ASSURANT, INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-31978    
Entity Registrant Name Assurant, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 39-1126612    
Entity Address, Address Line One 260 Interstate North Circle SE    
Entity Address, City or Town Atlanta    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 30339    
City Area Code 770    
Local Phone Number 763-1000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 8,580
Entity Common Stock, Shares Outstanding   50,791,921  
Documents Incorporated by Reference
Documents Incorporated by Reference
 
Certain information contained in the definitive proxy statement for the registrant’s 2025 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates, is incorporated by reference into Part III hereof.
    
Entity Central Index Key 0001267238    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $0.01 Par Value    
Trading Symbol AIZ    
Security Exchange Name NYSE    
Subordinated Notes      
Entity Information [Line Items]      
Title of 12(b) Security 5.25% Subordinated Notes due 2061    
Trading Symbol AIZN    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost – $7,524.8 and $7,292.4 at December 31, 2024 and 2023, respectively) $ 7,175.1 $ 6,912.1
Equity securities at fair value 208.5 223.0
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.5 and $4.0 at December 31, 2024 and 2023, respectively) 342.5 328.7
Short-term investments 281.6 258.1
Other investments 536.8 499.0
Total investments 8,544.5 8,220.9
Cash and cash equivalents 1,807.7 1,627.4
Premiums and accounts receivable (net of allowances for credit losses of $7.2 and $9.0 at December 31, 2024 and 2023, respectively) 2,054.0 2,265.6
Reinsurance recoverables (net of allowances for credit losses of $5.0 and $4.8 at December 31, 2024 and 2023, respectively) 7,579.5 6,649.2
Accrued investment income 130.5 97.0
Deferred acquisition costs 9,992.8 9,967.2
Property and equipment, net 768.3 685.8
Goodwill 2,616.0 2,608.8
Value of business acquired 8.0 83.9
Other intangible assets, net 535.6 567.1
Other assets (net of allowances for credit losses of $0.6 and $0.7 at December 31, 2024 and 2023, respectively) 983.7 862.3
Total assets 35,020.6 33,635.2
Liabilities    
Future policy benefits and expenses 536.7 487.2
Unearned premiums 20,211.4 20,110.4
Claims and benefits payable 2,914.2 1,989.2
Commissions payable 559.6 542.8
Reinsurance balances payable 493.2 430.1
Funds held under reinsurance 277.7 392.7
Accounts payable and other liabilities (including allowances for credit losses of $1.4 and $8.3 at December 31, 2024 and 2023) 2,838.0 2,792.7
Debt 2,083.1 2,080.6
Total liabilities 29,913.9 28,825.7
Commitments and contingencies (Note 26)
Stockholders’ equity    
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,129,838 and 54,252,083 shares issued and 50,833,749 and 51,955,994 shares outstanding at December 31, 2024 and 2023, respectively 0.5 0.6
Additional paid-in capital 1,686.8 1,668.5
Retained earnings 4,378.3 4,028.2
Accumulated other comprehensive loss (836.1) (765.0)
Treasury stock, at cost; 2,296,089 shares at December 31, 2024 and 2023 (122.8) (122.8)
Total equity 5,106.7 4,809.5
Total liabilities and equity $ 35,020.6 $ 33,635.2
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed maturity securities available for sale, amortized cost $ 7,524.8 $ 7,292.4
Commercial mortgage loans on real estate, allowance for credit losses 6.5 4.0
Premiums and accounts receivable, allowance for credit losses 7.2 9.0
Reinsurance recoverable, allowance for credit losses 5.0 4.8
Other assets, allowance for credit losses 0.6 0.7
Accounts payable and other liabilities, allowances for credit losses $ 1.4 $ 8.3
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock shares issued (in shares) 53,129,838 54,252,083
Common stock, shares outstanding (in shares) 50,833,749 51,955,994
Treasury stock, at cost (in shares) 2,296,089 2,296,089
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Net earned premiums $ 9,795.8 $ 9,388.0 $ 8,765.3
Fees and other income 1,638.6 1,323.2 1,243.3
Net investment income 518.9 489.1 364.1
Net realized losses on investments (including $25.1, $17.0 and $4.6 of impairment-related losses for the years ended December 31, 2024, 2023 and 2022, respectively) and fair value changes to equity securities (75.8) (68.7) (179.7)
Total revenues 11,877.5 11,131.6 10,193.0
Benefits, losses and expenses      
Policyholder benefits 2,766.5 2,521.8 2,359.8
Underwriting, selling, general and administrative expenses 8,076.7 7,695.1 7,366.3
Goodwill impairment (Note 14) 0.0 0.0 7.8
Interest expense 107.0 108.0 108.3
(Gain) loss on extinguishment of debt (Note 18) 0.0 (0.1) 0.9
Total benefits, losses and expenses 10,950.2 10,324.8 9,843.1
Income before income tax expense 927.3 806.8 349.9
Income tax expense 167.1 164.3 73.3
Net income $ 760.2 $ 642.5 $ 276.6
Earnings Per Common Share      
Basic (in dollars per share) $ 14.55 $ 12.02 $ 5.09
Diluted (in dollars per share) $ 14.46 $ 11.95 $ 5.05
Share Data      
Weighted average common shares outstanding used in basic per common share calculations (in shares) 52,231,729 53,455,139 54,371,531
Plus: Dilutive securities (in shares) 349,373 327,930 410,997
Weighted average common shares used in diluted per common share calculations (in shares) 52,581,102 53,783,069 54,782,528
v3.25.0.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net realized losses on investments $ 25.1 $ 17.0 $ 4.6
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 760.2 $ 642.5 $ 276.6
Other comprehensive income (loss):      
Change in net unrealized gains on securities, net of taxes of $(5.4), $(52.6) and $196.7 for the years ended December 31, 2024, 2023 and 2022, respectively 13.6 207.7 (769.8)
Change in unrealized gains on derivative transactions, net of taxes of $1.7, $0.3 and $0.7 for the years ended December 31, 2024, 2023 and 2022, respectively (6.3) (1.3) (2.6)
Change in foreign currency translation, net of taxes of $3.5, $(2.3) and $(6.0) for the years ended December 31, 2024, 2023 and 2022, respectively (63.3) 42.1 (67.1)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, net of taxes of $4.0, $7.2 and $(0.9) for the years ended December 31, 2024, 2023 and 2022, respectively (15.1) (27.3) 3.3
Total other comprehensive income (loss) (71.1) 221.2 (836.2)
Total comprehensive income (loss) attributable to common stockholders $ 689.1 $ 863.7 $ (559.6)
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Change in unrealized gains on securities, tax $ (5.4) $ (52.6) $ 196.7
Change in unrealized gains on derivative transactions, tax 1.7 0.3 0.7
Change in foreign currency translation, tax 3.5 (2.3) (6.0)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, tax $ 4.0 $ 7.2 $ (0.9)
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance at Dec. 31, 2021 $ 5,464.1 $ 0.7 $ 1,695.0 $ 4,041.2 $ (150.0) $ (122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock plan exercises 13.6   13.6      
Stock plan compensation expense 62.6   62.6      
Common stock dividends (150.2)     (150.2)    
Acquisition of common stock (601.8) (0.1) (133.4) (468.3)    
Net income 276.6     276.6    
Other comprehensive (loss) income (836.2)       (836.2)  
Ending balance at Dec. 31, 2022 4,228.7 0.6 1,637.8 3,699.3 (986.2) (122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock plan exercises 14.9   14.9      
Stock plan compensation expense 75.1   75.1      
Common stock dividends (152.3)     (152.3)    
Acquisition of common stock (220.6)   (59.3) (161.3)    
Net income 642.5     642.5    
Other comprehensive (loss) income 221.2       221.2  
Ending balance at Dec. 31, 2023 4,809.5 0.6 1,668.5 4,028.2 (765.0) (122.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock plan exercises 14.8   14.8      
Stock plan compensation expense 81.1   81.1      
Common stock dividends (155.9)     (155.9)    
Acquisition of common stock (331.9) (0.1) (77.6) (254.2)    
Net income 760.2     760.2    
Other comprehensive (loss) income (71.1)       (71.1)  
Ending balance at Dec. 31, 2024 $ 5,106.7 $ 0.5 $ 1,686.8 $ 4,378.3 $ (836.1) $ (122.8)
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Common stock dividends (in dollars per share) $ 2.96 $ 2.82 $ 2.74
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 760.2 $ 642.5 $ 276.6
Noncash revenues, expenses, gains and losses included in income:      
Deferred tax expense (benefit) 244.9 (108.5) 63.8
Depreciation and amortization 223.5 196.4 182.0
Net realized losses on investments, including impairment losses 75.8 68.7 179.7
(Gain) loss on extinguishment of debt 0.0 (0.1) 0.9
Restructuring costs 5.4 34.3 41.8
Loss on sale of business 8.6 0.0 0.0
Stock based compensation expense 81.1 75.1 62.6
Goodwill impairment 0.0 0.0 7.8
Changes in operating assets and liabilities:      
Insurance policy reserves and expenses 1,192.2 9.4 1,877.3
Premiums and accounts receivable 172.8 120.6 (465.6)
Commissions payable 36.6 (92.6) (30.7)
Reinsurance recoverable (892.2) 345.6 (809.5)
Reinsurance balance payable 69.7 (68.5) 41.7
Funds withheld under reinsurance (112.6) 25.4 4.9
Deferred acquisition costs and value of business acquired (Note 12 and 15) (26.8) (81.9) (552.2)
Taxes (receivable) payable (116.5) (92.9) 88.2
Other assets and other liabilities (324.2) 95.9 (349.9)
Other (65.8) (31.3) (22.5)
Net cash provided by operating activities 1,332.7 1,138.1 596.9
Sales of:      
Fixed maturity securities available for sale 1,330.9 1,464.6 2,468.8
Equity securities 87.6 52.7 52.3
Other invested assets 91.6 90.7 144.7
Subsidiary, net of cash transferred (5.0) 0.0 4.8
Maturities, calls, prepayments, and scheduled redemption of:      
Fixed maturity securities available for sale 564.4 280.2 483.6
Commercial mortgage loans on real estate 40.6 20.4 40.5
Purchases of:      
Fixed maturity securities available for sale (2,286.8) (2,146.8) (3,059.9)
Equity securities (60.9) (3.4) (27.3)
Commercial mortgage loans on real estate (57.2) (55.6) (80.3)
Other invested assets (101.9) (49.3) (111.8)
Property and equipment and other (221.3) (202.5) (186.3)
Subsidiary, net of cash transferred [1] (12.9) (0.3) (72.5)
Change in short-term investments (27.0) (90.8) 80.7
Other 0.1 2.4 0.6
Net cash used in investing activities (657.8) (637.7) (262.1)
Financing activities      
Issuance of debt, net of issuance costs (Note 18) 0.0 173.2 0.0
Repayment of debt 0.0 (225.0) (75.9)
Payment of contingent liability 0.0 (2.5) 0.0
Acquisition of common stock (307.4) (193.1) (572.8)
Common stock dividends paid (155.9) (152.3) (150.2)
Employee stock purchases and withholdings (14.2) (4.2) (19.5)
Net cash used in financing activities (477.5) (403.9) (818.4)
Effect of exchange rate changes on cash and cash equivalents (17.1) (5.8) (34.5)
Change in cash and cash equivalents 180.3 90.7 (518.1)
Cash and cash equivalents at beginning of period 1,627.4 1,536.7 2,054.8
Cash and cash equivalents at end of period 1,807.7 1,627.4 1,536.7
Supplemental information:      
Income taxes paid (38.9) 235.4 127.7
Interest paid on debt $ 107.4 $ 107.4 $ 108.6
[1] Amounts for the year ended December 31, 2022 primarily consist of $55.2 million in cash consideration for the acquisition of American Lease Insurance Agency Corporation (“ALI”), net of $4.8 million of cash acquired.
v3.25.0.1
Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Aggregate cash consideration $ 72.5 [1]
American Lease Insurance Agency Corporation  
Aggregate cash consideration 55.2
Cash acquired from acquisition $ 4.8
[1] Amounts for the year ended December 31, 2022 primarily consist of $55.2 million in cash consideration for the acquisition of American Lease Insurance Agency Corporation (“ALI”), net of $4.8 million of cash acquired.
v3.25.0.1
Nature of Operations
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Assurant, Inc. (the “Company”) is a leading global protection company that safeguards and services major consumer purchases through data-driven, technology solutions. The Company partners with the world’s foremost brands to deliver exceptional customer experiences that meet device, car and home needs. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products (referred to as “Connected Living”); and vehicle protection services, commercial equipment services and other related services (referred to as “Global Automotive”). Through its Global Housing segment, the Company provides lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as “Homeowners”); and renters insurance and other products (referred to as “Renters and Other”).
The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ.”
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Amounts are presented in United States of America (“U.S.”) Dollars and all amounts are in millions, except for number of shares, per share amounts and number of securities. Certain prior period amounts have been revised to reflect the realignment of the composition of its reportable segments to correspond with changes to its operating structure effective January 1, 2023.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and its controlled subsidiaries, generally through a greater than 50% ownership of voting rights and voting interests. Equity investments in entities that the Company does not consolidate, but where the Company has significant influence or where the Company has more than a minor influence over the entity’s operating and financial policies, are accounted for under the equity method. All material inter-company transactions and balances are eliminated in consolidation. In order to facilitate the Company’s closing process, financial information from certain foreign subsidiaries and affiliates is reported on a one to three-month lag.
Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts. The items affected by the use of estimates include but are not limited to, investments, reinsurance recoverables, premium and accounts receivables, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred income taxes and associated valuation allowances, goodwill, intangible assets, future policy benefits and expenses, unearned premiums, claims and benefits payable, deferred gain on disposal of businesses, pension and post-retirement liabilities and commitments and contingencies. The estimates are sensitive to market conditions, investment yields, mortality, morbidity, commissions and other acquisition expenses, policyholder behavior and other factors. Actual results could differ from the estimates recorded. The Company believes all amounts reported are reasonable and adequate.
Fair Value
The Company uses an exit price for its fair value measurements. An exit price is defined as the amount received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In measuring fair value, the Company gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 9 for additional information.
Foreign Currency
For foreign affiliates where the local currency is the functional currency, unrealized foreign currency translation gains and losses net of deferred income taxes have been reflected in accumulated other comprehensive income (“AOCI”). For Canada, Argentina, Brazil, Chile and Mexico, deferred taxes have not been provided for unrealized currency translation gains and losses since the Company intends to indefinitely reinvest the earnings in these other jurisdictions. Transaction gains and losses on assets and liabilities denominated in foreign currencies are recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations during the period in which they occur.
Management generally identifies highly inflationary markets as those markets whose cumulative inflation rates over a three-year period exceeds 100%, in addition to considering other qualitative and quantitative factors. Beginning July 1, 2018, as a result of the classification of Argentina’s economy as highly inflationary, the functional currency of our Argentina subsidiaries was changed from the local currency to U.S. Dollars. The subsidiaries’ non-U.S. Dollar denominated monetary assets and liabilities have been subject to remeasurement since July 1, 2018. For the years ended December 31, 2024, 2023 and 2022, the remeasurement resulted in $3.0 million, $29.4 million and $16.7 million, respectively, of net pre-tax losses which the Company classified within underwriting, selling, general and administrative expenses in the consolidated statements of operations. Based on the relative size of the subsidiaries’ operations and net assets subject to remeasurement, the Company does not anticipate the ongoing remeasurement to have a material impact on the Company’s results of operations or financial condition.
Variable Interest Entities
The Company may enter into agreements with other entities that are deemed to be variable interest entities (“VIEs”). Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (the “primary beneficiary”) as a result of having both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be
significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, the nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company only holds non-consolidated VIEs as of December 31, 2024 and 2023.
Investments
Fixed maturity securities are classified as available-for-sale as defined in the investments guidance and are reported at fair value. If the fair value is higher than the amortized cost for fixed maturity securities, the excess is an unrealized gain; and, if lower than amortized cost, the difference is an unrealized loss. Net unrealized gains and losses on securities classified as available-for-sale, less deferred income taxes, are included in AOCI.
Presentation of credit-related impairments is shown as an allowance, recognizing credit impairments upon purchase of securities as applicable, and requiring reversals of previously recognized credit-related impairments when applicable.
For available for sale fixed maturity securities in an unrealized loss position for which the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than the amortized cost basis, changes to the credit rating of the security by a nationally recognized statistical ratings organization and any adverse conditions specifically related to the security, industry or geographic area, among other factors. If this assessment indicates a potential credit loss may exist, the present value of cash flows expected to be collected are compared to the security’s amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit-related impairment exists, and a charge to income and an associated allowance for credit losses is recorded for the credit-related impairment. Any impairment not related to credit losses is recorded through other comprehensive income. The amount of the allowance for credit losses is limited to the amount by which fair value is less than the amortized cost basis. Upon recognizing a credit-related impairment, the cost basis of the security is not adjusted.
Subsequent changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. For fixed maturities where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value. Write-offs are charged against the allowance when management concludes the financial asset is uncollectible. For fixed maturities where the Company expects a recovery in value, the effective yield method is utilized, and the investment is amortized to par.
For available for sale fixed maturity securities that the Company intends to sell, or for which it is more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the entire impairment loss, or difference between the fair value and amortized cost basis of the security, is recognized in net realized gains (losses) on investments and fair value changes to equity securities. The new cost basis of the security is the previous amortized cost basis less the impairment recognized and is not adjusted for any subsequent recoveries in fair value.
The Company reports receivables for accrued investment income separately from fixed maturities available for sale and elected not to measure allowances for credit losses for accrued investment income as uncollectible balances are written off in a timely manner.
Equity securities that have readily determinable fair values are measured at fair value with changes in fair value recognized in net realized gains (losses) on investments and fair value changes to equity securities on the Company’s consolidated statements of operations. The Company has certain equity investments that do not have readily determinable fair values and the Company has elected the measurement alternative to carry such investments at cost, less impairment and to mark to fair value when observable prices in identical or similar investments from the same issuer occur.
Equity securities accounted for under the measurement alternative are impaired if a qualitative assessment based upon several indicators such as earnings performance, offers to sell or purchase, ability to continue as a going concern and macroeconomic factors indicates the equity investment is impaired and the fair value of the investment is less than its carrying value. If a qualitative assessment indicates impairment, a quantitative analysis, which uses probability weighted potential outcomes, is performed to determine the amount of the impairment to be recognized that result in a fair value measurement. Equity securities accounted for under the measurement alternative are included within other investments in the consolidated balance sheets.
Commercial mortgage loans on real estate are reported at unpaid principal balances, adjusted for amortization of premium or discount, less any allowance for credit losses. The allowance for the Company’s commercial mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, utilizing a probability-of-default and loss given default methodologies, which incorporate various probability weighted economic scenarios. The probability of default is estimated using macroeconomic factors as well as individual loan characteristics, including loan-to-value (“LTV”) and debt service coverage ratios (“DSC”), loan term, collateral type, geography and underlying credit. The loss given default is
driven primarily by the type and value of underlying collateral, and to a lesser extent by expected liquidation costs and time to recovery. Each loan is analyzed individually based on loan-specific data elements to estimate the expected loss and then aggregated.
The Company places loans on nonaccrual status after 90 days of delinquent payments (unless the loans are secured and in the process of collection). A loan may be placed on nonaccrual status before this time if information is available that suggests collection is unlikely. The Company charges off loan and accrued interest balances that are deemed uncollectible. Charge offs are recorded to net income in the period deemed uncollectible. Refer to Note 4 for further details on the allowance for credit losses on commercial mortgage loans.
Short-term investments include securities and other investments with durations of one year or less, but greater than three months, between the date of purchase and maturity. These amounts are reported at cost or amortized cost, which approximates fair value.
Other investments consist primarily of investments in joint ventures, partnerships, equity investments that do not have readily determinable fair values, invested assets associated with a modified coinsurance arrangement, invested assets associated with the Assurant Investment Plan (the “AIP”), the American Security Insurance Company Investment Plan (the “ASIC”) and the Assurant Deferred Compensation Plan (the “ADC”), as well as policy loans. The joint ventures and partnerships are valued according to the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee, generally on a three-month lag. The invested assets related to the modified coinsurance arrangement, the AIP, the ASIC and the ADC are classified as trading securities. Policy loans are reported at unpaid principal balances, which do not exceed the cash surrender value of the underlying policies.
Realized gains and losses on sales of investments are recognized on the specific identification basis.
Investment income is recorded as earned and reported net of investment expenses. The Company uses the interest method to recognize interest income on its commercial mortgage loans.
The Company anticipates prepayments of principal in the calculation of the effective yield for mortgage-backed securities and structured securities. The retrospective method is used to adjust the effective yield for the majority of the Company’s mortgage-backed and structured securities. For credit-sensitive or credit impaired structured securities, the effective yield is recalculated on a prospective basis, primarily our commercial mortgage-backed, residential mortgage-backed and asset backed securities.
Cash and Cash Equivalents
The Company considers all highly liquid securities and other investments with durations of three months or less between the date of purchase and maturity to be cash equivalents. These amounts are carried at cost, which approximates fair value. Cash balances are reviewed at the end of each reporting period to determine if negative cash balances exist. If negative cash balances exist, the cash accounts are netted with other positive cash accounts of the same bank provided the right of offset exists between the accounts. If the right of offset does not exist, the negative cash balances are reclassified to accounts payable and other liabilities.
Restricted cash and cash equivalents, of $122.4 million and $43.6 million at December 31, 2024 and 2023, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.
Reinsurance
For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit.
Reinsurance recoverables include amounts related to paid benefits and estimated amounts related to unpaid policy and contract claims, future policyholder benefits and policyholder contract deposits. The cost of reinsurance is recognized as a reduction to premiums earned over the terms of the underlying reinsured policies. Amounts recoverable from reinsurers are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves and are reported in the consolidated balance sheets. The cost of reinsurance related to long-duration contracts is recognized over the life of the underlying reinsured policies. The ceding of insurance does not discharge the Company’s primary liability to insureds, thus a credit exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers
and typically holds collateral (in the form of funds withheld, trusts and letters of credit) as security under the reinsurance agreements.
The Company accounts for credit losses using the expected credit loss model for reinsurance recoverables. The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of reinsurers are used in determining the probability of default. The allowance is established for reinsurance recoverables on paid and unpaid future policy benefits and claims and benefits. Prior to applying default factors, the net exposure to credit risk is reduced for any collateral for which the right of offset exists, such as funds withheld, assets held in trust and letters of credit, which are part of the reinsurance arrangements, with adjustments to include consideration of credit exposure on the collateral. The methodology used by the Company incorporates historical default factors for each reinsurer based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing and other relevant factors.
Funds held under reinsurance represent amounts contractually held from assuming companies in accordance with reinsurance agreements, primarily from collateral considerations.
Reinsurance premiums assumed are calculated based upon payments received from ceding companies together with accrual estimates, which are based on both payments received and in force policy information received from ceding companies. Any subsequent differences arising on such estimates are recorded in the period in which they are determined.
Premiums and Accounts Receivable
Premiums and accounts receivable includes insurance premiums receivable from policyholders and amounts due from sponsors or agents. The Company accounts for credit losses using the expected credit loss model for premiums and accounts receivable. For receivables due directly from the insured or consumer, the allowance for credit losses is generally calculated by aging the receivable balances and applying default factors based on the Company’s historical collection data. For receivables due from product sponsors or agents, receivable balances are generally segregated by the sponsor or agent and an appropriate default factor is determined based on creditworthiness, billing terms and aging of balances. The financial exposure of a credit loss is determined net of offsets (such as related unearned premium reserves for consumer receivables and receivables net of commissions payable, profit share liabilities and captive reinsurance for balances due from sponsors/agents) prior to applying a default factor.
Deferred Acquisition Costs
Only direct and incremental costs associated with the successful acquisition of new or renewal insurance contracts are deferred to the extent that such costs are deemed recoverable from future premiums. Acquisition costs primarily consist of commissions and premium taxes. Certain direct response advertising expenses are deferred when the primary purpose of the advertising is to elicit sales to customers who can be shown to have specifically responded to the advertising and the direct response advertising results in probable future benefits.
All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.
Premium deficiency testing is performed annually and generally reviewed quarterly. Such testing involves the use of assumptions including the anticipation of investment income to determine if anticipated future policy premiums are adequate to recover all DAC and related claims, benefits and expenses. To the extent a premium deficiency exists, it is recognized immediately by a charge to the consolidated statement of operations and a corresponding reduction in DAC. If the premium deficiency is greater than unamortized DAC, a loss (and related liability) is recorded for the excess deficiency.
Short Duration Contracts
Acquisition costs relating to extended service contracts, vehicle service contracts, mobile device protection, credit insurance, lender-placed homeowners insurance and flood, multifamily housing and manufactured housing insurance are amortized over the term of the contracts in relation to premiums earned. These acquisition costs consist primarily of advance commissions paid to agents.
Property and Equipment
Property and equipment are reported at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over estimated useful lives with a maximum of 39.5 years for buildings, a maximum of seven years for furniture and a maximum of five years for equipment. Expenditures for maintenance and repairs are charged to income as incurred. Expenditures for improvements are capitalized and depreciated over the remaining useful life of the asset.
Property and equipment also include capitalized software costs, comprised of purchased software as well as certain internal and external costs incurred during the application development stage that directly relate to obtaining, developing or
upgrading internal use software. Such costs are capitalized and amortized using the straight-line method over their estimated useful lives, not to exceed 15 years. Property and equipment are assessed for impairment when impairment indicators exist.
Goodwill 
Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. The Company performs the annual goodwill impairment test as of October 1 each year, or more frequently if indicators of impairment exist. Such indicators include: a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in the Company’s expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment.
Goodwill is tested for impairment at the reporting unit level, which is either at the operating segment or one level below, if that component is a business for which discrete financial information is available and segment management regularly reviews such information. Components within an operating segment can be aggregated into one reporting unit if they have similar economic characteristics.
At the time of the annual goodwill test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company is required to perform an additional quantitative step if it determines qualitatively that it is more likely than not (likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Otherwise, no further testing is required. 
If the Company determines that it is more likely than not that the reporting unit’s fair value is less than the carrying value, or otherwise elects to perform the quantitative testing, the Company compares the estimated fair value of the reporting unit with its net book value. If the reporting unit’s estimated fair value exceeds its net book value, goodwill is deemed not to be impaired. If the reporting unit’s net book value exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. Refer to Note 14 for further details on goodwill impairment testing for 2024.
Other Intangible Assets 
Intangible assets that have finite lives are amortized over their estimated useful lives based on the pattern in which the intangible asset is consumed, which may be other than straight-line. Estimated useful lives of finite intangible assets are required to be reassessed on at least an annual basis. For intangible assets with finite lives, impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the other intangible asset. Generally, other intangible assets with finite lives are only tested for impairment if there are indicators of impairment (“triggers”) identified. Triggers include a significant adverse change in the extent, manner or length of time in which the intangible asset is being used or a significant adverse change in legal factors or in the business climate that could affect the value of the other intangible asset.
VOBA represents the value of expected future profits in unearned premium for insurance contracts acquired in an acquisition. For vehicle service contracts and extended service contracts, such as those purchased in connection with the TWG acquisition, the amount is determined using estimates, for premium earnings patterns, paid loss development patterns, expense loads and discount rates applied to cash flows that include a provision for credit risk. The amount determined represents the purchase price paid to the seller for producing the business. For vehicle service contracts and extended service contracts, VOBA is amortized consistent with the premium earning patterns of the underlying in-force contracts. VOBA is tested at least annually in the fourth quarter for recoverability.
Amortization expense and impairment charges for other intangible assets are included in underwriting, selling, general and administrative expenses in the consolidated statements of operations. 
Other Assets 
Other assets include prepaid items, income tax receivable, deferred income tax assets, right-of-use assets, dealer loans and inventory associated with the Company’s mobile protection business.  
Reserves 
Reserves are established using generally accepted actuarial methods and reflect judgments about expected future premium and claim payments. Factors used in their calculation include experience derived from historical claim payments, expected future premiums and actuarial assumptions. Calculations incorporate assumptions about the incidence of incurred claims, the extent to which all claims have been reported, reporting lags, expenses, inflation rates, future investment earnings, internal claims processing costs and other relevant factors. The estimation of reserves includes an element of uncertainty given that management is using historical information and methods to project future events and reserve outcomes.
The recorded reserves represent the Company’s best estimate at a point in time of the ultimate costs of settlement and administration of a claim or group of claims based upon actuarial assumptions and projections using facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including: changes in the economic cycle, inflation, changes in repair costs, natural or human-made catastrophes, judicial trends, legislative changes and claims handling procedures.
Many of these items are not directly quantifiable and not all future events can be anticipated when reserves are established. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated. Because establishment of reserves is an inherently complex process involving significant judgment and estimates, there can be no certainty that future settlement amounts for claims incurred through the financial reporting date will not vary from reported claims reserves. Future loss development could require reserves to be increased or decreased, which could have a material effect on the Company’s earnings in the periods in which such increases or decreases are made. However, based on information currently available, the Company believes its reserve estimates are adequate.
The following table provides reserve information as of December 31, 2024 and 2023:
 December 31, 2024December 31, 2023
   Claims and Benefits
Payable		  Claims and Benefits
Payable
 Future
Policy
Benefits and
Expenses		Unearned
Premiums		Case
Reserves		Incurred
But Not
Reported
Reserves		Future
Policy
Benefits and
Expenses		Unearned
Premiums		Case
Reserves		Incurred
But Not
Reported
Reserves
Long Duration Contracts:
Non-core operations (1)$52.5 $— $1.2 $0.9 $57.7 $— $1.2 $1.0 
All other disposed or runoff businesses (2)484.2 1.7 — 0.1 429.5 1.9 — 0.1 
Short Duration Contracts:
Global Lifestyle— 18,368.4 149.0 572.7 — 18,536.6 132.5 472.7 
Global Housing— 1,813.6 828.7 1,056.6 — 1,554.9 138.0 851.9 
Non-core operations (1)— 5.8 35.5 85.9 — 13.9 44.0 151.8 
All other disposed or runoff businesses (2)— 21.9 81.7 101.9 — 3.1 88.5 107.5 
Total$536.7 $20,211.4 $1,096.1 $1,818.1 $487.2 $20,110.4 $404.2 $1,585.0 
(1)Includes certain businesses which the Company expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (collectively referred to as “non-core operations”), recorded in the Corporate and Other segment. During 2024, the mainland China operations were sold and will no longer be included in non-core operations going forward.
(2)Primarily includes businesses sold through reinsurance reported in the Corporate and Other and Global Lifestyle segments.
Long Duration Contracts 
The Company’s long duration contracts, after the sale of the disposed Global Preneed business and John Alden Life Insurance Company, primarily comprises run-off blocks of long-term care and universal life policies.
The Company adopted the targeted improvements accounting guidance for long-duration insurance contracts as of January 1, 2023, using a modified retrospective method on liabilities for future policy benefits and expenses to January 1, 2021 for long-term care insurance contracts that have been fully reinsured. The Company also elected to not apply the amended accounting guidance to long-duration contracts of legal entities sold and derecognized before the January 1, 2023 effective date as the Company has no significant continuing involvement with them.
Under the transition guidance, the long-term care insurance contracts are grouped into cohorts based on the contract’s issue year. Premiums are recognized when due as net earned premiums in the consolidated statement of operations. A future policy benefits and expenses reserve is recorded as the present value of estimated future policy benefits and expenses less the present value of estimated future net premiums. The net premium ratio (“NPR”) approach is used to recognize a liability when expected insurance benefits are accrued over the life of the contract in proportion to premium revenue. Policy expense assumptions are locked in as of December 31, 2020 as the long-term care insurance products are in run-off as of the transition date. Actual premiums and benefits are recognized on a quarterly basis in the consolidated statement of operations allocated in proportion to prior period cash flow projections at the cohort level. The updated cash flows used in the calculation are
discounted using the discount rate used in the last premium deficiency test update prior to December 31, 2020 (the “original discount rate”) and presented as interest expense in the consolidated statement of operations. The revised NPR is used to measure benefit expense based on the recognized premium revenue in the period. The difference between the updated future policy benefits and expenses reserve opening period and previous ending period due to updating the NPR is presented as a remeasurement gain or loss (e.g., a cumulative catch-up adjustment) in policyholder benefits in the Company’s consolidated statements of operations.
A remeasurement of the ending reporting period future policy benefits and expenses reserve is calculated using the current upper medium grade fixed-income corporate bond instrument yield as of the consolidated balance sheet ending period (the “current discount rate”). The current discount rate used is an externally published US corporate A index weighted average spot rate that is updated quarterly and effectively matches the duration of the expected cash flow streams of the long-term care reserves. The difference between the ending period future policy benefits and expenses reserve measured using the original discount rate and the future policy benefits and expenses reserve measured using the current discount rate is recorded in AOCI in the Company’s consolidated statements of comprehensive income.
The long-term care insurance contracts are fully reinsured and there is no impact to consolidated stockholders’ equity or net income as the reserves are fully reinsured. See Note 16 for additional information.
Future policy benefits and expense reserves for universal life insurance policies consist of policy account balances before applicable surrender charges that are being recognized in income over the terms of the policies. Policy benefits charged to expense during the period include amounts paid in excess of policy account balances and interest credited to policy account balances.
Short Duration Contracts 
The Company’s short duration contracts include products and services in the Global Lifestyle and Global Housing segments, and Assurant Employee Benefits policies fully covered by reinsurance and certain medical policies no longer offered. For Global Lifestyle, the main product lines include extended service contracts, vehicle services contracts, mobile device protection and credit insurance. The main product lines for Global Housing include lender-placed homeowners and flood, Multifamily Housing and manufactured housing. For short duration contracts, claims and benefits payable reserves are recorded when insured events occur. The liability is based on the expected ultimate cost of settling the claims. The claims and benefits payable reserves include (1) case reserves for known but unpaid claims as of the balance sheet date; (2) incurred but not reported (“IBNR”) reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date; and (3) loss adjustment expense reserves for the expected handling costs of settling the claims. Factors used in the calculation include experience derived from historical claim payments and actuarial assumptions including loss development factors and expected loss ratios.
The Company has exposure to asbestos, environmental and other general liability claims arising from its participation in various reinsurance pools from 1971 through 1985. This exposure arose from a short duration contract that the Company discontinued writing many years ago. The Company carries case reserves for these liabilities as recommended by the various pool managers and IBNR reserves. Estimation of these liabilities is subject to greater than normal variation and uncertainty due to the general lack of sufficiently detailed data, reporting delays and absence of a generally accepted actuarial methodology for determining the exposures. There are significant unresolved industry legal issues, including such items as whether coverage exists and what constitutes an occurrence. In addition, the determination of ultimate damages and the final allocation of losses to financially responsible parties are highly uncertain.
Changes in the estimated liabilities are recorded as a charge or credit to policyholder benefits as estimates are updated. Fees paid by the National Flood Insurance Program for processing and adjudication services are reported as a reduction of underwriting, selling, general and administrative expenses.
Debt 
The Company reports debt net of acquisition costs, unamortized discount or premium and repurchases. Interest expense related to debt is expensed as incurred. See Note 18 for additional information.
Contingencies 
A loss contingency is recorded if reasonably estimable and probable. The Company establishes reserves for these contingencies at the best estimate, or if no one estimated amount within the range of possible losses is more probable than any other, the Company records an estimated reserve at the low end of the estimated range. Contingencies affecting the Company primarily relate to legal and regulatory matters, which are inherently difficult to evaluate and are subject to significant changes.
Other Liabilities
With respect to the deductible portion of a high deductible claim, the Company manages and pays the entire claim on behalf of the insured and is reimbursed by the insured for the deductible portion of the claim. These recoverable amounts represent a credit exposure. The Company accounts for credit losses using the expected credit loss model for high deductible recoverables. The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of insureds are used in determining the probability of default. The allowance is established for unsecured portion of the high deductible recoverables on unpaid future policy benefits. The methodology used by the Company incorporates historical default factors for each insured based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in insured credit standing and other relevant factors.
Retirement of Treasury Stock
The Company accounts for the retirement of repurchased shares using the par value method. This method of accounting allocates the cost of repurchased and retired shares between paid-in capital and retained earnings by comparing the price of shares repurchased to the original issue proceeds of those shares. When the repurchase price of the shares is greater than the original issue proceeds, the excess is charged to retained earnings. The Company uses an average cost method to determine the cost of the repurchased shares to be retired.
Premiums 
Short Duration Contracts 
The Company’s short duration contracts revenue is recognized over the contract term in proportion to the amount of insurance protection provided.
Premiums revenue from vehicle and extended service contracts are earned over the term of the contract, which are typically between three and five years, based on loss emergence experience. Mobile device protection and credit insurance are monthly policies and premium is earned on a monthly basis.
Premiums for lender-placed homeowners, manufactured housing and flood insurance, and renters insurance are generally earned on a pro-rata basis over the term of the policies, which are typically over twelve months.
Reinsurance reinstatement premiums are recognized in the same period as the loss event that gave rise to the reinstatement premium and are netted against net earned premiums in the consolidated statements of operations.
Long Duration Contracts 
Premiums for the Company’s run-off blocks of long-term care insurance contracts are recognized as revenue when due from the policyholder. For universal life insurance, revenues consist of charges assessed against policy balances. These premiums are ceded. 
Fees and Other Income 
The Company derives fees and other income from providing administrative services, mobile-related services and mortgage property risk management services. These fees are recognized as the services are performed. 
The Company reports revenues related to long duration and short duration insurance contracts as premiums, including insurance contracts written by non-insurance affiliates, such as certain extended service contracts, consistent with the Company’s principal business of insurance. Components of consideration paid by the insured are generally not separated as fees and other income. However, when a component of the consideration paid by an insured both does not involve fulfilling the insurance obligation (in that it does not involve acquisition, claims or other administrative aspects of the insurance contract) and the related service could have been written as a separate contract, it is reported in fees and other income.
Dealer obligor service contracts are sales in which an unaffiliated retailer/dealer is the obligor and the Company provides administrative services only. For these contract sales, the Company recognizes administrative fee revenue on a pro-rata basis over the terms of the service contract which correspond to the period in which the services are performed.
The unexpired portion of fee revenues are deferred and amortized over the term of the contracts. These unexpired amounts are reported in accounts payable and other liabilities on the consolidated balance sheets.
 Underwriting, Selling, General and Administrative Expenses 
Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, salaries and personnel benefits and other general operating expenses and are expensed as incurred. 
Income Taxes
Current federal income taxes are recognized based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. The impact of changes in tax rates on all deferred tax assets and liabilities are required to be reflected within income on the enactment date, regardless of the financial statement component where the deferred tax originated.
The Company classifies net interest expense related to tax matters and any applicable penalties as a component of income tax expense.
Earnings Per Common Share
Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts that can be converted into common stock were exercised as of the end of the period, if dilutive. Restricted stock and restricted stock units that have non-forfeitable rights to dividends or dividend equivalents are included in calculating basic and diluted earnings per common share under the two-class method.
Comprehensive Income
Comprehensive income is comprised of net income, net unrealized gains and losses on foreign currency translation, net unrealized gains and losses on securities classified as available for sale, and expenses for pension and post-retirement plans, less deferred income taxes.
Leases 
The Company records expenses for operating leases on a straight-line basis over the lease term. The Company recognizes assets and liabilities associated with leases on the consolidated balance sheet. The Company and its subsidiaries lease office space and equipment under operating lease arrangements for which the Company is the lessee. Right-of-use asset, lease liabilities and deferred rent liability related to operating leases with terms in excess of 12 months are recognized when the Company is the lessee.
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted Accounting Pronouncements
The table below describes the impacts of the ASUs adopted by the Company, effective December 31, 2024:
StandardSummary of the StandardEffective date
Method of Adoption		Impact of the Standard on the Company’s Financial Statements
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Key disclosure updates include:
• On an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss.
• On an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss.
• All current annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting on an interim basis.
• Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment’s profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements.
• Require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
• Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280.
The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable.

December 31, 2024
and for interim
periods thereafter
The Company adopted the standard as of December 31, 2024 and the amended segment information disclosures is presented in Note 5.
Future Adoption of Accounting Pronouncements
ASUs issued but not yet adopted as of December 31, 2024, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
StandardSummary of the StandardEffective date
Method of Adoption		Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.
January 1, 2025 (with early adoption permitted)The Company is assessing the adoption of this standard as of January 1, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income
Statement—Reporting
Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
The guidance improves disclosures of specified information about certain costs and expenses at each interim and annual reporting periods. The new disclosure requirements include:
•Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
December 31, 2027 and for interim periods thereafter

The Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.
v3.25.0.1
Acquisition
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
ALI
On November 1, 2022, the Company acquired American Lease Insurance Agency Corporation (“ALI”), a managing general agency headquartered in the Commonwealth of Massachusetts, and its captive subsidiary, The Equipment Lease Reinsurance Company Ltd, licensed in Turks and Caicos, for total consideration of $60.0 million in cash. ALI is a provider of property and liability insurance products for commercial equipment and vehicles that are leased or financed. The Company recorded $37.4 million of goodwill, $19.2 million of other intangible assets, which are primarily dealer relationships amortizable over 10 years, and $1.9 million of VOBA, which is amortizable over 5 years based on the earnings pattern.
v3.25.0.1
Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The total allowance for credit losses for the financial assets was $20.7 million and $26.8 million as of December 31, 2024 and 2023, respectively.
The following table presents the net increases (decreases) to the allowance for credit losses as classified in the consolidated statements of operations for the periods indicated:
For the Years Ended December 31,
20242023
Commercial mortgage loans on real estate$2.5 $2.2 
Net realized gains (losses) on investments and fair value changes to equity securities2.5 2.2 
Underwriting, selling, general and administrative expenses(5.6)0.9 
Net increase (decrease) in allowance for credit losses$(3.1)$3.1 
Reinsurance Recoverables
As part of the Company’s overall risk and capacity management strategy, reinsurance is used to mitigate certain risks underwritten by various business segments. The Company is exposed to the credit risk of reinsurers, as the Company remains liable to insureds regardless of whether related reinsurance recoverables are collected. As of December 31, 2024 and 2023, reinsurance recoverables totaled $7.58 billion and $6.65 billion, respectively, the majority of which are protected from
credit risk by various types of collateral or other risk mitigation mechanisms, such as trusts, letters of credit or by withholding the assets in a modified coinsurance or funds withheld arrangement.
The Company utilizes external credit ratings published by S&P Global Ratings, a division of S&P Global Inc., at the balance sheet date when determining the allowance. Where rates are not available, the Company assigns default credit ratings based on if the reinsurer is authorized or unauthorized. Of the total recoverables subject to the allowance, 84% were rated A- or better, 5% were rated B- and 11% were not rated based on the Company’s analysis and assigned ratings for the year ended December 31, 2024; and 82% were rated A- or better, 1% were rated BBB or BB, and 17% were not rated based on the Company’s analysis and assigned ratings for the year ended December 31, 2023.
The following table presents the changes in the allowance for credit losses by portfolio segment for reinsurance recoverables for the periods indicated:
Global LifestyleGlobal HousingCorporate
and Other		Total
Balance, December 31, 2022$3.6 $1.1 $0.7 $5.4 
Current period change for credit losses(0.3)— (0.3)(0.6)
Balance, December 31, 20233.3 1.1 0.4 4.8 
Current period change for credit losses(0.1)0.2 0.1 0.2 
Balance, December 31, 2024$3.2 $1.3 $0.5 $5.0 
For the years ended December 31, 2024 and 2023, the current period change for credit losses was $0.2 million and $(0.6) million, respectively. When determining the allowance as of December 31, 2024 and 2023, the Company did not increase default probabilities by reinsurer since there had been no credit rating downgrades or major negative credit indications of the Company’s reinsurers that has impacted rating. The allowance may be increased and income reduced in future periods if there are future ratings downgrades or other measurable information supporting an increase in reinsurer default probabilities, including collateral reductions.
Premium and Accounts Receivables
The Company is exposed to credit risk from premiums and other accounts receivables. For premiums receivable, the exposure to loss upon a default is often mitigated by the ability to terminate the policy on default and offset the corresponding unearned premium liability. The Company has other mitigating offsets from amounts payable on commissions and profit share arrangements when the counterparty to the receivable is a sponsor/agent of the Company’s insurance product.
The following table presents the changes in the allowance for credit losses by portfolio segment for premium and accounts receivables for the periods indicated:
Global LifestyleGlobal HousingCorporate
and Other		Total
Balance, December 31, 2022$5.8 $2.2 $1.2 $9.2 
Current period change for credit losses2.3 1.1 0.4 3.8 
Recoveries(0.3)— — (0.3)
Write-offs(1.5)(0.9)(1.2)(3.6)
Foreign currency translation(0.1)— — (0.1)
Balance, December 31, 20236.2 2.4 0.4 9.0 
Current period change for credit losses2.3 0.6 — 2.9 
Recoveries(0.3)(1.5)— (1.8)
Write-offs(1.6)(0.7)(0.3)(2.6)
Foreign currency translation(0.3)— — (0.3)
Balance, December 31, 2024$6.3 $0.8 $0.1 $7.2 
For the year ended December 31, 2024, the current period change for credit losses was $2.9 million, primarily due to an increase in Global Lifestyle across various products. For the year ended December 31, 2023, the current period change for credit losses was $3.8 million. There is a risk that income may be reduced in future periods for additional credit losses.
Commercial Mortgage Loans
For the years ended December 31, 2024 and 2023, the current period change for credit losses was $2.5 million and $2.2 million, respectively. The increase in 2024 was primarily driven by changes in certain key credit quality indicators. Refer to Notes 2 and 7 for additional information on commercial mortgage loans.
Available for Sale Securities
There was no allowance for credit losses as of December 31, 2024 and 2023. Refer to Notes 2 and 7 for additional information on available for sale securities.
High Deductible Recoverables
For the year ended December 31, 2024, the Company reduced its allowance for credit losses for the unsecured portion of the high deductible recoverables by $6.9 million to $1.4 million as of December 31, 2024, due to the ongoing run-off of the sharing economy business. Refer to Note 2 for additional information on high deductible recoverables.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
As of December 31, 2024, the Company had two reportable operating segments: Global Lifestyle and Global Housing. In addition, the Company reports the Corporate and Other segment, which includes corporate employee-related expenses and activities of the holding company.
The Company’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). Adjusted EBITDA is the primary measure used by the CODM to assess performance and allocate resources to the segments. The CODM budgets and forecasts for each segment based on Adjusted EBITDA then tracks and assesses performance throughout the year by comparing the actual Adjusted EBITDA to the budget or forecast for each segment. The individual operating segment performance is one of the considerations when determining the compensation of certain employees.
The Company defines Adjusted EBITDA, the segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, non-core operations (defined below), restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities), Assurant Health runoff operations (described below), interest expense, provision (benefit) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items.
The following tables provide information about the segments’ Adjusted EBITDA.
Years Ended December 31,
202420232022
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living$4,807.9 $4,376.8 $4,259.4 
Global Automotive4,159.4 4,184.6 3,802.5 
Net investment income356.6 347.5 253.6 
Total revenues9,323.9 8,908.9 8,315.5 
Policyholder benefits1,738.6 1,607.9 1,356.6 
Selling and underwriting expense (1)4,770.4 4,789.3 4,530.3 
Cost of sales (2)841.6 564.2 528.5 
General expenses (3)1,199.9 1,155.2 1,090.7 
Segment Adjusted EBITDA$773.4 $792.3 $809.4 
Global Housing:
Net earned premiums, fees and other income:
Homeowners$1,958.9 $1,663.4 $1,402.2 
Renters and Other498.1 479.5 482.4 
Net investment income127.3 109.7 75.8 
Total revenues2,584.3 2,252.6 1,960.4 
Policyholder benefits1,010.2 862.0 884.1 
Selling and underwriting expense (1)158.1 137.1 148.9 
General expenses (4)744.8 679.3 681.4 
Segment Adjusted EBITDA$671.2 $574.2 $246.0 
Corporate:
Fees and other income$0.4 $0.2 $0.5 
Net investment income27.2 21.4 26.9 
Total revenues27.6 21.6 27.4 
Policyholder benefits— 0.1 0.5 
General expenses (3)149.8 130.5 126.1 
Segment Adjusted EBITDA$(122.2)$(109.0)$(99.2)
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
 Years Ended December 31,
 202420232022
Adjusted EBITDA by segment:
Global Lifestyle$773.4 $792.3 $809.4 
Global Housing671.2 574.2 246.0 
Corporate and Other(122.2)(109.0)(99.2)
Reconciling items to consolidated net income:
Interest expense(107.0)(108.0)(108.3)
Depreciation expense(139.4)(109.3)(86.3)
Amortization of purchased intangible assets(69.1)(77.9)(69.7)
Net realized losses on investments and fair value changes to equity securities(75.8)(68.7)(179.7)
Non-core operations (1)(14.2)(50.4)(79.5)
Restructuring costs(5.4)(34.3)(53.1)
Assurant Health runoff operations (2)— 6.9 (0.6)
Other adjustments15.8 (9.0)(29.1)
Total reconciling items(395.1)(450.7)(606.3)
Income before income tax expense927.3 806.8 349.9 
Income tax expense167.1 164.3 73.3 
Net income$760.2 $642.5 $276.6 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and will no longer be included in non-core operations going forward. Includes goodwill impairment of $7.8 million for the year ended December 31, 2022. Refer to Note 14 for additional information.
(2)In first quarter 2023, the Company recorded income of $7.5 million related to a payment it received from Time Insurance Company (“TIC”) pursuant to a participation agreement that the Company had with TIC in connection with its sale by the Company in 2018. The payment related to the Company’s prior participation in the risk adjustment program introduced by the Patient Protection and Affordable Care Act of 2010.
The Company principally operates in the U.S., as well as Europe, Latin America, Canada and Asia Pacific. The following table summarizes selected financial information by geographic location for the years ended or as of December 31, 2024, 2023 and 2022:
LocationRevenuesLong-lived
Assets
2024
United States$9,815.5 $681.1 
Foreign countries2,062.0 87.2 
Total$11,877.5 $768.3 
2023
United States$9,295.7 $654.6 
Foreign countries1,835.9 31.2 
Total$11,131.6 $685.8 
2022
United States$8,386.6 $606.0 
Foreign countries1,806.4 39.1 
Total$10,193.0 $645.1 
Revenue is based in the country where the product was sold and the physical location of long-lived assets, which are primarily property and equipment.

