Dilutive effect of securities | 0.2 | 0.1 | 0.2 |
| Non-Vested Stock Grants [Member] | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Dilutive effect of securities | 0.3 | 0.3 | 0.3 |
Earnings Per Share and Shareholders' Equity Transactions (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Class Of Stock [Line Items] | |||
| Repurchased common shares | 8,100,000 | ||
| Repurchased common shares value | $ 1,300,000,000 | ||
| Stock available for additional repurchases | $ 303,000,000 | ||
| Open Market Purchases [Member] | |||
| Class Of Stock [Line Items] | |||
| Repurchased common shares | 200,000 | 0 | 200,000 |
| Maximum [Member] | Accelerated Share Repurchase Agreement [Member] | |||
| Class Of Stock [Line Items] | |||
| Repurchases common stock, authorized | $ 1,300,000,000 | ||
| Stock Compensation Plans [Member] | |||
| Class Of Stock [Line Items] | |||
| Antidilutive securities excluded from calculation of earnings per share | 400,000 | 300,000 | 100,000 |
Segment Information (Narrative) (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
Segment
|
Dec. 31, 2023
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||
| Operating segments | Segment | 4 | |
| Identifiable assets | $ 85.7 | $ 86.6 |
| Liabilities held-for-sale | $ 108.6 | 113.0 |
| Segment reporting, codm, profit (loss) measure, how used, description | Results of the reporting segments are evaluated based on operating income (loss) before interest expense and income taxes, which excludes certain items that are included in net income, such as net realized and unrealized investment gains and losses. Such gains and losses are excluded since they are determined by interest rates, financial markets and the timing of sales. Also, operating income (loss) before interest expense and income taxes excludes net gains and losses on disposals of businesses, gains and losses related to the repayment of debt, discontinued operations, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes and certain other items. Although the items excluded from operating income (loss) before interest expense and income taxes may be important components in understanding and assessing the Company’s overall financial performance, management believes that the presentation of operating income (loss) before interest expense and income taxes enhances an investor’s understanding of the Company’s results of operations by highlighting net income attributable to the core operations of the business. However, operating income (loss) before interest expense and income taxes should not be construed as a substitute for income before income taxes or income from continuing operations or as a substitute for net income. | |
| Segment reporting, expense information used by codm, description | For the Core Commercial, Specialty and Personal Lines segments, the Company’s CODM uses operating income (loss) before interest expense and income taxes, along with future growth expectations in these measures, and industry and economic information, in deciding the allocation of resources (including employees, financial or capital resources) primarily during the strategic and annual planning processes. The CODM considers a variety of factors, both external and internal, including monthly performance of operating income (loss) before interest expense and income taxes, this performance relative to the plan, as well as current industry factors, and may update resource allocations accordingly throughout the year. | |
| Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration] | Operating Income (Loss) before Interest Expense and Income Taxes [Member] | |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | President and Chief Executive Officer [Member] | |
| Accident and Health Insurance Business [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Identifiable assets | $ 83.7 | 84.4 |
| Liabilities held-for-sale | $ 78.9 | $ 83.5 |
Segment Information (Identifiable Assets by Business Segment) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Identifiable assets | $ 15,274.5 | $ 14,612.6 |
| Identifiable assets | 85.7 | 86.6 |
| Property and Casualty [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Identifiable assets | 15,188.8 | 14,526.0 |