The following table presents total assets by segment:
December 31, 2024December 31, 2023
Global Lifestyle (1)$27,468.0 $27,642.9 
Global Housing (1)5,773.4 4,274.5 
Corporate and Other (2)1,779.2 1,717.8 
Segment assets$35,020.6 $33,635.2 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of December 31, 2024 and 2023, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated.
v3.25.0.1
Contract Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Contract Revenues Contract Revenues
The Company partners with clients to provide consumers with a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $1.41 billion, $1.16 billion and $1.09 billion for Global Lifestyle and $127.8 million, $84.3 million and $82.9 million for Global Housing for the years ended December 31, 2024, 2023 and 2022, respectively.
Global Lifestyle
In the Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile service providers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period.
Global Housing
In the Global Housing segment, revenues from service contracts and sales of products are primarily from the Homeowners business. As part of the Homeowners business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
Contract Balances
The receivables and unearned revenue under these contracts were $171.3 million and $153.8 million, respectively, as of December 31, 2024, and $218.9 million and $155.4 million, respectively, as of December 31, 2023. These balances are included in premiums and accounts receivable and the accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the years ended December 31, 2024 and
2023 that was included in unearned revenue as of December 31, 2023 and 2022 were $45.1 million and $76.6 million, respectively.
In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of December 31, 2024 and 2023, the Company had approximately $83.4 million and $47.2 million, respectively, of such intangible assets that will be expensed over the term of the client contracts.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 December 31, 2024
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.5 $— $0.1 $(3.4)$51.2 
States, municipalities and political subdivisions128.7 — 0.6 (10.2)119.1 
Foreign governments484.6 — 2.6 (25.1)462.1 
Asset-backed940.3 — 6.5 (9.5)937.3 
Commercial mortgage-backed371.8 — 1.0 (36.4)336.4 
Residential mortgage-backed690.0 — 1.6 (50.5)641.1 
U.S. corporate3,364.3 — 26.9 (203.8)3,187.4 
Foreign corporate1,490.6 — 19.0 (69.1)1,440.5 
Total fixed maturity securities$7,524.8 $— $58.3 $(408.0)$7,175.1 
 
 December 31, 2023
 Cost or
Amortized
Cost		Allowances for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$68.9 $— $0.7 $(4.4)$65.2 
States, municipalities and political subdivisions159.2 — 1.2 (11.2)149.2 
Foreign governments483.1 — 9.4 (12.7)479.8 
Asset-backed891.4 — 5.2 (22.8)873.8 
Commercial mortgage-backed383.1 — 0.4 (53.3)330.2 
Residential mortgage-backed534.7 — 1.9 (50.6)486.0 
U.S. corporate3,300.5 — 45.3 (215.4)3,130.4 
Foreign corporate1,471.5 — 17.6 (91.6)1,397.5 
Total fixed maturity securities$7,292.4 $— $81.7 $(462.0)$6,912.1 
The cost or amortized cost and fair value of fixed maturity securities as of December 31, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. 
December 31, 2024
Cost or
Amortized
Cost		Fair Value
Due in one year or less$183.1 $183.1 
Due after one year through five years1,338.0 1,325.0 
Due after five years through ten years2,928.8 2,827.1 
Due after ten years1,072.8 925.1 
Total5,522.7 5,260.3 
Asset-backed940.3 937.3 
Commercial mortgage-backed371.8 336.4 
Residential mortgage-backed690.0 641.1 
Total$7,524.8 $7,175.1 
The following table shows the major categories of net investment income for the periods indicated:
 Years Ended December 31,
 202420232022
Fixed maturity securities$385.9 $335.3 $270.0 
Equity securities13.2 15.2 15.0 
Commercial mortgage loans on real estate19.2 17.5 14.9 
Short-term investments18.4 12.9 4.7 
Other investments21.3 39.1 48.6 
Cash and cash equivalents77.0 85.7 25.7 
Total investment income535.0 505.7 378.9 
Investment expenses(16.1)(16.6)(14.8)
Net investment income$518.9 $489.1 $364.1 
No material investments of the Company were non-income producing for the years ended December 31, 2024, 2023 and 2022.
The following table summarizes the proceeds from sales of available-for-sale fixed maturity securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales for the periods indicated:
 Years Ended December 31,
 202420232022
Fixed maturity securities:
Proceeds from sales$1,330.9 $1,464.6 $2,468.8 
Gross realized gains $1.3 $5.6 $9.4 
Gross realized losses (72.4)(49.3)(73.2)
Net realized (losses) gains on investments from sales of fixed maturity securities$(71.1)$(43.7)$(63.8)
For securities sold at a loss during the year ended December 31, 2024, the average period of time these securities were trading continuously at a price below book value was approximately 23 months. 
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the statement of operations for the periods indicated:
 Years Ended December 31,
 202420232022
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:
Fixed maturity securities$(71.0)$(43.3)$(63.7)
Equity securities (1) (2)19.5 (7.2)(112.2)
Commercial mortgage loans on real estate(2.5)(2.2)(0.7)
Other investments3.3 1.0 1.5 
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other (50.7)(51.7)(175.1)
Net realized losses related to impairments:
Fixed maturity securities(1.3)(4.1)(1.6)
Other investments (1)(23.8)(12.9)(3.0)
Total net realized losses related to impairments(25.1)(17.0)(4.6)
Total net realized (losses) gains on investments and fair value changes to equity securities$(75.8)$(68.7)$(179.7)
(1)Upward adjustments of $6.8 million, $0.6 million and $19.5 million and impairments of $23.8 million, $12.9 million, and $3.0 million were realized on equity investments accounted for under the measurement alternative for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)The years ended December 31, 2024, 2023 and 2022 included $1.2 million, $6.6 million, and $92.5 million in realized and unrealized losses, respectively, from four equity positions that went public during 2021. The total fair value of these equity securities as of December 31, 2024, 2023 and 2022 was $1.7 million, $2.9 million and $9.6 million, respectively, included in equity securities in the consolidated balance sheet.

The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Years Ended December 31,
202420232022
Net gains (losses) recognized on equity securities$19.5 $(7.2)$(112.2)
Less: Net realized gains (losses) related to sales of equity securities5.7 (6.6)20.5 
Total fair value changes to equity securities held $13.8 $(0.6)$(132.7)
Equity investments accounted for under the measurement alternative are included within other investments on the consolidated balance sheets. The following table summarizes information related to these investments:
December 31, 2024December 31, 2023
Initial cost$74.8 $86.8 
Cumulative upward adjustments57.9 51.1 
Cumulative downward adjustments (including impairments)(24.4)(17.9)
Carrying value$108.3 $120.0 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities, as of December 31, 2024 and 2023 were as follows:
 December 31, 2024
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$25.8 $(0.6)$21.4 $(2.8)$47.2 $(3.4)
States, municipalities and political subdivisions20.4 (1.5)66.1 (8.7)86.5 (10.2)
Foreign governments164.8 (10.9)171.3 (14.2)336.1 (25.1)
Asset-backed59.0 (3.5)87.6 (6.0)146.6 (9.5)
Commercial mortgage-backed65.7 (1.3)195.8 (35.1)261.5 (36.4)
Residential mortgage-backed223.4 (4.8)209.7 (45.7)433.1 (50.5)
U.S. corporate1,083.8 (29.9)954.3 (173.9)2,038.1 (203.8)
Foreign corporate368.1 (9.9)431.4 (59.2)799.5 (69.1)
Total fixed maturity securities$2,011.0 $(62.4)$2,137.6 $(345.6)$4,148.6 $(408.0)
 December 31, 2023
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$5.2 $(0.1)$43.7 $(4.3)$48.9 $(4.4)
States, municipalities and political subdivisions3.9 (0.1)96.5 (11.1)100.4 (11.2)
Foreign governments42.5 (0.5)203.5 (12.2)246.0 (12.7)
Asset-backed64.0 (3.0)404.7 (19.8)468.7 (22.8)
Commercial mortgage-backed66.3 (8.4)244.2 (44.9)310.5 (53.3)
Residential mortgage-backed98.8 (3.5)285.1 (47.1)383.9 (50.6)
U.S. corporate331.9 (14.7)1,596.4 (200.7)1,928.3 (215.4)
Foreign corporate153.9 (5.6)744.8 (86.0)898.7 (91.6)
Total fixed maturity securities$766.5 $(35.9)$3,618.9 $(426.1)$4,385.4 $(462.0)
 
Total gross unrealized losses represented approximately 10% and 11% of the aggregate fair value of the related securities as of December 31, 2024 and 2023, respectively. Approximately 15% and 8% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of December 31, 2024 and 2023, respectively. The total gross unrealized losses are comprised of 2,712 and 3,096 individual securities as of December 31, 2024 and 2023, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of December 31, 2024 and December 31, 2023 were related to non-credit factors and therefore, did not recognize credit-related losses during the year ended December 31, 2024. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.
The cost or amortized cost and fair value of available-for-sale fixed maturity securities in an unrealized loss position as of December 31, 2024, by contractual maturity, is shown below:
December 31, 2024
Cost or
Amortized
Cost, Net of Allowance		Fair Value
Due in one year or less$70.4 $70.0 
Due after one year through five years676.7 650.0 
Due after five years through ten years2,024.1 1,897.7 
Due after ten years847.8 689.7 
Total3,619.0 3,307.4 
Asset-backed156.1 146.6 
Commercial mortgage-backed297.9 261.5 
Residential mortgage-backed483.6 433.1 
Total$4,556.6 $4,148.6 
 The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. As of December 31, 2024, approximately 36% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Maryland. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from less than $0.1 million to $5.0 million as of December 31, 2024 and from $0.1 million to $10.0 million as of December 31, 2023. 
Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter.
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at December 31, 2024 and 2023, respectively.
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Loan to value ratios (1):
70% and less$51.9 $43.2 $29.6 $16.0 $— $57.9 $198.6 56.9 %
71% to 80%3.8 4.9 22.8 65.5 2.8 — 99.8 28.6 %
81% to 95%— — 12.6 8.6 — 9.5 30.7 8.8 %
Greater than 95%— 3.8 9.9 6.2 — — 19.9 5.7 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$6.4 $0.6 $18.0 $10.8 $— $43.4 $79.2 22.7 %
1.5 to 2.020.9 12.2 10.9 25.0 — 14.0 83.0 23.8 %
1.0 to 1.527.4 18.8 20.4 22.5 2.8 4.8 96.7 27.7 %
Less than 1.01.0 20.3 25.6 38.0 — 5.2 90.1 25.8 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
 
December 31, 2023
Origination Year
20232022202120202019PriorTotal% of Total
Loan to value ratios (1):
70% and less$49.6 $42.3 $29.5 $— $— $60.1 $181.5 54.6 %
71% to 80%2.5 22.7 69.6 2.8 — 4.4 102.0 30.7 %
81% to 95%— 10.7 25.5 — — 5.5 41.7 12.5 %
Greater than 95%— 2.0 1.3 — — 4.1 7.4 2.2 %
Total$52.1 $77.7 $125.9 $2.8 $— $74.1 $332.6 100.0 %
December 31, 2023
Origination Year
20232022202120202019PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$— $11.8 $9.3 $— $— $44.9 $66.0 19.8 %
1.5 to 2.018.9 23.6 28.7 — — 12.2 83.4 25.1 %
1.0 to 1.533.2 18.2 40.1 — — 7.1 98.6 29.7 %
Less than 1.0— 24.1 47.8 2.8 — 9.9 84.6 25.4 %
Total$52.1 $77.7 $125.9 $2.8 $— $74.1 $332.6 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
As of December 31, 2024, the Company had mortgage loan commitments outstanding of approximately $6.4 million.  
The Company had short-term investments and fixed maturity securities of $636.1 million and $569.0 million as of December 31, 2024 and 2023, respectively, on deposit with various governmental authorities as required by law.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
In the normal course of business, the Company is involved with various types of investment entities that may be considered VIEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company’s maximum risk of loss is limited to the carrying value and unfunded commitments of its investments in the VIEs. There were no consolidated VIEs as of December 31, 2024 and 2023.
Non-Consolidated VIEs
Real Estate Joint Venture and Other Partnerships
The Company invests in real estate joint ventures and limited partnerships, as well as closed ended real estate funds. These investments are generally accounted for under the equity method as the primary beneficiary criteria is not met; however, the Company is able to exert significant influence over the investees operating and financial policies. These investments are included in the consolidated balance sheets in other investments. As of December 31, 2024 and 2023, the Company’s maximum exposure to loss is its recorded carrying value of $281.2 million and $249.1 million, respectively. The Company’s unfunded commitments were $239.2 million as of December 31, 2024.
See Note 2 for additional information on significant accounting policies related to VIEs.
v3.25.0.1
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures
 The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.
The levels of the fair value hierarchy are described below:
•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include 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 and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the AIP, the ASIC plan, and the ADC and other derivatives. Other liabilities are comprised of investments in the AIP and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.
 December 31, 2024 
Financial AssetsTotalLevel 1 Level 2 Level 3 
Fixed maturity securities:
U.S. government and government agencies and authorities$51.2 $— $51.2 $— 
States, municipalities and political subdivisions119.1 — 119.1 — 
Foreign governments462.1 — 462.1 — 
Asset-backed937.3 — 823.7 113.6 
Commercial mortgage-backed336.4 — 336.4 — 
Residential mortgage-backed641.1 — 641.1 — 
U.S. corporate3,187.4 — 3,139.9 47.5 
Foreign corporate1,440.5 — 1,432.5 8.0 
Equity securities:
Mutual funds28.8 13.6 — 15.2 
Common stocks3.5 3.5 — — 
Non-redeemable preferred stocks176.2 — 176.2 — 
Short-term investments237.1 230.1 (2)7.0 (3)— 
Other investments66.1 66.0 (1)— 0.1 
Cash equivalents1,325.6 1,312.0 (2)13.6 (3)— 
Other assets6.3 — — 6.3 (4)
Assets held in separate accounts11.3 8.7 (1)2.6 (3)— 
Total financial assets$9,030.0 $1,633.9 $7,205.4 $190.7 
Financial Liabilities 
Other liabilities$66.0 $66.0 (1)$— $— 
Liabilities related to separate accounts11.3 8.7 (1)2.6 (3)— 
Total financial liabilities$77.3 $74.7 $2.6 $— 
 December 31, 2023 
Financial AssetsTotalLevel 1 Level 2 Level 3 
Fixed maturity securities:
U.S. government and government agencies and authorities$65.2 $— $65.2 $— 
States, municipalities and political subdivisions149.2 — 149.2 — 
Foreign governments479.8 — 479.8 — 
Asset-backed873.8 — 791.0 82.8 
Commercial mortgage-backed330.2 — 330.2 — 
Residential mortgage-backed486.0 — 486.0 — 
U.S. corporate3,130.4 — 3,094.8 35.6 
Foreign corporate1,397.5 — 1,390.4 7.1 
Equity securities:
Mutual funds16.6 16.6 — — 
Common stocks17.9 17.2 0.7 — 
Non-redeemable preferred stocks188.5 — 188.5 — 
Short-term investments210.1 121.6 (2)88.5 (3)— 
Other investments62.5 62.4 (1)— 0.1 
Cash equivalents1,051.3 1,040.4 (2)10.9 (3)— 
Other assets15.8 — — 15.8 (4)
Assets held in separate accounts10.5 6.7 (1)3.8 (3)— 
Total financial assets$8,485.3 $1,264.9 $7,079.0 $141.4 
Financial Liabilities 
Other liabilities$64.2 $62.4 (1)$1.8 (4)$— 
Liabilities related to separate accounts10.5 6.7 (1)3.8 (3)— 
Total financial liabilities$74.7 $69.1 $5.6 $— 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivatives.

The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets and liabilities carried at fair value for the years ended December 31, 2024 and 2023:
 Year Ended December 31, 2024
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed $82.8 $0.5 $2.9 $25.7 $(3.4)$8.0 $(2.9)$113.6 
U.S. corporate35.6 (0.1)0.1 34.6 (10.2)2.9 (15.4)47.5 
Foreign corporate7.1 — 0.1 3.0 (2.2)— — 8.0 
Equity Securities
Mutual funds— 0.2 — 15.0 — — — 15.2 
Other investments0.1 — — — — — — 0.1 
Other assets15.8 — (9.5)— — — — 6.3 
Total level 3 assets and liabilities$141.4 $0.6 $(6.4)$78.3 $(15.8)$10.9 $(18.3)$190.7 
 Year Ended December 31, 2023
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed$60.4 $1.5 $(2.3)$38.6 $(16.8)$1.7 $(0.3)$82.8 
U.S. corporate28.8 0.4 0.4 10.9 (1.7)2.7 (5.9)35.6 
Foreign corporate7.4 — 0.1 2.0 (0.9)0.5 (2.0)7.1 
Other investments0.2 (0.1)— — — — — 0.1 
Other assets— — 1.2 14.6 — — — 15.8 
Financial Liabilities
Other liabilities(15.0)— — — — — 15.0 — 
Total level 3 assets and liabilities$81.8 $1.8 $(0.6)$66.1 $(19.4)$4.9 $6.8 $141.4 
(1)Included as part of net realized gains on investments, excluding other-than-temporary impairment losses, in the consolidated statements of operations.
(2)Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
(3)Transfers are primarily attributable to changes in the availability of observable market information and the re-evaluation of the observability of valuation inputs.
Three different valuation techniques can be used in determining fair value for financial assets and liabilities: the market, income or cost approaches. The three valuation techniques described in the fair value measurements and disclosures guidance are consistent with generally accepted valuation methodologies.
The market approach valuation techniques use prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. When possible, quoted prices (unadjusted) in active markets are used as of the period-end date (such as for mutual funds and money market funds). Otherwise, the Company uses valuation techniques consistent with the market approach including matrix pricing and comparables. Matrix pricing is a mathematical technique employed principally to value debt securities without relying exclusively on quoted prices for those securities but, rather, relying on the securities’ relationship to other benchmark quoted securities. Market approach valuation techniques often use market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering both qualitative and quantitative factors specific to the measurement.
Income approach valuation techniques convert future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. These techniques rely on current market expectations of future amounts as of the period-end date. Examples of income approach valuation techniques include present value techniques, option-pricing models, binomial or lattice models that incorporate present value techniques and the multi-period excess earnings method.
Cost approach valuation techniques are based upon the amount that would be required to replace the service capacity of an asset at the period-end date, or the current replacement cost. That is, from the perspective of a market participant (seller), the price that would be received for the asset is determined based on the cost to a market participant (buyer) to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.
While not all three approaches are applicable to all financial assets or liabilities, where appropriate, the Company may use one or more valuation techniques. For all the classes of financial assets and liabilities included in the above hierarchy, excluding certain derivatives and certain privately placed corporate bonds, the Company generally uses the market valuation technique.
Level 1 Securities
The Company’s investments and liabilities classified as Level 1 as of December 31, 2024 and 2023 consisted of mutual funds and related obligations, money market funds and common stocks that are publicly listed and/or actively traded in an established market.
Level 2 Securities
The Company values Level 2 securities using various observable market inputs obtained from a pricing service or asset manager. They prepare estimates of fair value measurements for the Company’s Level 2 securities using proprietary valuation models based on techniques such as matrix pricing which include observable market inputs. The fair value measurements and disclosures guidance defines observable market inputs as the assumptions market participants would use in pricing the asset or liability developed on market data obtained from sources independent of the Company. The extent of the use of each observable
market input for a security depends on the type of security and the market conditions at the balance sheet date. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The Company uses the following observable market inputs (“standard inputs”), listed in the approximate order of priority, in the pricing evaluation of Level 2 securities: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research data. Further details for Level 2 investment types follow:
U.S. government and government agencies and authorities: U.S. government and government agencies and authorities securities are priced by the Company’s pricing service utilizing standard inputs. Included in this category are U.S. Treasury securities which are priced using vendor trading platform data in addition to the standard inputs.
States, municipalities and political subdivisions: States, municipalities and political subdivisions securities are priced by the Company’s pricing service using material event notices and new issue data inputs in addition to the standard inputs.
Foreign governments: Foreign government securities are primarily fixed maturity securities denominated in local currencies which are priced by the Company’s pricing service using standard inputs. The pricing service also evaluates each security based on relevant market information including relevant credit information, perceived market movements and sector news.
Commercial mortgage-backed, residential mortgage-backed and asset-backed: Commercial mortgage-backed, residential mortgage-backed and asset-backed securities are priced by the Company’s pricing service and asset managers using monthly payment information and collateral performance information in addition to the standard inputs. Additionally, commercial mortgage-backed securities and asset-backed securities utilize new issue data while residential mortgage-backed securities utilize vendor trading platform data.
U.S. and foreign corporate: Corporate securities are priced by the Company’s pricing service using standard inputs. Non-investment grade securities within this category are priced by the Company’s pricing service and asset managers using observations of equity and credit default swap curves related to the issuer in addition to the standard inputs. Certain privately placed corporate bonds are priced by a non-pricing service source using a model with observable inputs including the credit rating, credit spreads, sector add-ons, and issuer specific add-ons. 
Non-redeemable preferred stocks: Non-redeemable preferred stocks are priced by the Company’s pricing service using observations of equity and credit default swap curves related to the issuer in addition to the standard inputs.
Short-term investments, cash equivalents, assets held in separate accounts and liabilities related to separate accounts: To price the fixed maturity securities and related obligations in these categories, the pricing service utilizes the standard inputs.
Other liabilities: Foreign exchange forwards are priced using a pricing model which utilizes market observable inputs including foreign exchange spot rate, forward points and date to settlement.
Valuation models used by the pricing service can change from period to period, depending on the appropriate observable inputs that are available at the balance sheet date to price a security.
Level 3 Securities
The Company’s investments classified as Level 3 as of December 31, 2024 and 2023 consisted of $184.3 million and $125.5 million of fixed maturity and equity securities. As of December 31, 2024, the Level 3 fixed maturity and equities securities are priced using non-binding third-party quotes, for which the underlying quantitative inputs are not developed by the Company and are not readily available or observable. As of December 31, 2023, the Level 3 fixed maturity securities were priced using non-binding third-party quotes.
Other investments: The Company prices swaptions using a Black-Scholes pricing model incorporating third-party market data, including swap volatility data.
Other assets: The Company prices options using non-binding quotes provided by market makers or broker dealers who are recognized as market participants. Inputs factored into the non-binding quotes include trades in the actual option which is being priced, deal structure, spot rates, volatility, and projected cashflows.
Management evaluates the following factors in order to determine whether the market for a financial asset is inactive. The factors include:
•whether there are few recent transactions,
•whether little information is released publicly,
•whether the available prices vary significantly over time or among market participants,
•whether the prices are stale (i.e., not current), and
•the magnitude of the bid-ask spread.
Illiquidity did not have a material impact in the fair value determination of the Company’s financial assets as of December 31, 2024 or 2023.
The Company generally obtains one price for each financial asset. The Company performs a periodic analysis to assess if the evaluated prices represent a reasonable estimate of the financial assets’ fair values. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include initial and on-going review of pricing service methodologies, review of the prices received from the pricing service, review of pricing statistics and trends, and comparison of prices for certain securities with two different appropriate price sources for reasonableness. Following this analysis, the Company generally uses the best estimate of fair value based upon all available inputs. On infrequent occasions, a non-pricing service source may be more familiar with the market activity for a particular security than the pricing service. In these cases the price used is taken from the non-pricing service source. The pricing service provides information to indicate which securities were priced using market observable inputs so that the Company can properly categorize the Company’s financial assets in the fair value hierarchy.
Disclosures for Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company also measures the fair value of certain assets and liabilities, generally on an annual basis, or when events or changes in circumstances indicate that the carrying amount of the assets may be affected. These assets include commercial mortgage loans, equity investments accounted for under the measurement alternative, goodwill and finite-lived intangible assets.
In 2024 and 2023, as a result of third-party market observable transactions that were of the same issuer and determined to be similar, the Company marked certain of its equity investments accounted for under the measurement alternative to fair value. The carrying value of investments under the measurement alternative marked to fair value on a non-recurring basis as of December 31, 2024 and 2023 was $26.6 million and $3.3 million, respectively. Given the significant unobservable inputs involved in valuation of these investments, they are classified in Level 3 of the fair value hierarchy. Generally, these valuations utilize the market approach, or an option pricing model backsolve method, which is a valuation approach that can be used to determine the value of common shares for companies with complex capital structures in which there have not been any recent transactions involving common shares. Inputs include capitalization tables, investment past and future performance projections, time to exit, discount rate and volatility based upon an appropriate industry group. For the year ended December 31, 2024, the Company recorded fair value increases of $8.7 million related to five market observable transaction. For the year ended December 31, 2023, the Company recorded fair value increases of $0.6 million related to one market observable transactions and a note conversion of two investments.
In 2024 and 2023, as a result of a qualitative analysis indicating an impairment existed, the Company performed a quantitative analysis utilizing a probability weighted scenario model and determined certain investments were impaired. Model inputs include capitalization tables, investment past and future company performance projections, and discount rate. Based upon model outputs, impairments of $23.8 million and $12.9 million were recorded for the years ended December 31, 2024 and 2023, respectively.
Refer to Note 14 for the results of the 2024 goodwill impairment testing.
Fair Value of Financial Instruments Disclosures
The financial instruments guidance requires disclosure of fair value information about financial instruments, for which it is practicable to estimate such fair value. Therefore, it requires fair value disclosure for financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets. However, this guidance excludes certain financial instruments, including those related to insurance contracts and those accounted for under the equity method (such as partnerships).
For the financial instruments included within the following financial assets and financial liabilities, the carrying value in the consolidated balance sheets equals or approximates fair value. Please refer to the Fair Values Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures section above for additional information on the financial
instruments included within the following financial assets and financial liabilities and the methods and assumptions used to estimate fair value:
•Cash and cash equivalents;
•Fixed maturity securities;
•Equity securities;
•Short-term investments;
•Other investments;
•Other assets;
•Assets held in separate accounts;
•Other liabilities; and
•Liabilities related to separate accounts.
In estimating the fair value of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets, the Company used the following methods and assumptions:
Commercial mortgage loans on real estate: The fair value of commercial mortgage loans on real estate utilizes a third-party matrix pricing model. For fixed rate loans, the matrix process uses a yield buildup approach to create a pricing yield, with components for base yield, credit quality spread, property type spread, and a weighted average life spread. Floating rate loans are priced with a target quality spread over the swap curve. A dollar price for each loan is derived from the pricing yield or spread by a discounted cash flow methodology.
Other investments: Other investments include low income housing tax credits, business debentures, and credit tenant loans which are recorded at cost or amortized cost, as well as policy loans. The carrying value reported for these investments approximates fair value.
Other assets: The carrying value of dealer loans approximates fair value.
Policy reserves under investment products: The fair values for the Company’s policy reserves under investment products are determined using discounted cash flow analysis. Key inputs to the valuation include projections of policy cash flows, reserve runoff, market yields and risk margins.
Funds held under reinsurance: The carrying value reported approximates fair value due to the short maturity of the instruments.
Debt: The fair value of debt is based upon matrix pricing performed by the pricing service utilizing the standard inputs.
The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 December 31, 2024
  Fair Value
  Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$342.5 $333.3 $— $— $333.3 
Other investments23.2 23.2 1.3 — 21.9 
Other assets26.3 26.3 — — 26.3 
Total financial assets$392.0 $382.8 $1.3 $— $381.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.9 $— $— $6.9 
Funds held under reinsurance277.7 277.7 277.7 — — 
Debt2,083.1 1,998.1 — 1,998.1 — 
Total financial liabilities$2,367.3 $2,282.7 $277.7 $1,998.1 $6.9 
 December 31, 2023
  Fair Value
  
Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$328.7 $313.7 $— $— $313.7 
Other investments3.7 3.7 1.4 — 2.3 
Other assets26.5 26.5 — — 26.5 
Total financial assets$358.9 $343.9 $1.4 $— $342.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$7.3 $7.8 $— $— $7.8 
Funds held under reinsurance392.7 392.7 392.7 — — 
Debt2,080.6 1,972.4 — 1,972.4 — 
Total financial liabilities$2,480.6 $2,372.9 $392.7 $1,972.4 $7.8 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.
v3.25.0.1
Premiums and Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Premiums Receivable Disclosure [Abstract]  
Premiums and Accounts Receivable Premiums and Accounts Receivable
Receivables are reported net of an allowance for uncollectible amounts. A summary of such receivables is as follows as of the dates indicated:
 December 31,
 20242023
Insurance premiums receivable$1,974.4 $2,195.8 
Other receivables86.8 78.8 
Allowance for credit losses(7.2)(9.0)
Total$2,054.0 $2,265.6 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax expense (benefit) were as follows for the periods indicated:
 Years Ended December 31,
 202420232022
Pre-tax income:
Domestic$819.2 $700.9 $250.4 
Foreign108.1 105.9 99.5 
Total pre-tax income$927.3 $806.8 $349.9 
 Years Ended December 31,
 202420232022
Current expense (benefit):
Federal and state$(124.3)$220.9 $(23.5)
Foreign46.5 51.9 33.0 
Total current expense (benefit) (77.8)272.8 9.5 
Deferred expense (benefit):
Federal and state262.3 (80.4)65.7 
Foreign(17.4)(28.1)(1.9)
Total deferred expense (benefit) 244.9 (108.5)63.8 
Total income tax expense (benefit)$167.1 $164.3 $73.3 
The provision for foreign taxes includes amounts attributable to income from U.S. possessions that are considered foreign under U.S. tax laws. International operations of the Company are subject to income taxes imposed by the jurisdiction in which they operate. 
A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows for the periods indicated:
 Years Ended December 31,
 202420232022
Federal income tax rate:21.0 %21.0 %21.0 %
Reconciling items:
Non-taxable investment income(0.1)(0.2)(0.4)
Foreign earnings (1)0.1 0.2 2.2 
Non-deductible compensation
0.6 0.6 0.8 
Change in liability for prior year tax (2)(1.2)(0.8)(2.8)
Change in valuation allowance(0.6)(0.6)(0.4)
Transferable federal tax credits (3)(1.3)— — 
Other(0.5)0.2 0.5 
Effective income tax rate:18.0 %20.4 %20.9 %
(1)Results for 2024, 2023, and 2022 primarily include the impact of foreign earnings taxed at different rates.
(2)The change in liability for prior year tax in 2022 was primarily related to a foreign derived intangible income benefit of $9.2 million taken on an amended 2019 income tax return. The change in liability for prior year tax in 2024 was primarily related to additional transferable federal tax credits taken on the 2023 income tax return.
(3)Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits during 2024 from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded during the year ended December 31, 2024. Amounts owed to counterparties for the purchased credits are recorded within accounts payable and accrued expenses within the consolidated balance sheet at December 31, 2024.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 is as follows: 
 Years Ended December 31,
 202420232022
Balance at beginning of year$(17.0)$(18.5)$(18.5)
Additions based on tax positions related to the current year(0.9)(0.9)(0.6)
Reductions based on tax positions related to the current year— — — 
Additions for tax positions of prior years(2.1)(0.5)(0.2)
Reductions for tax positions of prior years2.7 2.9 0.8 
Lapses— — — 
Balance at end of year$(17.3)$(17.0)$(18.5)
Total unrecognized tax benefits of $20.4 million, $19.2 million and $20.4 million for the years ended December 31, 2024, 2023, and 2022, respectively, which includes interest and penalties, would impact the Company’s consolidated effective tax rate if recognized. The liability for unrecognized tax benefits is included in accounts payable and other liabilities on the consolidated balance sheets. 
The Company’s continuing practice is to recognize interest expense related to income tax matters in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the Company recognized approximately $1.2 million, $0.4 million and $0.7 million, respectively, of interest expense related to income tax matters. The Company had $4.0 million, $2.8 million and $2.4 million of interest accrued as of December 31, 2024, 2023 and 2022, respectively. The Company had $1.2 million penalties accrued as of December 31, 2024 and no penalties accrued as of December 31, 2023 and 2022.
The Company does not anticipate any significant increase or decrease of unrecognized tax benefit within the next 12 months. 
The Company and its subsidiaries file income tax returns in the U.S. and various state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2015. Substantially all non-U.S. income tax matters have been concluded for years through 2012, and all state and local income tax matters have been concluded for years through 2008.
The tax effects of temporary differences that result in significant deferred tax assets and deferred tax liabilities are as follows as of the dates indicated: 
 December 31,
 20242023
Deferred Tax Assets
Policyholder and separate account reserves$506.4 $538.3 
Net operating loss carryforwards37.1 43.4 
Net unrealized appreciation on securities79.8 87.7 
Credit carryforwards30.6 9.9 
Employee and post-retirement benefits9.1 8.6 
Compensation related44.2 43.9 
Capital loss carryforwards19.1 12.1 
Investments, net11.5 — 
Other84.3 65.3 
Total deferred tax assets822.1 809.2 
Less valuation allowance(16.7)(16.1)
Deferred tax assets, net of valuation allowance805.4 793.1 
Deferred Tax Liabilities
Deferred acquisition costs(1,077.7)(1,161.0)
Investments, net— (0.6)
Intangible assets(94.3)(101.5)
Total deferred tax liabilities(1,172.0)(1,263.1)
Net deferred income tax liabilities$(366.6)$(470.0)

A cumulative valuation allowance of $16.7 million existed as of December 31, 2024 and $16.1 million as of December 31, 2023 based on management’s assessment that it is more likely than not that certain deferred tax assets attributable to international subsidiaries will not be realized. 
The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income of the same character within the carryback or carryforward periods. In assessing future taxable income, the Company considered all sources of taxable income available to realize its deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies. If changes occur in the assumptions underlying the Company’s tax planning strategies or in the scheduling of the reversal of the Company’s deferred tax liabilities, the valuation allowance may need to be adjusted in the future. 
Other than for certain wholly owned Canadian and Latin American subsidiaries, the Company plans to indefinitely reinvest the earnings in other jurisdictions. Under current U.S. tax law, no material income taxes are anticipated on future repatriation of earnings. Therefore, deferred taxes have not been provided.
The net operating loss carryforwards by jurisdiction are as follows as of the dates indicated:
December 31,
20242023
Federal net operating loss carryforwards$— $— 
Foreign net operating loss carryforwards (1)$146.6 $164.9 
(1)Of the $146.6 million as of December 31, 2024, $19.8 million expires between 2025 and 2044, and $126.8 million has an unlimited carryforward.
v3.25.0.1
Deferred Acquisition Costs
 12 Months Ended
Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Acquisition Costs Deferred Acquisition Costs 
Information about deferred acquisition costs is as follows as of the dates indicated:
 December 31,
 202420232022
Beginning balance$9,967.2 $9,677.1 $8,811.0 
Costs deferred3,991.2 4,409.8 4,528.7 
Amortization(3,965.6)(4,119.7)(3,662.6)
Ending balance$9,992.8 $9,967.2 $9,677.1 
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following as of the dates indicated:
 December 31,
 20242023
Land$6.2 $6.5 
Buildings and improvements166.3 141.6 
Furniture, fixtures and equipment117.6 91.6 
Software979.0 838.7 
Total1,269.1 1,078.4 
Less accumulated depreciation(500.8)(392.6)
Total$768.3 $685.8 
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 amounted to $139.4 million, $109.3 million and $86.3 million, respectively. Depreciation expense is included in underwriting, selling, general and administrative expenses in the consolidated statements of operations.
The assets of the Miami, Florida office met held-for-sale criteria in second quarter 2023 and were reclassified from property and equipment, net, to other assets in the consolidated balance sheet as of December 31, 2023. The Company has ceased depreciation of these assets which are recorded at carrying value of $46.0 million as of December 31, 2024 and 2023, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. If the transaction is consummated pursuant to the terms of the agreement, the Company expects to record a gain above the carrying value, less estimated costs to sell. There can be no assurance that the transaction will be consummated.
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill 
The Company has assigned goodwill to its reporting units for impairment testing purposes. The Company has three reporting units consisting of two reporting units within the Global Lifestyle operating segment, Connected Living and Global Automotive, and Global Housing (whereby the reporting unit for impairment testing was at the operating segment level). In 2023, the Company reassessed its reporting units and determined that the Global Financial Services component should be aggregated with other business components within the Connected Living reporting unit because the business is managed by the
same business leader and have similar economic characteristics as required by the aggregation criteria. The new combined Connected Living reporting unit meets the accounting definition of a single reporting unit.
Qualitative Impairment Testing
For the annual October 1, 2024 goodwill impairment test, the Company performed a qualitative assessment for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing) due to high margins between fair value and book value based on quantitative impairment testing in 2023. In conducting a qualitative assessment, the Company analyzed changes in the book value and the financial performance of each reporting unit, including analyzing the historical performance versus plan and the results of quantitative impairment testing performed in 2023. Additionally, the Company assessed critical areas that may impact the reporting units, including macroeconomic and industry trends and market information for the reporting units and their peer companies that could impact the reporting units’ fair value. Based on this assessment, the Company determined that it was more likely than not that the reporting units’ fair values were more than their respective book values and therefore quantitative impairment testing was not necessary for Connected Living, Global Automotive and Global Housing.
Quantitative Impairment Testing
For the annual October 1, 2023 goodwill impairment test, the Company performed quantitative tests for all reporting units with goodwill (Connected Living, Global Automotive and Global Housing).
The following describes the various valuation methodologies used in the quantitative test which were weighted using our judgment as to which were the most representative in determining the estimated fair value of the reporting units.
A Dividend Discount Method (“DDM”) was used to value each of the reporting units based upon the present value of expected cash flows available for distribution over future periods. Cash flows were estimated for a discrete projection period based on detailed assumptions, and a terminal value was calculated to reflect the value attributable to cash flows beyond the discrete period. Cash flows and the terminal value were then discounted using each reporting unit’s estimated cost of capital. The estimated fair value of each reporting unit represented the sum of the discounted cash flows and terminal value.
A Guideline Company Method, in which we identified a group of peer companies that have similar operations to the reporting unit, was used; however, direct peer comparisons for the reporting units were limited given the diversity of the products and services within the businesses. This method was used to value each reporting unit based upon its relative performance to peer companies, based on several measures, including price to trailing 12-month earnings, price to projected earnings, price to tangible net worth and return on equity.
While DDM and Guideline Company valuation methodologies were considered in assessing fair value, the DDM was weighted more heavily since management believes that expected cash flows are the most important factor in the valuation of a business enterprise, and also considering the lack of directly-comparable peer companies. Based on the quantitative assessment performed as of October 1, 2023, the Company concluded that the estimated fair values of the Connected Living, Global Automotive and Global Housing reporting units exceeded their respective book values and therefore determined that the assigned goodwill was not impaired.
Sharing Economy and Small Commercial Businesses Impairment
In second quarter of 2022, $7.8 million of goodwill, previously included in Global Housing, was allocated to the sharing economy and small commercial businesses which are included within non-core operations in Corporate and Other. During the fourth quarter of 2022, the Company identified impairment indicators impacting the fair value of the sharing economy and small commercial businesses, including a decline in long-term economic performance. The fair value of the sharing economy and small commercial businesses was determined using a discounted cash flow method which calculated the present value of the run-off results and considered all aspects of the business including investment assumptions. The fair value calculated in the fourth quarter of 2022 was lower than the carrying value of the run-off businesses, resulting in the pre-tax and after-tax impairment charge of the entire goodwill of $7.8 million. The goodwill impairment charge was reported separately in the consolidated statements of operations for the year ended December 31, 2022, with a corresponding reduction to goodwill in the consolidated balance sheet as of December 31, 2022.
A roll forward of goodwill by reportable segment is provided below as of and for the years indicated:
Global Lifestyle (1)Global HousingCorporate and OtherConsolidated
Balance at December 31, 2022 (2)
$2,193.9 $409.1 $— $2,603.0 
Transfers (3)92.4 (92.4)— — 
Foreign currency translation and other5.8 — — 5.8 
Balance at December 31, 2023 (2)
2,292.1 316.7 — 2,608.8 
Acquisitions11.4 — — 11.4 
Foreign currency translation and other(4.2)— — (4.2)
Balance at December 31, 2024 (2)
$2,299.3 $316.7 $— $2,616.0 
(1)As of December 31, 2024, $793.6 million and $1,505.7 million of goodwill was assigned to the Connected Living and Global Automotive reporting units, respectively. As of December 31, 2023, $785.2 million and $1,506.9 million of goodwill was assigned to the Connected Living (including Global Financial Services which was aggregated with Connected Living in 2023) and Global Automotive reporting units, respectively.
(2)Consolidated goodwill reflects $1,413.7 million of accumulated impairment losses at December 31, 2024, December 31, 2023 and December 31, 2022.
(3)The change during the year ended December 31, 2023 is related to the transfer of certain specialty products, mainly the commercial equipment business, from Global Housing to Global Lifestyle, effective January 1, 2023.
v3.25.0.1
VOBA and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
VOBA and Other Intangible Assets VOBA and Other Intangible Assets 
VOBA
Information about VOBA is as follows for the periods indicated:
 Years Ended December 31,
 202420232022
Beginning balance$83.9 $262.8 $583.4 
Additions— — 1.9 
Amortization, net of interest accrued(75.9)(179.2)(322.8)
Foreign currency translation and other— 0.3 0.3 
Ending balance$8.0 $83.9 $262.8 
As of December 31, 2024, the outstanding VOBA balance is primarily related to the 2018 acquisition of TWG within the Global Lifestyle segment.
As of December 31, 2024, the estimated amortization of VOBA for the next five years and thereafter is as follows:
YearAmount
2025$3.7 
20261.7 
20271.4 
20280.8 
20290.4 
Thereafter— 
Total$8.0 
Other Intangible Assets
Information about other intangible assets is as follows as of the dates indicated:
 As of December 31,
 20242023
 Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets		Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets
Purchased intangible assets$901.1 $(515.6)$385.5 $931.2 $(474.9)$456.3 
Operating intangible assets239.2 (100.8)138.4 180.4 (79.9)100.5 
Total finite-lived intangible assets1,140.3 (616.4)523.9 1,111.6 (554.8)556.8 
Total indefinite-lived intangible assets11.7 — 11.7 10.3 — 10.3 
Total other intangible assets$1,152.0 $(616.4)$535.6 $1,121.9 $(554.8)$567.1 
Purchased intangible assets primarily consist of contract based and customer related intangibles related to acquisitions over the past few years. Operating intangible assets primarily consist of customer related intangibles. These intangible assets are amortized over their useful lives.
Amortization of other intangible assets is as follows as of the dates indicated:
 Years Ended December 31,
 202420232022
Purchased intangible assets$69.1 $77.9 $69.7 
Operating intangible assets28.8 20.2 24.8 
Total$97.9 $98.1 $94.5 
The estimated amortization of other intangible assets with finite lives for the next five years and thereafter is as follows: 
YearPurchased Intangible AssetsOperating Intangible AssetsTotal
2025$65.1 $32.2 $97.3 
202661.0 29.8 90.8 
202750.1 26.2 76.3 
202844.4 20.5 64.9 
202939.1 10.6 49.7 
Thereafter125.8 19.1 144.9 
Total other intangible assets with finite lives$385.5 $138.4 $523.9 
v3.25.0.1
Reserves
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Reserves Reserves
Short Duration Contracts
Continuing Business (Global Lifestyle and Global Housing)
The Company’s short duration contracts include products and services within the Global Lifestyle and Global Housing segments. The main product lines for Global Lifestyle include mobile device protection, extended service contracts for consumer electronics and appliances, vehicle service contracts, and financial services and other insurance. The main product lines for Global Housing include lender-placed homeowners, manufactured housing and flood insurance; voluntary manufactured housing, condominium and homeowners insurance; and renters insurance.
Total IBNR reserves are determined by subtracting case basis incurred losses from the ultimate loss and loss adjustment expense estimates. Ultimate loss and loss adjustment expenses are estimated utilizing generally accepted actuarial loss reserving methods. The reserving methods employed by the Company include the Chain Ladder, Munich Chain Ladder and Bornhuetter-Ferguson methods. Reportable catastrophe losses are analyzed and reserved for separately using a frequency and severity approach. The methods involve aggregating paid and case-incurred loss data by accident quarter (or accident year) and accident age for each product grouping. As the data ages, loss development factors are calculated that measure emerging claim development patterns between reporting periods. By selecting loss development factors indicative of remaining development, known losses are projected to an ultimate incurred basis for each accident period. The underlying premise of the Chain Ladder
method is that future claims development is best estimated using past claims development, whereas the Bornhuetter-Ferguson method employs a combination of past claims development and an estimate of ultimate losses based on an expected loss ratio. The Munich Chain Ladder method takes into account the correlations between paid and incurred development in projecting future development factors and is typically more applicable to products experiencing greater variability in incurred to paid ratios.
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of the different methods that are applied consistently each period considering significant assumptions, including projected loss development factors and expected loss ratios. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
Non-core Operations
Short duration contracts in non-core operations consist of the sharing economy and small commercial products previously reported within Global Housing and the Company’s operations in mainland China. While the sharing economy and small commercial contracts are classified as short duration, the coverages were predominantly commercial liability and have a long reporting and settlement tail compared to property coverages which make up most of the Company’s core operations.
The reserving methodology described for continuing short duration business is applicable for non-core operations (sharing economy and small commercial). Given the nature of commercial liability coverages and its relatively long claim runoff duration, additional emphasis is placed on social inflation impacts and analysis of individual case reserve adequacy on known claims. This is done through use of average cost per claim methods that include allowance for future inflation impacts, detailed open claim inventory analysis, and leveraging industry development patterns to supplement the Company’s own historical claims experience.
Disposed and Runoff Short Duration Insurance Lines
Short duration contracts within the disposed business include certain medical policies no longer offered and Assurant Employee Benefits policies disposed of via reinsurance. Reserves and reinsurance recoverables for previously disposed business are included in the consolidated balance sheets. See Note 17 for additional information.
The Company has runoff exposure to asbestos, environmental and other general liability claims arising from the Company’s participation in certain reinsurance pools from 1971 through 1985 from contracts discontinued many years ago. The amount of carried case reserves are based on recommendations of the various pool managers. Using information currently available, and after consideration of the reserves reflected in the consolidated financial statements, the Company does not believe or expect that changes in reserve estimates for these claims are likely to be material.
Long Duration Contracts
The following table presents the balances and changes in the long-term care future policy benefits and expenses reserve:
Years Ended December 31,
202420232022
Present value of expected net premiums
Balance, beginning of period$36.4 $34.2 $37.1 
Beginning balance at original discount rate36.5 33.4 29.2 
Effect of changes in cash flow assumptions (1)(1.0)1.5 9.4 
Effect of actual variances from expected experience0.9 3.5 (2.7)
Adjusted beginning of period balance36.4 38.4 35.9 
Experience variance (2)0.1 — (0.3)
Interest accrual3.4 2.8 4.6 
Net premiums collected(5.9)(4.7)(6.8)
Ending balance at original discount rate34.0 36.5 33.4 
Effect of changes in discount rate assumptions2.4 (0.1)0.8 
Balance, end of period$36.4 $36.4 $34.2 
Present value of expected future policy benefits
Balance, beginning of period$450.6 $462.4 $658.5 
Beginning balance at original discount rate453.0 444.4 430.0 
Effect of changes in cash flow assumptions (1)— — 12.3 
Effect of actual variances from expected experience1.5 4.4 (3.3)
Adjusted beginning of period balance454.5 448.8 439.0 
Experience variance (2)(1.3)1.0 (1.2)
Interest accrual26.2 19.5 24.7 
Benefit payments(26.5)(16.3)(18.1)
Ending balance at original discount rate452.9 453.0 444.4 
Effect of changes in discount rate assumptions53.5 (2.4)18.0 
Balance, end of period$506.4 $450.6 $462.4 
Net future policy benefits and expenses$470.0 $414.2 $428.2 
Related reinsurance recoverable470.0 414.2 428.2 
Net future policy benefits and expenses, after reinsurance recoverable$— $— $— 
Weighted-average liability duration of the future policy benefits and expenses (in years)11.412.012.7
(1)The increase for the years ending December 31, 2023 and 2022 was primarily due to historical experience reflecting a decreasing trend in lapse and mortality rates on the long-term care insurance products.
(2)Experience variance includes adverse development resulting from the allocation of the premium deficiency reserve to the cohort level for issue years where net premiums exceed gross premiums.
The following table presents a reconciliation of the long-term care net future policy benefits and expenses to the future policy benefits and expenses reserve in the consolidated balance sheet:
December 31, 2024December 31, 2023
Long-term care$470.0 $414.2 
Other66.7 73.0 
Total$536.7 $487.2 
The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for the long-term care insurance contracts:
December 31, 2024December 31, 2023
Expected future benefits payments$804.4 $829.3 
Expected future gross premiums$61.9 $69.4 
The following table presents the amount of long-term care revenue and interest recognized in the consolidated statements of operations:
Years Ended December 31,
202420232022
Gross premiums$1.4 $1.5 $1.7 
Interest expense (original discount rate)$5.7 $5.6 $4.7 
The following table presents the weighted-average interest rate for long-term care insurance contracts:
December 31, 2024December 31, 2023
Interest expense (original discount rate)5.95 %5.95 %
Current discount rate4.63 %6.01 %
Reserve Roll Forward
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and are comprised of case and IBNR reserves. These balances do not include the recoverable amounts related to certain high deductible policies in the sharing economy business, included in the non-core operations, for which the Company is responsible for paying the entirety of the claim and is subsequently reimbursed by the insured for the deductible portion of the claim. As of December 31, 2024, the Company had exposure of $168.2 million of reserves below the deductible that it would be responsible for if the clients were to default on their contractual obligation to pay the deductible. Refer to Note 4 for more information on the evaluation of the credit risk exposure from these recoverables.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expenses is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
Years Ended December 31,
202420232022
Claims and benefits payable, at beginning of year$1,989.2 $2,210.0 $1,523.0 
Less: Reinsurance ceded and other(886.6)(1,228.8)(744.1)
Net claims and benefits payable, at beginning of year1,102.6 981.2 778.9 
Incurred losses and loss adjustment expenses related to:
Current year2,893.8 2,548.4 2,304.3 
Prior years(127.3)(26.6)55.5 
Total incurred losses and loss adjustment expenses2,766.5 2,521.8 2,359.8 
Paid losses and loss adjustment expenses related to:
Current year2,021.8 1,802.3 1,648.1 
Prior years602.9 598.1 509.4 
Total paid losses and loss adjustment expenses2,624.7 2,400.4 2,157.5 
Net claims and benefits payable, at end of year1,244.4 1,102.6 981.2 
Plus: Reinsurance ceded and other (1)1,669.8 886.6 1,228.8 
Claims and benefits payable, at end of year (1)$2,914.2 $1,989.2 $2,210.0 
(1)Includes reinsurance recoverables and claims and benefits payable of $911.7 million, $123.6 million and $424.3 million as of December 31, 2024, 2023 and 2022, respectively, which were ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
A comparison of net (favorable) unfavorable prior year development is shown below across the Company’s current and former segments and businesses.
Prior Year Incurred Loss Development for the Years Ending December 31,
202420232022
Global Lifestyle$(18.9)$(23.6)$(45.4)
Global Housing(109.7)(37.1)28.9 
Non-core operations13.6 40.1 77.4 
All Other(12.3)(6.0)(5.4)
Total$(127.3)$(26.6)$55.5 
The Company experienced net favorable loss development for the years ended December 31, 2024 and 2023, and net unfavorable loss development for the year ended December 31, 2022. Global Lifestyle experienced net favorable development in 2024, 2023 and 2022 of $18.9 million, $23.6 million and $45.4 million, respectively. Global Lifestyle experienced similar amounts of net favorable development in 2024 and 2023. The decrease in net favorable development from 2022 to 2023 was primarily due to Global Automotive ancillary products as the used car market began to normalize in 2023 and the high net favorable development experienced in 2022 did not repeat. Global Housing experienced net favorable loss development in 2024 and 2023 of $109.7 million and $37.1 million, respectively, as claim experience for lender-placed homeowners insurance developed favorably due to easing inflation and favorable frequency compared to initial estimates established during a period with high market uncertainty, stabilization of claim settlement lags, and legislation reform in Florida. Global Housing experienced net unfavorable development of $28.9 million in 2022, primarily due to lender-placed homeowners insurance affected by longer claim settlement lags and inflationary impacts. The non-core operations, which includes the sharing economy and small commercial businesses and the company’s operations in mainland China, contributed net unfavorable loss development of $13.6 million, $40.1 million, and $77.4 million in 2024, 2023 and 2022, respectively. A more detailed explanation of the claims development from Global Lifestyle, Global Housing and non-core operations is presented below, including claims development by accident year. Reserves for the longer-tail property and casualty coverages included in All Other (e.g., asbestos, environmental and other general liability) had no material changes in estimated amounts for claims incurred in prior years.
The following tables represent the Global Lifestyle, Global Housing and non-core operations incurred claims and allocated claim adjustment expenses, net of reinsurance, less cumulative paid claims and allocated claim adjustment expenses, net of reinsurance to reconcile to total claims and benefits payable, net of reinsurance as of December 31, 2024. The tables
provide undiscounted information about claims development by accident year for the significant short duration claims and benefits payable balances.
The following factors are relevant to the loss development information included in the tables below:
•Table Presentation: The tables are organized by accident year. For certain categories of claims and for reinsurance recoverables, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us. These reclassifications are shown as development in the respective years in the tables below. Predominantly, the Company writes short-tail lines that are written on an occurrence basis. Five years of claims development information is provided since most of the claims are fully developed after five years, as shown in the average payout ratio tables.
•Table Groupings: The groupings have homogeneous risk characteristics with similar development patterns and would generally be subject to similar trends and reflect our reportable segments.
•Impact of Reinsurance: The reinsurance program varies by exposure type. Historically, the Company has leveraged facultative and treaty reinsurance, both on pro-rata and excess of loss basis. The reinsurance program may change from year to year, which may affect the comparability of the data presented in the tables.
•IBNR: Includes development from past reported losses in IBNR.
•Information excluded from tables: Unallocated loss adjustment expenses are excluded from the tables.
•Foreign exchange rates: The loss development for operations outside of the U.S. is presented for all accident years using the current exchange rates at December 31, 2024. Although this approach requires restating all prior accident year information, the changes in exchange rates do not impact incurred and paid loss development trends.
•Acquisitions: Includes acquisitions from all accident years presented in the tables. For purposes of this disclosure, we have applied the retrospective method for the acquired reserves, including incurred and paid claim development histories throughout the relevant tables. It should be noted that historical reserves for the acquired business were established by the acquired companies using methods, assumptions and procedures then in effect which may differ from our current reserving bases. Accordingly, it may not be appropriate to extrapolate future reserve adequacy based on the aggregated historical results shown in the tables.
•Dispositions: Excludes dispositions from all accident years presented in the tables.
•Claim counts: Considers a reported claim to be one claim for each claimant or feature for each loss occurrence. Reported claims for losses from assumed reinsurance contracts are not available and hence not included in the reported claims. There are limitations that should be considered on the reported claim count data in the tables below, including:
◦Claim counts are presented only on a reported (not an ultimate) basis;
◦The tables below include lines of business and geographies at a certain aggregated level which may indicate different frequency and severity trends and characteristics, and may not be as meaningful as the claim count information related to the individual products within those lines of business and geographies;
◦Certain lines of business are more likely to be subject to occurrences involving multiple claimants and features, which can distort measures based on the reported claim counts in the table below; and
◦Reported claim counts are not adjusted for ceded reinsurance, which may distort the measure of frequency or severity.
•Required Supplemental Information: The information about incurred and paid loss development for all periods preceding year ended December 31, 2024 and the related historical claims payout percentage disclosure is unaudited and is presented as required supplementary information.
Global Lifestyle Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$1,423.9 $1,398.1 $1,398.4 $1,396.3 $1,394.7 $0.3 9,597,590 
20211,330.7 1,278.7 1,276.2 1,275.2 0.5 9,689,514 
20221,373.9 1,358.6 1,354.6 2.5 9,394,247 
20231,611.2 1,598.5 7.5 8,230,700 
20241,769.9 242.2 7,504,772 
Total$7,392.9 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$1,205.5 $1,382.2 $1,388.7 $1,390.6 $1,392.2 
20211,108.5 1,266.6 1,270.6 1,272.5 
20221,152.8 1,345.7 1,349.8 
20231,351.0 1,586.3 
20241,421.7 
Total$7,022.5 
Outstanding claims and benefits payable before 2020, net of reinsurance5.5 
Claims and benefits payable, net of reinsurance$375.9 
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
85.7%13.7%0.4%0.1%0.1%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
Using the December 31, 2024 foreign exchange rates for all years, Global Lifestyle experienced $18.9 million of net favorable loss development for the year ended December 31, 2024, compared to net favorable loss development of $23.6 million and $45.4 million for the years ended December 31, 2023 and 2022, respectively. These amounts are based on the change in net incurred losses from the claims development tables above, plus additional impacts from accident years prior to 2020. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable.  
Development from Global Lifestyle is attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. For the year ended December 31, 2024, the Global Lifestyle net favorable development of $18.9 million was attributable to Connected Living which contributed $21.5 million comprised of $9.9 million from credit and other insurance, $2.0 million from mobile and $9.6 million from extended service contracts. The favorable development from credit and other insurance was primarily due to refinements in reserve methods coupled with an improving portfolio mix for Europe and the release of reserves for Canadian credit and travel programs where loss assumptions related to COVID-19 did not materialize. For extended service contracts, improvements in data quality for certain US clients allowed for reserve releases and resulted in favorable reserve refinements. Global Automotive experienced net unfavorable development of $2.6 million, driven by higher claim frequencies as more vehicles met the loss criteria in an asset protection product. For the year ended December 31, 2023, the Global Lifestyle net favorable development was primarily attributable to favorable runoff of international credit products where loss assumptions related to inflation and COVID-19 did not materialize. For the year ended December 31, 2022, the release of reserves related to Global Automotive ancillary products due to the strong used vehicle market was a contributing factor.
Foreign exchange rate movements over time caused some of the reserve differences shown in the reserve roll forward and prior year incurred loss tables to vary from what is reflected in the claims development tables for Global Lifestyle. The impacts
by year were $(0.9) million, $0.3 million, and $(0.4) million for the years ended December 31, 2024, 2023 and 2022, respectively. The claims development tables above remove the impact due to changing foreign exchange rates over time for comparability.
Global Housing Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$804.1 $804.8 $834.4 $848.9 $847.3 $11.4 191,428 
2021784.0 769.0 770.5 761.4 14.5 194,998 
2022862.4 809.4 803.3 38.0 187,384 
2023901.4 814.0 131.8 177,977 
20241,123.1 441.8 201,149 
Total$4,349.1 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$528.8 $730.0 $793.0 $820.8 $831.9 
2021517.6 690.3 727.8 743.0 
2022467.7 701.3 754.5 
2023450.9 665.3 
2024597.9 
Total$3,592.6 
Outstanding claims and benefits payable before 2020, net of reinsurance9.9 
Claims and benefits payable, net of reinsurance$766.4 
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
62.5%26.8%6.6%2.8%1.4%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim frequency is determined at a claimant reporting level. Depending on the nature of the product and related coverage triggers, it is possible for a claimant to contribute multiple claim counts in a given policy period. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
For the year ended December 31, 2024, Global Housing experienced $109.7 million of net favorable loss development, compared to net favorable loss development of $37.1 million for the year ended December 31, 2023 and unfavorable loss development of $28.9 million for the year ended December 31, 2022. These amounts are based on the change in net incurred losses from the claims development data above, plus additional impacts from accident years prior to 2020. For the year ended December 31, 2024, the net favorable development for Global Housing was attributable to non-catastrophe claim experience for lender-placed homeowners insurance, as claim experience developed favorably due to easing inflation and favorable frequency compared to initial estimates established during a period with high market uncertainty, stabilization of claim settlement lags, and legislation reform in Florida. For the year ended December 31, 2023, the net favorable development for Global Housing was attributable to similar factors as described for the year ended December 31, 2024. For the year ended December 31, 2022, the net unfavorable development for Global Housing was attributable to lender-placed homeowners insurance, primarily accident year 2020, due to longer claim settlement lags for water damage claims and inflation.
Non-core Operations Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$51.3 $47.9 $70.9 $85.0 $81.4 $5.8 58,228 
202152.5 74.0 98.3 102.1 17.6 54,679 
202240.0 45.7 55.4 5.0 27,349 
20237.2 8.5 3.5 13,802 
20240.5 — 1,210 
Total$247.9 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$20.0 $30.0 $42.6 $60.8 $69.9 
202120.8 38.1 58.4 76.3 
202210.2 19.4 44.1 
20233.3 4.6 
2024— 
Total$194.9 
Outstanding claims and benefits payable before 2019, net of reinsurance16.5 
Claims and benefits payable, net of reinsurance$69.5 
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
22.9%16.3%28.0%21.1%11.7%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim frequency is determined at a claimant reporting level. Depending on the nature of the product and related coverage triggers, it is possible for a claimant to contribute multiple claim counts in a given policy period. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
For the years ended December 31, 2024, 2023 and 2022, non-core operations contributed net unfavorable loss development of $13.6 million, $40.1 million, and $77.4 million, including $1.3 million, $(0.5) million and $15.3 million from small commercial and $12.3 million, $40.6 million and $62.1 million from sharing economy products, respectively. The Company stopped writing new small commercial business in 2019 and the claims are in runoff. For the year ended December 31, 2024, the net unfavorable development in sharing economy was attributable to reserve increases related to higher settlement values, primarily for accident years 2019 and 2020. In second quarter 2023, the Company entered into a retroactive reinsurance treaty to cover certain known losses and adverse development up to a $50.0 million aggregate limit, relating to the small commercial business. For the year ended December 31, 2023, the net unfavorable development from sharing economy was driven by emerging adverse claim development trends on known claims as well as reserve assumption revisions to reflect relevant industry benchmarks. Both sharing economy and small commercial experienced unfavorable development in the year ended December 31, 2022 on known claims driven by social inflation and the release of the backlog from courts reopening after COVID-19.
Reconciliation of the Disclosure of Net Incurred and Paid Claims Development to the Liability for Unpaid Claims and Benefits Payable
December 31, 2024
Net outstanding liabilities
Global Lifestyle$375.9 
Global Housing766.4 
Non-core operations69.5 
Other short-duration insurance lines (1)15.9 
Disposed business short-duration insurance lines (Assurant Health)1.1 
Claims and benefits payable, net of reinsurance1,228.8 
Reinsurance recoverable on unpaid claims
Global Lifestyle (2)498.2 
Global Housing1,105.8 
Non-core operations50.4 
Other short-duration insurance lines (1)0.9 
Disposed business short-duration insurance lines (Assurant Employee Benefits and Assurant Health)12.2 
Total reinsurance recoverable on unpaid claims1,667.5 
Insurance lines other than short-duration (3)2.2 
Unallocated claim adjustment expense15.7 
Other— 
Total claims and benefits payable$2,914.2 
(1)Asbestos and pollution reserves represents $13.4 million of the other short-duration insurance lines, with $0.9 million recoveries.
(2)Disposed of property and casualty business represents $153.5 million of the $498.2 million in reinsurance recoverables for Global Lifestyle.
(3)Amount consists of certain long-duration contract exposures, primarily claims and benefits payable on run-off blocks of universal life policies.
v3.25.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
In the ordinary course of business, the Company is involved in both the assumption and cession of reinsurance with non-affiliated companies. The Company’s reinsurance agreements do not relieve the Company from its direct obligation to its insureds. Thus, a credit exposure exists to the extent that any reinsurer is unable to meet the obligations assumed in the reinsurance agreements. The following table provides details of the reinsurance recoverables balance as of the dates indicated:
December 31,
20242023
Ceded future policyholder benefits and expense$340.7 $339.9 
Ceded unearned premium5,188.5 5,265.2 
Ceded claims and benefits payable1,808.9 971.4 
Ceded paid losses241.4 72.7 
Total$7,579.5 $6,649.2 
A key credit quality indicator for reinsurance is the A.M. Best Company (“A.M. Best”) financial strength ratings of the reinsurer. A.M. Best financial strength ratings are an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. The A.M. Best ratings for the reinsurers in new reinsurance agreements where there is material credit exposure are reviewed at the time of execution. The A.M. Best ratings for existing reinsurance agreements are reviewed on a quarterly basis, or sooner based on developments. The following table provides the reinsurance recoverable as of December 31, 2024 grouped by A.M. Best financial strength ratings:
A.M. Best Rating of Reinsurer Ceded future
policyholder
benefits and
expense		Ceded
unearned
premiums		Ceded claims
and benefits
payable		Ceded paid
losses		Total
A++ or A+$340.7 $50.6 $199.3 $12.3 $602.9 
A or A-— 7.2 33.6 3.9 44.7 
B++ or B— 9.2 2.3 — 11.5 
Not Rated (1)— 5,121.5 1,573.7 230.2 6,925.4 
Total340.7 5,188.5 1,808.9 246.4 7,584.5 
Less: Allowance— — — (5.0)(5.0)
Net reinsurance recoverable$340.7 $5,188.5 $1,808.9 $241.4 $7,579.5 
(1)Not Rated ceded claims and benefits payable included reinsurance recoverables of $911.7 million as of December 31, 2024 which were ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
A substantial portion of the Not Rated category is related to Global Lifestyle’s and Global Housing’s agreements to reinsure premiums and risks related to business generated by certain clients to the clients’ own captive insurance companies or to reinsurance subsidiaries in which the clients have an ownership interest. To mitigate exposure to credit risk for these reinsurers, the Company evaluates the financial condition of the reinsurer and typically holds substantial collateral (in the form of funds withheld, trusts and letters of credit) as security.
The effect of reinsurance on premiums earned and benefits incurred was as follows for the periods indicated: 
  
Years Ended December 31,
  
202420232022
  
Long
Duration		Short
Duration		TotalLong
Duration		Short
Duration		TotalLong
Duration		Short
Duration		Total
Direct earned premiums$13.4 $18,820.1 $18,833.5 $14.4 $18,308.4 $18,322.8 $19.3 $17,475.3 $17,494.6 
Premiums assumed— 178.6 178.6 — 186.4 186.4 — 196.7 196.7 
Premiums ceded(8.0)(9,208.3)(9,216.3)(7.9)(9,113.3)(9,121.2)(12.3)(8,913.7)(8,926.0)
Net earned premiums$5.4 $9,790.4 $9,795.8 $6.5 $9,381.5 $9,388.0 $7.0 $8,758.3 $8,765.3 
Direct policyholder benefits$33.7 $8,777.1 $8,810.8 $36.5 $7,568.2 $7,604.7 $55.6 $7,616.8 $7,672.4 
Policyholder benefits assumed0.1 276.9 277.0 — 241.9 241.9 — 163.4 163.4 
Policyholder benefits ceded(30.3)(6,291.0)(6,321.3)(31.8)(5,293.0)(5,324.8)(51.8)(5,424.2)(5,476.0)
Net policyholder benefits$3.5 $2,763.0 $2,766.5 $4.7 $2,517.1 $2,521.8 $3.8 $2,356.0 $2,359.8 
The Company had zero invested assets held in trusts or by custodians as of December 31, 2024 and 2023, for the benefit of others related to certain reinsurance arrangements.
The Company utilizes ceded reinsurance for loss protection and capital management, segment client risk and profit sharing and business divestitures.
Loss Protection and Capital Management
As part of the Company’s overall risk and capacity management strategy, the Company purchases reinsurance for certain risks underwritten by the Company’s various segments, including significant individual or catastrophic claims.
For those product lines where there is exposure to losses from catastrophe events, the Company closely monitors and manages its aggregate risk exposure by geographic area. The Company has entered into reinsurance treaties to manage exposure to these types of events.
Segment Client Risk and Profit Sharing
The Global Lifestyle and Global Housing segments write business produced by their clients, such as mobile providers, auto dealers, mortgage lenders and servicers, and financial institutions, and reinsure all or a portion of such business to insurance subsidiaries of some clients. Such arrangements allow significant flexibility in structuring the sharing of risks and profits on the underlying business.
A substantial portion of Global Lifestyle’s and Global Housing’s reinsurance activities are related to agreements to reinsure premiums and risks related to business generated by certain clients to the clients’ own captive insurance companies or to reinsurance subsidiaries in which the clients have an ownership interest. Through these arrangements, the Company’s insurance subsidiaries share some of the premiums and risk related to client-generated business. When the reinsurance companies are not authorized to do business in the state of domicile of the Company’s insurance subsidiary, the Company’s insurance subsidiary generally obtains collateral, such as a trust or a letter of credit, from the reinsurance company or its affiliate in an amount equal to the outstanding reserves to obtain full statutory financial credit in the domiciliary state for the reinsurance.
Business Divestitures
The Company has used reinsurance to sell certain businesses in the past because the businesses shared legal entities with operating segments that the Company retained. Assets backing reserves reinsured under these sales are mainly held in trusts or separate accounts. If the reinsurers became insolvent, the Company would be exposed to the risk that the assets in the trusts or the separate accounts, if any, could prove insufficient to support the liabilities that would revert back to the Company. The reinsurance recoverables relating to these divestitures amounted to $643.2 million as of December 31, 2024, of which $471.5 million was attributable to John Hancock, which reinsures the long-term care business and has an A.M. Best financial strength rating of A+ with a stable outlook.
In addition, the Company would be responsible for administering these businesses in the event of reinsurer insolvency. The Company does not currently have the administrative systems and capabilities to process these businesses. Accordingly, the Company would need to obtain those capabilities in the event of an insolvency of one or more of the reinsurers of these businesses. The Company might be forced to obtain such capabilities on unfavorable terms with a resulting material adverse effect on our results of operations and financial condition.
As of December 31, 2024, the Company was not aware of any regulatory actions taken with respect to the solvency of the insurance subsidiaries of John Hancock and the Company has not been obligated to fulfill any of its obligations. John Hancock has paid its obligations when due and there have been no disputes.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized discount and issuance costs as applicable, as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Principal AmountCarrying ValuePrincipal AmountCarrying Value
6.10% Senior Notes due February 2026
175.0 174.3 175.0 173.7 
4.90% Senior Notes due March 2028
300.0 298.6 300.0 298.2 
3.70% Senior Notes due February 2030
350.0 348.2 350.0 347.9 
2.65% Senior Notes due January 2032
350.0 347.3 350.0 347.0 
6.75% Senior Notes due February 2034
275.0 272.8 275.0 272.7 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (1)
400.0 397.7 400.0 397.0 
5.25% Subordinated Notes due January 2061
250.0 244.2 250.0 244.1 
Total Debt$2,083.1 $2,080.6 
(1)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter. Under the terms of the debt agreement, a substitute or successor base rate will be since the LIBOR base rate has been discontinued.
For the years ended December 31, 2024, 2023 and 2022, interest expense was $107.0 million, $108.0 million and $108.3 million, respectively. Interest expense includes derivative related activities described in the interest rate derivatives section below. There was $33.5 million and $33.5 million of accrued interest as of December 31, 2024 and 2023, respectively.
Debt Issuances
Senior Notes
2026 Senior Notes: In February 2023, the Company issued senior notes due February 2026 with an aggregate principal amount of $175.0 million, which bear interest at a rate of 6.10% per year and were issued at a 0.035% discount to the public (the “2026 Senior Notes”). Interest on the 2026 Senior Notes is payable semi-annually in arrears on February 27 and August 27 of each year, beginning on August 27, 2023. Prior to January 27, 2026, the Company may redeem all or part of the 2026 Senior Notes at a redemption price equal to 100% of the outstanding principal amount of the 2026 Senior Notes to be redeemed, plus a make-whole premium as described in the 2026 Senior Notes and accrued and unpaid interest up to the redemption date. On or after that date, the Company may redeem all or part of the 2026 Senior Notes at any time at a redemption price equal to 100% of the outstanding principal amount of the 2026 Senior Notes to be redeemed, plus accrued and unpaid interest up to the redemption date.
2032 Senior Notes: In June 2021, the Company issued senior notes with an aggregate principal amount of $350.0 million, which bear interest at a rate of 2.65% per year, mature in January 2032 and were issued at a 0.158% discount to the public (the “2032 Senior Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022. Prior to October 15, 2031, the Company may redeem the 2032 Senior Notes at any time in whole or from time to time in part at a make-whole premium plus accrued and unpaid interest. On or after that date, the Company may redeem the 2032 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
2030 Senior Notes: In August 2019, the Company issued senior notes with an aggregate principal amount of $350.0 million, which bear interest at a rate of 3.70% per year, mature in February 2030 and were issued at a 0.035% discount to the public (the “2030 Senior Notes”). Interest is payable semi-annually in arrears beginning in February 2020. Prior to November 2029, the Company may redeem the 2030 Senior Notes at any time in whole or from time to time in part at a make-whole premium plus accrued and unpaid interest. On or after that date, the Company may redeem the 2030 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
In March 2018, the Company issued the following three series of senior notes with an aggregate principal amount of $900.0 million:
•The first series of senior notes was redeemed in advance of the original maturity in March 2021.
•2023 Senior Notes: The second series of senior notes of $300.0 million in principal amount with interest at 4.20% per year, matured in September 2023 and was issued at a 0.233% discount to the public (the “2023 Senior Notes”). Interest on the 2023 Senior Notes was payable semi-annually. In March 2023 and June 2022, the Company redeemed $175.0 million and $75.0 million, respectively, of the then outstanding aggregate principal amount of the 2023 Senior Notes at a make-whole premium plus accrued and unpaid interest to the redemption date. In connection with the redemptions, the Company recognized a gain (loss) on extinguishment of debt of $0.1 million and $(0.9) million for the years ended December 31, 2023 and 2022. In September 2023, the remaining $50.0 million outstanding principal amount was paid upon maturity.
•2028 Senior Notes: The third series of senior notes is $300.0 million in principal amount, bears interest at 4.90% per year, matures in March 2028 and was issued at a 0.383% discount to the public (the “2028 Senior Notes”). Interest on the 2028 Senior Notes is payable semi-annually. Prior to December 2027, the Company may redeem the 2028 Senior Notes at any time in whole or from time to time in part at a make-whole premium plus accrued and unpaid interest. On or after that date, the Company may redeem the 2028 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
The interest rate payable on each of the 2026 Senior Notes, 2028 Senior Notes, 2030 Senior Notes and 2032 Senior Notes will be subject to adjustment from time to time, if either Moody’s Investor Service, Inc. (“Moody’s”) or S&P Global Ratings, a division of S&P Global Inc. (“S&P”) downgrades the credit rating assigned to such series of senior notes to Ba1 or below or to BB+ or below, respectively, or subsequently upgrades the credit ratings once the senior notes are at or below such levels. The following table details the increase in interest rate over the issuance rate by rating with the impact equal to the sum of the number of basis points next to such rating for a maximum increase of 200 basis points over the issuance rate:
Rating Agencies
Rating LevelsMoody’s (1)S&P (1)Interest Rate Increase (2)
1Ba1BB+
25 basis points
2Ba2BB
50 basis points
3Ba3BB-
75 basis points
4B1 or belowB+ or below
100 basis points
(1)Including the equivalent ratings of any substitute rating agency.
(2)Applies to each rating agency individually.
In February 2004, the Company issued senior notes with an aggregate principal amount of $475.0 million at a 0.61% discount to the public, which bear interest at 6.75% per year and matures in February 2034. Interest is payable semi-annually. These senior notes are not redeemable prior to maturity. In December 2016 and August 2019, the Company completed cash tender offers of $100.0 million each in aggregate principal amount of such senior notes.
Subordinated Notes
2061 Subordinated Notes: In November 2020, the Company issued subordinated notes due January 2061 with a principal amount of $250.0 million, which bear interest at an annual rate of 5.25% (the “2061 Subordinated Notes”). Interest is payable quarterly in arrears beginning in April 2021. On or after January 2026, the Company may redeem the 2061 Subordinated Notes in whole at any time or in part from time to time, at a redemption price equal to their principal amount plus accrued and unpaid interest, provided that if they are not redeemed in whole, a minimum amount must remain outstanding. At any time prior to January 2026, the Company may redeem the 2061 Subordinated Notes in whole but not in part, within 90 days after the occurrence of a tax event, rating agency event or regulatory capital event as defined in the global note representing the 2061 Subordinated Notes, at a redemption price equal to (i) with respect to a rating agency event, 102% of their principal amount and (ii) with respect to a tax event or a regulatory capital event, their principal amount plus accrued and unpaid interest. See below, under 2048 Subordinated Notes (as defined below), for more information on terms applicable to both series.
2048 Subordinated Notes: In March 2018, the Company issued fixed-to-floating rate subordinated notes due March 2048 with principal amount of $400.0 million (the “2048 Subordinated Notes”), which bear interest from March 2018 to March 2028 at an annual rate of 7.00%, payable semi-annually. The 2048 Subordinated Notes will bear interest at an annual rate equal to three-month LIBOR plus 4.135%, payable quarterly, beginning in June 2028. Under the terms of the debt agreement, a substitute or successor base rate will be used since the LIBOR base rate has been discontinued. On or after March 2028, the Company may redeem the 2048 Subordinated Notes in whole at any time or in part from time to time, at a redemption price equal to their principal amount plus accrued and unpaid interest, provided that if they are not redeemed in whole, a minimum amount must remain outstanding. At any time prior to March 2028, the Company may redeem the 2048 Subordinated Notes in whole but not in part, within 90 days after the occurrence of a tax event, rating agency event or regulatory capital event as defined in the global note representing the 2048 Subordinated Notes, at a redemption price equal to (i) with respect to a rating agency event, 102% of their principal amount and (ii) with respect to a tax event or a regulatory capital event, their principal amount plus accrued and unpaid interest.
In addition, so long as no event of default with respect to the 2048 Subordinated Notes and 2061 Subordinated Notes (together, the “Subordinated Notes”) has occurred and is continuing, the Company has the right, on one or more occasions, to defer the payment of interest on the Subordinated Notes for one or more consecutive interest periods for up to five years as described in the global note representing the Subordinated Notes. During a deferral period, interest will continue to accrue on the Subordinated Notes at the then-applicable interest rate. At any time when the Company has given notice of its election to defer interest payments on the Subordinated Notes, the Company generally may not make payments on or redeem or purchase any shares of the Company’s capital stock or any of its debt securities or guarantees that rank upon the Company’s liquidation on a parity with or junior to the Subordinated Notes, subject to certain limited exceptions.
Credit Facility and Commercial Paper Program
The Company has a $500.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association. The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $500.0 million, which may be increased up to $700.0 million. The Credit Facility is available until December 2026, provided the Company is in compliance with all covenants. The Credit Facility has a sublimit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for the Company’s commercial paper program or for general corporate purposes.
The Company made no borrowings using the Credit Facility during the year ended December 31, 2024 and no loans were outstanding as of December 31, 2024.
The Company’s commercial paper program requires the Company to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. The Company’s commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. The Company’s subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $500.0 million was available at December 31, 2024.
The Company did not use the commercial paper program during the years ended December 31, 2024 or 2023 and there were no amounts relating to the commercial paper program outstanding as of December 31, 2024 or 2023.
Covenants
The Credit Facility contains restrictive covenants including:
(i)Maintenance of a maximum consolidated total debt to capitalization ratio on the last day of any fiscal quarter of not greater than 0.35 to 1.0, subject to certain exceptions; and
(ii)Maintenance of a consolidated adjusted net worth in an amount not less than a “Minimum Amount” equal to the sum of (a) $4.20 billion, (b) 25% of consolidated net income (if positive) for each fiscal quarter ending after December 31, 2021 and (c) 25% of the net cash proceeds received from any capital contribution to, or issuance of any capital stock, disqualified capital stock and hybrid securities.
In the event of a breach of certain covenants, all obligations under the Credit Facility, including unpaid principal and accrued interest and outstanding letters of credit, may become immediately due and payable. 
Interest Rate Derivatives
From time to time, the Company has entered into derivative transactions to hedge the risk associated with changes in interest rates in anticipation of debt issuances. The Company determined that the derivatives qualified for hedge accounting as effective cash flow hedges and recognized deferred gains upon settlement that were reported through other comprehensive income. The deferred gains are recognized as a reduction in interest expense related to the 2026 Senior Notes, the 2028 Senior Notes and the 2048 Subordinated Notes on an effective yield basis. The amortization of the deferred gain was $2.7 million, $2.8 million and $3.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The remaining total deferred gain as of December 31, 2024 and 2023 was $8.1 million and $10.8 million, respectively.
v3.25.0.1
Equity Transactions
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Transactions Equity Transactions 
Common Stock
Changes in the number of shares of common stock outstanding are as follows for the periods presented:
 December 31,
 202420232022
Shares of common stock outstanding, beginning51,955,994 52,830,381 55,754,113 
Vested restricted stock and restricted stock units, net (1)
178,120 170,911 179,434 
Issuance related to performance share units (1)
133,136 142,091 147,546 
Issuance related to ESPP115,019 131,815 96,846 
Shares of common stock repurchased(1,548,520)(1,319,204)(3,347,558)
Shares of common stock outstanding, ending50,833,749 51,955,994 52,830,381 
(1)Vested restricted stock, restricted stock units and performance share units are shown net of shares of common stock retired to cover participant income tax liabilities.
The Company is authorized to issue 800,000,000 shares of common stock. In addition, 150,001 shares of Class B common stock and 400,001 shares of Class C common stock are authorized but have not been issued.
Stock Repurchase
In November 2023, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase up to $600.0 million aggregate cost at purchase of its outstanding common stock.
During the year ended December 31, 2024, the Company repurchased 1,548,520 shares of the Company’s outstanding common stock at a cost of $299.9 million, exclusive of commissions, leaving $374.5 million remaining under the November 2023 repurchase authorization at December 31, 2024. During the years ended December 31, 2023 and 2022, the Company repurchased 1,319,204 and 3,347,558 shares of the Company’s outstanding common stock at a cost, exclusive of commissions, of $200.0 million and $567.6 million, respectively.
The timing and the amount of future repurchases will depend on market conditions, the Company’s financial condition, results of operations and liquidity and other factors.
v3.25.0.1
Stock Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Based Compensation Stock Based Compensation 
In accordance with the guidance on share-based compensation, the Company recognized stock-based compensation costs based on the grant date fair value. For the years ended December 31, 2024, 2023 and 2022, the Company recognized compensation costs net of a 5% per year estimated forfeiture rate on a pro-rated basis over the remaining vesting period.
Long-Term Equity Incentive Plan
Under the Assurant, Inc. 2017 Long-Term Equity Incentive Plan (the “ALTEIP”), as amended and restated in November 2023, the Company is authorized to issue up to 1,840,112 new shares of the Company’s common stock to employees, officers, consultants and non-employee directors. Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights, restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance units (also known as performance share units or “PSUs”) and dividend equivalents. All share-based grants are awarded under the ALTEIP.
The Compensation and Talent Committee of the Board (the “Compensation Committee”) awards RSUs and PSUs annually. RSUs and PSUs are promises to issue actual shares of common stock at the end of a vesting period or performance period. Under the ALTEIP and the related equity grant policy, the Company’s CEO is authorized by the Board to grant common stock, restricted stock and RSUs to employees other than the Company’s Section 16 officers as CEO Equity Awards and On Cycle ALTEIP Awards. For the CEO Equity Awards, the Compensation Committee recommends total annual funding and the awards are expressed as a dollar amount converted into shares as of each grant date. Restricted stock and RSUs granted under the CEO Equity Awards program may have different vesting periods.
 Restricted Stock Units
The fair value of RSUs is estimated using the fair market value of a share of the Company’s common stock at the date of grant. The RSUs granted to employees under the ALTEIP are based on salary grade and performance and generally vest one-third each year over a three-year period. RSUs receive dividend equivalents in cash during the restricted period and do not have voting rights during the restricted period. RSUs granted to non-employee directors also vest one-third each year over a three-year period; however, issuance of vested shares and payment of dividend equivalents is deferred until separation from Board service.
A summary of the Company’s outstanding RSUs is presented below:
Restricted Stock UnitsWeighted-Average
Grant-Date
Fair Value
Restricted stock units outstanding at December 31, 2023577,617 $129.58 
Grants (1)
192,760 181.54 
Vests (2)
(252,910)134.34 
Forfeitures and adjustments(14,513)148.72 
Restricted stock units outstanding at December 31, 2024502,954 $146.56 
Restricted stock units vested, but deferred at December 31, 2024 71,179 $103.86 
(1)The weighted average grant date fair value for RSUs granted in 2023 and 2022 was $116.76 and $172.46, respectively.
(2)The total fair value of RSUs vested was $45.5 million, $29.9 million and $47.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table shows a summary of RSU compensation expense during the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
202420232022
RSU compensation expense$33.0 $31.7 $34.9 
Income tax benefit(6.1)(6.0)(6.4)
RSU compensation expense, net of tax$26.9 $25.7 $28.5 
As of December 31, 2024, there was $19.1 million of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 0.91 years.
Performance Share Units
The number of shares of common stock a participant will receive upon vesting of a PSU award is contingent upon the Company’s performance with respect to selected metrics, as identified below. The payout levels can vary between 0% and 200% (maximum) of the target (100%) ALTEIP award amount, based on the Company’s level of performance against the selected metrics. PSUs accrue dividend equivalents during the performance period based on a target payout and will be paid in cash at the end of the performance period based on the actual number of shares issued.
The Compensation Committee has established two equally weighted performance measures for PSU awards:
•Total shareholder return relative to the S&P 500 Index (“market condition”), defined as appreciation in the Company’s common stock plus dividend yield to stockholders and will be measured by the performance of the Company relative to the S&P 500 Index over the three-year performance period.
•Adjusted earnings per diluted common share, excluding reportable catastrophes (“performance condition”) is a Company-specific profitability metric and is defined as the Company’s adjusted earnings, excluding reportable catastrophes, divided by the fully diluted weighted average common shares outstanding. This metric is an absolute metric that is measured against a three-year cumulative target established by the Compensation Committee at the award date and is not tied to the performance of peer companies. Prior to 2023, net operating income per diluted common share, excluding reportable catastrophes, was used as the company specific profitability metric.
A summary of the Company’s outstanding PSUs is presented below:
Performance
Share Units		Weighted-Average
Grant-Date
Fair Value
Performance share units outstanding at December 31, 2023598,755 $151.63 
Grants (1)
188,407 207.00 
Vests (2)
(220,055)147.85 
Performance adjustment (3)
28,890 146.19 
Forfeitures and adjustments(10,491)165.01 
Performance share units outstanding at December 31, 2024585,506 $170.44 
(1)The weighted average grant date fair value for PSUs granted in 2023 and 2022 was $114.91 and $217.33, respectively.
(2)The total fair value of PSUs vested was $39.8 million, $25.8 million and $42.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
(3)Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.
PSU grants above represent initial target awards and do not reflect potential increases or decreases resulting from the Company’s level of performance against the selected metrics to be determined at the end of the prospective performance period.
The fair value of the performance condition was estimated using the fair market value of a share of the Company’s common stock at the date of grant. The fair value of the market condition was estimated on the date of grant using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market condition stipulated in the award. Expected volatilities were based on the historical prices of the Company’s common stock and peer group, the expected term was assumed to equal the average of the vesting period of the PSUs and the risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant.
 For awards granted during the years ended December 31,
 202420232022
Expected volatility25.76 %26.84 %33.82 %
Expected term (years)2.792.802.80
Risk free interest rate4.44 %3.93 %2.09 %
The following table shows a summary of PSU compensation expense during the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
202420232022
PSU compensation expense$45.4 $40.3 $24.8 
Income tax benefit(6.0)(5.8)(3.7)
PSU compensation expense, net of tax$39.4 $34.5 $21.1 
As of December 31, 2024, there was $37.6 million of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 0.85 years.
Employee Stock Purchase Plan
Under the Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to 5,000,000 new shares of common stock to employees who are participants in the ESPP. The ESPP allows eligible employees to contribute, through payroll deductions, portions of their after-tax compensation in each offering period toward the purchase of shares of the Company’s common stock. There are two offering periods during the year (January 1 through June 30 and July 1 through December 31) and shares of common stock are purchased at the end of each offering period at 90% of the lower of the closing price of the common stock on the first or last day of the offering period. Participants must be employed on the last trading day of the offering period in order to purchase shares of common stock under the ESPP. The maximum number of shares of common stock that can be purchased is 5,000 per employee. Participants’ contributions are limited to a maximum contribution of $7.5 thousand per offering period, or $15.0 thousand per year.
The ESPP is offered to individuals who are scheduled to work a certain number of hours per week, have been continuously employed for at least six months by the start of the offering period, are not temporary employees (classified as temporary and employed less than 12 months) and have not been on a leave of absence for more than 90 days immediately preceding the offering period.
In January 2025, the Company issued 50,763 shares of common stock at a discounted price of $150.20 for the offering period of July 1, 2024 through December 31, 2024. In January 2024, the Company issued 65,049 shares of common stock at a discounted price of $113.26 for the offering period of July 1, 2023 through December 31, 2023.
In July 2024, the Company issued 49,969 shares of common stock to employees at a discounted price of $149.63 for the offering period of January 1, 2024 through June 30, 2024. In July 2023, the Company issued 66,306 shares of common stock to employees at a discounted price of $113.15 for the offering period of January 1, 2023 through June 30, 2023.
The compensation expense recorded related to the ESPP was $2.8 million, $3.1 million and $3.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The related income tax benefit for disqualified disposition was $0.2 million for the year ended December 31, 2024, and 0.1 million for the years ended December 31, 2023 and 2022.
The fair value of each award under the ESPP was estimated at the beginning of each offering period using the Black-Scholes option-pricing model and assumptions in the table below. Expected volatilities are based on implied volatilities from traded options on the Company’s common stock and the historical volatility of the Company’s common stock. 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 dividend yield is based on the current annualized dividend and common stock price as of the grant date.
 For awards issued during the years ended December 31,
  
202420232022
Expected volatility
19.60 - 23.95%
28.57 - 31.63%
20.96 - 25.05%
Risk free interest rates
5.24 - 5.37%
4.77 - 5.53%
0.22 - 2.52%
Dividend yield
1.68 - 1.71%
2.18 - 2.20%
1.54 - 1.73%
Expected term (years)0.50.50.5
Non-Stock Based Incentive Plans
Deferred Compensation
The Company’s deferred compensation programs consist of the AIP, the ASIC and the ADC. The AIP and the ASIC provided key employees the ability to exchange a portion of their compensation for options to purchase certain third-party mutual funds. The AIP and the ASIC were frozen in December 2004 and no additional contributions can be made to either the AIP or the ASIC. Effective March 1, 2005 and amended and restated on January 1, 2025, the ADC Plan was established in
order to comply with the American Jobs Creation Act of 2004 (the “Jobs Act”) and Section 409A of the Internal Revenue Code of 1986, as amended (the “IRC”). The ADC provides key employees the ability to defer a portion of their eligible compensation to be notionally invested in a variety of mutual funds. Deferrals and withdrawals under the ADC are intended to be fully compliant with the Jobs Act definition of eligible compensation and distribution requirements.
v3.25.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Year Ended December 31, 2024
 Foreign
currency
translation
adjustment		Net unrealized
losses on
investments		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
Change in accumulated other comprehensive income (loss) before reclassifications(63.3)(43.0)— (13.4)(119.7)
Amounts reclassified from accumulated other comprehensive income (loss)— 56.6 (6.3)(1.7)48.6 
Net current-period other comprehensive income (loss)(63.3)13.6 (6.3)(15.1)(71.1)
Balance at December 31, 2024$(415.2)$(291.9)$2.2 $(131.2)$(836.1)
 Year Ended December 31, 2023
 Foreign
currency
translation
adjustment		Net unrealized
losses on
investments		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2022$(394.0)$(513.2)$9.8 $(88.8)$(986.2)
Change in accumulated other comprehensive income (loss) before reclassifications42.1 171.9 (0.6)(17.6)195.8 
Amounts reclassified from accumulated other comprehensive income (loss)— 35.8 (0.7)(9.7)25.4 
Net current-period other comprehensive income (loss)42.1 207.7 (1.3)(27.3)221.2 
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
 Year Ended December 31, 2022
 Foreign
currency
translation
adjustment		Net unrealized
gains (losses) on
securities		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2021$(326.9)$256.6 $12.4 $(92.1)$(150.0)
Change in accumulated other comprehensive income (loss) before reclassifications(67.1)(808.7)— 9.0 (866.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 38.9 (2.6)(5.7)30.6 
Net current-period other comprehensive income (loss)(67.1)(769.8)(2.6)3.3 (836.2)
Balance at December 31, 2022$(394.0)$(513.2)$9.8 $(88.8)$(986.2)
The following tables summarize the reclassifications out of AOCI for the periods indicated.
Details about AOCI componentsAmount reclassified from AOCIAffected line item in the statement where
net income is presented
 Years Ended December 31, 
 202420232022 
Net unrealized losses on investments$71.6 $45.3 $49.2 
Net realized losses on investments and fair value changes to equity securities
(15.0)(9.5)(10.3)Provision for income taxes
$56.6 $35.8 $38.9 Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives$(2.8)$(3.4)$(3.2)Interest expense
Foreign exchange derivatives(5.2)2.5 — Underwriting, selling, general and administrative expenses
(8.0)(0.9)(3.2)
1.7 0.2 0.6 Provision for income taxes
$(6.3)$(0.7)$(2.6)Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$1.2 $1.0 $4.4 (1)
Amortization of prior service credit(13.5)(13.5)(13.5)(1)
Settlement loss10.2 0.2 1.9 (1)
(2.1)(12.3)(7.2)
0.4 2.6 1.5 Provision for income taxes
$(1.7)$(9.7)$(5.7)Net of tax
Total reclassifications for the period$48.6 $25.4 $30.6 Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 23 for additional information.
v3.25.0.1
Statutory Information
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Information Statutory Information
The Company’s insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and administrative rules.
The principal differences between SAP and GAAP are: (1) policy acquisition costs are expensed as incurred under SAP, but are deferred and amortized under GAAP; (2) VOBA is not capitalized under SAP but is under GAAP; (3) the classification and carrying amounts of investments in certain securities are different under SAP than under GAAP; (4) the criteria for providing asset valuation allowances, and the methodologies used to determine the amounts thereof, are different under SAP than under GAAP; (5) the timing of establishing certain reserves, and the methodologies used to determine the amounts thereof, are different under SAP than under GAAP; (6) certain assets are not admitted for purposes of determining surplus under SAP; (7) methodologies used to determine the amounts of deferred taxes, intangible assets and goodwill are different under SAP than under GAAP; and (8) the criteria for obtaining reinsurance accounting treatment is different under SAP than under GAAP, and SAP allows net presentation of insurance reserves and reinsurance recoverables.
The combined statutory net income, excluding intercompany dividends and surplus note interest, and capital and surplus of the Company’s U.S. domiciled statutory insurance subsidiaries is as follows: 
 Years Ended December 31,
 202420232022
Property and casualty companies$546.0 $529.4 $283.5 
Life and health companies22.2 13.7 20.0 
Total statutory net income$568.2 $543.1 $303.5 
 December 31,
 20242023
Property and casualty companies$1,642.8 $1,461.4 
Life and health companies85.5 87.6 
Total statutory capital and surplus$1,728.3 $1,549.0 
The Company also has non-insurance subsidiaries and foreign insurance subsidiaries that are not subject to SAP. The statutory net income and statutory capital and surplus amounts presented above do not include non-insurance subsidiaries and foreign insurance subsidiaries in accordance with SAP.
Insurance enterprises are required by state insurance departments to adhere to minimum risk-based capital (“RBC”) requirements developed by the NAIC. The Company’s insurance subsidiaries expect to exceed minimum RBC requirements as of December 31, 2024. In addition, all of our rated insurance subsidiaries currently maintain an A.M. Best financial strength rating of A.
The payment of dividends to the Company by any of the Company’s regulated U.S domiciled insurance subsidiaries in excess of a certain amount (i.e., extraordinary dividends) must be approved by the subsidiary’s domiciliary jurisdiction department of insurance. Ordinary dividends, for which no regulatory approval is generally required, are limited to amounts determined by a formula, which varies by jurisdiction. The formula for the majority of the jurisdictions in which the Company’s subsidiaries are domiciled is based on the prior year’s statutory net income or 10% of the statutory surplus as of the end of the prior year. Some jurisdictions limit ordinary dividends to the greater of these two amounts, others limit them to the lesser of these two amounts and some jurisdictions exclude prior year realized capital gains from prior year net income in determining ordinary dividend capacity. Some jurisdictions have an additional stipulation that dividends may only be paid out of earned surplus. If insurance regulators determine that payment of an ordinary dividend or any other payments by the Company’s insurance subsidiaries to the Company (such as payments under a tax sharing agreement or payments for employee or other services) would be adverse to policyholders or creditors, the regulators may block such payments that would otherwise be permitted without prior approval. Based on the dividend restrictions under applicable laws and regulations, the maximum amount of dividends that the Company’s U.S. domiciled insurance subsidiaries could pay to the Company in 2025 without regulatory approval is approximately $524.2 million. No assurance can be given that there will not be further regulatory actions restricting the ability of the Company’s insurance subsidiaries to pay dividends.
v3.25.0.1
Retirement and Other Employee Benefits
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Retirement and Other Employee Benefits Retirement and Other Employee Benefits
Defined Benefit Plans
The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees. The Assurant Pension Plan is considered “qualified” because it meets the requirements of IRC Section 401(a) (“IRC 401(a)”) and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Assurant Pension Plan is a pension equity plan with a grandfathered final average earnings plan for a certain group of employees. Benefits are based on certain years of service and the employee’s compensation during certain such years of service. The Company’s funding policy is to contribute amounts to the Assurant Pension Plan sufficient to meet the minimum funding requirements in ERISA, plus such additional amounts as the Company may determine to be appropriate from time to time up to the maximum permitted. The funding policy considers several factors to determine such additional amounts, including items such as the amount of service cost plus 15% of the Assurant Pension Plan deficit and the capital position of the Company. During the year ended December 31, 2024, there were no contributions to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funding status, no contributions to the Assurant Pension Plan are expected during the year ending December 31, 2025. Assurant Pension Plan assets are maintained in a separate trust. Assurant Pension Plan assets and benefit obligations are measured as of December 31, 2024.
The Company also has various non-contributory, non-qualified supplemental plans covering certain employees including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan (the “SERP”). Since these
plans are “non-qualified” they are not subject to the requirements of IRC 401(a) and ERISA. As such, the Company is not required, and does not, fund these plans. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. The Company has the right to modify or terminate these benefits; however, the Company will not be relieved of its obligation to plan participants for their vested benefits.
In addition, the Company provides certain health care benefits (“Retirement Health Benefits”) and life benefits for retired employees and their dependents. On July 1, 2011, the Company terminated certain Retirement Health Benefits for employees who did not qualify for “grandfathered” status and no longer offers these benefits to new hires. The Company contribution, plan design and other terms of the remaining benefits did not change for those grandfathered employees. The Company has the right to modify or terminate these benefits.
Effective January 1, 2014, the Pension Benefits plans were closed to new hires. Effective March 1, 2016, the Pension Benefits, Retirement Health Benefits and life benefits (together, the “Plans”) were amended such that no additional benefits will be earned after February 29, 2016.
In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid through the Termination Date. The Retirement Health Benefits obligations were remeasured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI. This prior service credit has been fully amortized in the net periodic benefit cost as of December 31, 2024.
The following table presents information on the Plans for the periods indicated:
 Pension BenefitsRetirement Health Benefits
 2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$(599.8)$(598.5)$(4.9)$(9.9)
Interest cost(28.9)(30.5)(0.2)(0.4)
Actuarial gain49.5 (15.8)(0.5)0.3 
Benefits paid35.1 45.0 4.7 5.1 
Projected benefit obligation at end of year$(544.1)$(599.8)$(0.9)$(4.9)
Change in plan assets
Fair value of plan assets at beginning of year$636.7 $641.8 $26.0 $29.4 
Actual return on plan assets11.2 35.9 0.3 1.5 
Employer contributions4.7 5.4 0.2 0.2 
Settlements(34.3)— — — 
Benefits paid (including administrative expenses)(37.0)(46.4)(4.7)(5.1)
Net transfer in/(out) (including effect of any business combinations/divestitures)— — (21.8)— 
Fair value of plan assets at end of year$581.3 $636.7 $— $26.0 
Funded status at end of year$37.2 $36.9 $(0.9)$21.1 