| Assets of Discontinued Operations [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Identifiable assets | $ 85.7 | $ 86.6 |
Reinsurance (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Effects Of Reinsurance [Line Items] | |||
| Property and casualty premiums earned, Ceded | $ 659.9 | $ 629.4 | $ 612.9 |
| Property and casualty losses and LAE, Ceded | 419.1 | 397.3 | 361.6 |
| Reinsurance recoverable on paid and unpaid losses and unearned premiums | 1,994.5 | 2,056.1 | |
| MCCA [Member] | |||
| Effects Of Reinsurance [Line Items] | |||
| Property and casualty premiums earned, Ceded | 39.2 | 32.9 | 34.6 |
| Property and casualty losses and LAE, Ceded | 60.0 | 72.8 | $ 32.6 |
| Reinsurance recoverable on paid and unpaid losses and unearned premiums | $ 870.4 | $ 911.7 | |
| MCCA [Member] | Reinsurance Receivable [Member] | Reinsurer Concentration Risk [Member] | |||
| Effects Of Reinsurance [Line Items] | |||
| Percentage of reinsurance receivable represented by segment | 43.60% | ||
Statutory Financial Information (Statutory Accounting Practices Disclosure) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statutory Accounting Practices [Abstract] | |||
| Statutory Net Income | $ 404.7 | $ 36.5 | $ 231.8 |
| Statutory Capital and Surplus | $ 2,971.7 | $ 2,642.7 | $ 2,690.4 |
Statutory Financial Information (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Statutory Accounting Practices [Abstract] | |||
| Minimum statutory capital and surplus required | $ 705.7 | $ 667.0 | $ 645.9 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (STATEMENTS OF INCOME AND COMPREHENSIVE INCOME) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Condensed Financial Statements Captions [Line Items] | |||
| Net investment income | $ 372.6 | $ 332.1 | $ 296.3 |
| Net realized losses from sales and other | (84.2) | (8.9) | (26.5) |
| Total revenues | 6,237.4 | 5,993.5 | 5,468.6 |
| Interest expense | 34.1 | 34.1 | 34.1 |
| Other operating expenses | 686.4 | 607.7 | 573.9 |
| Total losses and expenses | 5,699.6 | 5,952.4 | 5,324.6 |
| Income tax benefit | (112.5) | (7.6) | (27.2) |
| Income from continuing operations | 425.3 | 33.5 | 116.8 |
| Net income | 426.0 | 35.3 | 116.0 |
| Other comprehensive income (loss), net of tax | 60.9 | 184.3 | (810.7) |
| Comprehensive income (loss) | 486.9 | 219.6 | (694.7) |
| The Hanover Insurance Group [Member] | |||
| Condensed Financial Statements Captions [Line Items] | |||
| Net investment income | 10.5 | 11.5 | 9.0 |
| Net realized losses from sales and other | (4.6) | (1.1) | (1.2) |
| Other income | 0.5 | 0.4 | |
| Total revenues | 5.9 | 10.9 | 8.2 |
| Interest expense | 34.1 | 34.1 | 34.0 |
| Employee benefit related expenses | 3.4 | 3.9 | 2.7 |
| Other operating expenses | 6.5 | 4.8 | 6.8 |
| Total losses and expenses | 51.1 | 49.8 | 50.4 |
| Net loss before income taxes and equity in income of subsidiaries | (45.2) | (38.9) | (42.2) |
| Income tax benefit | 12.6 | 10.8 | 13.6 |
| Equity in income of subsidiaries | 457.9 | 62.2 | 144.6 |
| Income from continuing operations | 425.3 | 34.1 | 116.0 |
| Income (loss) from discontinued life businesses, net of taxes | 0.7 | 1.2 | |
| Net income | 426.0 | 35.3 | 116.0 |
| Other comprehensive income (loss), net of tax | 60.9 | 184.3 | (810.7) |
| Comprehensive income (loss) | 486.9 | 219.6 | (694.7) |
| The Hanover Insurance Group [Member] | Related Party [Member] | |||
| Condensed Financial Statements Captions [Line Items] | |||
| Interest expense on loan from subsidiary | $ 7.1 | $ 7.0 | $ 6.9 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (STATEMENTS OF INCOME AND COMPREHENSIVE INCOME) (Parenthetical) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Condensed Financial Statements Captions [Line Items] | ||
| Income from discontinued operation, income tax expense | $ 0.2 | $ 0.3 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (BALANCE SHEETS) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Assets | |||
| Fair Value | $ 8,542.2 | $ 7,985.3 | |
| Equity securities - at fair value | 157.7 | 130.9 | |
| Cash and cash equivalents | 435.5 | 316.1 | |
| Other assets | 462.6 | 504.0 | |
| Total assets | 15,274.5 | 14,612.6 | |