In accordance with the guidance on retirement benefits, the Company aggregates the results of the qualified and non-qualified plans as “Pension Benefits” and is required to disclose the aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets, if the obligations within those plans exceed plan assets.
As of December 31, 2024 and 2023, the fair value of plan assets, projected benefit obligation, funded status at end of year and the accumulated benefit obligation of Pension Benefits were as follows:
 Qualified Pension BenefitsUnfunded Nonqualified
Pension Benefits		Total Pension Benefits
 202420232024202320242023
Fair value of plan assets$581.3 $636.7 $— $— $581.3 $636.7 
Projected benefit obligation(497.2)(550.1)(46.9)(49.7)(544.1)(599.8)
Funded status at end of year$84.1 $86.6 $(46.9)$(49.7)$37.2 $36.9 
Accumulated benefit obligation$497.2 $550.1 $46.9 $49.7 $544.1 $599.8 
  
Amounts recognized in the consolidated balance sheets consist of:
 Pension BenefitsRetirement Health Benefits
 2024202320242023
Assets$84.1 $86.6 $— $21.1 
Liabilities$(46.9)$(49.7)$(0.9)$— 
 
Amounts recognized in AOCI consist of: 
 Pension BenefitsRetirement Health Benefits
 202420232022202420232022
Net (loss) gain $(162.7)$(158.5)$(137.5)$(3.3)$(1.8)$(2.1)
Prior service (cost) credit(0.3)(0.3)(0.4)— 13.4 27.2 
$(163.0)$(158.8)$(137.9)$(3.3)$11.6 $25.1 
Components of net periodic benefit cost, recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations, and other amounts recognized in AOCI for the years ended December 31, 2024, 2023, and 2022 were as follows: 
 Pension BenefitsRetirement Health Benefits
 202420232022202420232022
Net periodic benefit cost
Interest cost$28.9 $30.5 $18.0 $0.2 $0.4 $0.1 
Expected return on plan assets(40.1)(40.9)(27.5)(1.3)(1.5)(1.4)
Amortization of prior service credit (cost)— — 0.1 (13.6)(13.6)(13.6)
Amortization of net loss (gain)1.2 1.0 5.1 — — (0.7)
Curtailment/settlement loss10.2 0.2 1.9 — — — 
Net periodic benefit cost$0.2 $(9.2)$(2.4)$(14.7)$(14.7)$(15.6)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income
Net (gain) loss15.5 22.2 (18.6)1.5 (0.2)7.6 
Amortization of prior service (cost) credit— — (0.1)13.6 13.6 13.6 
Amortization of net (loss) gain(11.3)(1.2)(7.0)— — 0.7 
Total recognized in accumulated other comprehensive (loss) income$4.2 $21.0 $(25.7)$15.1 $13.4 $21.9 
Total recognized in net periodic benefit cost and other comprehensive (loss) income$4.4 $11.8 $(28.1)$0.4 $(1.3)$6.3 
The Company uses a five-year averaging method to determine the market-related value of Pension Benefits plan assets, which is used to calculate the expected return of plan assets component of the Plans’ expense. Under this methodology, asset gains/losses that result from actual returns which differ from the Company’s expected long-term rate of return on assets
assumption are recognized in the market-related value of assets on a level basis over a five-year period. The difference between actual as compared to expected asset returns for the Plans will be fully reflected in the market-related value of plan assets over the next five years using the methodology described above. Other post-employment benefit assets under the Retirement Health Benefits are valued at fair value.
Determination of the projected benefit obligation was based on the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022: 
 Qualified Pension BenefitsUnfunded Nonqualified Pension BenefitsRetirement Health Benefits
 202420232022202420232022202420232022
Discount rate5.60 %5.14 %5.42 %5.51 %5.11 %5.42 %5.69 %5.63 %5.36 %
Determination of the net periodic benefit cost was based on the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022: 
 Qualified Pension BenefitsUnfunded Nonqualified Pension BenefitsRetirement Health Benefits
 202420232022202420232022202420232022
Discount rates:
Effective discount rate for benefit obligations5.14 %5.42 %2.79 %5.11 %5.42 %2.68 %5.24 %5.36 %1.08 %
Effective rate for interest on benefit obligations5.07 %5.34 %2.30 %5.04 %5.33 %2.05 %5.86 %5.37 %1.02 %
Expected long-term return on plan assets5.70 %5.70 %3.65 %— %— %— %5.70 %5.70 %3.65 %
The selection of the Company’s discount rate assumption reflects the rate at which the Plans’ obligations could be effectively settled at December 31, 2024, 2023 and 2022. The methodology for selecting the discount rate was to match each Plan’s cash flows to that of a yield curve that provides the equivalent yields on zero-coupon corporate bonds for each maturity. The yield curve utilized in the cash flow analysis was comprised of 341 bonds rated AA by either Moody’s or S&P’s with maturities between zero and 30 years. The discount rate for each Plan is the single rate that produces the same present value of cash flows. The Company utilizes a split rate approach for purposes of determining the benefit obligations and service cost as well as a spot rate approach for the calculation of interest on these items in the determination of the net periodic benefit cost.
To develop the expected long-term rate of return on assets assumption, the Company considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected long-term rate of return on Plan assets reflects the average rate of earnings expected on the funds invested or to be invested. The expected return for each asset class was then weighted based on the targeted asset allocation to develop the expected long-term rate of return on asset assumptions for the portfolio. The Company believes the current assumption reflects the projected return on the invested assets, given the current market conditions and the modified portfolio structure. Actual return (loss) on Plan assets was 1.7%, 5.6% and (16.9)% for the years ended December 31, 2024, 2023 and 2022 respectively.
The assumed health care cost trend rates used in measuring the accumulated postretirement benefit obligation and net periodic benefit cost were as follows: 
 Retirement Health Benefits
 202420232022
Health care cost trend rate assumed for next year (1):
Pre-65 Non-reimbursement PlanN/A5.6%5.4%
Post-65 Non-reimbursement Plan (Medical)N/A4.0%4.2%
Post-65 Non-reimbursement Plan (Rx)N/A7.0%6.6%
Pre-65 Reimbursement PlanN/A5.5%5.4%
Post-65 Reimbursement PlanN/A5.5%5.4%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1)
N/A4.0%4.0%
Year that the rate reaches the ultimate trend rate (1)
Pre-65 Non-reimbursement PlanN/A20452045
Post-65 Non-reimbursement Plan (Medical & Rx)N/A20452045
Pre-65 Reimbursement PlanN/A20452045
Post-65 Reimbursement PlanN/A20452045
(1)The Retirement Health Benefits Plan terminated effective December 31, 2024. Since the plan has terminated, there are no costs to bring forward to the following year so none of the trend rates are applicable for 2024.
The assets of the Plans are managed to maximize their long-term pre-tax investment return, subject to the following dual constraints: minimization of required contributions and maintenance of solvency requirements. It is anticipated that periodic contributions to the Plans will, for the foreseeable future, be sufficient to meet benefit payments thus allowing the balance to be managed according to a long-term approach. The Benefit Plans Investment Committee (“BPIC”) for the Plans meets on a quarterly basis and reviews the re-balancing of existing fund assets and the asset allocation of new fund contributions.
The goal of the Company’s asset strategy is to ensure that the growth in the value of the Plans’ assets over the long-term, both in real and nominal terms, manages (controls) risk exposure. Risk is managed by investing in a broad range of asset classes, and within those asset classes, a broad range of individual securities. Diversification by asset classes stabilizes total results over short-term time periods. Each asset class is externally managed by outside investment managers appointed by the BPIC. Derivatives may be used consistent with the Plans’ investment objectives established by the BPIC. All securities must be U.S. Dollar denominated.
The BPIC oversees the investment of the Plans’ assets and periodically reviews the investment strategies, strategic asset allocation, liabilities and portfolio structure of the assets. After a 2017 review and considering the funded status of the Assurant Pension Plan, the BPIC transitioned plan assets to a new target asset allocation consisting of 80% fixed income, 10% real estate, 5% hedge funds and 5% equities.
The assets of the Plans are primarily invested in fixed maturity securities. Interest rate risk is hedged by aligning the duration of the fixed maturity securities with the duration of the liabilities. Specifically, interest rate swaps can be used if needed to synthetically extend the duration of fixed maturity securities to match the duration of the liabilities, as measured on a projected benefit obligation basis. In addition, the Plans’ fixed income securities have exposure to credit risk. In order to adequately diversify and limit exposure to credit risk, the BPIC established parameters which include a limit on the asset types that managers are permitted to purchase, maximum exposure limits by sector and by individual issuer (based on asset quality) and minimum required ratings on individual securities. As of December 31, 2024, 87% of plan assets were invested in fixed maturity securities and 18%, 17% and 11% of those securities were concentrated in the energy and power, finance and real estate, and communication industries, respectively, with no exposure to any single creditor in excess of 4%, 5% and 13% of those industries, respectively. As of December 31, 2024, 5% of plan assets were invested in equity securities and 100% of the Plans’ equity securities were invested in a mutual fund that attempts to replicate the return of the S&P 500 Index by investing its assets in large capitalization stocks that are included in the S&P 500 Index using a weighting similar to the S&P 500 Index. The remainder of the assets are invested in real estate and other alternative assets.
The fair value hierarchy for the Company’s qualified pension plan and other postretirement benefit plan assets at December 31, 2024 by asset category, is as follows:
Qualified Pension BenefitsDecember 31, 2024
Financial AssetsTotalLevel 1Level 2
Cash equivalents:
Short-term investment funds$7.8 $— $7.8 
Equity securities:
Mutual funds - U.S. listed large cap29.2 29.2 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities144.0 — 144.0 
Corporate - U.S. & foreign investment grade334.7 — 334.7 
Corporate - U.S. & foreign high yield10.9 — 10.9 
Mutual funds - U.S. investment grade14.4 14.4 — 
Other investments measured at net asset value (1)
106.6 — — 
Total financial assets (2)
$647.6 $43.6 $497.4 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $46.9 million, $4.7 million and $55.0 million as of December 31, 2024 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Retirement Health BenefitsDecember 31, 2024
Financial AssetsTotal Level 1Level 2
Cash equivalents:
Short-term investment funds$— $— $— 
Equity securities:
Mutual funds - U.S. listed large cap— — — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities— — — 
Corporate - U.S. & foreign investment grade— — — 
Corporate - U.S. & foreign high yield— — — 
Other investments measured at net asset value— — — 
Total financial assets (1)
$— $— $— 
(1)The Retirement Health Benefits Plan terminated effective December 31, 2024. In accordance with the change in plan assets shown above, this table reflects the net transfer out of plan assets.
The fair value hierarchy for the Company’s qualified pension plan and other postretirement benefit plan assets at December 31, 2023 by asset category, is as follows: 
Qualified Pension BenefitsDecember 31, 2023
Financial AssetsTotal Level 1Level 2
Cash and cash equivalents:
Short-term investment funds$13.9 $— $13.9 
Equity securities:
Preferred stock1.0 1.0 — 
Mutual funds - U.S. listed large cap35.2 35.2 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities164.1 — 164.1 
Corporate - U.S. & foreign investment grade344.1 — 344.1 
Corporate - U.S. & foreign high yield14.0 — 14.0 
Other investments measured at net asset value (1)
111.8 — — 
Total financial assets (2)
$684.1 $36.2 $536.1 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $41.6 million, $5.9 million and $64.3 million as of December 31, 2023 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Retirement Health BenefitsDecember 31, 2023
Financial AssetsTotal Level 1Level 2
Cash and cash equivalents:
Short-term investment funds$0.6 $— $0.6 
Equity securities:
Mutual funds - U.S. listed large cap1.4 1.4 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities6.7 — 6.7 
Corporate - U.S. & foreign investment grade14.0 — 14.0 
Corporate - U.S. & foreign high yield0.6 — 0.6 
Other investments measured at net asset value (1)
4.6 — — 
Total financial assets (2)
$27.9 $1.4 $21.9 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $1.7 million, $0.3 million and $2.6 million as of December 31, 2023 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Level 1 and Level 2 securities are valued using various observable market inputs obtained from a pricing service. The pricing service prepares estimates of fair value measurements for the Company’s Level 2 securities using proprietary valuation models based on techniques such as matrix pricing which include observable market inputs. Observable market inputs for Level 1 and Level 2 securities are consistent with the observable market inputs described in Note 9.
The Company obtains one price for each investment. A quarterly analysis is performed to assess if the evaluated prices represent a reasonable estimate of their fair value. This process involves quantitative and qualitative analysis and is overseen by benefits, investment and accounting professionals. Examples of procedures performed include initial and on-going review of pricing service methodologies, review of pricing statistics and trends, and comparison of prices for certain securities with two different appropriate price sources for reasonableness. Following this analysis, the Company uses the best estimate of fair value based upon all available inputs. The pricing service provides information regarding their pricing procedures so that the Company can properly categorize the Plans’ financial assets in the fair value hierarchy.
The following pension benefits are expected to be paid over the next ten-year period:
Pension
Benefits		Retirement
Health
Benefits
2025$49.6 $0.1 
202649.7 0.1 
202748.2 0.1 
202848.1 — 
202948.1 — 
2030 - 2034215.3 0.3 
Total$459.0 $0.6 
Defined Contribution Plan
The Company and its subsidiaries participate in a defined contribution plan covering substantially all employees. The defined contribution plan provides benefits payable to participants on retirement or disability and to beneficiaries of participants in the event of the participant’s death. The amounts expensed by the Company related to this plan were $43.5 million for the year ended December 31, 2024 and $44.1 million for the years ended December 31, 2023 and 2022.
v3.25.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share  
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of PSUs and ESPP using the treasury stock method. Refer to Notes 19 and 20 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Years Ended December 31,
 202420232022
Numerator
Net income$760.2 $642.5 $276.6 
Less: Common stock dividends paid(155.9)(152.3)(150.2)
Undistributed earnings$604.3 $490.2 $126.4 
Denominator
Weighted average common shares outstanding used in basic per common share calculations52,231,729 53,455,139 54,371,531 
Incremental common shares from:
PSUs324,484 294,808 348,036 
ESPP24,889 33,122 62,961 
Weighted average common shares outstanding used in diluted per common share calculations52,581,102 53,783,069 54,782,528 
Earnings per common share – Basic
Distributed earnings$2.99 $2.85 $2.76 
Undistributed earnings11.56 9.17 2.33 
Net income$14.55 $12.02 $5.09 
Earnings per common share – Diluted
Distributed earnings$2.97 $2.83 $2.74 
Undistributed earnings11.49 9.12 2.31 
Net income$14.46 $11.95 $5.05 
Average PSUs totaling 48,859, 56,456 and 52,982 for the years ended December 31, 2024, 2023 and 2022, respectively, were outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.
v3.25.0.1
Restructuring and Related Impairment Charges
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Impairment Charges Restructuring and Related Impairment Charges
In December 2022, the Company finalized its plan to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. This included realigning its organizational structure and talent to support its business strategy (the “transformational plan”). The Company also accelerated its ongoing real estate consolidation to support work-from-home arrangements given its increasingly hybrid workforce (the “return to work strategy”).
In September 2023, the Company amended and extended the December 2022 plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. The Company now expects to complete these actions in 2025.
The following table summarizes the costs by major type that are recorded in underwriting, selling, general and administrative expenses in the consolidated statement of operations for the years ended December 31, 2024 and 2023, the cumulative costs incurred as of December 31, 2024 and the estimated total costs incurred. Substantially all of the charges are expected to be cash. Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
Costs incurred for the year ended December 31, Estimated Remaining CostsEstimated Total Costs
20242023
Transformational plan:
Severance and other employee benefits$4.5 $21.0 $— $57.2 
Total transformational plan4.5 21.0 — 57.2 
Return to work strategy:
Contract exit costs0.9 6.5 — 22.9 
Fixed asset impairment— 1.2 — 2.3 
Right-of-use asset impairment— 5.6 — 10.2 
Total return to work strategy0.9 13.3 — 35.4 
Total restructuring and impairment charges$5.4 $34.3 $— $92.6 
The following table shows the rollforward of the accrued liability by major type.
Transformational PlanReturn to Work Strategy (contract exit costs)
Balance at January 1, 2022$29.3 $19.3 
Charges incurred23.0 8.8 
Non-cash adjustment(2.0)(2.3)
Cash payments(22.5)(8.7)
Balance at December 31, 2023
27.8 27.8 17.1 
Charges incurred5.5 1.1 
Non-cash adjustment(1.0)(0.2)
Cash payments(18.9)(6.8)
Balance at December 31, 2024
$13.4 $11.2 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Leases
The Company and its subsidiaries lease office space and equipment under operating lease arrangements. Certain facility leases contain escalation clauses based on increases in the lessors’ operating expenses.
As of December 31, 2024 and 2023, the lease liability was $62.4 million and $35.3 million, respectively, included in accounts payable and other liabilities in the consolidated balance sheets. As of December 31, 2024 and 2023, the right-of-use asset was $54.1 million and $23.0 million, respectively, included in other assets in the consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022 the operating lease cost recognized for leases with terms in excess of 12 months was $23.2 million, $19.0 million and $18.1 million respectively, and related cash outflows reducing the lease liability were $23.4 million, $19.4 million and $19.3 million, respectively. As of December 31, 2024, the weighted average remaining lease term and discount rate was 5.2 years and 5.6%, respectively. As of December 31, 2023, the weighted average remaining lease term and discount rate was 5.0 years and 5.0%, respectively. For the years ended December 31, 2024, 2023 and 2022 the short-term lease cost recognized for leases with terms of 12 months or less was $1.1 million, $1.1 million and $1.5 million, respectively.
At December 31, 2024, the lease liability by maturity is as follows:
2025$17.7 
202616.2 
202712.6 
20289.8 
20298.3 
Thereafter7.1 
Total future lease payments71.7 
Less: Imputed interest(9.3)
Total lease liability$62.4 
Letters of Credit
In the normal course of business, letters of credit are issued for various purposes. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $1.8 million and $2.9 million of letters of credit outstanding as of December 31, 2024 and 2023, respectively.
Legal and Regulatory Matters
The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable.
The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no reasonable estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsThe California Wildfires began in January 2025, causing significant damage throughout the Los Angeles metropolitan area and surrounding regions. At the time of this filing, the claims process continues and our current view is that reportable catastrophes from the California Wildfires are expected to approach or slightly exceed our catastrophe reinsurance program per event retention of $150 million. There is inherent variability in our estimates of early loss projections and claims severity, and therefore the estimate may change as additional information emerges.
v3.25.0.1
Schedule I – Summary of Investments - Other Than Investments in Related Parties
 12 Months Ended
Dec. 31, 2024
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 – Summary of Investments - Other Than Investments in Related Parties
December 31, 2024
Cost or
Amortized Cost		Fair ValueAmount at which
shown in balance
sheet
 (in millions)
Fixed maturity securities:
U.S. government and government agencies and authorities$54.5 $51.2 $51.2 
States, municipalities and political subdivisions128.7 119.1 119.1 
Foreign governments484.6 462.1 462.1 
Asset-backed940.3 937.3 937.3 
Commercial mortgage-backed371.8 336.4 336.4 
Residential mortgage-backed690.0 641.1 641.1 
U.S. corporate3,364.3 3,187.4 3,187.4 
Foreign corporate1,490.6 1,440.5 1,440.5 
Total fixed maturity securities7,524.8 7,175.1 7,175.1 
Equity securities:
Common stocks32.3 3.5 3.5 
Non-redeemable preferred stocks177.5 176.2 176.2 
Mutual funds28.9 28.8 28.8 
Total equity securities238.7 208.5 208.5 
Commercial mortgage loans on real estate342.5 342.5 
Short-term investments281.6 281.6 
Other investments536.8 536.8 
Total investments$8,924.4 $8,544.5 
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule II – Condensed Financial Statements (Parent Only)
Schedule II – Condensed Balance Sheet (Parent Only)
 December 31,
 20242023
 (in millions, except number
of shares)
Assets
Investments:
Equity investment in subsidiaries$6,109.1 $5,945.1 
Fixed maturity securities available for sale, at fair value (amortized cost – $485.7 and $492.2 at December 31, 2024 and 2023, respectively)
482.7 488.6 
Short-term investments24.7 15.7 
Other investments87.7 79.5 
Total investments6,704.2 6,528.9 
Cash and cash equivalents164.9 106.2 
Receivable from subsidiaries, net42.9 77.7 
Income tax receivable193.5 10.9 
Accrued investment income4.1 4.6 
Property and equipment, at cost less accumulated depreciation332.4 327.5 
Other assets120.5 126.2 
Total assets$7,562.5 $7,182.0 
Liabilities
Accounts payable and other liabilities$372.7 $291.9 
Debt2,083.1 2,080.6 
Total liabilities2,455.8 2,372.5 
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,129,838 and 54,252,083 shares issued and 50,833,749 and 51,955,994 shares outstanding at December 31, 2024 and 2023, respectively
0.5 0.6 
Additional paid-in capital1,686.8 1,668.5 
Retained earnings4,378.3 4,028.2 
Accumulated other comprehensive loss(836.1)(765.0)
Treasury stock, at cost; 2,296,089 shares at December 31, 2024 and 2023
(122.8)(122.8)
Total stockholders’ equity5,106.7 4,809.5 
Total liabilities and stockholders’ equity$7,562.5 $7,182.0 
See the accompanying Notes to the Parent Only Condensed Financial Statements
Schedule II – Condensed Income Statement (Parent Only)
 Years Ended December 31,
 202420232022
 (in millions)
Revenues
Net investment income$28.8 $21.0 $13.8 
Net realized gains (losses) on investments and fair value changes to equity securities1.2 (9.8)(35.8)
Fees and other income332.2 318.8 283.9 
Equity in net income of subsidiaries908.8 786.3 462.1 
Total revenues1,271.0 1,116.3 724.0 
Expenses
General and administrative expenses480.5 419.0 402.4 
Interest expense107.0 108.0 108.3 
(Gain) loss on extinguishment of debt (Note 18 to the Consolidated Financial Statements)
— (0.1)0.9 
Total expenses587.5 526.9 511.6 
Income before benefit for income taxes683.5 589.4 212.4 
Benefit for income taxes(76.7)(53.1)(64.2)
Net income$760.2 $642.5 $276.6 

See the accompanying Notes to the Parent Only Condensed Financial Statements
Schedule II – Condensed Statements of Comprehensive Income (Parent Only)
Years Ended December 31,
202420232022
(in millions)
Net income$760.2 $642.5 $276.6 
Other comprehensive income (loss):
Change in unrealized gains on securities, net of taxes of $(0.1), $(3.4) and $4.5 for the years ended December 31, 2024, 2023 and 2022, respectively
0.5 29.0 (20.2)
Change in unrealized gains on derivative transactions, net of taxes of $1.7, $0.3 and $0.7 for the years ended December 31, 2024, 2023 and 2022, respectively
(6.3)(1.3)(2.6)
Change in foreign currency translation, net of taxes of $0.0, $0.0 and $0.4 for the years ended December 31, 2024, 2023 and 2022, respectively
— — (1.4)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, net of taxes of $4.0, $7.2 and $(0.8) for the years ended December 31, 2024, 2023 and 2022, respectively
(15.2)(27.1)3.0 
Change in subsidiary other comprehensive income(50.1)220.6 (815.0)
Total other comprehensive income (loss)(71.1)221.2 (836.2)
Total comprehensive income attributable to stockholders$689.1 $863.7 $(559.6)

See the accompanying Notes to the Parent Only Condensed Financial Statements
Schedule II – Condensed Cash Flows (Parent Only)
 Years Ended December 31,
 202420232022
 (in millions)
Operating Activities
Net cash provided by operating activities$447.9 $345.1 $209.0 
Investing Activities
Sales of:
Fixed maturity securities available for sale278.9 183.4 659.0 
Equity securities1.7 — 5.0 
Other invested assets— 8.0 2.2 
Property, buildings and equipment— 1.0 3.1 
Subsidiary, net of cash transferred— — 4.8 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale87.5 172.2 178.4 
Purchases of:
Fixed maturity securities available for sale(18.0)(155.4)(3.9)
Equity securities— — (1.5)
Other invested assets(0.7)— (0.2)
Property and equipment and other(165.3)(175.1)(145.6)
Capital contributed to subsidiaries(87.8)(8.9)(91.8)
Return of capital contributions from subsidiaries — 7.1 10.5 
Change in short-term investments(8.0)3.4 33.4 
Other— — (0.1)
Net cash provided by investing activities88.3 35.7 653.3 
Financing Activities
Issuance of debt, net of issuance costs (Note 18 to the Consolidated Financial Statements)
— 173.2 — 
Repayment of debt (Note 18)
— (225.0)(75.9)
Acquisition of common stock(307.4)(193.1)(572.8)
Common stock dividends paid(155.9)(152.3)(150.2)
Employee stock purchases and withholdings(14.2)(4.2)(19.5)
Net cash used in financing activities(477.5)(401.4)(818.4)
Change in cash and cash equivalents58.7 (20.6)43.9 
Cash and cash equivalents at beginning of period106.2 126.8 82.9 
Cash and cash equivalents at end of period$164.9 $106.2 $126.8 

See the accompanying Notes to the Parent Only Condensed Financial Statements
Notes to the Parent Only Condensed Financial Statements
Assurant, Inc.’s (the “Registrant”) investments in consolidated subsidiaries are stated at cost plus equity in income of consolidated subsidiaries. The accompanying Parent Only Condensed Financial Statements of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes thereto of the registrant and its subsidiaries included in the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission on February 20, 2025.
v3.25.0.1
Schedule III - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Schedule III – Supplementary Insurance Information
Schedule III – Supplementary Insurance Information
SegmentDeferred
acquisition
costs		Future
policy
benefits and
expenses		Unearned
premiums		Claims and
benefits
payable		Premium
revenue		Net
investment
income		Benefits
claims, 
losses
and
settlement
expenses		Amortization
of deferred
acquisition
costs		Other
operating
expenses (1)		Property
and
Casualty
premiums
written
(in millions)
Year Ended December 31, 2024
Global Lifestyle$9,853.7 $7.8 $18,387.4 $873.9 $7,506.0 $356.6 $1,738.6 $3,736.6 $3,075.3 $830.8 
Global Housing136.0 — 1,813.6 1,885.3 2,281.0 127.3 1,010.2 229.0 673.9 2,493.4 
Corporate and Other3.1 528.9 10.4 155.0 — 27.2 — — 149.8 — 
Other Reconciling Items (2)— — — — 8.8 7.8 17.7 — 212.1 — 
Total$9,992.8 $536.7 $20,211.4 $2,914.2 $9,795.8 $518.9 $2,766.5 $3,965.6 $4,111.1 $3,324.2 
Year Ended December 31, 2023
Global Lifestyle$9,853.1 $8.6 $18,550.5 $770.0 $7,362.6 $347.5 $1,607.9 $3,916.2 $2,592.5 $848.3 
Global Housing111.4 — 1,554.9 989.9 2,014.5 109.7 862.0 203.5 612.9 2,075.4 
Corporate and Other2.7 478.6 5.0 229.3 — 21.4 0.1 — 130.5 — 
Other Reconciling Items (2)— — — — 10.9 10.5 51.8 — 239.5 — 
Total $9,967.2 $487.2 $20,110.4 $1,989.2 $9,388.0 $489.1 $2,521.8 $4,119.7 $3,575.4 $2,923.7 
Year Ended December 31, 2022
Global Lifestyle$9,566.9 $9.5 $18,328.4 $665.0 $6,952.3 $253.6 $1,356.6 $3,430.0 $2,719.5 $907.1 
Global Housing106.9 — 1,468.7 1,289.8 1,751.6 75.8 884.1 232.6 597.7 1,896.3 
Corporate and Other3.3 498.4 5.3 255.2 — 26.9 0.5 — 126.1 — 
Other Reconciling Items (2)— — — — 61.4 7.8 118.6 — 260.4 — 
Total $9,677.1 $507.9 $19,802.4 $2,210.0 $8,765.3 $364.1 $2,359.8 $3,662.6 $3,703.7 $2,803.4 
(1)Includes amortization of value of business acquired and underwriting, general and administrative expenses.
(2)Other reconciling items reflect the items excluded from the segment measure of profitability, Adjusted EBITDA. See Note 5 for more information on Adjusted EBITDA and the reconciliation of the segment Adjusted EBITDA to the consolidated net income from continuing operations.
v3.25.0.1
Schedule IV – Reinsurance
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV – Reinsurance
Schedule IV – Reinsurance
Direct amountCeded to
other
Companies		Assumed
from other
Companies		Net amountPercentage
of amount
assumed
to net
(in millions)
Year Ended December 31, 2024
Life Insurance in Force
$7,097.2 $4,659.9 $0.2 $2,437.5 — %
Premiums:
Life insurance$198.0 $141.9 $0.1 $56.2 0.2 %
Accident and health insurance342.8 250.9 2.6 94.5 2.8 %
Property and liability insurance18,292.7 8,823.5 175.9 9,645.1 1.8 %
Total earned premiums$18,833.5 $9,216.3 $178.6 $9,795.8 1.8 %
Benefits:
Life insurance$36.5 $24.0 $— $12.5 — %
Accident and health insurance53.7 47.4 — 6.3 — %
Property and liability insurance8,720.6 6,249.9 277.0 2,747.7 10.1 %
Total policyholder benefits$8,810.8 $6,321.3 $277.0 $2,766.5 10.0 %
Year Ended December 31, 2023
Life Insurance in Force$7,555.8 $5,023.0 $0.4 $2,533.2 — %
Premiums:
Life insurance$162.9 $127.8 $0.1 $35.2 0.3 %
Accident and health insurance525.2 341.5 3.0 186.7 1.6 %
Property and liability insurance17,634.7 8,651.9 183.3 9,166.1 2.0 %
Total earned premiums$18,322.8 $9,121.2 $186.4 $9,388.0 2.0 %
Benefits:
Life insurance$24.5 $14.0 $0.1 $10.6 0.9 %
Accident and health insurance77.2 60.2 0.5 17.5 2.9 %
Property and liability insurance7,503.0 5,250.6 241.3 2,493.7 9.7 %
Total policyholder benefits$7,604.7 $5,324.8 $241.9 $2,521.8 9.6 %
Year Ended December 31, 2022
Life Insurance in Force$7,208.5 $4,837.8 $1.7 $2,372.4 0.1 %
Premiums:
Life insurance$166.7 $128.2 $0.1 $38.6 0.3 %
Accident and health insurance508.4 331.0 3.0 180.4 1.7 %
Property and liability insurance16,819.5 8,466.8 193.6 8,546.3 2.3 %
Total earned premiums$17,494.6 $8,926.0 $196.7 $8,765.3 2.2 %
Benefits:
Life insurance$32.2 $20.6 $— $11.6 — %
Accident and health insurance76.8 65.5 0.4 11.7 3.4 %
Property and liability insurance7,563.4 5,389.9 163.0 2,336.5 7.0 %
Total policyholder benefits$7,672.4 $5,476.0 $163.4 $2,359.8 6.9 %
v3.25.0.1
Schedule V – Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule V – Valuation and Qualifying Accounts
Schedule V – Valuation and Qualifying Accounts
 Balance at
Beginning of
Year		Charged to
Costs and
Expenses		Charged
to Other
Accounts		DeductionsBalance at
End of
Year
(in millions)
For the Year Ended December 31, 2024
Valuation allowance for foreign deferred tax assets$16.1 $(5.2)$5.8 $— $16.7 
Allowance for credit losses:
Commercial mortgage loans on real estate4.0 2.5 — — 6.5 
Premiums and accounts receivable9.0 1.1 (0.3)2.6 7.2 
Dealer loan receivable0.7 — (0.1)— 0.6 
Reinsurance recoverables
4.8 0.2 — — 5.0 
High deductible recoverables8.3 (6.9)— — 1.4 
Total$42.9 $(8.3)$5.4 $2.6 $37.4 
For the Year Ended December 31, 2023
Valuation allowance for foreign deferred tax assets$23.6 $(7.5)$— $— $16.1 
Allowance for credit losses:
Commercial mortgage loans on real estate1.8 2.2 — — 4.0 
Premiums and accounts receivable9.2 3.5 (0.1)3.6 9.0 
Dealer loan receivable1.7 — (1.0)— 0.7 
Reinsurance recoverables
5.4 (0.6)— — 4.8 
High deductible recoverables10.3 (2.0)— — 8.3 
Total$52.0 $(4.4)$(1.1)$3.6 $42.9 
For the Year Ended December 31, 2022
Valuation allowance for foreign deferred tax assets$25.1 $(1.5)$— $— $23.6 
Allowance for credit losses:
Commercial mortgage loans on real estate1.1 0.7 — — 1.8 
Premiums and accounts receivable9.4 2.0 (0.2)2.0 9.2 
Dealer loan receivable2.5 — (0.8)— 1.7 
Reinsurance recoverables
5.0 0.4 — — 5.4 
High deductible recoverables0.0 10.3 — — 10.3 
Total$43.1 $11.9 $(1.0)$2.0 $52.0 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 760.2 $ 642.5 $ 276.6
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
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
v3.25.0.1
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
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 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]
Risk Management Policies and Procedures
We have implemented cybersecurity policies and standards based on leading industry frameworks, including the ISO 27001 standard and the National Institute of Standards and Technology Cybersecurity Framework, and we regularly assess our policies and practices, including tabletop exercises, aimed at mitigating cybersecurity risks. In the event of a cybersecurity incident, we follow our Enterprise Information Security Incident Response Plan (the “IRP”), which outlines steps from incident detection to assessment, response, mitigation, recovery and notification, including to key functional areas such as Global Risk Management, Corporate Law, Privacy and Compliance, senior leadership and the Board, as appropriate. The IRP includes quantitative and qualitative incident assessment guidance and promotes engagement with multidisciplinary teams across the enterprise to facilitate real-time information-sharing during a cybersecurity incident.
Employees outside of our information security team as well as third-party cybersecurity experts have an important role in our cybersecurity defenses. We require employees to participate in annual cybersecurity training and provide them with additional optional training and awareness materials, and we regularly engage our employees in phishing exercises, reporting results to the Information Technology Committee. In addition, we regularly engage assessors, consultants, auditors and other third parties in our management of cybersecurity risk. For example, third parties are engaged to conduct evaluations of the maturity and effectiveness of our security program, including testing the design and operational effectiveness of security controls, penetration testing, engaging in independent audits, reviewing our policies and standards, and consulting on best practices to address new challenges. We also receive threat intelligence from government agencies, information sharing and analysis centers, and cybersecurity associations.
We rely on our vendors and other third parties, including the continued availability of their products and services, to conduct business and provide services to our clients. A cybersecurity incident at a vendor or other third party could materially adversely impact us. We assess third-party cybersecurity controls through a cybersecurity questionnaire and a review of independent cybersecurity rating assessments. Our contracts with third parties generally include security and privacy addendums where applicable and require counterparties to meet a specific standard of data security and to report cybersecurity incidents to us.
Risks from Cybersecurity Threats
While we have not experienced a cybersecurity incident that resulted in a material adverse effect on our business, operations, financial condition or results of operations, there can be no guarantee that we will not experience such an incident in the future. Although we maintain cybersecurity insurance, the costs and expenses related to cybersecurity incidents may not be fully insured. See “Item 1A – Risk Factors – Technology, Cybersecurity and Privacy Risks – The failure to effectively maintain and modernize our technology systems and infrastructure and integrate those of acquired businesses could adversely affect our business”, “ – Technology, Cybersecurity and Privacy Risks – We could incur significant liability if our technology systems or those of third parties are breached or we or third parties otherwise fail to protect the security of data residing on our respective systems, which could adversely affect our business and results of operations” and “ – Business Strategic and Operational Risks – Our inability to successfully recover should we experience a business continuity event could have a material adverse effect on our business, financial condition and results of operations” for more information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risk is integrated into our Global Risk Management process. Cybersecurity risk continues to be identified as one of our key enterprise risks. Risk owners from the Management Committee, senior leadership and the Global Risk Management function have been assigned to develop risk mitigation plans, which are tracked and reported at least quarterly to the Finance and Risk Committee of the Board and annually to the full Board.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board Oversight
The Board has ultimate oversight of cybersecurity risk. The Board reviews management’s assessment of our key enterprise risks and its strategy with respect to each risk, including cybersecurity risks, and receives a corresponding risk management update annually. The Information Technology Committee of the Board reviews the effectiveness of our cybersecurity controls and procedures, including procedures to identify and assess internal and external risks from cybersecurity threats; controls to prevent and protect from cyberattacks, unauthorized access or other malicious acts and risks; procedures to detect, respond to, mitigate negative effects from and remediate cybersecurity attacks; and controls and procedures for fulfilling applicable regulatory reporting and disclosure obligations of the risks and costs of cybersecurity incidents. Our Chief Information Security Officer (“CISO”) briefs or provides a report to the Information Technology Committee on our cybersecurity and information security posture and program at least quarterly, including penetration test results and related remediation and significant cybersecurity incidents. The CISO also provides an annual cybersecurity update to the full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Chief Information Security Officer (“CISO”) briefs or provides a report to the Information Technology Committee on our cybersecurity and information security posture and program at least quarterly, including penetration test results and related remediation and significant cybersecurity incidents. The CISO also provides an annual cybersecurity update to the full Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO has implemented a management-level governance structure and process to assess, identify, manage and report cybersecurity risks, and to manage our overall information security program.
Cybersecurity Risk Role of Management [Text Block]
Role of Management
Cybersecurity risk is integrated into our Global Risk Management process. Cybersecurity risk continues to be identified as one of our key enterprise risks. Risk owners from the Management Committee, senior leadership and the Global Risk Management function have been assigned to develop risk mitigation plans, which are tracked and reported at least quarterly to the Finance and Risk Committee of the Board and annually to the full Board. See “Item 1 – Business – Global Risk Management” for more information on the Global Risk Management function.
Our CISO, who reports to our Global Technology Officer on the Management Committee, has over 20 years of information technology and security program management experience, holds a Certified Information Security Manager certification and has led our information security team, including information technology compliance and risk management, since 2009. Our Global Technology Officer joined the Company in 2016 and has over 30 years of information technology experience, including leading global digital, security, infrastructure, cloud services and application teams. Prior to joining the Company in 2016, our Global Technology Officer was chief information officer at a large, publicly-traded energy company.
Our CISO has implemented a management-level governance structure and process to assess, identify, manage and report cybersecurity risks, and to manage our overall information security program. The Information Security Board, led by our CISO and comprised of leaders from all of our lines of business and key functional areas such as Global Risk Management, Privacy and Compliance, as well as members of our information security team, meets quarterly, and is responsible for overseeing our information security program, including our information security strategy and related policies and standards. The information security team manages cybersecurity risks and controls, and continually enhances a global security control framework with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously minimizing the business impact should an incident occur.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Cybersecurity risk is integrated into our Global Risk Management process. Cybersecurity risk continues to be identified as one of our key enterprise risks. Risk owners from the Management Committee, senior leadership and the Global Risk Management function have been assigned to develop risk mitigation plans, which are tracked and reported at least quarterly to the Finance and Risk Committee of the Board and annually to the full Board. See “Item 1 – Business – Global Risk Management” for more information on the Global Risk Management function.
Our CISO, who reports to our Global Technology Officer on the Management Committee, has over 20 years of information technology and security program management experience, holds a Certified Information Security Manager certification and has led our information security team, including information technology compliance and risk management, since 2009. Our Global Technology Officer joined the Company in 2016 and has over 30 years of information technology experience, including leading global digital, security, infrastructure, cloud services and application teams. Prior to joining the Company in 2016, our Global Technology Officer was chief information officer at a large, publicly-traded energy company.
Our CISO has implemented a management-level governance structure and process to assess, identify, manage and report cybersecurity risks, and to manage our overall information security program. The Information Security Board, led by our CISO and comprised of leaders from all of our lines of business and key functional areas such as Global Risk Management, Privacy and Compliance, as well as members of our information security team, meets quarterly, and is responsible for overseeing our information security program, including our information security strategy and related policies and standards. The information security team manages cybersecurity risks and controls, and continually enhances a global security control framework with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously minimizing the business impact should an incident occur.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CISO, who reports to our Global Technology Officer on the Management Committee, has over 20 years of information technology and security program management experience, holds a Certified Information Security Manager certification and has led our information security team, including information technology compliance and risk management, since 2009. Our Global Technology Officer joined the Company in 2016 and has over 30 years of information technology experience, including leading global digital, security, infrastructure, cloud services and application teams. Prior to joining the Company in 2016, our Global Technology Officer was chief information officer at a large, publicly-traded energy company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Board Oversight
The Board has ultimate oversight of cybersecurity risk. The Board reviews management’s assessment of our key enterprise risks and its strategy with respect to each risk, including cybersecurity risks, and receives a corresponding risk management update annually. The Information Technology Committee of the Board reviews the effectiveness of our cybersecurity controls and procedures, including procedures to identify and assess internal and external risks from cybersecurity threats; controls to prevent and protect from cyberattacks, unauthorized access or other malicious acts and risks; procedures to detect, respond to, mitigate negative effects from and remediate cybersecurity attacks; and controls and procedures for fulfilling applicable regulatory reporting and disclosure obligations of the risks and costs of cybersecurity incidents. Our Chief Information Security Officer (“CISO”) briefs or provides a report to the Information Technology Committee on our cybersecurity and information security posture and program at least quarterly, including penetration test results and related remediation and significant cybersecurity incidents. The CISO also provides an annual cybersecurity update to the full Board.
Role of Management
Cybersecurity risk is integrated into our Global Risk Management process. Cybersecurity risk continues to be identified as one of our key enterprise risks. Risk owners from the Management Committee, senior leadership and the Global Risk Management function have been assigned to develop risk mitigation plans, which are tracked and reported at least quarterly to the Finance and Risk Committee of the Board and annually to the full Board. See “Item 1 – Business – Global Risk Management” for more information on the Global Risk Management function.
Our CISO, who reports to our Global Technology Officer on the Management Committee, has over 20 years of information technology and security program management experience, holds a Certified Information Security Manager certification and has led our information security team, including information technology compliance and risk management, since 2009. Our Global Technology Officer joined the Company in 2016 and has over 30 years of information technology experience, including leading global digital, security, infrastructure, cloud services and application teams. Prior to joining the Company in 2016, our Global Technology Officer was chief information officer at a large, publicly-traded energy company.
Our CISO has implemented a management-level governance structure and process to assess, identify, manage and report cybersecurity risks, and to manage our overall information security program. The Information Security Board, led by our CISO and comprised of leaders from all of our lines of business and key functional areas such as Global Risk Management, Privacy and Compliance, as well as members of our information security team, meets quarterly, and is responsible for overseeing our information security program, including our information security strategy and related policies and standards. The information security team manages cybersecurity risks and controls, and continually enhances a global security control framework with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously minimizing the business impact should an incident occur.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Amounts are presented in United States of America (“U.S.”) Dollars and all amounts are in millions, except for number of shares, per share amounts and number of securities. Certain prior period amounts have been revised to reflect the realignment of the composition of its reportable segments to correspond with changes to its operating structure effective January 1, 2023.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and its controlled subsidiaries, generally through a greater than 50% ownership of voting rights and voting interests. Equity investments in entities that the Company does not consolidate, but where the Company has significant influence or where the Company has more than a minor influence over the entity’s operating and financial policies, are accounted for under the equity method. All material inter-company transactions and balances are eliminated in consolidation. In order to facilitate the Company’s closing process, financial information from certain foreign subsidiaries and affiliates is reported on a one to three-month lag.
Use of Estimates
Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts. The items affected by the use of estimates include but are not limited to, investments, reinsurance recoverables, premium and accounts receivables, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred income taxes and associated valuation allowances, goodwill, intangible assets, future policy benefits and expenses, unearned premiums, claims and benefits payable, deferred gain on disposal of businesses, pension and post-retirement liabilities and commitments and contingencies. The estimates are sensitive to market conditions, investment yields, mortality, morbidity, commissions and other acquisition expenses, policyholder behavior and other factors. Actual results could differ from the estimates recorded. The Company believes all amounts reported are reasonable and adequate.
Fair Value
Fair Value
The Company uses an exit price for its fair value measurements. An exit price is defined as the amount received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In measuring fair value, the Company gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
Foreign Currency
Foreign Currency
For foreign affiliates where the local currency is the functional currency, unrealized foreign currency translation gains and losses net of deferred income taxes have been reflected in accumulated other comprehensive income (“AOCI”). For Canada, Argentina, Brazil, Chile and Mexico, deferred taxes have not been provided for unrealized currency translation gains and losses since the Company intends to indefinitely reinvest the earnings in these other jurisdictions. Transaction gains and losses on assets and liabilities denominated in foreign currencies are recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations during the period in which they occur.
Management generally identifies highly inflationary markets as those markets whose cumulative inflation rates over a three-year period exceeds 100%, in addition to considering other qualitative and quantitative factors. Beginning July 1, 2018, as a result of the classification of Argentina’s economy as highly inflationary, the functional currency of our Argentina subsidiaries was changed from the local currency to U.S. Dollars. The subsidiaries’ non-U.S. Dollar denominated monetary assets and liabilities have been subject to remeasurement since July 1, 2018. For the years ended December 31, 2024, 2023 and 2022, the remeasurement resulted in $3.0 million, $29.4 million and $16.7 million, respectively, of net pre-tax losses which the Company classified within underwriting, selling, general and administrative expenses in the consolidated statements of operations. Based on the relative size of the subsidiaries’ operations and net assets subject to remeasurement, the Company does not anticipate the ongoing remeasurement to have a material impact on the Company’s results of operations or financial condition.
Variable Interest Entities
Variable Interest Entities
The Company may enter into agreements with other entities that are deemed to be variable interest entities (“VIEs”). Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (the “primary beneficiary”) as a result of having both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be
significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, the nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company only holds non-consolidated VIEs as of December 31, 2024 and 2023.
Investments
Investments
Fixed maturity securities are classified as available-for-sale as defined in the investments guidance and are reported at fair value. If the fair value is higher than the amortized cost for fixed maturity securities, the excess is an unrealized gain; and, if lower than amortized cost, the difference is an unrealized loss. Net unrealized gains and losses on securities classified as available-for-sale, less deferred income taxes, are included in AOCI.
Presentation of credit-related impairments is shown as an allowance, recognizing credit impairments upon purchase of securities as applicable, and requiring reversals of previously recognized credit-related impairments when applicable.
For available for sale fixed maturity securities in an unrealized loss position for which the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than the amortized cost basis, changes to the credit rating of the security by a nationally recognized statistical ratings organization and any adverse conditions specifically related to the security, industry or geographic area, among other factors. If this assessment indicates a potential credit loss may exist, the present value of cash flows expected to be collected are compared to the security’s amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit-related impairment exists, and a charge to income and an associated allowance for credit losses is recorded for the credit-related impairment. Any impairment not related to credit losses is recorded through other comprehensive income. The amount of the allowance for credit losses is limited to the amount by which fair value is less than the amortized cost basis. Upon recognizing a credit-related impairment, the cost basis of the security is not adjusted.
Subsequent changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. For fixed maturities where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value. Write-offs are charged against the allowance when management concludes the financial asset is uncollectible. For fixed maturities where the Company expects a recovery in value, the effective yield method is utilized, and the investment is amortized to par.
For available for sale fixed maturity securities that the Company intends to sell, or for which it is more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the entire impairment loss, or difference between the fair value and amortized cost basis of the security, is recognized in net realized gains (losses) on investments and fair value changes to equity securities. The new cost basis of the security is the previous amortized cost basis less the impairment recognized and is not adjusted for any subsequent recoveries in fair value.
The Company reports receivables for accrued investment income separately from fixed maturities available for sale and elected not to measure allowances for credit losses for accrued investment income as uncollectible balances are written off in a timely manner.
Equity securities that have readily determinable fair values are measured at fair value with changes in fair value recognized in net realized gains (losses) on investments and fair value changes to equity securities on the Company’s consolidated statements of operations. The Company has certain equity investments that do not have readily determinable fair values and the Company has elected the measurement alternative to carry such investments at cost, less impairment and to mark to fair value when observable prices in identical or similar investments from the same issuer occur.
Equity securities accounted for under the measurement alternative are impaired if a qualitative assessment based upon several indicators such as earnings performance, offers to sell or purchase, ability to continue as a going concern and macroeconomic factors indicates the equity investment is impaired and the fair value of the investment is less than its carrying value. If a qualitative assessment indicates impairment, a quantitative analysis, which uses probability weighted potential outcomes, is performed to determine the amount of the impairment to be recognized that result in a fair value measurement. Equity securities accounted for under the measurement alternative are included within other investments in the consolidated balance sheets.
Commercial mortgage loans on real estate are reported at unpaid principal balances, adjusted for amortization of premium or discount, less any allowance for credit losses. The allowance for the Company’s commercial mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, utilizing a probability-of-default and loss given default methodologies, which incorporate various probability weighted economic scenarios. The probability of default is estimated using macroeconomic factors as well as individual loan characteristics, including loan-to-value (“LTV”) and debt service coverage ratios (“DSC”), loan term, collateral type, geography and underlying credit. The loss given default is
driven primarily by the type and value of underlying collateral, and to a lesser extent by expected liquidation costs and time to recovery. Each loan is analyzed individually based on loan-specific data elements to estimate the expected loss and then aggregated.
The Company places loans on nonaccrual status after 90 days of delinquent payments (unless the loans are secured and in the process of collection). A loan may be placed on nonaccrual status before this time if information is available that suggests collection is unlikely. The Company charges off loan and accrued interest balances that are deemed uncollectible. Charge offs are recorded to net income in the period deemed uncollectible. Refer to Note 4 for further details on the allowance for credit losses on commercial mortgage loans.
Short-term investments include securities and other investments with durations of one year or less, but greater than three months, between the date of purchase and maturity. These amounts are reported at cost or amortized cost, which approximates fair value.
Other investments consist primarily of investments in joint ventures, partnerships, equity investments that do not have readily determinable fair values, invested assets associated with a modified coinsurance arrangement, invested assets associated with the Assurant Investment Plan (the “AIP”), the American Security Insurance Company Investment Plan (the “ASIC”) and the Assurant Deferred Compensation Plan (the “ADC”), as well as policy loans. The joint ventures and partnerships are valued according to the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee, generally on a three-month lag. The invested assets related to the modified coinsurance arrangement, the AIP, the ASIC and the ADC are classified as trading securities. Policy loans are reported at unpaid principal balances, which do not exceed the cash surrender value of the underlying policies.
Realized gains and losses on sales of investments are recognized on the specific identification basis.
Investment income is recorded as earned and reported net of investment expenses. The Company uses the interest method to recognize interest income on its commercial mortgage loans.
The Company anticipates prepayments of principal in the calculation of the effective yield for mortgage-backed securities and structured securities. The retrospective method is used to adjust the effective yield for the majority of the Company’s mortgage-backed and structured securities. For credit-sensitive or credit impaired structured securities, the effective yield is recalculated on a prospective basis, primarily our commercial mortgage-backed, residential mortgage-backed and asset backed securities.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all highly liquid securities and other investments with durations of three months or less between the date of purchase and maturity to be cash equivalents. These amounts are carried at cost, which approximates fair value. Cash balances are reviewed at the end of each reporting period to determine if negative cash balances exist. If negative cash balances exist, the cash accounts are netted with other positive cash accounts of the same bank provided the right of offset exists between the accounts. If the right of offset does not exist, the negative cash balances are reclassified to accounts payable and other liabilities.
Restricted cash and cash equivalents, of $122.4 million and $43.6 million at December 31, 2024 and 2023, respectively, principally related to cash deposits involving insurance programs with restrictions as to withdrawal and use, are classified within cash and cash equivalents in the consolidated balance sheets.
Reinsurance
Reinsurance
For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit.
Reinsurance recoverables include amounts related to paid benefits and estimated amounts related to unpaid policy and contract claims, future policyholder benefits and policyholder contract deposits. The cost of reinsurance is recognized as a reduction to premiums earned over the terms of the underlying reinsured policies. Amounts recoverable from reinsurers are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves and are reported in the consolidated balance sheets. The cost of reinsurance related to long-duration contracts is recognized over the life of the underlying reinsured policies. The ceding of insurance does not discharge the Company’s primary liability to insureds, thus a credit exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers
and typically holds collateral (in the form of funds withheld, trusts and letters of credit) as security under the reinsurance agreements.
The Company accounts for credit losses using the expected credit loss model for reinsurance recoverables. The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of reinsurers are used in determining the probability of default. The allowance is established for reinsurance recoverables on paid and unpaid future policy benefits and claims and benefits. Prior to applying default factors, the net exposure to credit risk is reduced for any collateral for which the right of offset exists, such as funds withheld, assets held in trust and letters of credit, which are part of the reinsurance arrangements, with adjustments to include consideration of credit exposure on the collateral. The methodology used by the Company incorporates historical default factors for each reinsurer based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing and other relevant factors.
Funds held under reinsurance represent amounts contractually held from assuming companies in accordance with reinsurance agreements, primarily from collateral considerations.
Reinsurance premiums assumed are calculated based upon payments received from ceding companies together with accrual estimates, which are based on both payments received and in force policy information received from ceding companies. Any subsequent differences arising on such estimates are recorded in the period in which they are determined.
Premiums and Accounts Receivable
Premiums and Accounts Receivable
Premiums and accounts receivable includes insurance premiums receivable from policyholders and amounts due from sponsors or agents. The Company accounts for credit losses using the expected credit loss model for premiums and accounts receivable. For receivables due directly from the insured or consumer, the allowance for credit losses is generally calculated by aging the receivable balances and applying default factors based on the Company’s historical collection data. For receivables due from product sponsors or agents, receivable balances are generally segregated by the sponsor or agent and an appropriate default factor is determined based on creditworthiness, billing terms and aging of balances. The financial exposure of a credit loss is determined net of offsets (such as related unearned premium reserves for consumer receivables and receivables net of commissions payable, profit share liabilities and captive reinsurance for balances due from sponsors/agents) prior to applying a default factor.
Deferred Acquisition Costs
Deferred Acquisition Costs
Only direct and incremental costs associated with the successful acquisition of new or renewal insurance contracts are deferred to the extent that such costs are deemed recoverable from future premiums. Acquisition costs primarily consist of commissions and premium taxes. Certain direct response advertising expenses are deferred when the primary purpose of the advertising is to elicit sales to customers who can be shown to have specifically responded to the advertising and the direct response advertising results in probable future benefits.
All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred.
Premium deficiency testing is performed annually and generally reviewed quarterly. Such testing involves the use of assumptions including the anticipation of investment income to determine if anticipated future policy premiums are adequate to recover all DAC and related claims, benefits and expenses. To the extent a premium deficiency exists, it is recognized immediately by a charge to the consolidated statement of operations and a corresponding reduction in DAC. If the premium deficiency is greater than unamortized DAC, a loss (and related liability) is recorded for the excess deficiency.
Short Duration Contracts
Acquisition costs relating to extended service contracts, vehicle service contracts, mobile device protection, credit insurance, lender-placed homeowners insurance and flood, multifamily housing and manufactured housing insurance are amortized over the term of the contracts in relation to premiums earned. These acquisition costs consist primarily of advance commissions paid to agents.
Property and Equipment
Property and Equipment
Property and equipment are reported at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over estimated useful lives with a maximum of 39.5 years for buildings, a maximum of seven years for furniture and a maximum of five years for equipment. Expenditures for maintenance and repairs are charged to income as incurred. Expenditures for improvements are capitalized and depreciated over the remaining useful life of the asset.
Property and equipment also include capitalized software costs, comprised of purchased software as well as certain internal and external costs incurred during the application development stage that directly relate to obtaining, developing or
upgrading internal use software. Such costs are capitalized and amortized using the straight-line method over their estimated useful lives, not to exceed 15 years. Property and equipment are assessed for impairment when impairment indicators exist.
Goodwill
Goodwill 
Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. The Company performs the annual goodwill impairment test as of October 1 each year, or more frequently if indicators of impairment exist. Such indicators include: a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in the Company’s expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment.
Goodwill is tested for impairment at the reporting unit level, which is either at the operating segment or one level below, if that component is a business for which discrete financial information is available and segment management regularly reviews such information. Components within an operating segment can be aggregated into one reporting unit if they have similar economic characteristics.
At the time of the annual goodwill test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company is required to perform an additional quantitative step if it determines qualitatively that it is more likely than not (likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Otherwise, no further testing is required. 
If the Company determines that it is more likely than not that the reporting unit’s fair value is less than the carrying value, or otherwise elects to perform the quantitative testing, the Company compares the estimated fair value of the reporting unit with its net book value. If the reporting unit’s estimated fair value exceeds its net book value, goodwill is deemed not to be impaired. If the reporting unit’s net book value exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.
Other Intangible Assets
Other Intangible Assets 
Intangible assets that have finite lives are amortized over their estimated useful lives based on the pattern in which the intangible asset is consumed, which may be other than straight-line. Estimated useful lives of finite intangible assets are required to be reassessed on at least an annual basis. For intangible assets with finite lives, impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the other intangible asset. Generally, other intangible assets with finite lives are only tested for impairment if there are indicators of impairment (“triggers”) identified. Triggers include a significant adverse change in the extent, manner or length of time in which the intangible asset is being used or a significant adverse change in legal factors or in the business climate that could affect the value of the other intangible asset.
VOBA represents the value of expected future profits in unearned premium for insurance contracts acquired in an acquisition. For vehicle service contracts and extended service contracts, such as those purchased in connection with the TWG acquisition, the amount is determined using estimates, for premium earnings patterns, paid loss development patterns, expense loads and discount rates applied to cash flows that include a provision for credit risk. The amount determined represents the purchase price paid to the seller for producing the business. For vehicle service contracts and extended service contracts, VOBA is amortized consistent with the premium earning patterns of the underlying in-force contracts. VOBA is tested at least annually in the fourth quarter for recoverability.
Amortization expense and impairment charges for other intangible assets are included in underwriting, selling, general and administrative expenses in the consolidated statements of operations.
Other Assets
Other Assets 
Other assets include prepaid items, income tax receivable, deferred income tax assets, right-of-use assets, dealer loans and inventory associated with the Company’s mobile protection business.
Reserves
Reserves 
Reserves are established using generally accepted actuarial methods and reflect judgments about expected future premium and claim payments. Factors used in their calculation include experience derived from historical claim payments, expected future premiums and actuarial assumptions. Calculations incorporate assumptions about the incidence of incurred claims, the extent to which all claims have been reported, reporting lags, expenses, inflation rates, future investment earnings, internal claims processing costs and other relevant factors. The estimation of reserves includes an element of uncertainty given that management is using historical information and methods to project future events and reserve outcomes.
The recorded reserves represent the Company’s best estimate at a point in time of the ultimate costs of settlement and administration of a claim or group of claims based upon actuarial assumptions and projections using facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including: changes in the economic cycle, inflation, changes in repair costs, natural or human-made catastrophes, judicial trends, legislative changes and claims handling procedures.
Many of these items are not directly quantifiable and not all future events can be anticipated when reserves are established. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated. Because establishment of reserves is an inherently complex process involving significant judgment and estimates, there can be no certainty that future settlement amounts for claims incurred through the financial reporting date will not vary from reported claims reserves. Future loss development could require reserves to be increased or decreased, which could have a material effect on the Company’s earnings in the periods in which such increases or decreases are made. However, based on information currently available, the Company believes its reserve estimates are adequate.
Long Duration Contracts
Long Duration Contracts 
The Company’s long duration contracts, after the sale of the disposed Global Preneed business and John Alden Life Insurance Company, primarily comprises run-off blocks of long-term care and universal life policies.
The Company adopted the targeted improvements accounting guidance for long-duration insurance contracts as of January 1, 2023, using a modified retrospective method on liabilities for future policy benefits and expenses to January 1, 2021 for long-term care insurance contracts that have been fully reinsured. The Company also elected to not apply the amended accounting guidance to long-duration contracts of legal entities sold and derecognized before the January 1, 2023 effective date as the Company has no significant continuing involvement with them.
Under the transition guidance, the long-term care insurance contracts are grouped into cohorts based on the contract’s issue year. Premiums are recognized when due as net earned premiums in the consolidated statement of operations. A future policy benefits and expenses reserve is recorded as the present value of estimated future policy benefits and expenses less the present value of estimated future net premiums. The net premium ratio (“NPR”) approach is used to recognize a liability when expected insurance benefits are accrued over the life of the contract in proportion to premium revenue. Policy expense assumptions are locked in as of December 31, 2020 as the long-term care insurance products are in run-off as of the transition date. Actual premiums and benefits are recognized on a quarterly basis in the consolidated statement of operations allocated in proportion to prior period cash flow projections at the cohort level. The updated cash flows used in the calculation are
discounted using the discount rate used in the last premium deficiency test update prior to December 31, 2020 (the “original discount rate”) and presented as interest expense in the consolidated statement of operations. The revised NPR is used to measure benefit expense based on the recognized premium revenue in the period. The difference between the updated future policy benefits and expenses reserve opening period and previous ending period due to updating the NPR is presented as a remeasurement gain or loss (e.g., a cumulative catch-up adjustment) in policyholder benefits in the Company’s consolidated statements of operations.
A remeasurement of the ending reporting period future policy benefits and expenses reserve is calculated using the current upper medium grade fixed-income corporate bond instrument yield as of the consolidated balance sheet ending period (the “current discount rate”). The current discount rate used is an externally published US corporate A index weighted average spot rate that is updated quarterly and effectively matches the duration of the expected cash flow streams of the long-term care reserves. The difference between the ending period future policy benefits and expenses reserve measured using the original discount rate and the future policy benefits and expenses reserve measured using the current discount rate is recorded in AOCI in the Company’s consolidated statements of comprehensive income.
The long-term care insurance contracts are fully reinsured and there is no impact to consolidated stockholders’ equity or net income as the reserves are fully reinsured. See Note 16 for additional information.
Future policy benefits and expense reserves for universal life insurance policies consist of policy account balances before applicable surrender charges that are being recognized in income over the terms of the policies. Policy benefits charged to expense during the period include amounts paid in excess of policy account balances and interest credited to policy account balances.
Short Duration Contracts
Short Duration Contracts 
The Company’s short duration contracts include products and services in the Global Lifestyle and Global Housing segments, and Assurant Employee Benefits policies fully covered by reinsurance and certain medical policies no longer offered. For Global Lifestyle, the main product lines include extended service contracts, vehicle services contracts, mobile device protection and credit insurance. The main product lines for Global Housing include lender-placed homeowners and flood, Multifamily Housing and manufactured housing. For short duration contracts, claims and benefits payable reserves are recorded when insured events occur. The liability is based on the expected ultimate cost of settling the claims. The claims and benefits payable reserves include (1) case reserves for known but unpaid claims as of the balance sheet date; (2) incurred but not reported (“IBNR”) reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date; and (3) loss adjustment expense reserves for the expected handling costs of settling the claims. Factors used in the calculation include experience derived from historical claim payments and actuarial assumptions including loss development factors and expected loss ratios.
The Company has exposure to asbestos, environmental and other general liability claims arising from its participation in various reinsurance pools from 1971 through 1985. This exposure arose from a short duration contract that the Company discontinued writing many years ago. The Company carries case reserves for these liabilities as recommended by the various pool managers and IBNR reserves. Estimation of these liabilities is subject to greater than normal variation and uncertainty due to the general lack of sufficiently detailed data, reporting delays and absence of a generally accepted actuarial methodology for determining the exposures. There are significant unresolved industry legal issues, including such items as whether coverage exists and what constitutes an occurrence. In addition, the determination of ultimate damages and the final allocation of losses to financially responsible parties are highly uncertain.
Changes in the estimated liabilities are recorded as a charge or credit to policyholder benefits as estimates are updated. Fees paid by the National Flood Insurance Program for processing and adjudication services are reported as a reduction of underwriting, selling, general and administrative expenses.
Debt
Debt 
The Company reports debt net of acquisition costs, unamortized discount or premium and repurchases. Interest expense related to debt is expensed as incurred.
Contingencies
Contingencies 
A loss contingency is recorded if reasonably estimable and probable. The Company establishes reserves for these contingencies at the best estimate, or if no one estimated amount within the range of possible losses is more probable than any other, the Company records an estimated reserve at the low end of the estimated range. Contingencies affecting the Company primarily relate to legal and regulatory matters, which are inherently difficult to evaluate and are subject to significant changes.
Other Liabilities
Other Liabilities
With respect to the deductible portion of a high deductible claim, the Company manages and pays the entire claim on behalf of the insured and is reimbursed by the insured for the deductible portion of the claim. These recoverable amounts represent a credit exposure. The Company accounts for credit losses using the expected credit loss model for high deductible recoverables. The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of insureds are used in determining the probability of default. The allowance is established for unsecured portion of the high deductible recoverables on unpaid future policy benefits. The methodology used by the Company incorporates historical default factors for each insured based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in insured credit standing and other relevant factors.
Retirement of Treasury Stock
Retirement of Treasury Stock
The Company accounts for the retirement of repurchased shares using the par value method. This method of accounting allocates the cost of repurchased and retired shares between paid-in capital and retained earnings by comparing the price of shares repurchased to the original issue proceeds of those shares. When the repurchase price of the shares is greater than the original issue proceeds, the excess is charged to retained earnings. The Company uses an average cost method to determine the cost of the repurchased shares to be retired.
Premiums
Premiums 
Short Duration Contracts 
The Company’s short duration contracts revenue is recognized over the contract term in proportion to the amount of insurance protection provided.
Premiums revenue from vehicle and extended service contracts are earned over the term of the contract, which are typically between three and five years, based on loss emergence experience. Mobile device protection and credit insurance are monthly policies and premium is earned on a monthly basis.
Premiums for lender-placed homeowners, manufactured housing and flood insurance, and renters insurance are generally earned on a pro-rata basis over the term of the policies, which are typically over twelve months.
Reinsurance reinstatement premiums are recognized in the same period as the loss event that gave rise to the reinstatement premium and are netted against net earned premiums in the consolidated statements of operations.
Long Duration Contracts 
Premiums for the Company’s run-off blocks of long-term care insurance contracts are recognized as revenue when due from the policyholder. For universal life insurance, revenues consist of charges assessed against policy balances. These premiums are ceded.
Fees and Other Income
Fees and Other Income 
The Company derives fees and other income from providing administrative services, mobile-related services and mortgage property risk management services. These fees are recognized as the services are performed. 
The Company reports revenues related to long duration and short duration insurance contracts as premiums, including insurance contracts written by non-insurance affiliates, such as certain extended service contracts, consistent with the Company’s principal business of insurance. Components of consideration paid by the insured are generally not separated as fees and other income. However, when a component of the consideration paid by an insured both does not involve fulfilling the insurance obligation (in that it does not involve acquisition, claims or other administrative aspects of the insurance contract) and the related service could have been written as a separate contract, it is reported in fees and other income.
Dealer obligor service contracts are sales in which an unaffiliated retailer/dealer is the obligor and the Company provides administrative services only. For these contract sales, the Company recognizes administrative fee revenue on a pro-rata basis over the terms of the service contract which correspond to the period in which the services are performed.
The unexpired portion of fee revenues are deferred and amortized over the term of the contracts. These unexpired amounts are reported in accounts payable and other liabilities on the consolidated balance sheets.
Underwriting, Selling, General and Administrative Expenses Underwriting, Selling, General and Administrative Expenses Underwriting, selling, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, salaries and personnel benefits and other general operating expenses and are expensed as incurred.
Income Taxes
Income Taxes
Current federal income taxes are recognized based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. The impact of changes in tax rates on all deferred tax assets and liabilities are required to be reflected within income on the enactment date, regardless of the financial statement component where the deferred tax originated.
The Company classifies net interest expense related to tax matters and any applicable penalties as a component of income tax expense.
Earnings Per Common Share
Earnings Per Common Share
Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts that can be converted into common stock were exercised as of the end of the period, if dilutive. Restricted stock and restricted stock units that have non-forfeitable rights to dividends or dividend equivalents are included in calculating basic and diluted earnings per common share under the two-class method.
Comprehensive Income
Comprehensive Income
Comprehensive income is comprised of net income, net unrealized gains and losses on foreign currency translation, net unrealized gains and losses on securities classified as available for sale, and expenses for pension and post-retirement plans, less deferred income taxes.
Leases
Leases 
The Company records expenses for operating leases on a straight-line basis over the lease term. The Company recognizes assets and liabilities associated with leases on the consolidated balance sheet. The Company and its subsidiaries lease office space and equipment under operating lease arrangements for which the Company is the lessee. Right-of-use asset, lease liabilities and deferred rent liability related to operating leases with terms in excess of 12 months are recognized when the Company is the lessee.
Recent Accounting Pronouncements and Adopted Accounting Pronouncements
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted Accounting Pronouncements
The table below describes the impacts of the ASUs adopted by the Company, effective December 31, 2024:
StandardSummary of the StandardEffective date
Method of Adoption		Impact of the Standard on the Company’s Financial Statements
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Key disclosure updates include:
• On an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss.
• On an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss.
• All current annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting on an interim basis.
• Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment’s profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements.
• Require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
• Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280.
The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable.

December 31, 2024
and for interim
periods thereafter
The Company adopted the standard as of December 31, 2024 and the amended segment information disclosures is presented in Note 5.
Future Adoption of Accounting Pronouncements
ASUs issued but not yet adopted as of December 31, 2024, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
StandardSummary of the StandardEffective date
Method of Adoption		Impact of the Standard on the Company’s Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The guidance improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.
January 1, 2025 (with early adoption permitted)The Company is assessing the adoption of this standard as of January 1, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures.
ASU 2024-03 Income
Statement—Reporting
Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
The guidance improves disclosures of specified information about certain costs and expenses at each interim and annual reporting periods. The new disclosure requirements include:
•Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
December 31, 2027 and for interim periods thereafter

The Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Reserve Information
The following table provides reserve information as of December 31, 2024 and 2023:
 December 31, 2024December 31, 2023
   Claims and Benefits
Payable		  Claims and Benefits
Payable
 Future
Policy
Benefits and
Expenses		Unearned
Premiums		Case
Reserves		Incurred
But Not
Reported
Reserves		Future
Policy
Benefits and
Expenses		Unearned
Premiums		Case
Reserves		Incurred
But Not
Reported
Reserves
Long Duration Contracts:
Non-core operations (1)$52.5 $— $1.2 $0.9 $57.7 $— $1.2 $1.0 
All other disposed or runoff businesses (2)484.2 1.7 — 0.1 429.5 1.9 — 0.1 
Short Duration Contracts:
Global Lifestyle— 18,368.4 149.0 572.7 — 18,536.6 132.5 472.7 
Global Housing— 1,813.6 828.7 1,056.6 — 1,554.9 138.0 851.9 
Non-core operations (1)— 5.8 35.5 85.9 — 13.9 44.0 151.8 
All other disposed or runoff businesses (2)— 21.9 81.7 101.9 — 3.1 88.5 107.5 
Total$536.7 $20,211.4 $1,096.1 $1,818.1 $487.2 $20,110.4 $404.2 $1,585.0 
(1)Includes certain businesses which the Company expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (collectively referred to as “non-core operations”), recorded in the Corporate and Other segment. During 2024, the mainland China operations were sold and will no longer be included in non-core operations going forward.
(2)Primarily includes businesses sold through reinsurance reported in the Corporate and Other and Global Lifestyle segments.
v3.25.0.1
Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Schedule of Allowance for Credit Losses, Period Increase (Decrease)
The following table presents the net increases (decreases) to the allowance for credit losses as classified in the consolidated statements of operations for the periods indicated:
For the Years Ended December 31,
20242023
Commercial mortgage loans on real estate$2.5 $2.2 
Net realized gains (losses) on investments and fair value changes to equity securities2.5 2.2 
Underwriting, selling, general and administrative expenses(5.6)0.9 
Net increase (decrease) in allowance for credit losses$(3.1)$3.1 
Schedule of Reinsurance Recoverable, Allowance for Credit Loss
The following table presents the changes in the allowance for credit losses by portfolio segment for reinsurance recoverables for the periods indicated:
Global LifestyleGlobal HousingCorporate
and Other		Total
Balance, December 31, 2022$3.6 $1.1 $0.7 $5.4 
Current period change for credit losses(0.3)— (0.3)(0.6)
Balance, December 31, 20233.3 1.1 0.4 4.8 
Current period change for credit losses(0.1)0.2 0.1 0.2 
Balance, December 31, 2024$3.2 $1.3 $0.5 $5.0 
Schedule of Premium and Account Receivables, Allowance for Credit Loss
The following table presents the changes in the allowance for credit losses by portfolio segment for premium and accounts receivables for the periods indicated:
Global LifestyleGlobal HousingCorporate
and Other		Total
Balance, December 31, 2022$5.8 $2.2 $1.2 $9.2 
Current period change for credit losses2.3 1.1 0.4 3.8 
Recoveries(0.3)— — (0.3)
Write-offs(1.5)(0.9)(1.2)(3.6)
Foreign currency translation(0.1)— — (0.1)
Balance, December 31, 20236.2 2.4 0.4 9.0 
Current period change for credit losses2.3 0.6 — 2.9 
Recoveries(0.3)(1.5)— (1.8)
Write-offs(1.6)(0.7)(0.3)(2.6)
Foreign currency translation(0.3)— — (0.3)
Balance, December 31, 2024$6.3 $0.8 $0.1 $7.2 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following tables provide information about the segments’ Adjusted EBITDA.
Years Ended December 31,
202420232022
Global Lifestyle:
Net earned premiums, fees and other income:
Connected Living$4,807.9 $4,376.8 $4,259.4 
Global Automotive4,159.4 4,184.6 3,802.5 
Net investment income356.6 347.5 253.6 
Total revenues9,323.9 8,908.9 8,315.5 
Policyholder benefits1,738.6 1,607.9 1,356.6 
Selling and underwriting expense (1)4,770.4 4,789.3 4,530.3 
Cost of sales (2)841.6 564.2 528.5 
General expenses (3)1,199.9 1,155.2 1,090.7 
Segment Adjusted EBITDA$773.4 $792.3 $809.4 
Global Housing:
Net earned premiums, fees and other income:
Homeowners$1,958.9 $1,663.4 $1,402.2 
Renters and Other498.1 479.5 482.4 
Net investment income127.3 109.7 75.8 
Total revenues2,584.3 2,252.6 1,960.4 
Policyholder benefits1,010.2 862.0 884.1 
Selling and underwriting expense (1)158.1 137.1 148.9 
General expenses (4)744.8 679.3 681.4 
Segment Adjusted EBITDA$671.2 $574.2 $246.0 
Corporate:
Fees and other income$0.4 $0.2 $0.5 
Net investment income27.2 21.4 26.9 
Total revenues27.6 21.6 27.4 
Policyholder benefits— 0.1 0.5 
General expenses (3)149.8 130.5 126.1 
Segment Adjusted EBITDA$(122.2)$(109.0)$(99.2)
(1)Consists primarily of commissions, premium taxes and amortization of deferred acquisition costs.
(2)Consists primarily of costs to acquire, and repair or refurbish mobile and other electronic devices the Company sells to third-parties.
(3)Consists primarily of licenses, fees, and general operating expenses.
(4)Consists primarily of lender-placed tracking, licenses, fees, and general operating expenses.
The following table presents total assets by segment:
December 31, 2024December 31, 2023
Global Lifestyle (1)$27,468.0 $27,642.9 
Global Housing (1)5,773.4 4,274.5 
Corporate and Other (2)1,779.2 1,717.8 
Segment assets$35,020.6 $33,635.2 
(1)Segment assets for Global Lifestyle and Global Housing do not include net unrealized gains (losses) on securities attributable to those segments, which are all included within Corporate and Other.
(2)Corporate and Other includes the Miami, Florida property with a carrying value of $46.0 million as of December 31, 2024 and 2023, which met held-for-sale criteria and was included in other assets. The Company has ceased depreciation of these assets which are recorded at carrying value, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. The transaction is subject to the buyer receiving the requisite development approvals from relevant state and local government authorities, including approvals relating to land use, rezoning and site plan. There can be no assurance that the transaction will be consummated.
Schedule of Segment Adjusted EBITDA with Reconciliation to Net income
The following table presents segment Adjusted EBITDA with a reconciliation to net income:
 Years Ended December 31,
 202420232022
Adjusted EBITDA by segment:
Global Lifestyle$773.4 $792.3 $809.4 
Global Housing671.2 574.2 246.0 
Corporate and Other(122.2)(109.0)(99.2)
Reconciling items to consolidated net income:
Interest expense(107.0)(108.0)(108.3)
Depreciation expense(139.4)(109.3)(86.3)
Amortization of purchased intangible assets(69.1)(77.9)(69.7)
Net realized losses on investments and fair value changes to equity securities(75.8)(68.7)(179.7)
Non-core operations (1)(14.2)(50.4)(79.5)
Restructuring costs(5.4)(34.3)(53.1)
Assurant Health runoff operations (2)— 6.9 (0.6)
Other adjustments15.8 (9.0)(29.1)
Total reconciling items(395.1)(450.7)(606.3)
Income before income tax expense927.3 806.8 349.9 
Income tax expense167.1 164.3 73.3 
Net income$760.2 $642.5 $276.6 
(1)Consists of certain businesses which the Company has fully exited or expects to fully exit, including the long-tail commercial liability businesses (sharing economy and small commercial businesses), certain legacy long-duration insurance policies and the Company’s operations in mainland China (not Hong Kong) (collectively referred to as “non-core operations”). The non-core operations do not qualify as held for sale or discontinued operations under GAAP accounting guidance and are presented as a reconciling item to consolidated net income. During 2024, the mainland China operations were sold and will no longer be included in non-core operations going forward. Includes goodwill impairment of $7.8 million for the year ended December 31, 2022. Refer to Note 14 for additional information.
(2)In first quarter 2023, the Company recorded income of $7.5 million related to a payment it received from Time Insurance Company (“TIC”) pursuant to a participation agreement that the Company had with TIC in connection with its sale by the Company in 2018. The payment related to the Company’s prior participation in the risk adjustment program introduced by the Patient Protection and Affordable Care Act of 2010.
Schedule of Financial Information by Geographic Location The following table summarizes selected financial information by geographic location for the years ended or as of December 31, 2024, 2023 and 2022:
LocationRevenuesLong-lived
Assets
2024
United States$9,815.5 $681.1 
Foreign countries2,062.0 87.2 
Total$11,877.5 $768.3 
2023
United States$9,295.7 $654.6 
Foreign countries1,835.9 31.2 
Total$11,131.6 $685.8 
2022
United States$8,386.6 $606.0 
Foreign countries1,806.4 39.1 
Total$10,193.0 $645.1 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value of Fixed Maturity Security
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 December 31, 2024
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$54.5 $— $0.1 $(3.4)$51.2 
States, municipalities and political subdivisions128.7 — 0.6 (10.2)119.1 
Foreign governments484.6 — 2.6 (25.1)462.1 
Asset-backed940.3 — 6.5 (9.5)937.3 
Commercial mortgage-backed371.8 — 1.0 (36.4)336.4 
Residential mortgage-backed690.0 — 1.6 (50.5)641.1 
U.S. corporate3,364.3 — 26.9 (203.8)3,187.4 
Foreign corporate1,490.6 — 19.0 (69.1)1,440.5 
Total fixed maturity securities$7,524.8 $— $58.3 $(408.0)$7,175.1 
 
 December 31, 2023
 Cost or
Amortized
Cost		Allowances for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$68.9 $— $0.7 $(4.4)$65.2 
States, municipalities and political subdivisions159.2 — 1.2 (11.2)149.2 
Foreign governments483.1 — 9.4 (12.7)479.8 
Asset-backed891.4 — 5.2 (22.8)873.8 
Commercial mortgage-backed383.1 — 0.4 (53.3)330.2 
Residential mortgage-backed534.7 — 1.9 (50.6)486.0 
U.S. corporate3,300.5 — 45.3 (215.4)3,130.4 
Foreign corporate1,471.5 — 17.6 (91.6)1,397.5 
Total fixed maturity securities$7,292.4 $— $81.7 $(462.0)$6,912.1 
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity
The cost or amortized cost and fair value of fixed maturity securities as of December 31, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. 
December 31, 2024
Cost or
Amortized
Cost		Fair Value
Due in one year or less$183.1 $183.1 
Due after one year through five years1,338.0 1,325.0 
Due after five years through ten years2,928.8 2,827.1 
Due after ten years1,072.8 925.1 
Total5,522.7 5,260.3 
Asset-backed940.3 937.3 
Commercial mortgage-backed371.8 336.4 
Residential mortgage-backed690.0 641.1 
Total$7,524.8 $7,175.1 
The cost or amortized cost and fair value of available-for-sale fixed maturity securities in an unrealized loss position as of December 31, 2024, by contractual maturity, is shown below:
December 31, 2024
Cost or
Amortized
Cost, Net of Allowance		Fair Value
Due in one year or less$70.4 $70.0 
Due after one year through five years676.7 650.0 
Due after five years through ten years2,024.1 1,897.7 
Due after ten years847.8 689.7 
Total3,619.0 3,307.4 
Asset-backed156.1 146.6 
Commercial mortgage-backed297.9 261.5 
Residential mortgage-backed483.6 433.1 
Total$4,556.6 $4,148.6 
Schedule of Net Investment Income
The following table shows the major categories of net investment income for the periods indicated:
 Years Ended December 31,
 202420232022
Fixed maturity securities$385.9 $335.3 $270.0 
Equity securities13.2 15.2 15.0 
Commercial mortgage loans on real estate19.2 17.5 14.9 
Short-term investments18.4 12.9 4.7 
Other investments21.3 39.1 48.6 
Cash and cash equivalents77.0 85.7 25.7 
Total investment income535.0 505.7 378.9 
Investment expenses(16.1)(16.6)(14.8)
Net investment income$518.9 $489.1 $364.1 
Schedule of Gain (Loss) on Securities
The following table summarizes the proceeds from sales of available-for-sale fixed maturity securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales for the periods indicated:
 Years Ended December 31,
 202420232022
Fixed maturity securities:
Proceeds from sales$1,330.9 $1,464.6 $2,468.8 
Gross realized gains $1.3 $5.6 $9.4 
Gross realized losses (72.4)(49.3)(73.2)
Net realized (losses) gains on investments from sales of fixed maturity securities$(71.1)$(43.7)$(63.8)
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the statement of operations for the periods indicated:
 Years Ended December 31,
 202420232022
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:
Fixed maturity securities$(71.0)$(43.3)$(63.7)
Equity securities (1) (2)19.5 (7.2)(112.2)
Commercial mortgage loans on real estate(2.5)(2.2)(0.7)
Other investments3.3 1.0 1.5 
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other (50.7)(51.7)(175.1)
Net realized losses related to impairments:
Fixed maturity securities(1.3)(4.1)(1.6)
Other investments (1)(23.8)(12.9)(3.0)
Total net realized losses related to impairments(25.1)(17.0)(4.6)
Total net realized (losses) gains on investments and fair value changes to equity securities$(75.8)$(68.7)$(179.7)
(1)Upward adjustments of $6.8 million, $0.6 million and $19.5 million and impairments of $23.8 million, $12.9 million, and $3.0 million were realized on equity investments accounted for under the measurement alternative for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)The years ended December 31, 2024, 2023 and 2022 included $1.2 million, $6.6 million, and $92.5 million in realized and unrealized losses, respectively, from four equity positions that went public during 2021. The total fair value of these equity securities as of December 31, 2024, 2023 and 2022 was $1.7 million, $2.9 million and $9.6 million, respectively, included in equity securities in the consolidated balance sheet.
Schedule of Fair Value Changes to Equity Securities
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Years Ended December 31,
202420232022
Net gains (losses) recognized on equity securities$19.5 $(7.2)$(112.2)
Less: Net realized gains (losses) related to sales of equity securities5.7 (6.6)20.5 
Total fair value changes to equity securities held $13.8 $(0.6)$(132.7)
Schedule of Equity Securities without Readily Determinable Fair Value The following table summarizes information related to these investments:
December 31, 2024December 31, 2023
Initial cost$74.8 $86.8 
Cumulative upward adjustments57.9 51.1 
Cumulative downward adjustments (including impairments)(24.4)(17.9)
Carrying value$108.3 $120.0 
Schedule of Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities, as of December 31, 2024 and 2023 were as follows:
 December 31, 2024
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$25.8 $(0.6)$21.4 $(2.8)$47.2 $(3.4)
States, municipalities and political subdivisions20.4 (1.5)66.1 (8.7)86.5 (10.2)
Foreign governments164.8 (10.9)171.3 (14.2)336.1 (25.1)
Asset-backed59.0 (3.5)87.6 (6.0)146.6 (9.5)
Commercial mortgage-backed65.7 (1.3)195.8 (35.1)261.5 (36.4)
Residential mortgage-backed223.4 (4.8)209.7 (45.7)433.1 (50.5)
U.S. corporate1,083.8 (29.9)954.3 (173.9)2,038.1 (203.8)
Foreign corporate368.1 (9.9)431.4 (59.2)799.5 (69.1)
Total fixed maturity securities$2,011.0 $(62.4)$2,137.6 $(345.6)$4,148.6 $(408.0)
 December 31, 2023
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$5.2 $(0.1)$43.7 $(4.3)$48.9 $(4.4)
States, municipalities and political subdivisions3.9 (0.1)96.5 (11.1)100.4 (11.2)
Foreign governments42.5 (0.5)203.5 (12.2)246.0 (12.7)
Asset-backed64.0 (3.0)404.7 (19.8)468.7 (22.8)
Commercial mortgage-backed66.3 (8.4)244.2 (44.9)310.5 (53.3)
Residential mortgage-backed98.8 (3.5)285.1 (47.1)383.9 (50.6)
U.S. corporate331.9 (14.7)1,596.4 (200.7)1,928.3 (215.4)
Foreign corporate153.9 (5.6)744.8 (86.0)898.7 (91.6)
Total fixed maturity securities$766.5 $(35.9)$3,618.9 $(426.1)$4,385.4 $(462.0)
Schedule of Credit Quality Indicators for Commercial Mortgage Loans
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at December 31, 2024 and 2023, respectively.
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Loan to value ratios (1):
70% and less$51.9 $43.2 $29.6 $16.0 $— $57.9 $198.6 56.9 %
71% to 80%3.8 4.9 22.8 65.5 2.8 — 99.8 28.6 %
81% to 95%— — 12.6 8.6 — 9.5 30.7 8.8 %
Greater than 95%— 3.8 9.9 6.2 — — 19.9 5.7 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
December 31, 2024
Origination Year
20242023202220212020PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$6.4 $0.6 $18.0 $10.8 $— $43.4 $79.2 22.7 %
1.5 to 2.020.9 12.2 10.9 25.0 — 14.0 83.0 23.8 %
1.0 to 1.527.4 18.8 20.4 22.5 2.8 4.8 96.7 27.7 %
Less than 1.01.0 20.3 25.6 38.0 — 5.2 90.1 25.8 %
Total$55.7 $51.9 $74.9 $96.3 $2.8 $67.4 $349.0 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
 
December 31, 2023
Origination Year
20232022202120202019PriorTotal% of Total
Loan to value ratios (1):
70% and less$49.6 $42.3 $29.5 $— $— $60.1 $181.5 54.6 %
71% to 80%2.5 22.7 69.6 2.8 — 4.4 102.0 30.7 %
81% to 95%— 10.7 25.5 — — 5.5 41.7 12.5 %
Greater than 95%— 2.0 1.3 — — 4.1 7.4 2.2 %
Total$52.1 $77.7 $125.9 $2.8 $— $74.1 $332.6 100.0 %
December 31, 2023
Origination Year
20232022202120202019PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$— $11.8 $9.3 $— $— $44.9 $66.0 19.8 %
1.5 to 2.018.9 23.6 28.7 — — 12.2 83.4 25.1 %
1.0 to 1.533.2 18.2 40.1 — — 7.1 98.6 29.7 %
Less than 1.0— 24.1 47.8 2.8 — 9.9 84.6 25.4 %
Total$52.1 $77.7 $125.9 $2.8 $— $74.1 $332.6 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
v3.25.0.1
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the AIP, the ASIC plan, and the ADC and other derivatives. Other liabilities are comprised of investments in the AIP and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.
 December 31, 2024 
Financial AssetsTotalLevel 1 Level 2 Level 3 
Fixed maturity securities:
U.S. government and government agencies and authorities$51.2 $— $51.2 $— 
States, municipalities and political subdivisions119.1 — 119.1 — 
Foreign governments462.1 — 462.1 — 
Asset-backed937.3 — 823.7 113.6 
Commercial mortgage-backed336.4 — 336.4 — 
Residential mortgage-backed641.1 — 641.1 — 
U.S. corporate3,187.4 — 3,139.9 47.5 
Foreign corporate1,440.5 — 1,432.5 8.0 
Equity securities:
Mutual funds28.8 13.6 — 15.2 
Common stocks3.5 3.5 — — 
Non-redeemable preferred stocks176.2 — 176.2 — 
Short-term investments237.1 230.1 (2)7.0 (3)— 
Other investments66.1 66.0 (1)— 0.1 
Cash equivalents1,325.6 1,312.0 (2)13.6 (3)— 
Other assets6.3 — — 6.3 (4)
Assets held in separate accounts11.3 8.7 (1)2.6 (3)— 
Total financial assets$9,030.0 $1,633.9 $7,205.4 $190.7 
Financial Liabilities 
Other liabilities$66.0 $66.0 (1)$— $— 
Liabilities related to separate accounts11.3 8.7 (1)2.6 (3)— 
Total financial liabilities$77.3 $74.7 $2.6 $— 
 December 31, 2023 
Financial AssetsTotalLevel 1 Level 2 Level 3 
Fixed maturity securities:
U.S. government and government agencies and authorities$65.2 $— $65.2 $— 
States, municipalities and political subdivisions149.2 — 149.2 — 
Foreign governments479.8 — 479.8 — 
Asset-backed873.8 — 791.0 82.8 
Commercial mortgage-backed330.2 — 330.2 — 
Residential mortgage-backed486.0 — 486.0 — 
U.S. corporate3,130.4 — 3,094.8 35.6 
Foreign corporate1,397.5 — 1,390.4 7.1 
Equity securities:
Mutual funds16.6 16.6 — — 
Common stocks17.9 17.2 0.7 — 
Non-redeemable preferred stocks188.5 — 188.5 — 
Short-term investments210.1 121.6 (2)88.5 (3)— 
Other investments62.5 62.4 (1)— 0.1 
Cash equivalents1,051.3 1,040.4 (2)10.9 (3)— 
Other assets15.8 — — 15.8 (4)
Assets held in separate accounts10.5 6.7 (1)3.8 (3)— 
Total financial assets$8,485.3 $1,264.9 $7,079.0 $141.4 
Financial Liabilities 
Other liabilities$64.2 $62.4 (1)$1.8 (4)$— 
Liabilities related to separate accounts10.5 6.7 (1)3.8 (3)— 
Total financial liabilities$74.7 $69.1 $5.6 $— 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivatives.
Schedule of Change in Balance Sheet Carrying Value Associated With Level 3 Financial Assets Carried at Fair Value
The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets and liabilities carried at fair value for the years ended December 31, 2024 and 2023:
 Year Ended December 31, 2024
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed $82.8 $0.5 $2.9 $25.7 $(3.4)$8.0 $(2.9)$113.6 
U.S. corporate35.6 (0.1)0.1 34.6 (10.2)2.9 (15.4)47.5 
Foreign corporate7.1 — 0.1 3.0 (2.2)— — 8.0 
Equity Securities
Mutual funds— 0.2 — 15.0 — — — 15.2 
Other investments0.1 — — — — — — 0.1 
Other assets15.8 — (9.5)— — — — 6.3 
Total level 3 assets and liabilities$141.4 $0.6 $(6.4)$78.3 $(15.8)$10.9 $(18.3)$190.7 
 Year Ended December 31, 2023
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed$60.4 $1.5 $(2.3)$38.6 $(16.8)$1.7 $(0.3)$82.8 
U.S. corporate28.8 0.4 0.4 10.9 (1.7)2.7 (5.9)35.6 
Foreign corporate7.4 — 0.1 2.0 (0.9)0.5 (2.0)7.1 
Other investments0.2 (0.1)— — — — — 0.1 
Other assets— — 1.2 14.6 — — — 15.8 
Financial Liabilities
Other liabilities(15.0)— — — — — 15.0 — 
Total level 3 assets and liabilities$81.8 $1.8 $(0.6)$66.1 $(19.4)$4.9 $6.8 $141.4 
(1)Included as part of net realized gains on investments, excluding other-than-temporary impairment losses, in the consolidated statements of operations.
(2)Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
(3)Transfers are primarily attributable to changes in the availability of observable market information and the re-evaluation of the observability of valuation inputs.
Schedule of Change in Balance Sheet Carrying Value Associated With Level 3 Financial Liabilities Carried at Fair Value
The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets and liabilities carried at fair value for the years ended December 31, 2024 and 2023:
 Year Ended December 31, 2024
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed $82.8 $0.5 $2.9 $25.7 $(3.4)$8.0 $(2.9)$113.6 
U.S. corporate35.6 (0.1)0.1 34.6 (10.2)2.9 (15.4)47.5 
Foreign corporate7.1 — 0.1 3.0 (2.2)— — 8.0 
Equity Securities
Mutual funds— 0.2 — 15.0 — — — 15.2 
Other investments0.1 — — — — — — 0.1 
Other assets15.8 — (9.5)— — — — 6.3 
Total level 3 assets and liabilities$141.4 $0.6 $(6.4)$78.3 $(15.8)$10.9 $(18.3)$190.7 
 Year Ended December 31, 2023
 Balance,
beginning
of period		Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)		Net
unrealized
gains (losses)
included in
other
comprehensive
income (2)		PurchasesSalesTransfers
in (3)		Transfers
out (3)		Balance,
end of
period
Financial Assets
Fixed Maturity Securities
Asset-backed$60.4 $1.5 $(2.3)$38.6 $(16.8)$1.7 $(0.3)$82.8 
U.S. corporate28.8 0.4 0.4 10.9 (1.7)2.7 (5.9)35.6 
Foreign corporate7.4 — 0.1 2.0 (0.9)0.5 (2.0)7.1 
Other investments0.2 (0.1)— — — — — 0.1 
Other assets— — 1.2 14.6 — — — 15.8 
Financial Liabilities
Other liabilities(15.0)— — — — — 15.0 — 
Total level 3 assets and liabilities$81.8 $1.8 $(0.6)$66.1 $(19.4)$4.9 $6.8 $141.4 
(1)Included as part of net realized gains on investments, excluding other-than-temporary impairment losses, in the consolidated statements of operations.
(2)Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
(3)Transfers are primarily attributable to changes in the availability of observable market information and the re-evaluation of the observability of valuation inputs.
Schedule of Carrying Value and Fair Value of the Financial Instruments That are Not Recognized or are Not Carried at Fair Value
The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 December 31, 2024
  Fair Value
  Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$342.5 $333.3 $— $— $333.3 
Other investments23.2 23.2 1.3 — 21.9 
Other assets26.3 26.3 — — 26.3 
Total financial assets$392.0 $382.8 $1.3 $— $381.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$6.5 $6.9 $— $— $6.9 
Funds held under reinsurance277.7 277.7 277.7 — — 
Debt2,083.1 1,998.1 — 1,998.1 — 
Total financial liabilities$2,367.3 $2,282.7 $277.7 $1,998.1 $6.9 
 December 31, 2023
  Fair Value
  