| Liabilities | |||
| Short-term debt | 61.8 | ||
| Long-term debt | 722.3 | 783.2 | |
| Debt | 784.1 | 783.2 | |
| Total liabilities | 12,432.7 | 12,147.0 | |
| Shareholders’ Equity | |||
| Preferred stock, par value $0.01 per share; 20.0 million shares authorized; none issued | |||
| Common stock, par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued | 0.6 | 0.6 | |
| Additional paid-in capital | 1,973.6 | 1,939.2 | |
| Accumulated other comprehensive loss | (456.3) | (517.2) | |
| Retained earnings | 3,209.6 | 2,909.4 | |
| Treasury stock at cost (24.6 and 24.7 million shares) | (1,885.7) | (1,866.4) | |
| Total shareholders’ equity | 2,841.8 | 2,465.6 | $ 2,333.7 |
| Total liabilities and shareholders’ equity | 15,274.5 | 14,612.6 | |
| The Hanover Insurance Group [Member] | |||
| Assets | |||
| Fair Value | 227.2 | 283.5 | |
| Equity securities - at fair value | 2.8 | 1.2 | |
| Cash and cash equivalents | 57.4 | 38.3 | |
| Investments in subsidiaries | 3,451.3 | 3,039.7 | |
| Current income tax receivable | 4.7 | 2.8 | |
| Other assets | 3.3 | 3.2 | |
| Total assets | 3,771.9 | 3,394.0 | |
| Liabilities | |||
| Expenses and state taxes payable | 10.7 | 9.9 | |
| Interest payable | 10.3 | 10.3 | |
| Short-term debt | 61.8 | ||
| Long-term debt | 847.3 | 908.2 | |
| Total liabilities | 930.1 | 928.4 | |
| Shareholders’ Equity | |||
| Preferred stock, par value $0.01 per share; 20.0 million shares authorized; none issued | |||
| Common stock, par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued | 0.6 | 0.6 | |
| Additional paid-in capital | 1,973.6 | 1,939.2 | |
| Accumulated other comprehensive loss | (456.3) | (517.2) | |
| Retained earnings | 3,209.6 | 2,909.4 | |
| Treasury stock at cost (24.6 and 24.7 million shares) | (1,885.7) | (1,866.4) | |
| Total shareholders’ equity | 2,841.8 | 2,465.6 | |
| Total liabilities and shareholders’ equity | 3,771.9 | 3,394.0 | |
| The Hanover Insurance Group [Member] | Related Party [Member] | |||
| Assets | |||
| Net receivable from subsidiaries | $ 25.2 | $ 25.3 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (BALANCE SHEETS) (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Condensed Financial Statements Captions [Line Items] | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 20,000,000.0 | 20,000,000.0 |
| Preferred stock, issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 300,000,000.0 | 300,000,000.0 |
| Common stock, shares issued | 60,500,000 | 60,500,000 |
| Treasury stock, shares | 24,600,000 | 24,700,000 |
| The Hanover Insurance Group [Member] | ||
| Condensed Financial Statements Captions [Line Items] | ||
| Fixed maturities, amortized cost | $ 231.1 | $ 296.1 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 20,000,000.0 | 20,000,000.0 |
| Preferred stock, issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 300,000,000.0 | 300,000,000.0 |
| Common stock, shares issued | 60,500,000 | 60,500,000 |
| Treasury stock, shares | 24,600,000 | 24,700,000 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flows from operating activities | |||
| Net income | $ 426.0 | $ 35.3 | $ 116.0 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Deferred income tax benefit | (18.8) | (24.6) | (46.5) |
| Change in expenses and taxes payable | (8.7) | 48.0 | 3.3 |
| Other, net | 62.8 | 1.3 | (62.3) |
| Net cash provided by operating activities | 806.4 | 361.7 | 722.3 |
| Cash flows from investing activities | |||
| Proceeds from disposals and maturities of fixed maturities | 1,844.1 | 168.8 | 489.0 |
| Proceeds from disposals of equity securities and other investments | 115.5 | 141.1 | 488.4 |
| Purchase of fixed maturities | (3,240.7) | (1,059.8) | (1,960.2) |
| Purchase of equity securities and other investments | (72.0) | (70.8) | (124.3) |
| Net cash used in investing activities | (540.9) | (228.5) | (507.6) |
| Cash flows from financing activities | |||
| Proceeds from exercise of employee stock options | 16.7 | 6.5 | 13.3 |
| Dividends paid to shareholders | (124.1) | (117.2) | (108.9) |
| Repurchases of common stock | (26.7) | (30.8) | |
| Net cash used in financing activities | (145.5) | (122.1) | (140.6) |
| Cash and cash equivalents, beginning of year | 316.1 | 305.0 | 230.9 |