Carrying ValueTotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$328.7 $313.7 $— $— $313.7 
Other investments3.7 3.7 1.4 — 2.3 
Other assets26.5 26.5 — — 26.5 
Total financial assets$358.9 $343.9 $1.4 $— $342.5 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$7.3 $7.8 $— $— $7.8 
Funds held under reinsurance392.7 392.7 392.7 — — 
Debt2,080.6 1,972.4 — 1,972.4 — 
Total financial liabilities$2,480.6 $2,372.9 $392.7 $1,972.4 $7.8 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.
v3.25.0.1
Premiums and Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Premiums Receivable Disclosure [Abstract]  
Schedule of Allowance for Uncollectible Amounts
Receivables are reported net of an allowance for uncollectible amounts. A summary of such receivables is as follows as of the dates indicated:
 December 31,
 20242023
Insurance premiums receivable$1,974.4 $2,195.8 
Other receivables86.8 78.8 
Allowance for credit losses(7.2)(9.0)
Total$2,054.0 $2,265.6 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Information About Domestic and Foreign Pre-Tax Income
The components of income tax expense (benefit) were as follows for the periods indicated:
 Years Ended December 31,
 202420232022
Pre-tax income:
Domestic$819.2 $700.9 $250.4 
Foreign108.1 105.9 99.5 
Total pre-tax income$927.3 $806.8 $349.9 
Schedule of Components of Income Tax Expense (Benefit)
 Years Ended December 31,
 202420232022
Current expense (benefit):
Federal and state$(124.3)$220.9 $(23.5)
Foreign46.5 51.9 33.0 
Total current expense (benefit) (77.8)272.8 9.5 
Deferred expense (benefit):
Federal and state262.3 (80.4)65.7 
Foreign(17.4)(28.1)(1.9)
Total deferred expense (benefit) 244.9 (108.5)63.8 
Total income tax expense (benefit)$167.1 $164.3 $73.3 
Schedule of Reconciliation of Federal Income Tax Rate
A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows for the periods indicated:
 Years Ended December 31,
 202420232022
Federal income tax rate:21.0 %21.0 %21.0 %
Reconciling items:
Non-taxable investment income(0.1)(0.2)(0.4)
Foreign earnings (1)0.1 0.2 2.2 
Non-deductible compensation
0.6 0.6 0.8 
Change in liability for prior year tax (2)(1.2)(0.8)(2.8)
Change in valuation allowance(0.6)(0.6)(0.4)
Transferable federal tax credits (3)(1.3)— — 
Other(0.5)0.2 0.5 
Effective income tax rate:18.0 %20.4 %20.9 %
(1)Results for 2024, 2023, and 2022 primarily include the impact of foreign earnings taxed at different rates.
(2)The change in liability for prior year tax in 2022 was primarily related to a foreign derived intangible income benefit of $9.2 million taken on an amended 2019 income tax return. The change in liability for prior year tax in 2024 was primarily related to additional transferable federal tax credits taken on the 2023 income tax return.
(3)Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits during 2024 from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded during the year ended December 31, 2024. Amounts owed to counterparties for the purchased credits are recorded within accounts payable and accrued expenses within the consolidated balance sheet at December 31, 2024.
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 is as follows: 
 Years Ended December 31,
 202420232022
Balance at beginning of year$(17.0)$(18.5)$(18.5)
Additions based on tax positions related to the current year(0.9)(0.9)(0.6)
Reductions based on tax positions related to the current year— — — 
Additions for tax positions of prior years(2.1)(0.5)(0.2)
Reductions for tax positions of prior years2.7 2.9 0.8 
Lapses— — — 
Balance at end of year$(17.3)$(17.0)$(18.5)
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
The tax effects of temporary differences that result in significant deferred tax assets and deferred tax liabilities are as follows as of the dates indicated: 
 December 31,
 20242023
Deferred Tax Assets
Policyholder and separate account reserves$506.4 $538.3 
Net operating loss carryforwards37.1 43.4 
Net unrealized appreciation on securities79.8 87.7 
Credit carryforwards30.6 9.9 
Employee and post-retirement benefits9.1 8.6 
Compensation related44.2 43.9 
Capital loss carryforwards19.1 12.1 
Investments, net11.5 — 
Other84.3 65.3 
Total deferred tax assets822.1 809.2 
Less valuation allowance(16.7)(16.1)
Deferred tax assets, net of valuation allowance805.4 793.1 
Deferred Tax Liabilities
Deferred acquisition costs(1,077.7)(1,161.0)
Investments, net— (0.6)
Intangible assets(94.3)(101.5)
Total deferred tax liabilities(1,172.0)(1,263.1)
Net deferred income tax liabilities$(366.6)$(470.0)
Schedule of Net Operating Loss Carryforwards
The net operating loss carryforwards by jurisdiction are as follows as of the dates indicated:
December 31,
20242023
Federal net operating loss carryforwards$— $— 
Foreign net operating loss carryforwards (1)$146.6 $164.9 
(1)Of the $146.6 million as of December 31, 2024, $19.8 million expires between 2025 and 2044, and $126.8 million has an unlimited carryforward.
v3.25.0.1
Deferred Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Schedule of Deferred Acquisition Costs
Information about deferred acquisition costs is as follows as of the dates indicated:
 December 31,
 202420232022
Beginning balance$9,967.2 $9,677.1 $8,811.0 
Costs deferred3,991.2 4,409.8 4,528.7 
Amortization(3,965.6)(4,119.7)(3,662.6)
Ending balance$9,992.8 $9,967.2 $9,677.1 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment consisted of the following as of the dates indicated:
 December 31,
 20242023
Land$6.2 $6.5 
Buildings and improvements166.3 141.6 
Furniture, fixtures and equipment117.6 91.6 
Software979.0 838.7 
Total1,269.1 1,078.4 
Less accumulated depreciation(500.8)(392.6)
Total$768.3 $685.8 
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
A roll forward of goodwill by reportable segment is provided below as of and for the years indicated:
Global Lifestyle (1)Global HousingCorporate and OtherConsolidated
Balance at December 31, 2022 (2)
$2,193.9 $409.1 $— $2,603.0 
Transfers (3)92.4 (92.4)— — 
Foreign currency translation and other5.8 — — 5.8 
Balance at December 31, 2023 (2)
2,292.1 316.7 — 2,608.8 
Acquisitions11.4 — — 11.4 
Foreign currency translation and other(4.2)— — (4.2)
Balance at December 31, 2024 (2)
$2,299.3 $316.7 $— $2,616.0 
(1)As of December 31, 2024, $793.6 million and $1,505.7 million of goodwill was assigned to the Connected Living and Global Automotive reporting units, respectively. As of December 31, 2023, $785.2 million and $1,506.9 million of goodwill was assigned to the Connected Living (including Global Financial Services which was aggregated with Connected Living in 2023) and Global Automotive reporting units, respectively.
(2)Consolidated goodwill reflects $1,413.7 million of accumulated impairment losses at December 31, 2024, December 31, 2023 and December 31, 2022.
(3)The change during the year ended December 31, 2023 is related to the transfer of certain specialty products, mainly the commercial equipment business, from Global Housing to Global Lifestyle, effective January 1, 2023.
v3.25.0.1
VOBA and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Information About VOBA and Other Intangible Assets
Information about VOBA is as follows for the periods indicated:
 Years Ended December 31,
 202420232022
Beginning balance$83.9 $262.8 $583.4 
Additions— — 1.9 
Amortization, net of interest accrued(75.9)(179.2)(322.8)
Foreign currency translation and other— 0.3 0.3 
Ending balance$8.0 $83.9 $262.8 
Schedule of Present Value of Future Insurance Profits, Expected Amortization
As of December 31, 2024, the estimated amortization of VOBA for the next five years and thereafter is as follows:
YearAmount
2025$3.7 
20261.7 
20271.4 
20280.8 
20290.4 
Thereafter— 
Total$8.0 
Schedule of Finite-Lived Other Intangible Assets
Information about other intangible assets is as follows as of the dates indicated:
 As of December 31,
 20242023
 Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets		Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets
Purchased intangible assets$901.1 $(515.6)$385.5 $931.2 $(474.9)$456.3 
Operating intangible assets239.2 (100.8)138.4 180.4 (79.9)100.5 
Total finite-lived intangible assets1,140.3 (616.4)523.9 1,111.6 (554.8)556.8 
Total indefinite-lived intangible assets11.7 — 11.7 10.3 — 10.3 
Total other intangible assets$1,152.0 $(616.4)$535.6 $1,121.9 $(554.8)$567.1 
Schedule of Indefinite-Lived Other Intangible Assets
Information about other intangible assets is as follows as of the dates indicated:
 As of December 31,
 20242023
 Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets		Carrying
Value		Accumulated
Amortization		Net Other
Intangible
Assets
Purchased intangible assets$901.1 $(515.6)$385.5 $931.2 $(474.9)$456.3 
Operating intangible assets239.2 (100.8)138.4 180.4 (79.9)100.5 
Total finite-lived intangible assets1,140.3 (616.4)523.9 1,111.6 (554.8)556.8 
Total indefinite-lived intangible assets11.7 — 11.7 10.3 — 10.3 
Total other intangible assets$1,152.0 $(616.4)$535.6 $1,121.9 $(554.8)$567.1 
Schedule of Intangible Assets Amortization Expense
Amortization of other intangible assets is as follows as of the dates indicated:
 Years Ended December 31,
 202420232022
Purchased intangible assets$69.1 $77.9 $69.7 
Operating intangible assets28.8 20.2 24.8 
Total$97.9 $98.1 $94.5 
Schedule of Future Amortization Expenses
The estimated amortization of other intangible assets with finite lives for the next five years and thereafter is as follows: 
YearPurchased Intangible AssetsOperating Intangible AssetsTotal
2025$65.1 $32.2 $97.3 
202661.0 29.8 90.8 
202750.1 26.2 76.3 
202844.4 20.5 64.9 
202939.1 10.6 49.7 
Thereafter125.8 19.1 144.9 
Total other intangible assets with finite lives$385.5 $138.4 $523.9 
v3.25.0.1
Reserves (Tables)
 12 Months Ended
Dec. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]  
Schedule of Balances and Changes in Long-Term Care Future Policy Benefits and Expenses Reserve
The following table presents the balances and changes in the long-term care future policy benefits and expenses reserve:
Years Ended December 31,
202420232022
Present value of expected net premiums
Balance, beginning of period$36.4 $34.2 $37.1 
Beginning balance at original discount rate36.5 33.4 29.2 
Effect of changes in cash flow assumptions (1)(1.0)1.5 9.4 
Effect of actual variances from expected experience0.9 3.5 (2.7)
Adjusted beginning of period balance36.4 38.4 35.9 
Experience variance (2)0.1 — (0.3)
Interest accrual3.4 2.8 4.6 
Net premiums collected(5.9)(4.7)(6.8)
Ending balance at original discount rate34.0 36.5 33.4 
Effect of changes in discount rate assumptions2.4 (0.1)0.8 
Balance, end of period$36.4 $36.4 $34.2 
Present value of expected future policy benefits
Balance, beginning of period$450.6 $462.4 $658.5 
Beginning balance at original discount rate453.0 444.4 430.0 
Effect of changes in cash flow assumptions (1)— — 12.3 
Effect of actual variances from expected experience1.5 4.4 (3.3)
Adjusted beginning of period balance454.5 448.8 439.0 
Experience variance (2)(1.3)1.0 (1.2)
Interest accrual26.2 19.5 24.7 
Benefit payments(26.5)(16.3)(18.1)
Ending balance at original discount rate452.9 453.0 444.4 
Effect of changes in discount rate assumptions53.5 (2.4)18.0 
Balance, end of period$506.4 $450.6 $462.4 
Net future policy benefits and expenses$470.0 $414.2 $428.2 
Related reinsurance recoverable470.0 414.2 428.2 
Net future policy benefits and expenses, after reinsurance recoverable$— $— $— 
Weighted-average liability duration of the future policy benefits and expenses (in years)11.412.012.7
(1)The increase for the years ending December 31, 2023 and 2022 was primarily due to historical experience reflecting a decreasing trend in lapse and mortality rates on the long-term care insurance products.
(2)Experience variance includes adverse development resulting from the allocation of the premium deficiency reserve to the cohort level for issue years where net premiums exceed gross premiums.
The following table presents a reconciliation of the long-term care net future policy benefits and expenses to the future policy benefits and expenses reserve in the consolidated balance sheet:
December 31, 2024December 31, 2023
Long-term care$470.0 $414.2 
Other66.7 73.0 
Total$536.7 $487.2 
The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for the long-term care insurance contracts:
December 31, 2024December 31, 2023
Expected future benefits payments$804.4 $829.3 
Expected future gross premiums$61.9 $69.4 
The following table presents the amount of long-term care revenue and interest recognized in the consolidated statements of operations:
Years Ended December 31,
202420232022
Gross premiums$1.4 $1.5 $1.7 
Interest expense (original discount rate)$5.7 $5.6 $4.7 
The following table presents the weighted-average interest rate for long-term care insurance contracts:
December 31, 2024December 31, 2023
Interest expense (original discount rate)5.95 %5.95 %
Current discount rate4.63 %6.01 %
Schedule of Claims and Benefits Payable
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and are comprised of case and IBNR reserves. These balances do not include the recoverable amounts related to certain high deductible policies in the sharing economy business, included in the non-core operations, for which the Company is responsible for paying the entirety of the claim and is subsequently reimbursed by the insured for the deductible portion of the claim. As of December 31, 2024, the Company had exposure of $168.2 million of reserves below the deductible that it would be responsible for if the clients were to default on their contractual obligation to pay the deductible. Refer to Note 4 for more information on the evaluation of the credit risk exposure from these recoverables.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expenses is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
Years Ended December 31,
202420232022
Claims and benefits payable, at beginning of year$1,989.2 $2,210.0 $1,523.0 
Less: Reinsurance ceded and other(886.6)(1,228.8)(744.1)
Net claims and benefits payable, at beginning of year1,102.6 981.2 778.9 
Incurred losses and loss adjustment expenses related to:
Current year2,893.8 2,548.4 2,304.3 
Prior years(127.3)(26.6)55.5 
Total incurred losses and loss adjustment expenses2,766.5 2,521.8 2,359.8 
Paid losses and loss adjustment expenses related to:
Current year2,021.8 1,802.3 1,648.1 
Prior years602.9 598.1 509.4 
Total paid losses and loss adjustment expenses2,624.7 2,400.4 2,157.5 
Net claims and benefits payable, at end of year1,244.4 1,102.6 981.2 
Plus: Reinsurance ceded and other (1)1,669.8 886.6 1,228.8 
Claims and benefits payable, at end of year (1)$2,914.2 $1,989.2 $2,210.0 
(1)Includes reinsurance recoverables and claims and benefits payable of $911.7 million, $123.6 million and $424.3 million as of December 31, 2024, 2023 and 2022, respectively, which were ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
A comparison of net (favorable) unfavorable prior year development is shown below across the Company’s current and former segments and businesses.
Prior Year Incurred Loss Development for the Years Ending December 31,
202420232022
Global Lifestyle$(18.9)$(23.6)$(45.4)
Global Housing(109.7)(37.1)28.9 
Non-core operations13.6 40.1 77.4 
All Other(12.3)(6.0)(5.4)
Total$(127.3)$(26.6)$55.5 
Schedule of Reconciliation of Net Incurred and Paid Claims Development to Liability for Claims and Benefits Payable
Reconciliation of the Disclosure of Net Incurred and Paid Claims Development to the Liability for Unpaid Claims and Benefits Payable
December 31, 2024
Net outstanding liabilities
Global Lifestyle$375.9 
Global Housing766.4 
Non-core operations69.5 
Other short-duration insurance lines (1)15.9 
Disposed business short-duration insurance lines (Assurant Health)1.1 
Claims and benefits payable, net of reinsurance1,228.8 
Reinsurance recoverable on unpaid claims
Global Lifestyle (2)498.2 
Global Housing1,105.8 
Non-core operations50.4 
Other short-duration insurance lines (1)0.9 
Disposed business short-duration insurance lines (Assurant Employee Benefits and Assurant Health)12.2 
Total reinsurance recoverable on unpaid claims1,667.5 
Insurance lines other than short-duration (3)2.2 
Unallocated claim adjustment expense15.7 
Other— 
Total claims and benefits payable$2,914.2 
(1)Asbestos and pollution reserves represents $13.4 million of the other short-duration insurance lines, with $0.9 million recoveries.
(2)Disposed of property and casualty business represents $153.5 million of the $498.2 million in reinsurance recoverables for Global Lifestyle.
(3)Amount consists of certain long-duration contract exposures, primarily claims and benefits payable on run-off blocks of universal life policies.
Corporate and Other  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Schedule of Claims Development
Non-core Operations Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$51.3 $47.9 $70.9 $85.0 $81.4 $5.8 58,228 
202152.5 74.0 98.3 102.1 17.6 54,679 
202240.0 45.7 55.4 5.0 27,349 
20237.2 8.5 3.5 13,802 
20240.5 — 1,210 
Total$247.9 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$20.0 $30.0 $42.6 $60.8 $69.9 
202120.8 38.1 58.4 76.3 
202210.2 19.4 44.1 
20233.3 4.6 
2024— 
Total$194.9 
Outstanding claims and benefits payable before 2019, net of reinsurance16.5 
Claims and benefits payable, net of reinsurance$69.5 
Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
22.9%16.3%28.0%21.1%11.7%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim frequency is determined at a claimant reporting level. Depending on the nature of the product and related coverage triggers, it is possible for a claimant to contribute multiple claim counts in a given policy period. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
Global Lifestyle | Operating Segments  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Schedule of Claims Development
Global Lifestyle Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$1,423.9 $1,398.1 $1,398.4 $1,396.3 $1,394.7 $0.3 9,597,590 
20211,330.7 1,278.7 1,276.2 1,275.2 0.5 9,689,514 
20221,373.9 1,358.6 1,354.6 2.5 9,394,247 
20231,611.2 1,598.5 7.5 8,230,700 
20241,769.9 242.2 7,504,772 
Total$7,392.9 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$1,205.5 $1,382.2 $1,388.7 $1,390.6 $1,392.2 
20211,108.5 1,266.6 1,270.6 1,272.5 
20221,152.8 1,345.7 1,349.8 
20231,351.0 1,586.3 
20241,421.7 
Total$7,022.5 
Outstanding claims and benefits payable before 2020, net of reinsurance5.5 
Claims and benefits payable, net of reinsurance$375.9 
Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
85.7%13.7%0.4%0.1%0.1%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
Global Housing | Operating Segments  
Liability for Claims and Claims Adjustment Expense [Line Items]  
Schedule of Claims Development
Global Housing Net Claims Development Tables
Incurred Claims and Allocated Claim Adjustment Expenses, Net of ReinsuranceDecember 31, 2024
Years Ended December 31,Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)Cumulative Number of Reported Claims (2)
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$804.1 $804.8 $834.4 $848.9 $847.3 $11.4 191,428 
2021784.0 769.0 770.5 761.4 14.5 194,998 
2022862.4 809.4 803.3 38.0 187,384 
2023901.4 814.0 131.8 177,977 
20241,123.1 441.8 201,149 
Total$4,349.1 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year2020 Unaudited2021 Unaudited2022 Unaudited2023 Unaudited2024
2020$528.8 $730.0 $793.0 $820.8 $831.9 
2021517.6 690.3 727.8 743.0 
2022467.7 701.3 754.5 
2023450.9 665.3 
2024597.9 
Total$3,592.6 
Outstanding claims and benefits payable before 2020, net of reinsurance9.9 
Claims and benefits payable, net of reinsurance$766.4 
Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 UnauditedYear 2 UnauditedYear 3 UnauditedYear 4 UnauditedYear 5 Unaudited
62.5%26.8%6.6%2.8%1.4%
(1)Includes a provision for development on case reserves.
(2)Number of paid claims plus open (pending) claims. Claim frequency is determined at a claimant reporting level. Depending on the nature of the product and related coverage triggers, it is possible for a claimant to contribute multiple claim counts in a given policy period. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.
v3.25.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Schedule of Reinsurance Recoverable The following table provides details of the reinsurance recoverables balance as of the dates indicated:
December 31,
20242023
Ceded future policyholder benefits and expense$340.7 $339.9 
Ceded unearned premium5,188.5 5,265.2 
Ceded claims and benefits payable1,808.9 971.4 
Ceded paid losses241.4 72.7 
Total$7,579.5 $6,649.2 
Schedule of Rating for Existing Reinsurance The following table provides the reinsurance recoverable as of December 31, 2024 grouped by A.M. Best financial strength ratings:
A.M. Best Rating of Reinsurer Ceded future
policyholder
benefits and
expense		Ceded
unearned
premiums		Ceded claims
and benefits
payable		Ceded paid
losses		Total
A++ or A+$340.7 $50.6 $199.3 $12.3 $602.9 
A or A-— 7.2 33.6 3.9 44.7 
B++ or B— 9.2 2.3 — 11.5 
Not Rated (1)— 5,121.5 1,573.7 230.2 6,925.4 
Total340.7 5,188.5 1,808.9 246.4 7,584.5 
Less: Allowance— — — (5.0)(5.0)
Net reinsurance recoverable$340.7 $5,188.5 $1,808.9 $241.4 $7,579.5 
(1)Not Rated ceded claims and benefits payable included reinsurance recoverables of $911.7 million as of December 31, 2024 which were ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
Schedule of Reinsurance on Premiums Earned and Benefits Incurred
The effect of reinsurance on premiums earned and benefits incurred was as follows for the periods indicated: 
  
Years Ended December 31,
  
202420232022
  
Long
Duration		Short
Duration		TotalLong
Duration		Short
Duration		TotalLong
Duration		Short
Duration		Total
Direct earned premiums$13.4 $18,820.1 $18,833.5 $14.4 $18,308.4 $18,322.8 $19.3 $17,475.3 $17,494.6 
Premiums assumed— 178.6 178.6 — 186.4 186.4 — 196.7 196.7 
Premiums ceded(8.0)(9,208.3)(9,216.3)(7.9)(9,113.3)(9,121.2)(12.3)(8,913.7)(8,926.0)
Net earned premiums$5.4 $9,790.4 $9,795.8 $6.5 $9,381.5 $9,388.0 $7.0 $8,758.3 $8,765.3 
Direct policyholder benefits$33.7 $8,777.1 $8,810.8 $36.5 $7,568.2 $7,604.7 $55.6 $7,616.8 $7,672.4 
Policyholder benefits assumed0.1 276.9 277.0 — 241.9 241.9 — 163.4 163.4 
Policyholder benefits ceded(30.3)(6,291.0)(6,321.3)(31.8)(5,293.0)(5,324.8)(51.8)(5,424.2)(5,476.0)
Net policyholder benefits$3.5 $2,763.0 $2,766.5 $4.7 $2,517.1 $2,521.8 $3.8 $2,356.0 $2,359.8 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized discount and issuance costs as applicable, as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Principal AmountCarrying ValuePrincipal AmountCarrying Value
6.10% Senior Notes due February 2026
175.0 174.3 175.0 173.7 
4.90% Senior Notes due March 2028
300.0 298.6 300.0 298.2 
3.70% Senior Notes due February 2030
350.0 348.2 350.0 347.9 
2.65% Senior Notes due January 2032
350.0 347.3 350.0 347.0 
6.75% Senior Notes due February 2034
275.0 272.8 275.0 272.7 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (1)
400.0 397.7 400.0 397.0 
5.25% Subordinated Notes due January 2061
250.0 244.2 250.0 244.1 
Total Debt$2,083.1 $2,080.6 
(1)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter. Under the terms of the debt agreement, a substitute or successor base rate will be since the LIBOR base rate has been discontinued.
Schedule of Interest Rate Adjustment The following table details the increase in interest rate over the issuance rate by rating with the impact equal to the sum of the number of basis points next to such rating for a maximum increase of 200 basis points over the issuance rate:
Rating Agencies
Rating LevelsMoody’s (1)S&P (1)Interest Rate Increase (2)
1Ba1BB+
25 basis points
2Ba2BB
50 basis points
3Ba3BB-
75 basis points
4B1 or belowB+ or below
100 basis points
(1)Including the equivalent ratings of any substitute rating agency.
(2)Applies to each rating agency individually.
v3.25.0.1
Equity Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Common Stock Shares Outstanding
Changes in the number of shares of common stock outstanding are as follows for the periods presented:
 December 31,
 202420232022
Shares of common stock outstanding, beginning51,955,994 52,830,381 55,754,113 
Vested restricted stock and restricted stock units, net (1)
178,120 170,911 179,434 
Issuance related to performance share units (1)
133,136 142,091 147,546 
Issuance related to ESPP115,019 131,815 96,846 
Shares of common stock repurchased(1,548,520)(1,319,204)(3,347,558)
Shares of common stock outstanding, ending50,833,749 51,955,994 52,830,381 
(1)Vested restricted stock, restricted stock units and performance share units are shown net of shares of common stock retired to cover participant income tax liabilities.
v3.25.0.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Company's Outstanding Restricted Stock Units
A summary of the Company’s outstanding RSUs is presented below:
Restricted Stock UnitsWeighted-Average
Grant-Date
Fair Value
Restricted stock units outstanding at December 31, 2023577,617 $129.58 
Grants (1)
192,760 181.54 
Vests (2)
(252,910)134.34 
Forfeitures and adjustments(14,513)148.72 
Restricted stock units outstanding at December 31, 2024502,954 $146.56 
Restricted stock units vested, but deferred at December 31, 2024 71,179 $103.86 
(1)The weighted average grant date fair value for RSUs granted in 2023 and 2022 was $116.76 and $172.46, respectively.
(2)The total fair value of RSUs vested was $45.5 million, $29.9 million and $47.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Share-based Compensation Activity
The following table shows a summary of RSU compensation expense during the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
202420232022
RSU compensation expense$33.0 $31.7 $34.9 
Income tax benefit(6.1)(6.0)(6.4)
RSU compensation expense, net of tax$26.9 $25.7 $28.5 
The following table shows a summary of PSU compensation expense during the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
202420232022
PSU compensation expense$45.4 $40.3 $24.8 
Income tax benefit(6.0)(5.8)(3.7)
PSU compensation expense, net of tax$39.4 $34.5 $21.1 
Schedule of Company's Outstanding Performance Share Units
A summary of the Company’s outstanding PSUs is presented below:
Performance
Share Units		Weighted-Average
Grant-Date
Fair Value
Performance share units outstanding at December 31, 2023598,755 $151.63 
Grants (1)
188,407 207.00 
Vests (2)
(220,055)147.85 
Performance adjustment (3)
28,890 146.19 
Forfeitures and adjustments(10,491)165.01 
Performance share units outstanding at December 31, 2024585,506 $170.44 
(1)The weighted average grant date fair value for PSUs granted in 2023 and 2022 was $114.91 and $217.33, respectively.
(2)The total fair value of PSUs vested was $39.8 million, $25.8 million and $42.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
(3)Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.
Schedule of Estimation of Fair Value of Awards
 For awards granted during the years ended December 31,
 202420232022
Expected volatility25.76 %26.84 %33.82 %
Expected term (years)2.792.802.80
Risk free interest rate4.44 %3.93 %2.09 %
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions
 For awards issued during the years ended December 31,
  