| Cash and cash equivalents, end of year | 435.5 | 316.1 | 305.0 |
| The Hanover Insurance Group [Member] | |||
| Cash flows from operating activities | |||
| Net income | 426.0 | 35.3 | 116.0 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Net realized investment losses | 4.6 | 1.1 | 1.2 |
| Equity in net income of subsidiaries | (457.9) | (62.2) | (144.6) |
| Dividends received from subsidiaries. net of capital contributed | 75.5 | 0.7 | 12.2 |
| Deferred income tax benefit | (1.9) | (0.4) | (2.5) |
| Change in expenses and taxes payable | (1.9) | (5.6) | 4.7 |
| Change in net receivable from subsidiaries | 23.2 | 24.1 | 18.3 |
| Other, net | 1.0 | 1.4 | 3.2 |
| Net cash provided by operating activities | 68.6 | (5.6) | 8.5 |
| Cash flows from investing activities | |||
| Proceeds from disposals and maturities of fixed maturities | 187.8 | 111.4 | 155.0 |
| Proceeds from disposals of equity securities | 0.2 | ||
| Purchase of fixed maturities | (103.4) | (15.3) | |
| Net cash used in investing activities | 84.6 | 111.4 | 139.7 |
| Cash flows from financing activities | |||
| Proceeds from exercise of employee stock options | 16.7 | 6.5 | 13.3 |
| Dividends paid to shareholders | (124.1) | (117.2) | (108.9) |
| Repurchases of common stock | (26.7) | (30.8) | |
| Net cash used in financing activities | (134.1) | (110.7) | (126.4) |
| Net change in cash and cash equivalents | 19.1 | (4.9) | 21.8 |
| Cash and cash equivalents, beginning of year | 38.3 | 43.2 | 21.4 |
| Cash and cash equivalents, end of year | $ 57.4 | $ 38.3 | $ 43.2 |
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| The Hanover Insurance Group [Member] | |||
| Supplementary Insurance Information By Segment [Line Items] | |||
| Investment assets transferred to the parent company to settle dividend balances | $ 25.8 | $ 98.6 | $ 98.8 |
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Deferred acquisition costs | $ 662,800,000 | $ 620,800,000 | $ 604,800,000 | ||||
| Unearned premiums | 3,283,300,000 | 3,102,500,000 | 2,954,200,000 | ||||
| Other policy claims and benefits payable | 14,100,000 | 12,800,000 | 11,500,000 | ||||
| Premium revenue | 5,912,600,000 | 5,663,100,000 | 5,252,300,000 | ||||
| Net investment income | [1] | 372,600,000 | 332,100,000 | 296,300,000 | |||
| Benefits, claims, losses and settlement expenses | 3,757,400,000 | 4,134,600,000 | 3,623,400,000 | ||||
| Amortization of deferred acquisition costs | 1,221,700,000 | 1,176,000,000 | 1,093,200,000 | ||||
| Other operating expenses | [2] | 720,500,000 | 641,800,000 | 608,000,000.0 | |||
| Premiums written | 6,083,600,000 | 5,810,200,000 | 5,476,500,000 | ||||
| Operating Segments [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Future policy benefits, losses, claims and loss expenses | 7,447.1 | 7,295.3 | 7,001.1 | ||||
| Interest On Debt [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Other operating expenses | [2] | 34,100,000 | 34,100,000 | 34,100,000 | |||
| Eliminations [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Other operating expenses | [2] | (3,600,000) | (8,100,000) | (7,800,000) | |||
| Core Commercial [Member] | Operating Segments [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Deferred acquisition costs | 230,800,000 | 223,000,000.0 | 212,600,000 | ||||
| Future policy benefits, losses, claims and loss expenses | 3,606.3 | 3,461.5 | 3,344.9 | ||||
| Unearned premiums | 1,121,400,000 | 1,066,800,000 | 1,016,900,000 | ||||
| Other policy claims and benefits payable | 7,400,000 | 6,900,000 | 6,000,000.0 | ||||
| Premium revenue | 2,148,800,000 | 2,060,300,000 | 1,950,500,000 | ||||
| Net investment income | [1] | 170,400,000 | 151,800,000 | 136,200,000 | |||
| Benefits, claims, losses and settlement expenses | 1,302,100,000 | 1,354,900,000 | 1,336,500,000 | ||||
| Amortization of deferred acquisition costs | 462,600,000 | 443,800,000 | 417,700,000 | ||||
| Other operating expenses | [2] | 277,900,000 | 250,900,000 | 229,600,000 | |||
| Premiums written | 2,195,500,000 | 2,107,000,000 | 1,999,900,000 | ||||
| Specialty [Member] | Operating Segments [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Deferred acquisition costs | 209,200,000 | 193,600,000 | 188,300,000 | ||||
| Future policy benefits, losses, claims and loss expenses | 1,669.1 | 1,619.6 | 1,592.6 | ||||
| Unearned premiums | 800,400,000 | 755,100,000 | 747,900,000 | ||||
| Other policy claims and benefits payable | 6,700,000 | 5,900,000 | 5,500,000 | ||||
| Premium revenue | 1,322,000,000 | 1,274,200,000 | 1,189,000,000 | ||||
| Net investment income | [1] | 84,500,000 | 71,100,000 | 62,100,000 | |||
| Benefits, claims, losses and settlement expenses | 646,700,000 | 645,500,000 | 641,800,000 | ||||
| Amortization of deferred acquisition costs | 347,400,000 | 329,500,000 | 303,900,000 | ||||
| Other operating expenses | [2] | 160,600,000 | 133,200,000 | 124,800,000 | |||
| Premiums written | 1,373,900,000 | 1,293,300,000 | 1,243,700,000 | ||||
| Personal Lines [Member] | Operating Segments [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Deferred acquisition costs | 222,800,000 | 204,200,000 | 203,900,000 | ||||
| Future policy benefits, losses, claims and loss expenses | 2,108.8 | 2,148.8 | 1,998.1 | ||||
| Unearned premiums | 1,361,500,000 | 1,280,600,000 | 1,189,400,000 | ||||
| Premium revenue | 2,441,800,000 | 2,328,600,000 | 2,112,800,000 | ||||
| Net investment income | [1] | 106,700,000 | 96,800,000 | 86,800,000 | |||
| Benefits, claims, losses and settlement expenses | 1,807,200,000 | 2,131,900,000 | 1,643,900,000 | ||||
| Amortization of deferred acquisition costs | 411,700,000 | 402,700,000 | 371,600,000 | ||||
| Other operating expenses | [2] | 234,000,000 | 211,600,000 | 207,000,000.0 | |||
| Premiums written | 2,514,200,000 | 2,409,900,000 | 2,232,900,000 | ||||
| Other [Member] | Operating Segments [Member] | |||||||
| Supplementary Insurance Information By Segment [Line Items] | |||||||
| Future policy benefits, losses, claims and loss expenses | 62.9 | 65.4 | 65.5 | ||||
| Net investment income | [1] | 11,000,000 | 12,400,000 | 11,200,000 | |||
| Benefits, claims, losses and settlement expenses | 1,400,000 | 2,300,000 | 1,200,000 | ||||
| Other operating expenses | [2] | $ 17,500,000 | $ 20,100,000 | $ 20,300,000 | |||
| |||||||
SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of period | $ 12.0 | $ 14.1 | $ 15.2 |
| Additions (Charged to costs and expenses) | 15.9 | 13.1 | 10.9 |
| Deductions | (15.0) | (15.2) | (12.0) |
| Balance at end of period | 12.9 | 12.0 | 14.1 |
| Allowance for doubtful accounts [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of period | 5.1 | 6.2 | 6.3 |
| Additions (Charged to costs and expenses) | 15.9 | 13.1 | 10.9 |
| Deductions | (14.6) | (14.2) | (11.0) |
| Balance at end of period | 6.4 | 5.1 | 6.2 |
| Allowance for uncollectible reinsurance recoverables [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of period | 6.9 | 7.9 | 8.9 |
| Additions (Charged to costs and expenses) | 0.0 | ||
| Deductions | (0.4) | (1.0) | (1.0) |
| Balance at end of period | $ 6.5 | $ 6.9 | $ 7.9 |
SCHEDULE VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Net incurred losses and LAE in respect of losses occurring in current year | $ 3,866.8 | $ 4,150.5 | $ 3,656.0 | |||
| Net incurred losses and LAE in respect of losses occurring in prior years | 109.4 | 15.9 | 32.6 | |||
| Reinsurance Recoverable On Unpaid Losses Property Casualty Liability | 1,829.8 | 1,795.0 | 1,748.6 | $ 1,693.8 | ||
| Prepaid premiums, gross | 90.5 | 99.1 | ||||
| Consolidated Property and Casualty Insurance Entity [Member] | ||||||
| Deferred acquisition costs | 662.8 | 620.8 | ||||
| Reserves for unpaid claims and claim adjustment expenses | [1] | 7,461.2 | 7,308.1 | |||
| Unearned premiums | [1] | 3,283.3 | 3,102.5 | |||
| Earned premiums | 5,912.6 | 5,663.1 | 5,252.3 | |||
| Net investment income | 372.6 | 332.1 | 296.3 | |||
| Net incurred losses and LAE in respect of losses occurring in current year | 3,866.8 | 4,150.5 | 3,656.0 | |||
| Net incurred losses and LAE in respect of losses occurring in prior years | (109.4) | (15.9) | (32.6) | |||
| Amortization of deferred acquisition costs | 1,221.7 | 1,176.0 | 1,093.2 | |||
| Paid claims and claim adjustment expenses | 3,639.1 | 3,885.5 | 3,113.2 | |||
| Premiums written | $ 6,083.6 | $ 5,810.2 | $ 5,476.5 | |||
| ||||||