202420232022
Expected volatility
19.60 - 23.95%
28.57 - 31.63%
20.96 - 25.05%
Risk free interest rates
5.24 - 5.37%
4.77 - 5.53%
0.22 - 2.52%
Dividend yield
1.68 - 1.71%
2.18 - 2.20%
1.54 - 1.73%
Expected term (years)0.50.50.5
v3.25.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income, Net of Tax The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Year Ended December 31, 2024
 Foreign
currency
translation
adjustment		Net unrealized
losses on
investments		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
Change in accumulated other comprehensive income (loss) before reclassifications(63.3)(43.0)— (13.4)(119.7)
Amounts reclassified from accumulated other comprehensive income (loss)— 56.6 (6.3)(1.7)48.6 
Net current-period other comprehensive income (loss)(63.3)13.6 (6.3)(15.1)(71.1)
Balance at December 31, 2024$(415.2)$(291.9)$2.2 $(131.2)$(836.1)
 Year Ended December 31, 2023
 Foreign
currency
translation
adjustment		Net unrealized
losses on
investments		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2022$(394.0)$(513.2)$9.8 $(88.8)$(986.2)
Change in accumulated other comprehensive income (loss) before reclassifications42.1 171.9 (0.6)(17.6)195.8 
Amounts reclassified from accumulated other comprehensive income (loss)— 35.8 (0.7)(9.7)25.4 
Net current-period other comprehensive income (loss)42.1 207.7 (1.3)(27.3)221.2 
Balance at December 31, 2023$(351.9)$(305.5)$8.5 $(116.1)$(765.0)
 Year Ended December 31, 2022
 Foreign
currency
translation
adjustment		Net unrealized
gains (losses) on
securities		Net unrealized gains on derivative transactionsUnamortized net losses on Pension PlansAccumulated
other
comprehensive
loss
Balance at December 31, 2021$(326.9)$256.6 $12.4 $(92.1)$(150.0)
Change in accumulated other comprehensive income (loss) before reclassifications(67.1)(808.7)— 9.0 (866.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 38.9 (2.6)(5.7)30.6 
Net current-period other comprehensive income (loss)(67.1)(769.8)(2.6)3.3 (836.2)
Balance at December 31, 2022$(394.0)$(513.2)$9.8 $(88.8)$(986.2)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following tables summarize the reclassifications out of AOCI for the periods indicated.
Details about AOCI componentsAmount reclassified from AOCIAffected line item in the statement where
net income is presented
 Years Ended December 31, 
 202420232022 
Net unrealized losses on investments$71.6 $45.3 $49.2 
Net realized losses on investments and fair value changes to equity securities
(15.0)(9.5)(10.3)Provision for income taxes
$56.6 $35.8 $38.9 Net of tax
Net unrealized (gains) losses on derivative transactions related to:
Interest rate derivatives$(2.8)$(3.4)$(3.2)Interest expense
Foreign exchange derivatives(5.2)2.5 — Underwriting, selling, general and administrative expenses
(8.0)(0.9)(3.2)
1.7 0.2 0.6 Provision for income taxes
$(6.3)$(0.7)$(2.6)Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$1.2 $1.0 $4.4 (1)
Amortization of prior service credit(13.5)(13.5)(13.5)(1)
Settlement loss10.2 0.2 1.9 (1)
(2.1)(12.3)(7.2)
0.4 2.6 1.5 Provision for income taxes
$(1.7)$(9.7)$(5.7)Net of tax
Total reclassifications for the period$48.6 $25.4 $30.6 Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 23 for additional information.
v3.25.0.1
Statutory Information (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Statutory Net Income and Capital and Surplus
The combined statutory net income, excluding intercompany dividends and surplus note interest, and capital and surplus of the Company’s U.S. domiciled statutory insurance subsidiaries is as follows: 
 Years Ended December 31,
 202420232022
Property and casualty companies$546.0 $529.4 $283.5 
Life and health companies22.2 13.7 20.0 
Total statutory net income$568.2 $543.1 $303.5 
 December 31,
 20242023
Property and casualty companies$1,642.8 $1,461.4 
Life and health companies85.5 87.6 
Total statutory capital and surplus$1,728.3 $1,549.0 
v3.25.0.1
Retirement and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Pension Benefits and Retirement Health Benefits Plans
The following table presents information on the Plans for the periods indicated:
 Pension BenefitsRetirement Health Benefits
 2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$(599.8)$(598.5)$(4.9)$(9.9)
Interest cost(28.9)(30.5)(0.2)(0.4)
Actuarial gain49.5 (15.8)(0.5)0.3 
Benefits paid35.1 45.0 4.7 5.1 
Projected benefit obligation at end of year$(544.1)$(599.8)$(0.9)$(4.9)
Change in plan assets
Fair value of plan assets at beginning of year$636.7 $641.8 $26.0 $29.4 
Actual return on plan assets11.2 35.9 0.3 1.5 
Employer contributions4.7 5.4 0.2 0.2 
Settlements(34.3)— — — 
Benefits paid (including administrative expenses)(37.0)(46.4)(4.7)(5.1)
Net transfer in/(out) (including effect of any business combinations/divestitures)— — (21.8)— 
Fair value of plan assets at end of year$581.3 $636.7 $— $26.0 
Funded status at end of year$37.2 $36.9 $(0.9)$21.1 
Schedule of Projected Benefit Obligations and the Accumulated Benefit Obligations
As of December 31, 2024 and 2023, the fair value of plan assets, projected benefit obligation, funded status at end of year and the accumulated benefit obligation of Pension Benefits were as follows:
 Qualified Pension BenefitsUnfunded Nonqualified
Pension Benefits		Total Pension Benefits
 202420232024202320242023
Fair value of plan assets$581.3 $636.7 $— $— $581.3 $636.7 
Projected benefit obligation(497.2)(550.1)(46.9)(49.7)(544.1)(599.8)
Funded status at end of year$84.1 $86.6 $(46.9)$(49.7)$37.2 $36.9 
Accumulated benefit obligation$497.2 $550.1 $46.9 $49.7 $544.1 $599.8 
Schedule of Recognized in Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets consist of:
 Pension BenefitsRetirement Health Benefits
 2024202320242023
Assets$84.1 $86.6 $— $21.1 
Liabilities$(46.9)$(49.7)$(0.9)$— 
Schedule of Recognized in Accumulated Other Comprehensive Income
Amounts recognized in AOCI consist of: 
 Pension BenefitsRetirement Health Benefits
 202420232022202420232022
Net (loss) gain $(162.7)$(158.5)$(137.5)$(3.3)$(1.8)$(2.1)
Prior service (cost) credit(0.3)(0.3)(0.4)— 13.4 27.2 
$(163.0)$(158.8)$(137.9)$(3.3)$11.6 $25.1 
Schedule of Net Periodic Benefit Cost
Components of net periodic benefit cost, recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations, and other amounts recognized in AOCI for the years ended December 31, 2024, 2023, and 2022 were as follows: 
 Pension BenefitsRetirement Health Benefits
 202420232022202420232022
Net periodic benefit cost
Interest cost$28.9 $30.5 $18.0 $0.2 $0.4 $0.1 
Expected return on plan assets(40.1)(40.9)(27.5)(1.3)(1.5)(1.4)
Amortization of prior service credit (cost)— — 0.1 (13.6)(13.6)(13.6)
Amortization of net loss (gain)1.2 1.0 5.1 — — (0.7)
Curtailment/settlement loss10.2 0.2 1.9 — — — 
Net periodic benefit cost$0.2 $(9.2)$(2.4)$(14.7)$(14.7)$(15.6)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income
Net (gain) loss15.5 22.2 (18.6)1.5 (0.2)7.6 
Amortization of prior service (cost) credit— — (0.1)13.6 13.6 13.6 
Amortization of net (loss) gain(11.3)(1.2)(7.0)— — 0.7 
Total recognized in accumulated other comprehensive (loss) income$4.2 $21.0 $(25.7)$15.1 $13.4 $21.9 
Total recognized in net periodic benefit cost and other comprehensive (loss) income$4.4 $11.8 $(28.1)$0.4 $(1.3)$6.3 
Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation
Determination of the projected benefit obligation was based on the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022: 
 Qualified Pension BenefitsUnfunded Nonqualified Pension BenefitsRetirement Health Benefits
 202420232022202420232022202420232022
Discount rate5.60 %5.14 %5.42 %5.51 %5.11 %5.42 %5.69 %5.63 %5.36 %
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Determination of the net periodic benefit cost was based on the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022: 
 Qualified Pension BenefitsUnfunded Nonqualified Pension BenefitsRetirement Health Benefits
 202420232022202420232022202420232022
Discount rates:
Effective discount rate for benefit obligations5.14 %5.42 %2.79 %5.11 %5.42 %2.68 %5.24 %5.36 %1.08 %
Effective rate for interest on benefit obligations5.07 %5.34 %2.30 %5.04 %5.33 %2.05 %5.86 %5.37 %1.02 %
Expected long-term return on plan assets5.70 %5.70 %3.65 %— %— %— %5.70 %5.70 %3.65 %
Schedule of Health Care Cost Trend Rates
The assumed health care cost trend rates used in measuring the accumulated postretirement benefit obligation and net periodic benefit cost were as follows: 
 Retirement Health Benefits
 202420232022
Health care cost trend rate assumed for next year (1):
Pre-65 Non-reimbursement PlanN/A5.6%5.4%
Post-65 Non-reimbursement Plan (Medical)N/A4.0%4.2%
Post-65 Non-reimbursement Plan (Rx)N/A7.0%6.6%
Pre-65 Reimbursement PlanN/A5.5%5.4%
Post-65 Reimbursement PlanN/A5.5%5.4%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1)
N/A4.0%4.0%
Year that the rate reaches the ultimate trend rate (1)
Pre-65 Non-reimbursement PlanN/A20452045
Post-65 Non-reimbursement Plan (Medical & Rx)N/A20452045
Pre-65 Reimbursement PlanN/A20452045
Post-65 Reimbursement PlanN/A20452045
(1)The Retirement Health Benefits Plan terminated effective December 31, 2024. Since the plan has terminated, there are no costs to bring forward to the following year so none of the trend rates are applicable for 2024.
Schedule of Allocation of Plan Assets, Based on the Fair Value of Assets Held and Target Allocation
The fair value hierarchy for the Company’s qualified pension plan and other postretirement benefit plan assets at December 31, 2024 by asset category, is as follows:
Qualified Pension BenefitsDecember 31, 2024
Financial AssetsTotalLevel 1Level 2
Cash equivalents:
Short-term investment funds$7.8 $— $7.8 
Equity securities:
Mutual funds - U.S. listed large cap29.2 29.2 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities144.0 — 144.0 
Corporate - U.S. & foreign investment grade334.7 — 334.7 
Corporate - U.S. & foreign high yield10.9 — 10.9 
Mutual funds - U.S. investment grade14.4 14.4 — 
Other investments measured at net asset value (1)
106.6 — — 
Total financial assets (2)
$647.6 $43.6 $497.4 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $46.9 million, $4.7 million and $55.0 million as of December 31, 2024 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Retirement Health BenefitsDecember 31, 2024
Financial AssetsTotal Level 1Level 2
Cash equivalents:
Short-term investment funds$— $— $— 
Equity securities:
Mutual funds - U.S. listed large cap— — — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities— — — 
Corporate - U.S. & foreign investment grade— — — 
Corporate - U.S. & foreign high yield— — — 
Other investments measured at net asset value— — — 
Total financial assets (1)
$— $— $— 
(1)The Retirement Health Benefits Plan terminated effective December 31, 2024. In accordance with the change in plan assets shown above, this table reflects the net transfer out of plan assets.
The fair value hierarchy for the Company’s qualified pension plan and other postretirement benefit plan assets at December 31, 2023 by asset category, is as follows: 
Qualified Pension BenefitsDecember 31, 2023
Financial AssetsTotal Level 1Level 2
Cash and cash equivalents:
Short-term investment funds$13.9 $— $13.9 
Equity securities:
Preferred stock1.0 1.0 — 
Mutual funds - U.S. listed large cap35.2 35.2 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities164.1 — 164.1 
Corporate - U.S. & foreign investment grade344.1 — 344.1 
Corporate - U.S. & foreign high yield14.0 — 14.0 
Other investments measured at net asset value (1)
111.8 — — 
Total financial assets (2)
$684.1 $36.2 $536.1 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $41.6 million, $5.9 million and $64.3 million as of December 31, 2023 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Retirement Health BenefitsDecember 31, 2023
Financial AssetsTotal Level 1Level 2
Cash and cash equivalents:
Short-term investment funds$0.6 $— $0.6 
Equity securities:
Mutual funds - U.S. listed large cap1.4 1.4 — 
Fixed maturity securities:
U.S. & foreign government and government agencies and authorities6.7 — 6.7 
Corporate - U.S. & foreign investment grade14.0 — 14.0 
Corporate - U.S. & foreign high yield0.6 — 0.6 
Other investments measured at net asset value (1)
4.6 — — 
Total financial assets (2)
$27.9 $1.4 $21.9 
(1)In accordance with fair value measurements and disclosures guidance, certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. The net asset values of $1.7 million, $0.3 million and $2.6 million as of December 31, 2023 are used as a practical expedient to fair value of the multi-strategy hedge fund, private equity fund and real estate fund, respectively.
(2)The difference between the fair value of Plan assets above and the amount used in determining the funded status is due to interest receivable and net receivable/payable for unsettled trades, which is not required to be included in the fair value hierarchy.
Schedule of Estimated Future Benefit Payments From the Plans
The following pension benefits are expected to be paid over the next ten-year period:
Pension
Benefits		Retirement
Health
Benefits
2025$49.6 $0.1 
202649.7 0.1 
202748.2 0.1 
202848.1 — 
202948.1 — 
2030 - 2034215.3 0.3 
Total$459.0 $0.6 
v3.25.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of PSUs and ESPP using the treasury stock method. Refer to Notes 19 and 20 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Years Ended December 31,
 202420232022
Numerator
Net income$760.2 $642.5 $276.6 
Less: Common stock dividends paid(155.9)(152.3)(150.2)
Undistributed earnings$604.3 $490.2 $126.4 
Denominator
Weighted average common shares outstanding used in basic per common share calculations52,231,729 53,455,139 54,371,531 
Incremental common shares from:
PSUs324,484 294,808 348,036 
ESPP24,889 33,122 62,961 
Weighted average common shares outstanding used in diluted per common share calculations52,581,102 53,783,069 54,782,528 
Earnings per common share – Basic
Distributed earnings$2.99 $2.85 $2.76 
Undistributed earnings11.56 9.17 2.33 
Net income$14.55 $12.02 $5.09 
Earnings per common share – Diluted
Distributed earnings$2.97 $2.83 $2.74 
Undistributed earnings11.49 9.12 2.31 
Net income$14.46 $11.95 $5.05 
v3.25.0.1
Restructuring and Related Impairment Charges (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs Related to Strategic Exit Activities Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
Costs incurred for the year ended December 31, Estimated Remaining CostsEstimated Total Costs
20242023
Transformational plan:
Severance and other employee benefits$4.5 $21.0 $— $57.2 
Total transformational plan4.5 21.0 — 57.2 
Return to work strategy:
Contract exit costs0.9 6.5 — 22.9 
Fixed asset impairment— 1.2 — 2.3 
Right-of-use asset impairment— 5.6 — 10.2 
Total return to work strategy0.9 13.3 — 35.4 
Total restructuring and impairment charges$5.4 $34.3 $— $92.6 
Schedule of Rollforward of Accrued Liability
The following table shows the rollforward of the accrued liability by major type.
Transformational PlanReturn to Work Strategy (contract exit costs)
Balance at January 1, 2022$29.3 $19.3 
Charges incurred23.0 8.8 
Non-cash adjustment(2.0)(2.3)
Cash payments(22.5)(8.7)
Balance at December 31, 2023
27.8 27.8 17.1 
Charges incurred5.5 1.1 
Non-cash adjustment(1.0)(0.2)
Cash payments(18.9)(6.8)
Balance at December 31, 2024
$13.4 $11.2 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases
At December 31, 2024, the lease liability by maturity is as follows:
2025$17.7 
202616.2 
202712.6 
20289.8 
20298.3 
Thereafter7.1 
Total future lease payments71.7 
Less: Imputed interest(9.3)
Total lease liability$62.4 
v3.25.0.1
Nature of Operations (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 2
v3.25.0.1
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Line Items]      
Loss from remeasurement $ 3.0 $ 29.4 $ 16.7
Loans receivable, nonaccrual loan, number of days delinquent 90 days    
Restricted cash and cash equivalents $ 122.4 $ 43.6  
Minimum      
Accounting Policies [Line Items]      
Premium revenue recognition (in years) 3 years    
Maximum      
Accounting Policies [Line Items]      
Premium revenue recognition (in years) 5 years    
Buildings | Maximum      
Accounting Policies [Line Items]      
Property and equipment, estimated useful lives, maximum (in years) 39 years 6 months    
Furniture, fixtures and equipment | Maximum      
Accounting Policies [Line Items]      
Property and equipment, estimated useful lives, maximum (in years) 7 years    
Equipment | Maximum      
Accounting Policies [Line Items]      
Property and equipment, estimated useful lives, maximum (in years) 5 years    
Software | Maximum      
Accounting Policies [Line Items]      
Property and equipment, estimated useful lives, maximum (in years) 15 years    
v3.25.0.1
Summary of Significant Accounting Policies (Reserve Information by Segment) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses $ 536.7 $ 487.2
Unearned Premiums 20,211.4 20,110.4
Case Reserves 1,096.1 404.2
Incurred But Not Reported Reserves 1,818.1 1,585.0
Long Duration, Non-core Operations | Discontinued Operations    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 52.5 57.7
Unearned Premiums 0.0 0.0
Case Reserves 1.2 1.2
Incurred But Not Reported Reserves 0.9 1.0
Long Duration Contracts, All Other Disposed or Runoff Businesses | Discontinued Operations    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 484.2 429.5
Unearned Premiums 1.7 1.9
Case Reserves 0.0 0.0
Incurred But Not Reported Reserves 0.1 0.1
Short Duration | Global Lifestyle    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 0.0 0.0
Unearned Premiums 18,368.4 18,536.6
Case Reserves 149.0 132.5
Incurred But Not Reported Reserves 572.7 472.7
Short Duration | Global Housing    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 0.0 0.0
Unearned Premiums 1,813.6 1,554.9
Case Reserves 828.7 138.0
Incurred But Not Reported Reserves 1,056.6 851.9
Short Duration Contracts, Non-core Operations | Discontinued Operations    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 0.0 0.0
Unearned Premiums 5.8 13.9
Case Reserves 35.5 44.0
Incurred But Not Reported Reserves 85.9 151.8
Short Duration Contracts, All Other Disposed and Runoff Businesses | Discontinued Operations    
Segment Reporting Information [Line Items]    
Future Policy Benefits and Expenses 0.0 0.0
Unearned Premiums 21.9 3.1
Case Reserves 81.7 88.5
Incurred But Not Reported Reserves $ 101.9 $ 107.5
v3.25.0.1
Acquisition (Details) - USD ($)
$ in Millions
Nov. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Goodwill   $ 2,616.0 $ 2,608.8 $ 2,603.0
American Lease Insurance Agency Corporation        
Business Acquisition [Line Items]        
Aggregate cash consideration $ 60.0      
Goodwill 37.4      
American Lease Insurance Agency Corporation | Dealer Relationships        
Business Acquisition [Line Items]        
Business combination, acquired intangible assets other than goodwill $ 19.2      
Intangible assets acquired, weighted average useful life 10 years      
American Lease Insurance Agency Corporation | VOBA        
Business Acquisition [Line Items]        
Business combination, acquired intangible assets other than goodwill $ 1.9      
Intangible assets acquired, weighted average useful life 5 years      
v3.25.0.1
Allowance for Credit Losses (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Total allowance for credit losses $ 20.7 $ 26.8
Total reinsurance recoverable 7,579.5 6,649.2
Increase (decrease) in the CECL allowance for reinsurance recoverable 0.2 (0.6)
Increase in the CECL allowance for premium and accounts receivables 2.9 3.8
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
High deductible claims, allowance reduction for credit loss for unsecured portion recoverable 6.9  
High deductible claims, allowance for credit loss for unsecured portion of recoverables $ 1.4 $ 8.3
A- or Better Rating    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Total percentage of recoverables subject to allowance 84.00% 82.00%
B- Rating    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Total percentage of recoverables subject to allowance 5.00%  
Not rated    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Total percentage of recoverables subject to allowance 11.00% 17.00%
BBB or BB Rating    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Total percentage of recoverables subject to allowance   1.00%
Commercial mortgage loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Loan valuation allowance increase (decrease) $ 2.5 $ 2.2
v3.25.0.1
Allowance for Credit Losses (Allowance for Credit Losses, Period Increase (Decrease)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Allowance for credit losses, period increase, net $ (3.1) $ 3.1
Net realized gains (losses) on investments and fair value changes to equity securities    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Allowance for credit losses, period increase, net 2.5 2.2
Underwriting, selling, general and administrative expenses    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Allowance for credit losses, period increase, net (5.6) 0.9
Commercial mortgage loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Allowance for credit losses, period increase, net $ 2.5 $ 2.2
v3.25.0.1
Allowance for Credit Losses (Changes in Reinsurance Receivables Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]    
Beginning balance $ 4.8 $ 5.4
Current period change for credit losses 0.2 (0.6)
Ending balance 5.0 4.8
Corporate and Other    
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]    
Beginning balance 0.4 0.7
Current period change for credit losses 0.1 (0.3)
Ending balance 0.5 0.4
Global Lifestyle | Operating Segments    
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]    
Beginning balance 3.3 3.6
Current period change for credit losses (0.1) (0.3)
Ending balance 3.2 3.3
Global Housing | Operating Segments    
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]    
Beginning balance 1.1 1.1
Current period change for credit losses 0.2 0.0
Ending balance $ 1.3 $ 1.1
v3.25.0.1
Allowance for Credit Losses (Changes in Premium and Account Receivables Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]    
Beginning balance $ 9.0 $ 9.2
Current period change for credit losses 2.9 3.8
Recoveries (1.8) (0.3)
Write-offs (2.6) (3.6)
Foreign currency translation (0.3) (0.1)
Ending balance 7.2 9.0
Corporate and Other    
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]    
Beginning balance 0.4 1.2
Current period change for credit losses 0.0 0.4
Recoveries 0.0 0.0
Write-offs (0.3) (1.2)
Foreign currency translation 0.0 0.0
Ending balance 0.1 0.4
Global Lifestyle | Operating Segments    
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]    
Beginning balance 6.2 5.8
Current period change for credit losses 2.3 2.3
Recoveries (0.3) (0.3)
Write-offs (1.6) (1.5)
Foreign currency translation (0.3) (0.1)
Ending balance 6.3 6.2
Global Housing | Operating Segments    
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]    
Beginning balance 2.4 2.2
Current period change for credit losses 0.6 1.1
Recoveries (1.5) 0.0
Write-offs (0.7) (0.9)
Foreign currency translation 0.0 0.0
Ending balance $ 0.8 $ 2.4
v3.25.0.1
Segment Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.0.1
Segment Information (Segment Adjusted EBITDA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Fees and other income $ 1,638.6 $ 1,323.2 $ 1,243.3
Net investment income 518.9 489.1 364.1
Total revenues 11,877.5 11,131.6 10,193.0
Policyholder benefits 2,766.5 2,521.8 2,359.8
Operating Segments | Global Lifestyle      
Segment Reporting Information [Line Items]      
Net investment income 356.6 347.5 253.6
Total revenues 9,323.9 8,908.9 8,315.5
Policyholder benefits 1,738.6 1,607.9 1,356.6
Selling and underwriting expense 4,770.4 4,789.3 4,530.3
Cost of sales 841.6 564.2 528.5
General expenses 1,199.9 1,155.2 1,090.7
Segment Adjusted EBITDA 773.4 792.3 809.4
Operating Segments | Global Housing      
Segment Reporting Information [Line Items]      
Net investment income 127.3 109.7 75.8
Total revenues 2,584.3 2,252.6 1,960.4
Policyholder benefits 1,010.2 862.0 884.1
Selling and underwriting expense 158.1 137.1 148.9
General expenses 744.8 679.3 681.4
Segment Adjusted EBITDA 671.2 574.2 246.0
Operating Segments | Connected Living | Global Lifestyle      
Segment Reporting Information [Line Items]      
Net earned premiums, fees, and other income 4,807.9 4,376.8 4,259.4
Operating Segments | Global Automotive | Global Lifestyle      
Segment Reporting Information [Line Items]      
Net earned premiums, fees, and other income 4,159.4 4,184.6 3,802.5
Operating Segments | Homeowners | Global Housing      
Segment Reporting Information [Line Items]      
Net earned premiums, fees, and other income 1,958.9 1,663.4 1,402.2
Operating Segments | Renters and Other | Global Housing      
Segment Reporting Information [Line Items]      
Net earned premiums, fees, and other income 498.1 479.5 482.4
Corporate and Other      
Segment Reporting Information [Line Items]      
Fees and other income 0.4 0.2 0.5
Net investment income 27.2 21.4 26.9
Total revenues 27.6 21.6 27.4
Policyholder benefits 0.0 0.1 0.5
General expenses 149.8 130.5 126.1
Segment Adjusted EBITDA $ (122.2) $ (109.0) $ (99.2)
v3.25.0.1
Segment Information (Segment Adjusted EBITDA Disclosure) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciling items to consolidated net income:        
Depreciation expense   $ (139.4) $ (109.3) $ (86.3)
Net realized losses on investments and fair value changes to equity securities   (75.8) (68.7) (179.7)
Income before income tax expense   927.3 806.8 349.9
Income tax expense   167.1 164.3 73.3
Net income   760.2 642.5 276.6
Goodwill impairment   0.0 0.0 7.8
Disposal group, disposed of by sale, not discontinued operations | Time Insurance Company        
Reconciling items to consolidated net income:        
ACA risk corridor programs, proceeds from government refunds $ 7.5      
Corporate and Other        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   (122.2) (109.0) (99.2)
Other Reconciling Items        
Reconciling items to consolidated net income:        
Interest expense   (107.0) (108.0) (108.3)
Depreciation expense   (139.4) (109.3) (86.3)
Amortization of purchased intangible assets   (69.1) (77.9) (69.7)
Net realized losses on investments and fair value changes to equity securities   (75.8) (68.7) (179.7)
Non-core operations   (14.2) (50.4) (79.5)
Restructuring costs   (5.4) (34.3) (53.1)
Assurant Health runoff operations   0.0 6.9 (0.6)
Other adjustments   15.8 (9.0) (29.1)
Total reconciling items   (395.1) (450.7) (606.3)
Global Lifestyle | Operating Segments        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   773.4 792.3 809.4
Global Housing | Operating Segments        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   $ 671.2 $ 574.2 $ 246.0
v3.25.0.1
Segment Information (Financial Information by Geographic Location) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 11,877.5 $ 11,131.6 $ 10,193.0
Long-lived Assets 768.3 685.8 645.1
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 9,815.5 9,295.7 8,386.6
Long-lived Assets 681.1 654.6 606.0
Foreign countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 2,062.0 1,835.9 1,806.4
Long-lived Assets $ 87.2 $ 31.2 $ 39.1
v3.25.0.1
Segment Information (Asset by Segment) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Assets   $ 35,020.6 $ 33,635.2
Disposal Group, Held-for-sale, Not Discontinued Operations      
Segment Reporting Information [Line Items]      
Held-for-sale property   46.0 46.0
Disposal Group, Held-for-sale, Not Discontinued Operations | Forecast | Subsequent Event      
Segment Reporting Information [Line Items]      
Sale of discontinued operation, aggregated sale price $ 126.0    
Disposal Group, Held-for-sale, Not Discontinued Operations | Property In Miami, Florida      
Segment Reporting Information [Line Items]      
Held-for-sale property   46.0 46.0
Corporate and Other      
Segment Reporting Information [Line Items]      
Assets   1,779.2 1,717.8
Global Lifestyle | Operating Segments      
Segment Reporting Information [Line Items]      
Assets   27,468.0 27,642.9
Global Housing | Operating Segments      
Segment Reporting Information [Line Items]      
Assets   $ 5,773.4 $ 4,274.5
v3.25.0.1
Contract Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Global Lifestyle      
Disaggregation of Revenue [Line Items]      
Disaggregated fee revenues $ 1,410.0 $ 1,160.0 $ 1,090.0
Global Housing      
Disaggregation of Revenue [Line Items]      
Disaggregated fee revenues 127.8 84.3 $ 82.9
Service Contracts And Sales      
Disaggregation of Revenue [Line Items]      
Receivables from contract with customers 171.3 218.9  
Unearned revenues from contract with customers 153.8 155.4  
Contract with customer, liability, unearned revenue 45.1 76.6  
Deferred upfront commissions and other costs $ 83.4 $ 47.2  
v3.25.0.1
Investments (Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Fair Value) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost $ 7,524.8 $ 7,292.4
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 58.3 81.7
Fixed maturity securities, gross unrealized losses (408.0) (462.0)
Fixed maturity securities, fair value 7,175.1 6,912.1
U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 54.5 68.9
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 0.1 0.7
Fixed maturity securities, gross unrealized losses (3.4) (4.4)
Fixed maturity securities, fair value 51.2 65.2
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 128.7 159.2
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 0.6 1.2
Fixed maturity securities, gross unrealized losses (10.2) (11.2)
Fixed maturity securities, fair value 119.1 149.2
Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 484.6 483.1
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 2.6 9.4
Fixed maturity securities, gross unrealized losses (25.1) (12.7)
Fixed maturity securities, fair value 462.1 479.8
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 940.3 891.4
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 6.5 5.2
Fixed maturity securities, gross unrealized losses (9.5) (22.8)
Fixed maturity securities, fair value 937.3 873.8
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 371.8 383.1
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 1.0 0.4
Fixed maturity securities, gross unrealized losses (36.4) (53.3)
Fixed maturity securities, fair value 336.4 330.2
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 690.0 534.7
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 1.6 1.9
Fixed maturity securities, gross unrealized losses (50.5) (50.6)
Fixed maturity securities, fair value 641.1 486.0
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 3,364.3 3,300.5
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 26.9 45.3
Fixed maturity securities, gross unrealized losses (203.8) (215.4)
Fixed maturity securities, fair value 3,187.4 3,130.4
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, cost or amortized cost 1,490.6 1,471.5
Fixed maturity securities available for sale, allowances for credit losses 0.0 0.0
Fixed maturity securities, gross unrealized gains 19.0 17.6
Fixed maturity securities, gross unrealized losses (69.1) (91.6)
Fixed maturity securities, fair value $ 1,440.5 $ 1,397.5
v3.25.0.1
Investments (Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Cost or Amortized Cost    
Due in one year or less, cost or amortized cost $ 183.1  
Due after one year through five years, cost or amortized cost 1,338.0  
Due after five years through ten years, cost or amortized cost 2,928.8  
Due after ten years, cost or amortized cost 1,072.8  
Total, cost or amortized cost 5,522.7  
Fixed maturity securities available for sale, amortized cost 7,524.8 $ 7,292.4
Fair Value    
Due in one year or less, fair value 183.1  
Due after one year through five years, fair value 1,325.0  
Due after five years through ten years, fair value 2,827.1  
Due after ten years, fair value 925.1  
Total, fair value 5,260.3  
Fixed maturity securities, fair value 7,175.1 6,912.1
Commercial mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 371.8  
Fair Value    
Fair Value 336.4  
Residential mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 690.0  
Fair Value    
Fair Value 641.1  
Asset-backed    
Cost or Amortized Cost    
Cost or amortized cost 940.3  
Fixed maturity securities available for sale, amortized cost 940.3 891.4
Fair Value    
Fair Value 937.3  
Fixed maturity securities, fair value $ 937.3 $ 873.8
v3.25.0.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income $ 535.0 $ 505.7 $ 378.9
Investment expenses (16.1) (16.6) (14.8)
Net investment income 518.9 489.1 364.1
Fixed maturity securities      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income 385.9 335.3 270.0
Equity securities      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income 13.2 15.2 15.0
Commercial mortgage loans on real estate      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income 19.2 17.5 14.9
Short-term investments      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income 18.4 12.9 4.7
Other investments      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income 21.3 39.1 48.6
Cash and cash equivalents      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Total investment income $ 77.0 $ 85.7 $ 25.7
v3.25.0.1
Investments (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
investment
Dec. 31, 2023
USD ($)
investment
Dec. 31, 2022
USD ($)
Schedule of Investments [Line Items]      
Non-income producing material investments $ 0.0 $ 0.0 $ 0.0
Securities traded continuously at a price below book value, months 23 months    
Percentage of securities representing gross unrealized losses 10.00% 11.00%  
Percentage of gross unrealized losses in a continuous loss position less than twelve months 15.00% 8.00%  
Individual securities comprising total gross unrealized losses | investment 2,712 3,096  
Approximate percentage, outstanding principal balance of commercial mortgage loans 36.00%    
Mortgage loan commitments outstanding $ 6.4    
Short term investments and fixed maturities 636.1 $ 569.0  
Minimum      
Schedule of Investments [Line Items]      
Outstanding balance of commercial mortgage loans (less than) 0.1 0.1  
Maximum      
Schedule of Investments [Line Items]      
Outstanding balance of commercial mortgage loans (less than) $ 5.0 $ 10.0  
v3.25.0.1
Investments (Sales of Available-For-Sale Securities and the Gross Realized Gains and Gross Realized Losses) (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 $ 1,330.9 $ 1,464.6 $ 2,468.8
Gross realized gains 1.3 5.6 9.4
Gross realized losses (72.4) (49.3) (73.2)
Net realized (losses) gains on investments from sales of fixed maturity securities $ (71.1) $ (43.7) $ (63.8)
v3.25.0.1
Investments (Net Realized Gains (Losses) on Investments and Fair Value Change to Equity Securities) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
equity_position
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:        
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other $ (50.7) $ (51.7) $ (175.1)  
Net realized losses related to impairments:        
Total net realized losses related to impairments (25.1) (17.0) (4.6)  
Total net realized (losses) gains on investments and fair value changes to equity securities (75.8) (68.7) (179.7)  
Equity securities, realized gain 6.8 0.6 19.5  
Equity securities, annual impairment loss 23.8 12.9 3.0  
Equity securities, realized and unrealized gain (loss) 19.5 (7.2) (112.2)  
Number of equity positions that went public | equity_position       4
Equity securities at fair value 208.5 223.0    
Four Equity Positions That Went Public        
Net realized losses related to impairments:        
Equity securities, realized and unrealized gain (loss) (1.2) (6.6) (92.5)  
Equity securities at fair value 1.7 2.9 9.6  
Fixed maturity securities        
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:        
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other (71.0) (43.3) (63.7)  
Net realized losses related to impairments:        
Total net realized losses related to impairments (1.3) (4.1) (1.6)  
Equity securities        
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:        
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other 19.5 (7.2) (112.2)  
Commercial mortgage loans on real estate        
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:        
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other (2.5) (2.2) (0.7)  
Other investments        
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:        
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other 3.3 1.0 1.5  
Net realized losses related to impairments:        
Total net realized losses related to impairments $ (23.8) $ (12.9) $ (3.0)  
v3.25.0.1
Investments (Fair Value Changes to 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 on equity securities $ 19.5 $ (7.2) $ (112.2)
Less: Net realized gains (losses) related to sales of equity securities 5.7 (6.6) 20.5
Total fair value changes to equity securities held $ 13.8 $ (0.6) $ (132.7)
v3.25.0.1
Investments (Equity Securities without Readily Determinable Fair Value) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Initial cost $ 74.8 $ 86.8
Cumulative upward adjustments 57.9 51.1
Cumulative downward adjustments (including impairments) (24.4) (17.9)
Carrying value $ 108.3 $ 120.0
v3.25.0.1
Investments (Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value $ 2,011.0 $ 766.5
Fixed maturity securities, less than 12 months, unrealized losses (62.4) (35.9)
Fixed maturity securities, 12 months or more, fair value 2,137.6 3,618.9
Fixed maturity securities, 12 months or more, unrealized losses (345.6) (426.1)
Fixed maturity securities, total, fair value 4,148.6 4,385.4
Fixed maturity securities, total, unrealized losses (408.0) (462.0)
U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 25.8 5.2
Fixed maturity securities, less than 12 months, unrealized losses (0.6) (0.1)
Fixed maturity securities, 12 months or more, fair value 21.4 43.7
Fixed maturity securities, 12 months or more, unrealized losses (2.8) (4.3)
Fixed maturity securities, total, fair value 47.2 48.9
Fixed maturity securities, total, unrealized losses (3.4) (4.4)
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 20.4 3.9
Fixed maturity securities, less than 12 months, unrealized losses (1.5) (0.1)
Fixed maturity securities, 12 months or more, fair value 66.1 96.5
Fixed maturity securities, 12 months or more, unrealized losses (8.7) (11.1)
Fixed maturity securities, total, fair value 86.5 100.4
Fixed maturity securities, total, unrealized losses (10.2) (11.2)
Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 164.8 42.5
Fixed maturity securities, less than 12 months, unrealized losses (10.9) (0.5)
Fixed maturity securities, 12 months or more, fair value 171.3 203.5
Fixed maturity securities, 12 months or more, unrealized losses (14.2) (12.2)
Fixed maturity securities, total, fair value 336.1 246.0
Fixed maturity securities, total, unrealized losses (25.1) (12.7)
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 59.0 64.0
Fixed maturity securities, less than 12 months, unrealized losses (3.5) (3.0)
Fixed maturity securities, 12 months or more, fair value 87.6 404.7
Fixed maturity securities, 12 months or more, unrealized losses (6.0) (19.8)
Fixed maturity securities, total, fair value 146.6 468.7
Fixed maturity securities, total, unrealized losses (9.5) (22.8)
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 65.7 66.3
Fixed maturity securities, less than 12 months, unrealized losses (1.3) (8.4)
Fixed maturity securities, 12 months or more, fair value 195.8 244.2
Fixed maturity securities, 12 months or more, unrealized losses (35.1) (44.9)
Fixed maturity securities, total, fair value 261.5 310.5
Fixed maturity securities, total, unrealized losses (36.4) (53.3)
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 223.4 98.8
Fixed maturity securities, less than 12 months, unrealized losses (4.8) (3.5)
Fixed maturity securities, 12 months or more, fair value 209.7 285.1
Fixed maturity securities, 12 months or more, unrealized losses (45.7) (47.1)
Fixed maturity securities, total, fair value 433.1 383.9
Fixed maturity securities, total, unrealized losses (50.5) (50.6)
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 1,083.8 331.9
Fixed maturity securities, less than 12 months, unrealized losses (29.9) (14.7)
Fixed maturity securities, 12 months or more, fair value 954.3 1,596.4
Fixed maturity securities, 12 months or more, unrealized losses (173.9) (200.7)
Fixed maturity securities, total, fair value 2,038.1 1,928.3
Fixed maturity securities, total, unrealized losses (203.8) (215.4)
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, less than 12 months, fair value 368.1 153.9
Fixed maturity securities, less than 12 months, unrealized losses (9.9) (5.6)
Fixed maturity securities, 12 months or more, fair value 431.4 744.8
Fixed maturity securities, 12 months or more, unrealized losses (59.2) (86.0)
Fixed maturity securities, total, fair value 799.5 898.7
Fixed maturity securities, total, unrealized losses $ (69.1) $ (91.6)
v3.25.0.1
Investments (Amortized Cost and Fair Value of Fixed Maturity Securities in an Unrealized Loss Position by Contractual Maturity) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Due in one year or less, cost or amortized cost, net of allowance $ 70.4
Due after one year through five years, cost or amortized cost, net of allowance 676.7
Due after five year through ten years, cost or amortized cost, net of allowance 2,024.1
Due after ten years, cost or amortized cost, net of allowance 847.8
Total single maturity date, cost or amortized cost, net of allowance 3,619.0
Total, cost or amortized cost, net of allowance 4,556.6
Due in one year or less, fair value 70.0
Due after one year through five years, fair value 650.0
Due after five years through ten years, fair value 1,897.7
Due after ten years, fair value 689.7
Total single maturity date, fair value 3,307.4
Total, fair value 4,148.6
Asset-backed  
Debt Securities, Available-for-sale [Line Items]  
Cost or amortized cost, net of allowance 156.1
Fair value 146.6
Commercial mortgage-backed  
Debt Securities, Available-for-sale [Line Items]  
Cost or amortized cost, net of allowance 297.9
Fair value 261.5
Residential mortgage-backed  
Debt Securities, Available-for-sale [Line Items]  
Cost or amortized cost, net of allowance 483.6
Fair value $ 433.1
v3.25.0.1
Investments (Credit Quality Indicators) (Details) - Commercial Portfolio Segment
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Greater than 2.0    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 6.4 $ 0.0
Financing receivable, originated year one 0.6 11.8
Financing receivable, originated year two 18.0 9.3
Financing receivable, originated year three 10.8 0.0
Financing receivable, originated year four 0.0 0.0
Prior 43.4 44.9
Total $ 79.2 $ 66.0
% of Total 0.227 0.198
1.5 to 2.0    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 20.9 $ 18.9
Financing receivable, originated year one 12.2 23.6
Financing receivable, originated year two 10.9 28.7
Financing receivable, originated year three 25.0 0.0
Financing receivable, originated year four 0.0 0.0
Prior 14.0 12.2
Total $ 83.0 $ 83.4
% of Total 0.238 0.251
1.0 to 1.5    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 27.4 $ 33.2
Financing receivable, originated year one 18.8 18.2
Financing receivable, originated year two 20.4 40.1
Financing receivable, originated year three 22.5 0.0
Financing receivable, originated year four 2.8 0.0
Prior 4.8 7.1
Total $ 96.7 $ 98.6
% of Total 0.277 0.297
Less than 1.0    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 1.0 $ 0.0
Financing receivable, originated year one 20.3 24.1
Financing receivable, originated year two 25.6 47.8
Financing receivable, originated year three 38.0 2.8
Financing receivable, originated year four 0.0 0.0
Prior 5.2 9.9
Total $ 90.1 $ 84.6
% of Total 0.258 0.254
Total    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 55.7 $ 52.1
Financing receivable, originated year one 51.9 77.7
Financing receivable, originated year two 74.9 125.9
Financing receivable, originated year three 96.3 2.8
Financing receivable, originated year four 2.8 0.0
Prior 67.4 74.1
Total $ 349.0 $ 332.6
% of Total 1.000 1.000
70% and less    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 51.9 $ 49.6
Financing receivable, originated year one 43.2 42.3
Financing receivable, originated year two 29.6 29.5
Financing receivable, originated year three 16.0 0.0
Financing receivable, originated year four 0.0 0.0
Prior 57.9 60.1
Total $ 198.6 $ 181.5
% of Total 0.569 0.546
71% to 80%    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 3.8 $ 2.5
Financing receivable, originated year one 4.9 22.7
Financing receivable, originated year two 22.8 69.6
Financing receivable, originated year three 65.5 2.8
Financing receivable, originated year four 2.8 0.0
Prior 0.0 4.4
Total $ 99.8 $ 102.0
% of Total 0.286 0.307
81% to 95%    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 0.0 $ 0.0
Financing receivable, originated year one 0.0 10.7
Financing receivable, originated year two 12.6 25.5
Financing receivable, originated year three 8.6 0.0
Financing receivable, originated year four 0.0 0.0
Prior 9.5 5.5
Total $ 30.7 $ 41.7
% of Total 0.088 0.125
Greater than 95%    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 0.0 $ 0.0
Financing receivable, originated year one 3.8 2.0
Financing receivable, originated year two 9.9 1.3
Financing receivable, originated year three 6.2 0.0
Financing receivable, originated year four 0.0 0.0
Prior 0.0 4.1
Total $ 19.9 $ 7.4
% of Total 0.057 0.022
Total    
Financing Receivable, Recorded Investment [Line Items]    
Financing receivable, originated current year $ 55.7 $ 52.1
Financing receivable, originated year one 51.9 77.7
Financing receivable, originated year two 74.9 125.9
Financing receivable, originated year three 96.3 2.8
Financing receivable, originated year four 2.8 0.0
Prior 67.4 74.1
Total $ 349.0 $ 332.6
% of Total 1.000 1.000
v3.25.0.1
Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entities [Abstract]    
Maximum exposure to loss related to VIEs $ 281.2 $ 249.1
Unfunded commitments $ 239.2  
v3.25.0.1
Fair Value Disclosures (Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financial Assets    
Fixed maturity securities, fair value $ 7,175.1 $ 6,912.1
Equity securities at fair value 208.5 223.0
Other investments 536.8 499.0
States, municipalities and political subdivisions    
Financial Assets    
Fixed maturity securities, fair value 119.1 149.2
Foreign governments    
Financial Assets    
Fixed maturity securities, fair value 462.1 479.8
Asset-backed    
Financial Assets    
Fixed maturity securities, fair value 937.3 873.8
Commercial mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 336.4 330.2
Residential mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 641.1 486.0
U.S. corporate    
Financial Assets    
Fixed maturity securities, fair value 3,187.4 3,130.4
Foreign corporate    
Financial Assets    
Fixed maturity securities, fair value 1,440.5 1,397.5
Recurring    
Financial Assets    
Short-term investments 237.1 210.1
Other investments 66.1 62.5
Cash equivalents 1,325.6 1,051.3
Other assets 6.3 15.8
Assets held in separate accounts 11.3 10.5
Total financial assets 9,030.0 8,485.3
Financial Liabilities    
Other liabilities 66.0 64.2
Liabilities related to separate accounts 11.3 10.5
Total financial liabilities 77.3 74.7
Recurring | Level 1    
Financial Assets    
Short-term investments 230.1 121.6
Other investments 66.0 62.4
Cash equivalents 1,312.0 1,040.4
Other assets 0.0 0.0
Assets held in separate accounts 8.7 6.7
Total financial assets 1,633.9 1,264.9
Financial Liabilities    
Other liabilities 66.0 62.4
Liabilities related to separate accounts 8.7 6.7
Total financial liabilities 74.7 69.1
Recurring | Level 2    
Financial Assets    
Short-term investments 7.0 88.5
Other investments 0.0 0.0
Cash equivalents 13.6 10.9
Other assets 0.0 0.0
Assets held in separate accounts 2.6 3.8
Total financial assets 7,205.4 7,079.0
Financial Liabilities    
Other liabilities 0.0 1.8
Liabilities related to separate accounts 2.6 3.8
Total financial liabilities 2.6 5.6
Recurring | Level 3    
Financial Assets    
Short-term investments 0.0 0.0
Other investments 0.1 0.1
Cash equivalents 0.0 0.0
Other assets 6.3 15.8
Assets held in separate accounts 0.0 0.0
Total financial assets 190.7 141.4
Financial Liabilities    
Other liabilities 0.0 0.0
Liabilities related to separate accounts 0.0 0.0
Total financial liabilities 0.0 0.0
Recurring | U.S. government and government agencies and authorities    
Financial Assets    
Fixed maturity securities, fair value 51.2 65.2
Recurring | U.S. government and government agencies and authorities | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. government and government agencies and authorities | Level 2    
Financial Assets    
Fixed maturity securities, fair value 51.2 65.2
Recurring | U.S. government and government agencies and authorities | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | States, municipalities and political subdivisions    
Financial Assets    
Fixed maturity securities, fair value 119.1 149.2
Recurring | States, municipalities and political subdivisions | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | States, municipalities and political subdivisions | Level 2    
Financial Assets    
Fixed maturity securities, fair value 119.1 149.2
Recurring | States, municipalities and political subdivisions | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign governments    
Financial Assets    
Fixed maturity securities, fair value 462.1 479.8
Recurring | Foreign governments | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign governments | Level 2    
Financial Assets    
Fixed maturity securities, fair value 462.1 479.8
Recurring | Foreign governments | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Asset-backed    
Financial Assets    
Fixed maturity securities, fair value 937.3 873.8
Recurring | Asset-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Asset-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 823.7 791.0
Recurring | Asset-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 113.6 82.8
Recurring | Commercial mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 336.4 330.2
Recurring | Commercial mortgage-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Commercial mortgage-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 336.4 330.2
Recurring | Commercial mortgage-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Residential mortgage-backed    
Financial Assets    
Fixed maturity securities, fair value 641.1 486.0
Recurring | Residential mortgage-backed | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Residential mortgage-backed | Level 2    
Financial Assets    
Fixed maturity securities, fair value 641.1 486.0
Recurring | Residential mortgage-backed | Level 3    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. corporate    
Financial Assets    
Fixed maturity securities, fair value 3,187.4 3,130.4
Recurring | U.S. corporate | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | U.S. corporate | Level 2    
Financial Assets    
Fixed maturity securities, fair value 3,139.9 3,094.8
Recurring | U.S. corporate | Level 3    
Financial Assets    
Fixed maturity securities, fair value 47.5 35.6
Recurring | Foreign corporate    
Financial Assets    
Fixed maturity securities, fair value 1,440.5 1,397.5
Recurring | Foreign corporate | Level 1    
Financial Assets    
Fixed maturity securities, fair value 0.0 0.0
Recurring | Foreign corporate | Level 2    
Financial Assets    
Fixed maturity securities, fair value 1,432.5 1,390.4
Recurring | Foreign corporate | Level 3    
Financial Assets    
Fixed maturity securities, fair value 8.0 7.1
Recurring | Mutual funds    
Financial Assets    
Equity securities at fair value 28.8 16.6
Recurring | Mutual funds | Level 1    
Financial Assets    
Equity securities at fair value 13.6 16.6
Recurring | Mutual funds | Level 2    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Mutual funds | Level 3    
Financial Assets    
Equity securities at fair value 15.2 0.0
Recurring | Common stocks    
Financial Assets    
Equity securities at fair value 3.5 17.9
Recurring | Common stocks | Level 1    
Financial Assets    
Equity securities at fair value 3.5 17.2
Recurring | Common stocks | Level 2    
Financial Assets    
Equity securities at fair value 0.0 0.7
Recurring | Common stocks | Level 3    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Non-redeemable preferred stocks    
Financial Assets    
Equity securities at fair value 176.2 188.5
Recurring | Non-redeemable preferred stocks | Level 1    
Financial Assets    
Equity securities at fair value 0.0 0.0
Recurring | Non-redeemable preferred stocks | Level 2    
Financial Assets    
Equity securities at fair value 176.2 188.5
Recurring | Non-redeemable preferred stocks | Level 3    
Financial Assets    
Equity securities at fair value $ 0.0 $ 0.0
v3.25.0.1
Fair Value Disclosures (Change in Balance Sheet Carrying Value Associated With Level 3 Financial Assets Carried at Fair Value) (Details) - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period, net $ 141.4 $ 81.8
Total gains (losses) (realized/unrealized) included in earnings, net 0.6 1.8
Net unrealized gains (losses) included in other comprehensive income (6.4) (0.6)
Purchases, net 78.3 66.1
Sales, net (15.8) (19.4)
Transfers into Level 3, net 10.9 4.9
Transfers out of Level 3, net (18.3) 6.8
Balance, end of period, net 190.7 141.4
Other liabilities    
Financial Liabilities    
Balance, beginning of period 0.0 (15.0)
Total gains (losses) (realized/unrealized) included in earnings   0.0
Net unrealized gains (losses) included in other comprehensive income   0.0
Purchases   0.0
Sales   0.0
Transfers in   0.0
Transfers out   15.0
Balance, end of period   0.0
Asset-backed    
Financial Assets    
Balance, beginning of period 82.8 60.4
Total gains (losses) (realized/unrealized) included in earnings 0.5 1.5
Net unrealized gains (losses) included in other comprehensive income 2.9 (2.3)
Purchases 25.7 38.6
Sales (3.4) (16.8)
Transfers in 8.0 1.7
Transfers out (2.9) (0.3)
Balance, end of period 113.6 82.8
U.S. corporate    
Financial Assets    
Balance, beginning of period 35.6 28.8
Total gains (losses) (realized/unrealized) included in earnings (0.1) 0.4
Net unrealized gains (losses) included in other comprehensive income 0.1 0.4
Purchases 34.6 10.9
Sales (10.2) (1.7)
Transfers in 2.9 2.7
Transfers out (15.4) (5.9)
Balance, end of period 47.5 35.6
Foreign corporate    
Financial Assets    
Balance, beginning of period 7.1 7.4
Total gains (losses) (realized/unrealized) included in earnings 0.0 0.0
Net unrealized gains (losses) included in other comprehensive income 0.1 0.1
Purchases 3.0 2.0
Sales (2.2) (0.9)
Transfers in 0.0 0.5
Transfers out 0.0 (2.0)
Balance, end of period 8.0 7.1
Mutual funds    
Financial Assets    
Balance, beginning of period 0.0  
Total gains (losses) (realized/unrealized) included in earnings 0.2  
Net unrealized gains (losses) included in other comprehensive income 0.0  
Purchases 15.0  
Sales 0.0  
Transfers in 0.0  
Transfers out 0.0  
Balance, end of period 15.2 0.0
Other investments    
Financial Assets    
Balance, beginning of period 0.1 0.2
Total gains (losses) (realized/unrealized) included in earnings 0.0 (0.1)
Net unrealized gains (losses) included in other comprehensive income 0.0 0.0
Purchases 0.0 0.0
Sales 0.0 0.0
Transfers in 0.0 0.0
Transfers out 0.0 0.0
Balance, end of period 0.1 0.1
Other assets    
Financial Assets    
Balance, beginning of period 15.8 0.0
Total gains (losses) (realized/unrealized) included in earnings 0.0 0.0
Net unrealized gains (losses) included in other comprehensive income (9.5) 1.2
Purchases 0.0 14.6
Sales 0.0 0.0
Transfers in 0.0 0.0
Transfers out 0.0 0.0
Balance, end of period $ 6.3 $ 15.8
v3.25.0.1
Fair Value Disclosures (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
transaction
Dec. 31, 2023
USD ($)
investment
transaction
Dec. 31, 2022
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities, realized gain $ 6.8 $ 0.6 $ 19.5
Equity securities, annual impairment loss $ 23.8 $ 12.9 $ 3.0
Market Observable Transactions      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Number of market observable transactions | transaction 5 1  
Number of investments | investment   2  
Level 3 | Nonrecurring      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Investment, fair value, nonrecurring $ 26.6 $ 3.3  
Level 3 | Nonrecurring | Market Observable Transactions      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities, realized gain 8.7 0.6  
Fixed Maturity and Equity Securities | Level 3      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial assets $ 184.3 $ 125.5  
v3.25.0.1
Fair Value Disclosures (Carrying Value and Fair Value of the Financial Instruments That are Not Recognized or are Not Carried at Fair Value) (Details) - Recurring - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financial Assets    
Other assets $ 6.3 $ 15.8
Total financial assets 9,030.0 8,485.3
Level 1    
Financial Assets    
Other assets 0.0 0.0
Total financial assets 1,633.9 1,264.9
Level 2    
Financial Assets    
Other assets 0.0 0.0
Total financial assets 7,205.4 7,079.0
Level 3    
Financial Assets    
Other assets 6.3 15.8
Total financial assets 190.7 141.4
Carrying Value    
Financial Assets    
Commercial mortgage loans on real estate 342.5 328.7
Other investments 23.2 3.7
Other assets 26.3 26.5
Total financial assets 392.0 358.9
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.5 7.3
Funds held under reinsurance 277.7 392.7
Debt 2,083.1 2,080.6
Total financial liabilities 2,367.3 2,480.6
Fair Value    
Financial Assets    
Commercial mortgage loans on real estate 333.3 313.7
Other investments 23.2 3.7
Other assets 26.3 26.5
Total financial assets 382.8 343.9
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.9 7.8
Funds held under reinsurance 277.7 392.7
Debt 1,998.1 1,972.4
Total financial liabilities 2,282.7 2,372.9
Fair Value | Level 1    
Financial Assets    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 1.3 1.4
Other assets 0.0 0.0
Total financial assets 1.3 1.4
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds held under reinsurance 277.7 392.7
Debt 0.0 0.0
Total financial liabilities 277.7 392.7
Fair Value | Level 2    
Financial Assets    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 0.0 0.0
Other assets 0.0 0.0
Total financial assets 0.0 0.0
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds held under reinsurance 0.0 0.0
Debt 1,998.1 1,972.4
Total financial liabilities 1,998.1 1,972.4
Fair Value | Level 3    
Financial Assets    
Commercial mortgage loans on real estate 333.3 313.7
Other investments 21.9 2.3
Other assets 26.3 26.5
Total financial assets 381.5 342.5
Financial Liabilities    
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 6.9 7.8
Funds held under reinsurance 0.0 0.0
Debt 0.0 0.0
Total financial liabilities $ 6.9 $ 7.8
v3.25.0.1
Premiums and Accounts Receivable (Allowance for Uncollectible Amounts) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Premiums Receivable Disclosure [Abstract]      
Insurance premiums receivable $ 1,974.4 $ 2,195.8  
Other receivables 86.8 78.8  
Allowance for credit losses (7.2) (9.0) $ (9.2)
Total $ 2,054.0 $ 2,265.6  
v3.25.0.1
Income Taxes (Information About Domestic and Foreign Pre-Tax Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 819.2 $ 700.9 $ 250.4
Foreign 108.1 105.9 99.5
Income before income tax expense $ 927.3 $ 806.8 $ 349.9
v3.25.0.1
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current expense (benefit):      
Federal and state $ (124.3) $ 220.9 $ (23.5)
Foreign 46.5 51.9 33.0
Total current expense (benefit) (77.8) 272.8 9.5
Deferred expense (benefit):      
Federal and state 262.3 (80.4) 65.7
Foreign (17.4) (28.1) (1.9)
Total deferred expense (benefit) 244.9 (108.5) 63.8
Total income tax expense (benefit) $ 167.1 $ 164.3 $ 73.3
v3.25.0.1
Income Taxes (Reconciliation of Federal Income Tax Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax rate: 21.00% 21.00% 21.00%
Reconciling items:      
Non-taxable investment income (0.10%) (0.20%) (0.40%)
Foreign earnings 0.10% 0.20% 2.20%
Non-deductible compensation 0.60% 0.60% 0.80%
Change in liability for prior year tax (1.20%) (0.80%) (2.80%)
Change in valuation allowance (0.60%) (0.60%) (0.40%)
Transferable federal tax credits (1.30%) 0.00% 0.00%
Other (0.50%) 0.20% 0.50%
Effective income tax rate 18.00% 20.40% 20.90%
FDII benefit, amount     $ 9.2
v3.25.0.1
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ (17.0) $ (18.5) $ (18.5)
Additions based on tax positions related to the current year (0.9) (0.9) (0.6)
Reductions based on tax positions related to the current year 0.0 0.0 0.0
Additions for tax positions of prior years (2.1) (0.5) (0.2)
Reductions for tax positions of prior years 2.7 2.9 0.8
Lapses 0.0 0.0 0.0
Balance at end of year $ (17.3) $ (17.0) $ (18.5)
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Total unrecognized tax benefit $ 20.4 $ 19.2 $ 20.4
Recognized interest expense 1.2 0.4 0.7
Interest accrued 4.0 2.8 2.4
Penalties accrued 1.2 0.0 $ 0.0
Deferred tax assets, valuation allowance $ 16.7 $ 16.1  
v3.25.0.1
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets    
Policyholder and separate account reserves $ 506.4 $ 538.3
Net operating loss carryforwards 37.1 43.4
Net unrealized appreciation on securities 79.8 87.7
Credit carryforwards 30.6 9.9
Employee and post-retirement benefits 9.1 8.6
Compensation related 44.2 43.9
Capital loss carryforwards 19.1 12.1
Investments, net 11.5 0.0
Other 84.3 65.3
Total deferred tax assets 822.1 809.2
Less valuation allowance (16.7) (16.1)
Deferred tax assets, net of valuation allowance 805.4 793.1
Deferred Tax Liabilities    
Deferred acquisition costs (1,077.7) (1,161.0)
Investments, net 0.0 (0.6)
Intangible assets (94.3) (101.5)
Total deferred tax liabilities (1,172.0) (1,263.1)
Net deferred income tax liabilities $ (366.6) $ (470.0)
v3.25.0.1
Income Taxes (Net Operating Loss Carryforwards) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Federal Tax Authority    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards $ 0.0 $ 0.0
Foreign Tax Jurisdiction    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 146.6 $ 164.9
Foreign Tax Jurisdiction | 2025 - 2044    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 19.8  
Foreign Tax Jurisdiction | Unlimited    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards $ 126.8  
v3.25.0.1
Deferred Acquisition Costs (Deferred Acquisition Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Beginning balance $ 9,967.2 $ 9,677.1 $ 8,811.0
Costs deferred 3,991.2 4,409.8 4,528.7
Amortization (3,965.6) (4,119.7) (3,662.6)
Ending balance $ 9,992.8 $ 9,967.2 $ 9,677.1
v3.25.0.1
Property and Equipment (Components of Property and Equipment) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total $ 1,269.1 $ 1,078.4
Less accumulated depreciation (500.8) (392.6)
Total 768.3 685.8
Land    
Property, Plant and Equipment [Line Items]    
Total 6.2 6.5
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total 166.3 141.6
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Total 117.6 91.6
Software    
Property, Plant and Equipment [Line Items]    
Total $ 979.0 $ 838.7
v3.25.0.1
Property and Equipment (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2025
Property, Plant and Equipment [Line Items]        
Depreciation expenses $ 139.4 $ 109.3 $ 86.3  
Disposal Group, Held-for-sale, Not Discontinued Operations        
Property, Plant and Equipment [Line Items]        
Held-for-sale property $ 46.0 $ 46.0    
Disposal Group, Held-for-sale, Not Discontinued Operations | Forecast | Subsequent Event        
Property, Plant and Equipment [Line Items]        
Sale of discontinued operation, aggregated sale price       $ 126.0
v3.25.0.1
Goodwill (Narrative) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
reporting_unit
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Goodwill [Line Items]        
Number of reporting units | reporting_unit   3    
Goodwill, reclassification | $ $ 7.8      
Goodwill impairment (Note 14) | $   $ 0.0 $ 0.0 $ 7.8
Global Lifestyle        
Goodwill [Line Items]        
Number of reporting units | reporting_unit   2    
v3.25.0.1
Goodwill (Goodwill by Reportable Segments) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, beginning balance $ 2,608.8 $ 2,603.0  
Transfers   0.0  
Acquisitions 11.4    
Foreign currency translation and other (4.2) 5.8  
Goodwill, ending balance 2,616.0 2,608.8  
Accumulated impairment losses 1,413.7 1,413.7 $ 1,413.7
Corporate and Other      
Goodwill [Roll Forward]      
Goodwill, beginning balance 0.0 0.0  
Transfers   0.0  
Acquisitions 0.0    
Foreign currency translation and other 0.0 0.0  
Goodwill, ending balance 0.0 0.0  
Global Lifestyle | Operating Segments      
Goodwill [Roll Forward]      
Goodwill, beginning balance 2,292.1 2,193.9  
Transfers   92.4  
Acquisitions 11.4    
Foreign currency translation and other (4.2) 5.8  
Goodwill, ending balance 2,299.3 2,292.1  
Global Housing | Operating Segments      
Goodwill [Roll Forward]      
Goodwill, beginning balance 316.7 409.1  
Transfers   (92.4)  
Acquisitions 0.0    
Foreign currency translation and other 0.0 0.0  
Goodwill, ending balance 316.7 316.7  
Connected Living | Global Lifestyle      
Goodwill [Roll Forward]      
Goodwill, beginning balance 785.2    
Goodwill, ending balance 793.6 785.2  
Global Automotive | Global Lifestyle      
Goodwill [Roll Forward]      
Goodwill, beginning balance 1,506.9    
Goodwill, ending balance $ 1,505.7 $ 1,506.9  
v3.25.0.1
VOBA and Other Intangible Assets (Information About VOBA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Present Value of Future Insurance Profits [Roll Forward]      
Beginning balance $ 83.9 $ 262.8 $ 583.4
Additions 0.0 0.0 1.9
Amortization, net of interest accrued (75.9) (179.2) (322.8)
Foreign currency translation and other 0.0 0.3 0.3
Ending balance $ 8.0 $ 83.9 $ 262.8
v3.25.0.1
VOBA and Other Intangible Assets (Estimated Amortization of VOBA) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract]        
2025 $ 3.7      
2026 1.7      
2027 1.4      
2028 0.8      
2029 0.4      
Thereafter 0.0      
Total $ 8.0 $ 83.9 $ 262.8 $ 583.4
v3.25.0.1
VOBA and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Carrying Value $ 1,140.3 $ 1,111.6
Finite-lived intangible assets, Accumulated Amortization (616.4) (554.8)
Total other intangible assets with finite lives 523.9 556.8
Total indefinite-lived intangible assets 11.7 10.3
Total other intangible assets, Carrying Value 1,152.0 1,121.9
Total other intangible assets, Net Other Intangible Assets 535.6 567.1
Purchased intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Carrying Value 901.1 931.2
Finite-lived intangible assets, Accumulated Amortization (515.6) (474.9)
Total other intangible assets with finite lives 385.5 456.3
Operating intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Carrying Value 239.2 180.4
Finite-lived intangible assets, Accumulated Amortization (100.8) (79.9)
Total other intangible assets with finite lives $ 138.4 $ 100.5
v3.25.0.1
VOBA and Other Intangible Assets (Intangible Assets Amortization Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Total $ 97.9 $ 98.1 $ 94.5
Purchased intangible assets      
Finite-Lived Intangible Assets [Line Items]      
Total 69.1 77.9 69.7
Operating intangible assets      
Finite-Lived Intangible Assets [Line Items]      
Total $ 28.8 $ 20.2 $ 24.8
v3.25.0.1
VOBA and Other Intangible Assets (Future Amortization Expenses) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
2025 $ 97.3  
2026 90.8  
2027 76.3  
2028 64.9  
2029 49.7  
Thereafter 144.9  
Total other intangible assets with finite lives 523.9 $ 556.8
Purchased intangible assets    
Finite-Lived Intangible Assets [Line Items]    
2025 65.1  
2026 61.0  
2027 50.1  
2028 44.4  
2029 39.1  
Thereafter 125.8  
Total other intangible assets with finite lives 385.5 456.3
Operating intangible assets    
Finite-Lived Intangible Assets [Line Items]    
2025 32.2  
2026 29.8  
2027 26.2  
2028 20.5  
2029 10.6  
Thereafter 19.1  
Total other intangible assets with finite lives $ 138.4 $ 100.5
v3.25.0.1
Reserves (Balances of and Changes in Liability for Future Policy Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Present value of expected future policy benefits        
Net future policy benefits and expenses $ 536.7 $ 487.2    
Long-term Care Insurance Contracts        
Present value of expected net premiums        
Balance, beginning of period 36.4 34.2 $ 37.1  
Beginning balance at original discount rate 36.5 33.4 29.2  
Effect of changes in cash flow assumptions   (1.0) 1.5 $ 9.4
Effect of actual variances from expected experience   0.9 3.5 (2.7)
Adjusted beginning of period balance   36.4 38.4 35.9
Experience variance 0.1 0.0 (0.3)  
Interest accrual 3.4 2.8 4.6  
Net premiums collected (5.9) (4.7) (6.8)  
Ending balance at original discount rate 34.0 36.5 33.4  
Effect of changes in discount rate assumptions 2.4 (0.1) 0.8  
Balance, end of period 36.4 36.4 34.2  
Present value of expected future policy benefits        
Balance, beginning of period 450.6 462.4 658.5  
Beginning balance at original discount rate 453.0 444.4 430.0  
Effect of changes in cash flow assumptions   0.0 0.0 12.3
Effect of actual variances from expected experience   1.5 4.4 (3.3)
Adjusted beginning of period balance   454.5 448.8 $ 439.0
Experience variance (1.3) 1.0 (1.2)  
Interest accrual 26.2 19.5 24.7  
Benefit payments (26.5) (16.3) (18.1)  
Ending balance at original discount rate 452.9 453.0 444.4  
Effect of changes in discount rate assumptions 53.5 (2.4) 18.0  
Balance, end of period 506.4 450.6 462.4  
Net future policy benefits and expenses 470.0 414.2 428.2  
Related reinsurance recoverable 470.0 414.2 428.2  
Net future policy benefits and expenses, after reinsurance recoverable $ 0.0 $ 0.0 $ 0.0  
Weighted-average liability duration of the future policy benefits and expenses (in years) 11 years 4 months 24 days 12 years 12 years 8 months 12 days  
v3.25.0.1
Reserves (Policyholder Account Balances, Future Policy Benefits and Claims) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]      
Future policy benefits and expenses $ 536.7 $ 487.2  
Long-term care      
Liability for Claims and Claims Adjustment Expense [Line Items]      
Future policy benefits and expenses 470.0 414.2 $ 428.2
Other      
Liability for Claims and Claims Adjustment Expense [Line Items]      
Future policy benefits and expenses $ 66.7 $ 73.0  
v3.25.0.1
Reserves (Undiscounted Expected Future Benefit Payments and Expected Gross Premiums) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]    
Expected future benefits payments $ 804.4 $ 829.3
Expected future gross premiums $ 61.9 $ 69.4
v3.25.0.1
Reserves (Gross Premium and Interest Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Insurance [Abstract]      
Gross premiums $ 1.4 $ 1.5 $ 1.7
Interest expense (original discount rate) $ 5.7 $ 5.6 $ 4.7
v3.25.0.1
Reserves (Discount Rate) (Details)
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]    
Interest expense (original discount rate) 5.95% 5.95%
Current discount rate 4.63% 6.01%
v3.25.0.1
Reserves (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development $ (127.3) $ (26.6) $ 55.5  
Retroactive reinsurance treaty, coverage limit       $ 50.0
Non-core operations | Corporate and Other        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development 13.6 40.1 77.4  
Small Commercial Insurance | Corporate and Other        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development 1.3 (0.5) 15.3  
Sharing Economy Insurance Product | Corporate and Other        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development 12.3 40.6 62.1  
Global Lifestyle        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Prior year development of claims and benefits payable, foreign exchange rate impact (0.9) 0.3 (0.4)  
Global Lifestyle | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development (18.9) (23.6) (45.4)  
Global Lifestyle | Connected Living | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development (21.5)      
Global Lifestyle | Financial Service | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development (9.9)      
Global Lifestyle | Mobile Service | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development (2.0)      
Global Lifestyle | Extended Service Contract | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development (9.6)      
Global Lifestyle | Global Automotive | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development 2.6      
Global Housing | Operating Segments        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Unfavorable (favorable) prior year development $ (109.7) $ (37.1) $ 28.9  
v3.25.0.1
Reserves (Roll Forward of Claims and Benefits Payable) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
High deductible claims, reserves below the deductible $ 168.2      
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Claims and benefits payable, at beginning of year 1,989.2 $ 2,210.0 $ 1,523.0  
Less: Reinsurance ceded and other (1,669.8) (886.6) (1,228.8) $ (744.1)
Net claims and benefits payable, at beginning of year 1,102.6 981.2 778.9  
Incurred losses and loss adjustment expenses related to:        
Current year 2,893.8 2,548.4 2,304.3  
Prior years (127.3) (26.6) 55.5  
Total incurred losses and loss adjustment expenses 2,766.5 2,521.8 2,359.8  
Paid losses and loss adjustment expenses related to:        
Current year 2,021.8 1,802.3 1,648.1  
Prior years 602.9 598.1 509.4  
Total paid losses and loss adjustment expenses 2,624.7 2,400.4 2,157.5  
Net claims and benefits payable, at end of year 1,244.4 1,102.6 981.2  
Plus: Reinsurance ceded and other 1,669.8 886.6 1,228.8 $ 744.1
Claims and benefits payable, at end of year 2,914.2 1,989.2 2,210.0  
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reinsurance recoverables 7,584.5      
Not Rated        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reinsurance recoverables 6,925.4      
Not Rated | Ceded To U.S. Government        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reinsurance recoverables $ 911.7 $ 123.6 $ 424.3  
v3.25.0.1
Reserves (Prior Year Incurred Losses by Year) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Claims Development [Line Items]      
Incurred losses and loss adjustment expenses, prior year(s) $ (127.3) $ (26.6) $ 55.5
Corporate and Other | Non-core operations      
Claims Development [Line Items]      
Incurred losses and loss adjustment expenses, prior year(s) 13.6 40.1 77.4
All Other      
Claims Development [Line Items]      
Incurred losses and loss adjustment expenses, prior year(s) (12.3) (6.0) (5.4)
Global Lifestyle | Operating Segments      
Claims Development [Line Items]      
Incurred losses and loss adjustment expenses, prior year(s) (18.9) (23.6) (45.4)
Global Housing | Operating Segments      
Claims Development [Line Items]      
Incurred losses and loss adjustment expenses, prior year(s) $ (109.7) $ (37.1) $ 28.9
v3.25.0.1
Reserves (Claims Development) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
reported_claim
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Claims Development [Line Items]          
Claims and benefits payable, net of reinsurance $ 1,228.8        
Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 247.9        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 194.9        
Outstanding claims and benefits payable before 2020, net of reinsurance 16.5        
Claims and benefits payable, net of reinsurance 69.5        
Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 7,392.9        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 7,022.5        
Outstanding claims and benefits payable before 2020, net of reinsurance 5.5        
Claims and benefits payable, net of reinsurance 375.9        
Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 4,349.1        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 3,592.6        
Outstanding claims and benefits payable before 2020, net of reinsurance 9.9        
Claims and benefits payable, net of reinsurance 766.4        
2020 | Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 81.4 $ 85.0 $ 70.9 $ 47.9 $ 51.3
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 5.8        
Cumulative Number of Reported Claims | reported_claim 58,228        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 69.9 60.8 42.6 30.0 20.0
2020 | Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,394.7 1,396.3 1,398.4 1,398.1 1,423.9
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 0.3        
Cumulative Number of Reported Claims | reported_claim 9,597,590        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 1,392.2 1,390.6 1,388.7 1,382.2 1,205.5
2020 | Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 847.3 848.9 834.4 804.8 804.1
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 11.4        
Cumulative Number of Reported Claims | reported_claim 191,428        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 831.9 820.8 793.0 730.0 $ 528.8
2021 | Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 102.1 98.3 74.0 52.5  
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 17.6        
Cumulative Number of Reported Claims | reported_claim 54,679        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 76.3 58.4 38.1 20.8  
2021 | Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,275.2 1,276.2 1,278.7 1,330.7  
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 0.5        
Cumulative Number of Reported Claims | reported_claim 9,689,514        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 1,272.5 1,270.6 1,266.6 1,108.5  
2021 | Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 761.4 770.5 769.0 784.0  
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 14.5        
Cumulative Number of Reported Claims | reported_claim 194,998        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 743.0 727.8 690.3 $ 517.6  
2022 | Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 55.4 45.7 40.0    
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 5.0        
Cumulative Number of Reported Claims | reported_claim 27,349        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 44.1 19.4 10.2    
2022 | Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,354.6 1,358.6 1,373.9    
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 2.5        
Cumulative Number of Reported Claims | reported_claim 9,394,247        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 1,349.8 1,345.7 1,152.8    
2022 | Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 803.3 809.4 862.4    
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 38.0        
Cumulative Number of Reported Claims | reported_claim 187,384        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 754.5 701.3 $ 467.7    
2023 | Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 8.5 7.2      
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 3.5        
Cumulative Number of Reported Claims | reported_claim 13,802        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 4.6 3.3      
2023 | Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,598.5 1,611.2      
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 7.5        
Cumulative Number of Reported Claims | reported_claim 8,230,700        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 1,586.3 1,351.0      
2023 | Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 814.0 901.4      
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 131.8        
Cumulative Number of Reported Claims | reported_claim 177,977        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 665.3 $ 450.9      
2024 | Corporate and Other          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 0.5        
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 0.0        
Cumulative Number of Reported Claims | reported_claim 1,210        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 0.0        
2024 | Global Lifestyle | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,769.9        
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 242.2        
Cumulative Number of Reported Claims | reported_claim 7,504,772        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 1,421.7        
2024 | Global Housing | Operating Segments          
Claims Development [Line Items]          
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 1,123.1        
Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims $ 441.8        
Cumulative Number of Reported Claims | reported_claim 201,149        
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance $ 597.9        
v3.25.0.1
Reserves (Average Annual Payout of Incurred Claims by Age, Net of Reinsurance) (Details)
Dec. 31, 2024
Corporate and Other  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 Unaudited 22.90%
Year 2 Unaudited 16.30%
Year 3 Unaudited 28.00%
Year 4 Unaudited 21.10%
Year 5 Unaudited 11.70%
Global Lifestyle | Operating Segments  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 Unaudited 85.70%
Year 2 Unaudited 13.70%
Year 3 Unaudited 0.40%
Year 4 Unaudited 0.10%
Year 5 Unaudited 0.10%
Global Housing | Operating Segments  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 Unaudited 62.50%
Year 2 Unaudited 26.80%
Year 3 Unaudited 6.60%
Year 4 Unaudited 2.80%
Year 5 Unaudited 1.40%
v3.25.0.1
Reserves (Reconciliation of Net Incurred and Paid Claims Development to Liability for Claims and Benefits Payable) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance $ 1,228.8      
Total reinsurance recoverable on unpaid claims 1,667.5      
Unallocated claim adjustment expense 15.7      
Other 0.0      
Claims and benefits payable 2,914.2 $ 1,989.2 $ 2,210.0 $ 1,523.0
Corporate and Other        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 69.5      
Non-core operations | Corporate and Other        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 69.5      
Total reinsurance recoverable on unpaid claims 50.4      
Other short-duration insurance lines        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 15.9      
Total reinsurance recoverable on unpaid claims 0.9      
Disposed business short-duration insurance lines (AEB and AH)        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 1.1      
Total reinsurance recoverable on unpaid claims 12.2      
Insurance lines other than short-duration        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable 2.2      
Asbestos and Pollution        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 13.4      
Total reinsurance recoverable on unpaid claims 0.9      
Global Lifestyle | Operating Segments        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 375.9      
Total reinsurance recoverable on unpaid claims 498.2      
Global Housing | Operating Segments        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Claims and benefits payable, net of reinsurance 766.4      
Total reinsurance recoverable on unpaid claims 1,105.8      
Disposed of P&C Business | Global Lifestyle        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Total reinsurance recoverable on unpaid claims $ 153.5      
v3.25.0.1
Reinsurance (Reinsurance Recoverable) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Ceded Credit Risk [Line Items]    
Total reinsurance recoverable $ 7,579.5 $ 6,649.2
Ceded future policyholder benefits and expense    
Ceded Credit Risk [Line Items]    
Total reinsurance recoverable 340.7 339.9
Ceded unearned premium    
Ceded Credit Risk [Line Items]    
Total reinsurance recoverable 5,188.5 5,265.2
Ceded claims and benefits payable    
Ceded Credit Risk [Line Items]    
Total reinsurance recoverable 1,808.9 971.4
Ceded paid losses    
Ceded Credit Risk [Line Items]    
Total reinsurance recoverable $ 241.4 $ 72.7
v3.25.0.1
Reinsurance (Rating for Existing Reinsurance) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Ceded Credit Risk [Line Items]      
Total $ 7,584.5    
Less: Allowance (5.0) $ (4.8) $ (5.4)
Net reinsurance recoverable 7,579.5 6,649.2  
A++ or A+      
Ceded Credit Risk [Line Items]      
Total 602.9    
A or A-      
Ceded Credit Risk [Line Items]      
Total 44.7    
B++ or B      
Ceded Credit Risk [Line Items]      
Total 11.5    
Not Rated      
Ceded Credit Risk [Line Items]      
Total 6,925.4    
Ceded future policyholder benefits and expense      
Ceded Credit Risk [Line Items]      
Total 340.7    
Less: Allowance 0.0    
Net reinsurance recoverable 340.7 339.9  
Ceded future policyholder benefits and expense | A++ or A+      
Ceded Credit Risk [Line Items]      
Total 340.7    
Ceded future policyholder benefits and expense | A or A-      
Ceded Credit Risk [Line Items]      
Total 0.0    
Ceded future policyholder benefits and expense | B++ or B      
Ceded Credit Risk [Line Items]      
Total 0.0    
Ceded future policyholder benefits and expense | Not Rated      
Ceded Credit Risk [Line Items]      
Total 0.0    
Ceded unearned premium      
Ceded Credit Risk [Line Items]      
Total 5,188.5    
Less: Allowance 0.0    
Net reinsurance recoverable 5,188.5 5,265.2  
Ceded unearned premium | A++ or A+      
Ceded Credit Risk [Line Items]      
Total 50.6    
Ceded unearned premium | A or A-      
Ceded Credit Risk [Line Items]      
Total 7.2    
Ceded unearned premium | B++ or B      
Ceded Credit Risk [Line Items]      
Total 9.2    
Ceded unearned premium | Not Rated      
Ceded Credit Risk [Line Items]      
Total 5,121.5    
Ceded claims and benefits payable      
Ceded Credit Risk [Line Items]      
Total 1,808.9    
Less: Allowance 0.0    
Net reinsurance recoverable 1,808.9 971.4  
Ceded claims and benefits payable | A++ or A+      
Ceded Credit Risk [Line Items]      
Total 199.3    
Ceded claims and benefits payable | A or A-      
Ceded Credit Risk [Line Items]      
Total 33.6    
Ceded claims and benefits payable | B++ or B      
Ceded Credit Risk [Line Items]      
Total 2.3    
Ceded claims and benefits payable | Not Rated      
Ceded Credit Risk [Line Items]      
Total 1,573.7    
Ceded paid losses      
Ceded Credit Risk [Line Items]      
Total 246.4    
Less: Allowance (5.0)    
Net reinsurance recoverable 241.4 72.7  
Ceded paid losses | A++ or A+      
Ceded Credit Risk [Line Items]      
Total 12.3    
Ceded paid losses | A or A-      
Ceded Credit Risk [Line Items]      
Total 3.9    
Ceded paid losses | B++ or B      
Ceded Credit Risk [Line Items]      
Total 0.0    
Ceded paid losses | Not Rated      
Ceded Credit Risk [Line Items]      
Total 230.2    
Ceded To U.S. Government | Not Rated      
Ceded Credit Risk [Line Items]      
Total $ 911.7 $ 123.6 $ 424.3
v3.25.0.1
Reinsurance (Effect of Reinsurance on Premiums Earned and Benefits Incurred) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance [Line Items]      
Direct earned premiums $ 18,833.5 $ 18,322.8 $ 17,494.6
Premiums assumed 178.6 186.4 196.7
Premiums ceded (9,216.3) (9,121.2) (8,926.0)
Net earned premiums 9,795.8 9,388.0 8,765.3
Direct policyholder benefits 8,810.8 7,604.7 7,672.4
Policyholder benefits assumed 277.0 241.9 163.4
Policyholder benefits ceded (6,321.3) (5,324.8) (5,476.0)
Net policyholder benefits 2,766.5 2,521.8 2,359.8
Long Duration      
Reinsurance [Line Items]      
Direct earned premiums 13.4 14.4 19.3
Premiums assumed 0.0 0.0 0.0
Premiums ceded (8.0) (7.9) (12.3)
Net earned premiums 5.4 6.5 7.0
Direct policyholder benefits 33.7 36.5 55.6
Policyholder benefits assumed 0.1 0.0 0.0
Policyholder benefits ceded (30.3) (31.8) (51.8)
Net policyholder benefits 3.5 4.7 3.8
Short Duration      
Reinsurance [Line Items]      
Direct earned premiums 18,820.1 18,308.4 17,475.3
Premiums assumed 178.6 186.4 196.7
Premiums ceded (9,208.3) (9,113.3) (8,913.7)
Net earned premiums 9,790.4 9,381.5 8,758.3
Direct policyholder benefits 8,777.1 7,568.2 7,616.8
Policyholder benefits assumed 276.9 241.9 163.4
Policyholder benefits ceded (6,291.0) (5,293.0) (5,424.2)
Net policyholder benefits $ 2,763.0 $ 2,517.1 $ 2,356.0
v3.25.0.1
Reinsurance (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Reinsurance [Line Items]    
Invested assets held in trusts $ 0.0 $ 0.0
Reinsurance recoverables 7,579.5 $ 6,649.2
Disposed Business    
Reinsurance [Line Items]    
Reinsurance recoverables 643.2  
John Hancock    
Reinsurance [Line Items]    
Reinsurance recoverables $ 471.5  
v3.25.0.1
Debt (Principal Amount and Carrying Value of Outstanding Debt) (Details) - USD ($)
 1 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2023
Jun. 30, 2021
Nov. 30, 2020
Aug. 31, 2019
Debt Instrument [Line Items]                
Carrying Value   $ 2,083,100,000 $ 2,080,600,000          
Interest expense   107,000,000.0 108,000,000.0 $ 108,300,000        
Accrued interest   $ 33,500,000 33,500,000          
Senior Notes                
Debt Instrument [Line Items]                
Principal Amount $ 900,000,000.0              
Senior Notes | 6.10% Senior Notes due February 2026                
Debt Instrument [Line Items]                
State interest rate   6.10%     6.10%      
Principal Amount   $ 175,000,000.0 175,000,000.0   $ 175,000,000      
Carrying Value   $ 174,300,000 173,700,000          
Senior Notes | 4.90% Senior Notes due March 2028                
Debt Instrument [Line Items]                
State interest rate 4.90% 4.90%            
Principal Amount $ 300,000,000.0 $ 300,000,000.0 300,000,000.0          
Carrying Value   $ 298,600,000 298,200,000          
Senior Notes | 3.70% Senior Notes due February 2030                
Debt Instrument [Line Items]                
State interest rate   3.70%           3.70%
Principal Amount   $ 350,000,000.0 350,000,000.0         $ 350,000,000.0
Carrying Value   $ 348,200,000 347,900,000          
Senior Notes | 2.65% Senior Notes due January 2032                
Debt Instrument [Line Items]                
State interest rate   2.65%       2.65%    
Principal Amount   $ 350,000,000.0 350,000,000.0     $ 350,000,000    
Carrying Value   $ 347,300,000 347,000,000.0          
Senior Notes | 6.75% Senior Notes due February 2034                
Debt Instrument [Line Items]                
State interest rate   6.75%            
Principal Amount   $ 275,000,000.0 275,000,000.0          
Carrying Value   $ 272,800,000 272,700,000          
Senior Notes | 5.25% Subordinated Notes due January 2061                
Debt Instrument [Line Items]                
State interest rate             5.25%  
Principal Amount             $ 250,000,000  
Subordinated Notes | 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048                
Debt Instrument [Line Items]                
State interest rate 7.00% 7.00%            
Principal Amount $ 400,000,000.0 $ 400,000,000.0 400,000,000.0          
Carrying Value   $ 397,700,000 397,000,000.0          
Basis spread on variable rate 4.135% 4.135%            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] London Interbank Offered Rate [Member] London Interbank Offered Rate [Member]            
Subordinated Notes | 5.25% Subordinated Notes due January 2061                
Debt Instrument [Line Items]                
State interest rate   5.25%            
Principal Amount   $ 250,000,000.0 250,000,000.0          
Carrying Value   $ 244,200,000 $ 244,100,000          
v3.25.0.1
Debt (Senior Notes and Subordinated Notes) (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2019
USD ($)
Mar. 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Nov. 30, 2020
USD ($)
Mar. 31, 2018
USD ($)
series
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2016
USD ($)
Feb. 29, 2004
USD ($)
Debt Instrument [Line Items]                          
Repayment of debt, including extinguishment               $ 0 $ 225,000,000.0 $ 75,900,000      
Gain (loss) on extinguishment of debt               0 100,000 (900,000)      
Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount             $ 900,000,000.0            
Debt number of series | series             3            
6.10% Senior Notes due February 2026 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount     $ 175,000,000         $ 175,000,000.0 175,000,000.0        
Senior notes interest rate     6.10%         6.10%          
Senior notes discount rate     0.035%                    
Redemption percentage     100.00%                    
2.65% Senior Notes due January 2032 | Maximum                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         2.00%                
2.65% Senior Notes due January 2032 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount         $ 350,000,000     $ 350,000,000.0 350,000,000.0        
Senior notes interest rate         2.65%     2.65%          
Senior notes discount rate         0.158%                
Redemption percentage         100.00%                
2.65% Senior Notes due January 2032 | Senior Notes | BB+                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.25%                
2.65% Senior Notes due January 2032 | Senior Notes | BB                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.50%                
2.65% Senior Notes due January 2032 | Senior Notes | BB-                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.75%                
2.65% Senior Notes due January 2032 | Senior Notes | B+ or below                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         1.00%                
2.65% Senior Notes due January 2032 | Senior Notes | Ba1                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.25%                
2.65% Senior Notes due January 2032 | Senior Notes | Ba2                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.50%                
2.65% Senior Notes due January 2032 | Senior Notes | Ba3                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         0.75%                
2.65% Senior Notes due January 2032 | Senior Notes | B1 or below                          
Debt Instrument [Line Items]                          
Basis spread on variable rate         1.00%                
3.70% Senior Notes due February 2030 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount $ 350,000,000.0             $ 350,000,000.0 350,000,000.0        
Senior notes interest rate 3.70%             3.70%          
Senior notes discount rate 0.035%                        
Redemption percentage 100.00%                        
4.20% Senior Notes due September 2023 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount             $ 300,000,000.0       $ 50,000,000    
Senior notes interest rate             4.20%            
Senior notes discount rate             0.233%            
Repayment of debt, including extinguishment   $ 175,000,000   $ 75,000,000                  
Gain (loss) on extinguishment of debt                 100,000 $ (900,000)      
4.90% Senior Notes due March 2028 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount             $ 300,000,000.0 $ 300,000,000.0 300,000,000.0        
Senior notes interest rate             4.90% 4.90%          
Senior notes discount rate             0.383%            
Redemption percentage             100.00%            
Senior Notes 2004 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount                         $ 475,000,000.0
Senior notes discount rate                         0.61%
Repurchase amount $ 100,000,000.0                        
6.75% Senior Notes due February 2034 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount               $ 275,000,000.0 275,000,000.0        
Senior notes interest rate               6.75%          
Repurchase amount                       $ 100,000,000.0  
5.25% Subordinated Notes due January 2061 | Senior Notes                          
Debt Instrument [Line Items]                          
Principal Amount           $ 250,000,000              
Senior notes interest rate           5.25%              
Redemption percentage           102.00%              
Redemption period           90 days              
5.25% Subordinated Notes due January 2061 | Subordinated Notes                          
Debt Instrument [Line Items]                          
Principal Amount               $ 250,000,000.0 250,000,000.0        
Senior notes interest rate               5.25%          
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 | Subordinated Notes                          
Debt Instrument [Line Items]                          
Principal Amount             $ 400,000,000.0 $ 400,000,000.0 $ 400,000,000.0        
Senior notes interest rate             7.00% 7.00%          
Redemption percentage             102.00%            
Basis spread on variable rate             4.135% 4.135%          
Redemption period             90 days            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]             London Interbank Offered Rate [Member] London Interbank Offered Rate [Member]          
v3.25.0.1
Debt (Credit Facility and Commercial Paper Program) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
JP Morgan Chase Bank, N.A. and Wells Fargo National Associate    
Line of Credit Facility [Line Items]    
Amount outstanding $ 0  
JP Morgan Chase Bank, N.A. and Wells Fargo National Associate | Credit Facility    
Line of Credit Facility [Line Items]    
Borrowing under unsecured revolving credit facility 0  
Revolving Credit Facility | JP Morgan Chase Bank, N.A. and Wells Fargo National Associate | Credit Facility    
Line of Credit Facility [Line Items]    
Senior revolving credit facility borrowing capacity $ 500,000,000.0  
Term of debt instrument 5 years  
Maximum borrowing capacity $ 700,000,000.0  
Sublimit for letters of credit issued 50,000,000.0  
Line of Credit    
Line of Credit Facility [Line Items]    
Senior revolving credit facility available capacity 500,000,000.0  
Commercial Paper    
Line of Credit Facility [Line Items]    
Amount outstanding $ 0 $ 0
v3.25.0.1
Debt (Covenants) (Details) - Line of Credit
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Consolidated adjustment net worth, minimum amount, minimum net worth at acquisition $ 4,200
Consolidated adjustment net worth, minimum amount, minimum net worth at acquisition, percent of net income 25.00%
Consolidated adjustment net worth, minimum amount, minimum net worth at acquisition, percent of net cash proceeds 25.00%
Maximum  
Debt Instrument [Line Items]  
Debt to capitalization 0.35
v3.25.0.1
Debt (Interest Rate Derivatives) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
OCI cash flow hedge gain (loss) reclassification $ 2.7 $ 2.8 $ 3.1
Interest Rate Derivatives      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
OCI cash flow hedge gain (loss) after reclassification $ 8.1 $ 10.8  
v3.25.0.1
Equity Transactions (Common Stock) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common Stock, Outstanding [Roll Forward]      
Shares of common stock outstanding, beginning (in shares) 51,955,994 52,830,381 55,754,113
Vested restricted stock and restricted stock units, net (in shares) 178,120 170,911 179,434
Issuance related to performance share units (in shares) 133,136 142,091 147,546
Issuance related to ESPP (in shares) 115,019 131,815 96,846
Shares of common stock repurchased (in shares) (1,548,520) (1,319,204) (3,347,558)
Shares of common stock outstanding, ending (in shares) 50,833,749 51,955,994 52,830,381
Shares authorized (in shares) 800,000,000 800,000,000  
Common Class B      
Common Stock, Outstanding [Roll Forward]      
Shares authorized (in shares) 150,001    
Common Class C      
Common Stock, Outstanding [Roll Forward]      
Shares authorized (in shares) 400,001    
v3.25.0.1
Equity Transactions (Stock Repurchase) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 30, 2023
Equity [Abstract]        
Stock repurchase authorized amount       $ 600,000,000.0
Number of shares repurchased (in shares) 1,548,520 1,319,204 3,347,558  
Shares repurchased, value $ 299,900,000 $ 200,000,000.0 $ 567,600,000  
Value remaining under total repurchase authorization $ 374,500,000      
v3.25.0.1
Stock Based Compensation (Narrative) (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2025
$ / shares
shares
Jul. 31, 2024
$ / shares
shares
Jan. 31, 2024
$ / shares
shares
Jul. 31, 2023
$ / shares
shares
Dec. 31, 2024
USD ($)
performance_metric
period
shares
Dec. 31, 2023
USD ($)
performance_metric
Dec. 31, 2022
USD ($)
performance_metric
Nov. 30, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Forfeiture rate         5.00% 5.00% 5.00%  
Long-Term Equity Incentive Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Company's common stock authorized to employees (in shares) | shares               1,840,112
Long-Term Equity Incentive Plan | Restricted Stock Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)         3 years      
Unrecognized compensation cost         $ 19,100,000      
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years)         10 months 28 days      
RSU compensation expense         $ 33,000,000.0 $ 31,700,000 $ 34,900,000  
Compensation expenses income tax benefit         $ 6,100,000 $ 6,000,000.0 $ 6,400,000  
Long-Term Equity Incentive Plan | Restricted Stock Units | Director                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)         3 years      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche one                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche one | Director                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche two                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche two | Director                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche three                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | Restricted Stock Units | Tranche three | Director                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
RSU vesting terms for employees and directors         33.33%      
Long-Term Equity Incentive Plan | PSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Unrecognized compensation cost         $ 37,600,000      
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years)         10 months 6 days      
Percentage of payout level minimum         0.00% 0.00% 0.00%  
Percentage of payout level maximum         200.00% 200.00% 200.00%  
Percentage of payout level target         100.00% 100.00% 100.00%  
Performance measures | performance_metric         2 2 2  
Performance period         3 years      
RSU compensation expense         $ 45,400,000 $ 40,300,000 $ 24,800,000  
Compensation expenses income tax benefit         $ 6,000,000.0 5,800,000 3,700,000  
Employee Stock Purchase Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Company's common stock authorized to employees (in shares) | shares         5,000,000      
Number of offering periods | period         2      
Percentage of stock price purchased         90.00%      
Maximum number of shares can be purchased each offering period per employee | shares         5,000      
Participants' maximum contribution per offering period         $ 7,500      
Participants' maximum contribution per year         $ 15,000.0      
Number of continuous months worked         6 months      
Non temporary employee requirement (months employed)         12 months      
Maximum number of days for leave of absence         90 days      
Common shares issued | shares   49,969 65,049 66,306        
Discounted price of shares issued (in dollars per share) | $ / shares   $ 149.63 $ 113.26 $ 113.15        
RSU compensation expense         $ 2,800,000 3,100,000 3,000,000.0  
Compensation expenses income tax benefit         $ 200,000 $ 100,000 $ 100,000  
Employee Stock Purchase Plan | Subsequent Event                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Common shares issued | shares 50,763              
Discounted price of shares issued (in dollars per share) | $ / shares $ 150.20              
v3.25.0.1
Stock Based Compensation (Outstanding Restricted Stock Units) (Details) - Long-Term Equity Incentive Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units      
Shares outstanding, beginning balance (in shares) 577,617    
Grants (in shares) 192,760    
Vests (in shares) 252,910    
Forfeitures and adjustments (in shares) (14,513)    
Shares outstanding, ending balance (in shares) 502,954 577,617  
Restricted stock units vested, but deferred (in shares) 71,179    
Weighted-Average Grant-Date Fair Value      
Weighted-average grant-date fair value, shares outstanding, beginning balance (in dollars per share) $ 129.58    
Grants, weight-average grant-date fair value (in dollars per share) 181.54 $ 116.76 $ 172.46
Vests, weighted-average grant-date fair value (in dollars per share) 134.34    
Forfeitures and adjustments, weighted-average grant-date fair value (in dollars per share) 148.72    
Weighted-average grant-date fair value, shares outstanding, ending balance (in dollars per share) 146.56 $ 129.58  
Restricted stock units vested, but deferred, weighted-average grant-date fair value (in dollars per share) $ 103.86    
Fair value of shares vested during the period $ 45.5 $ 29.9 $ 47.0
v3.25.0.1
Stock Based Compensation (RSU Activity) (Details) - Long-Term Equity Incentive Plan - Restricted Stock Units - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSU compensation expense $ 33.0 $ 31.7 $ 34.9
Income tax benefit (6.1) (6.0) (6.4)
Share-based compensation expense, net of tax $ 26.9 $ 25.7 $ 28.5
v3.25.0.1
Stock Based Compensation (Outstanding Performance Share Units) (Details) - Long-Term Equity Incentive Plan - PSUs - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Share Units      
Shares outstanding, beginning balance (in shares) 598,755    
Grants (in shares) 188,407    
Vests (in shares) (220,055)    
Performance adjustment (in shares) 28,890    
Forfeitures and adjustments (in shares) (10,491)    
Shares outstanding, ending balance (in shares) 585,506 598,755  
Weighted-Average Grant-Date Fair Value      
Weighted-average grant-date fair value, shares outstanding, beginning balance (in dollars per share) $ 151.63    
Grants, weight-average grant-date fair value (in dollars per share) 207.00 $ 114.91 $ 217.33
Vests, weighted-average grant-date fair value (in dollars per share) 147.85    
Performance adjustment, weighted-average grant-date fair value (in dollars per share) 146.19    
Forfeitures and adjustments, weighted-average grant-date fair value (in dollars per share) 165.01    
Weighted-average grant-date fair value, shares outstanding, ending balance (in dollars per share) $ 170.44 $ 151.63  
Fair value of shares vested during the period $ 39.8 $ 25.8 $ 42.8
v3.25.0.1
Stock Based Compensation (Fair Value of Awards) (Details) - PSUs - Long-Term Equity Incentive Plan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 25.76% 26.84% 33.82%
Expected term (years) 2 years 9 months 14 days 2 years 9 months 18 days 2 years 9 months 18 days
Risk free interest rate 4.44% 3.93% 2.09%
v3.25.0.1
Stock Based Compensation (PSU Activity) (Details) - Long-Term Equity Incentive Plan - PSUs - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
PSU compensation expense $ 45.4 $ 40.3 $ 24.8
Income tax benefit (6.0) (5.8) (3.7)
Share-based compensation expense, net of tax $ 39.4 $ 34.5 $ 21.1
v3.25.0.1
Stock Based Compensation (Share-Based Payment Award, ESPP, Valuation Assumptions) (Details) - Employee Stock Purchase Plan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 19.60% 28.57% 20.96%
Expected volatility, maximum 23.95% 31.63% 25.05%
Risk free interest rates, minimum 5.24% 4.77% 0.22%
Risk free interest rates, maximum 5.37% 5.53% 2.52%
Expected term (years) 6 months 6 months 6 months
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.68% 2.18% 1.54%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.71% 2.20% 1.73%
v3.25.0.1
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI:      
Beginning balance $ 4,809.5 $ 4,228.7 $ 5,464.1
Change in accumulated other comprehensive income (loss) before reclassifications (119.7) 195.8 (866.8)
Amounts reclassified from accumulated other comprehensive income (loss) 48.6 25.4 30.6
Total other comprehensive income (loss) (71.1) 221.2 (836.2)
Ending balance 5,106.7 4,809.5 4,228.7
Accumulated other comprehensive loss      
AOCI:      
Beginning balance (765.0) (986.2) (150.0)
Total other comprehensive income (loss) (71.1) 221.2 (836.2)
Ending balance (836.1) (765.0) (986.2)
Foreign currency translation adjustment      
AOCI:      
Beginning balance (351.9) (394.0) (326.9)
Change in accumulated other comprehensive income (loss) before reclassifications (63.3) 42.1 (67.1)
Amounts reclassified from accumulated other comprehensive income (loss) 0.0 0.0 0.0
Total other comprehensive income (loss) (63.3) 42.1 (67.1)
Ending balance (415.2) (351.9) (394.0)
Net unrealized gains (losses) on securities      
AOCI:      
Beginning balance (305.5) (513.2) 256.6
Change in accumulated other comprehensive income (loss) before reclassifications (43.0) 171.9 (808.7)
Amounts reclassified from accumulated other comprehensive income (loss) 56.6 35.8 38.9
Total other comprehensive income (loss) 13.6 207.7 (769.8)
Ending balance (291.9) (305.5) (513.2)
Net unrealized gains on derivative transactions      
AOCI:      
Beginning balance 8.5 9.8 12.4
Change in accumulated other comprehensive income (loss) before reclassifications 0.0 (0.6) 0.0
Amounts reclassified from accumulated other comprehensive income (loss) (6.3) (0.7) (2.6)
Total other comprehensive income (loss) (6.3) (1.3) (2.6)
Ending balance 2.2 8.5 9.8
Unamortized net losses on Pension Plans      
AOCI:      
Beginning balance (116.1) (88.8) (92.1)
Change in accumulated other comprehensive income (loss) before reclassifications (13.4) (17.6) 9.0
Amounts reclassified from accumulated other comprehensive income (loss) (1.7) (9.7) (5.7)
Total other comprehensive income (loss) (15.1) (27.3) 3.3
Ending balance $ (131.2) $ (116.1) $ (88.8)
v3.25.0.1
Accumulated Other Comprehensive Income (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount reclassified from AOCI      
Provision for income taxes $ 167.1 $ 164.3 $ 73.3
Net of tax (760.2) (642.5) (276.6)
Underwriting, selling, general and administrative expenses 8,076.7 7,695.1 7,366.3
Income before income tax expense (927.3) (806.8) (349.9)
Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Net of tax 48.6 25.4 30.6
Net unrealized losses on investments | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Net realized losses on investments and fair value changes to equity securities 71.6 45.3 49.2
Provision for income taxes (15.0) (9.5) (10.3)
Net of tax 56.6 35.8 38.9
Net unrealized gains on derivative transactions | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Provision for income taxes 1.7 0.2 0.6
Net of tax (6.3) (0.7) (2.6)
Interest expense (2.8) (3.4) (3.2)
Underwriting, selling, general and administrative expenses (5.2) 2.5 0.0
Income before income tax expense (8.0) (0.9) (3.2)
Unamortized net losses on Pension Plans | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Provision for income taxes 0.4 2.6 1.5
Net of tax (1.7) (9.7) (5.7)
Income before income tax expense (2.1) (12.3) (7.2)
Amortization of net loss | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Underwriting, selling, general and administrative expenses 1.2 1.0 4.4
Amortization of prior service credit | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Underwriting, selling, general and administrative expenses (13.5) (13.5) (13.5)
Settlement loss | Reclassification out of Accumulated other Comprehensive Income      
Amount reclassified from AOCI      
Underwriting, selling, general and administrative expenses $ 10.2 $ 0.2 $ 1.9
v3.25.0.1
Statutory Information (Statutory Net Income and Capital and Surplus) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statutory Accounting Practices [Line Items]      
Total statutory net income $ 568.2 $ 543.1 $ 303.5
Total statutory capital and surplus 1,728.3 1,549.0  
Property and casualty companies      
Statutory Accounting Practices [Line Items]      
Total statutory net income 546.0 529.4 283.5
Total statutory capital and surplus 1,642.8 1,461.4  
Life and health companies      
Statutory Accounting Practices [Line Items]      
Total statutory net income 22.2 13.7 $ 20.0
Total statutory capital and surplus $ 85.5 $ 87.6  
v3.25.0.1
Statutory Information (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Insurance [Abstract]  
Statutory surplus, percentage 10.00%
Maximum dividend paid $ 524.2
v3.25.0.1
Retirement and Other Employee Benefits (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Feb. 29, 2020
Defined Benefit Plan Disclosure [Line Items]          
Percentage of pension plan deficit added to amount of service cost 15.00%        
Pension contributions $ 0        
Future pension contributions $ 0        
Length of averaging method 5 years        
Number of bonds in yield curve that is utilized in the cash flow analysis for the pension plan | security 341        
Percentage of actual return on plan assets 1.70% 5.60% (16.90%)    
Amounts expensed by contribution plan $ 43,500,000 $ 44,100,000 $ 44,100,000    
Minimum          
Defined Benefit Plan Disclosure [Line Items]          
Number of years to maturity for bonds in yield curve that is utilized in the cash flow analysis for the pension plan 0 years        
Maximum          
Defined Benefit Plan Disclosure [Line Items]          
Number of years to maturity for bonds in yield curve that is utilized in the cash flow analysis for the pension plan 30 years        
Defined Benefit Postretirement Health Coverage          
Defined Benefit Plan Disclosure [Line Items]          
Defined benefit plan, discount rate         1.55%
Reduction to benefits obligations       $ 65,600,000  
Fixed Income          
Defined Benefit Plan Disclosure [Line Items]          
Plan assets target allocation percentage 80.00%        
Fixed Maturity Energy and Power          
Defined Benefit Plan Disclosure [Line Items]          
Weighted average plan asset allocation 18.00%        
Maximum exposure to creditor 4.00%        
Fixed Maturity Finance and Real Estate          
Defined Benefit Plan Disclosure [Line Items]          
Weighted average plan asset allocation 17.00%        
Maximum exposure to creditor 5.00%        
Fixed Maturity Communication Industries          
Defined Benefit Plan Disclosure [Line Items]          
Weighted average plan asset allocation 11.00%        
Maximum exposure to creditor 13.00%        
Real estate          
Defined Benefit Plan Disclosure [Line Items]          
Plan assets target allocation percentage 10.00%        
Hedge funds          
Defined Benefit Plan Disclosure [Line Items]          
Plan assets target allocation percentage 5.00%        
Equities          
Defined Benefit Plan Disclosure [Line Items]          
Plan assets target allocation percentage 5.00%        
Weighted average plan asset allocation 5.00%        
Mutual funds - U.S. listed large cap          
Defined Benefit Plan Disclosure [Line Items]          
Weighted average plan asset allocation 100.00%        
Fixed maturity securities          
Defined Benefit Plan Disclosure [Line Items]          
Weighted average plan asset allocation 87.00%        
v3.25.0.1
Retirement and Other Employee Benefits (Pension Benefits and Retirement Health Benefits Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Change in projected benefit obligation      
Projected benefit obligation at beginning of year $ (599.8) $ (598.5)  
Interest cost (28.9) (30.5) $ (18.0)
Actuarial gain 49.5 (15.8)  
Benefits paid 35.1 45.0  
Projected benefit obligation at end of year (544.1) (599.8) (598.5)
Change in plan assets      
Fair value of plan assets at beginning of year 636.7 641.8  
Actual return on plan assets 11.2 35.9  
Employer contributions 4.7 5.4  
Settlements (34.3) 0.0  
Benefits paid (including administrative expenses) (37.0) (46.4)  
Net transfer in/(out) (including effect of any business combinations/divestitures) 0.0 0.0  
Fair value of plan assets at end of year 581.3 636.7 641.8
Funded status at end of year 37.2 36.9  
Retirement Health Benefits      
Change in projected benefit obligation      
Projected benefit obligation at beginning of year (4.9) (9.9)  
Interest cost (0.2) (0.4) (0.1)
Actuarial gain (0.5) 0.3  
Benefits paid 4.7 5.1  
Projected benefit obligation at end of year (0.9) (4.9) (9.9)
Change in plan assets      
Fair value of plan assets at beginning of year 26.0 29.4  
Actual return on plan assets 0.3 1.5  
Employer contributions 0.2 0.2  
Settlements 0.0 0.0  
Benefits paid (including administrative expenses) (4.7) (5.1)  
Net transfer in/(out) (including effect of any business combinations/divestitures) (21.8) 0.0  
Fair value of plan assets at end of year 0.0 26.0 $ 29.4
Funded status at end of year $ (0.9) $ 21.1  
v3.25.0.1
Retirement and Other Employee Benefits (Projected Benefit Obligations and the Accumulated Benefit Obligations) (Details) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 581.3 $ 636.7 $ 641.8
Projected benefit obligation (544.1) (599.8) $ (598.5)
Funded status at end of year 37.2 36.9  
Accumulated benefit obligation 544.1 599.8  
Qualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 581.3 636.7  
Projected benefit obligation (497.2) (550.1)  
Funded status at end of year 84.1 86.6  
Accumulated benefit obligation 497.2 550.1  
Unfunded Nonqualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Projected benefit obligation (46.9) (49.7)  
Funded status at end of year (46.9) (49.7)  
Accumulated benefit obligation $ 46.9 $ 49.7  
v3.25.0.1
Retirement and Other Employee Benefits (Recognized in Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Assets $ 84.1 $ 86.6
Liabilities (46.9) (49.7)
Retirement Health Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Assets 0.0 21.1
Liabilities $ (0.9) $ 0.0
v3.25.0.1
Retirement and Other Employee Benefits (Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Net (loss) gain $ (162.7) $ (158.5) $ (137.5)
Prior service (cost) credit (0.3) (0.3) (0.4)
Total recognized in accumulated other comprehensive (loss) income (163.0) (158.8) (137.9)
Retirement Health Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Net (loss) gain (3.3) (1.8) (2.1)
Prior service (cost) credit 0.0 13.4 27.2
Total recognized in accumulated other comprehensive (loss) income $ (3.3) $ 11.6 $ 25.1
v3.25.0.1
Retirement and Other Employee Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Net periodic benefit cost      
Interest cost $ 28.9 $ 30.5 $ 18.0
Expected return on plan assets (40.1) (40.9) (27.5)
Amortization of prior service credit (cost) 0.0 0.0 0.1
Amortization of net loss (gain) 1.2 1.0 5.1
Curtailment/settlement loss 10.2 0.2 1.9
Net periodic benefit cost 0.2 (9.2) (2.4)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income      
Net (gain) loss 15.5 22.2 (18.6)
Amortization of prior service (cost) credit 0.0 0.0 (0.1)
Amortization of net (loss) gain (11.3) (1.2) (7.0)
Total recognized in accumulated other comprehensive (loss) income 4.2 21.0 (25.7)
Total recognized in net periodic benefit cost and other comprehensive (loss) income 4.4 11.8 (28.1)
Retirement Health Benefits      
Net periodic benefit cost      
Interest cost 0.2 0.4 0.1
Expected return on plan assets (1.3) (1.5) (1.4)
Amortization of prior service credit (cost) (13.6) (13.6) (13.6)
Amortization of net loss (gain) 0.0 0.0 (0.7)
Curtailment/settlement loss 0.0 0.0 0.0
Net periodic benefit cost (14.7) (14.7) (15.6)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income      
Net (gain) loss 1.5 (0.2) 7.6
Amortization of prior service (cost) credit 13.6 13.6 13.6
Amortization of net (loss) gain 0.0 0.0 0.7
Total recognized in accumulated other comprehensive (loss) income 15.1 13.4 21.9
Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 0.4 $ (1.3) $ 6.3
v3.25.0.1
Retirement and Other Employee Benefits (Weighted Average Assumptions Used to Determine Projected Benefit Obligation) (Details)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits | Qualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.60% 5.14% 5.42%
Pension Benefits | Unfunded Nonqualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.51% 5.11% 5.42%
Retirement Health Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.69% 5.63% 5.36%
v3.25.0.1
Retirement and Other Employee Benefits (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits | Qualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Effective discount rate for benefit obligations 5.14% 5.42% 2.79%
Effective rate for interest on benefit obligations 5.07% 5.34% 2.30%
Expected long-term return on plan assets 5.70% 5.70% 3.65%
Pension Benefits | Unfunded Nonqualified Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Effective discount rate for benefit obligations 5.11% 5.42% 2.68%
Effective rate for interest on benefit obligations 5.04% 5.33% 2.05%
Expected long-term return on plan assets 0.00% 0.00% 0.00%
Retirement Health Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Effective discount rate for benefit obligations 5.24% 5.36% 1.08%
Effective rate for interest on benefit obligations 5.86% 5.37% 1.02%
Expected long-term return on plan assets 5.70% 5.70% 3.65%
v3.25.0.1
Retirement and Other Employee Benefits (Health Care Cost Trend Rates) (Details) - Retirement Health Benefits
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Health care cost trend rate assumed for next year, pre-65 non-reimbursement plan 5.60% 5.40%
Health care cost trend rate assumed for next year, post-65 non-reimbursement plan (Medical) 4.00% 4.20%
Health care cost trend rate assumed for next year, post-65 non-reimbursement plan (Rx) 7.00% 6.60%
Health care cost trend rate assumed for next year, pre-65 reimbursement plan 5.50% 5.40%
Health care cost trend rate assumed for next year, post-65 reimbursement plan 5.50% 5.40%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00% 4.00%
Year that the rate reaches the ultimate trend rate, pre-65, non-reimbursement plan 2045 2045
Year that the rate reaches the ultimate trend rate, post-65, non-reimbursement plan (Medical & Rx) 2045 2045
Year that the rate reaches the ultimate trend rate, pre-65, reimbursement plan 2045 2045
Year that the rate reaches the ultimate trend rate, post-65, reimbursement plan 2045 2045
v3.25.0.1
Retirement and Other Employee Benefits (Fair Value Hierarchy for Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets $ 647.6 $ 684.1
Pension Benefits | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 7.8 13.9
Pension Benefits | Preferred stock    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   1.0
Pension Benefits | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 29.2 35.2
Pension Benefits | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 144.0 164.1
Pension Benefits | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 334.7 344.1
Pension Benefits | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 10.9 14.0
Pension Benefits | Mutual funds - U.S. investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 14.4  
Pension Benefits | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 43.6 36.2
Pension Benefits | Level 1 | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Pension Benefits | Level 1 | Preferred stock    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   1.0
Pension Benefits | Level 1 | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 29.2 35.2
Pension Benefits | Level 1 | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Pension Benefits | Level 1 | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Pension Benefits | Level 1 | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Pension Benefits | Level 1 | Mutual funds - U.S. investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 14.4  
Pension Benefits | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 497.4 536.1
Pension Benefits | Level 2 | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 7.8 13.9
Pension Benefits | Level 2 | Preferred stock    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   0.0
Pension Benefits | Level 2 | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Pension Benefits | Level 2 | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 144.0 164.1
Pension Benefits | Level 2 | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 334.7 344.1
Pension Benefits | Level 2 | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 10.9 14.0
Pension Benefits | Level 2 | Mutual funds - U.S. investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0  
Pension Benefits | Assets measured at NAV    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 106.6 111.8
Pension Benefits | Assets measured at NAV | Hedge funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 46.9 41.6
Pension Benefits | Assets measured at NAV | Private equity fund    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 4.7 5.9
Pension Benefits | Assets measured at NAV | Real estate    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 55.0 64.3
Retirement Health Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 27.9
Retirement Health Benefits | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.6
Retirement Health Benefits | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 1.4
Retirement Health Benefits | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 6.7
Retirement Health Benefits | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 14.0
Retirement Health Benefits | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.6
Retirement Health Benefits | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 1.4
Retirement Health Benefits | Level 1 | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Retirement Health Benefits | Level 1 | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 1.4
Retirement Health Benefits | Level 1 | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Retirement Health Benefits | Level 1 | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Retirement Health Benefits | Level 1 | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Retirement Health Benefits | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 21.9
Retirement Health Benefits | Level 2 | Short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.6
Retirement Health Benefits | Level 2 | Mutual funds - U.S. listed large cap    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.0
Retirement Health Benefits | Level 2 | U.S. & foreign government and government agencies and authorities    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 6.7
Retirement Health Benefits | Level 2 | Corporate - U.S. & foreign investment grade    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 14.0
Retirement Health Benefits | Level 2 | Corporate - U.S. & foreign high yield    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets 0.0 0.6
Retirement Health Benefits | Assets measured at NAV    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets $ 0.0 4.6
Retirement Health Benefits | Assets measured at NAV | Hedge funds    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   1.7
Retirement Health Benefits | Assets measured at NAV | Private equity fund    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   0.3
Retirement Health Benefits | Assets measured at NAV | Real estate    
Defined Benefit Plan Disclosure [Line Items]    
Total financial assets   $ 2.6
v3.25.0.1
Retirement and Other Employee Benefits (Estimated Future Benefit Payments From the Plans) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 49.6
2026 49.7
2027 48.2
2028 48.1
2029 48.1
2030 - 2034 215.3
Total 459.0
Retirement Health Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2025 0.1
2026 0.1
2027 0.1
2028 0.0
2029 0.0
2030 - 2034 0.3
Total $ 0.6
v3.25.0.1
Earnings Per Common Share (Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator      
Net income $ 760.2 $ 642.5 $ 276.6
Less: Common stock dividends paid (155.9) (152.3) (150.2)
Undistributed earnings, basic 604.3 490.2 126.4
Undistributed earnings, diluted $ 604.3 $ 490.2 $ 126.4
Denominator      
Weighted average common shares outstanding used in basic per common share calculations (in shares) 52,231,729 53,455,139 54,371,531
Incremental common shares from:      
Weighted average common shares used in diluted per common share calculations (in shares) 52,581,102 53,783,069 54,782,528
Basic      
Distributed earnings (in dollars per share) $ 2.99 $ 2.85 $ 2.76
Undistributed earnings (in dollars per share) 11.56 9.17 2.33
Net income (in dollars per share) 14.55 12.02 5.09
Diluted      
Distributed earnings (in dollars per share) 2.97 2.83 2.74
Undistributed earnings (in dollars per share) 11.49 9.12 2.31
Net income (in dollars per share) $ 14.46 $ 11.95 $ 5.05
PSUs      
Incremental common shares from:      
Incremental common shares (in shares) 324,484 294,808 348,036
ESPP      
Incremental common shares from:      
Incremental common shares (in shares) 24,889 33,122 62,961
v3.25.0.1
Earnings Per Common Share (Narrative) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Outstanding anti-dilutive shares excluded from diluted EPS calculation (in shares) 48,859 56,456 52,982
v3.25.0.1
Restructuring and Related Impairment Charges (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]    
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Underwriting, selling, general and administrative expenses Underwriting, selling, general and administrative expenses
v3.25.0.1
Restructuring and Related Impairment Charges (Restructuring and Related Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]    
Costs incurred $ 5.4 $ 34.3
Estimated Remaining Costs 0.0  
Estimated Total Costs 92.6  
Transformational Plan    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 4.5 21.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 57.2  
Return to Work Strategy (contract exit costs)    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.9 13.3
Estimated Remaining Costs 0.0  
Estimated Total Costs 35.4  
Severance and other employee benefits | Transformational Plan    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 4.5 21.0
Estimated Remaining Costs 0.0  
Estimated Total Costs 57.2  
Contract exit costs | Return to Work Strategy (contract exit costs)    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.9 6.5
Estimated Remaining Costs 0.0  
Estimated Total Costs 22.9  
Fixed asset impairment | Return to Work Strategy (contract exit costs)    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.0 1.2
Estimated Remaining Costs 0.0  
Estimated Total Costs 2.3  
Right-of-use asset impairment | Return to Work Strategy (contract exit costs)    
Restructuring Cost and Reserve [Line Items]    
Costs incurred 0.0 $ 5.6
Estimated Remaining Costs 0.0  
Estimated Total Costs $ 10.2  
v3.25.0.1
Restructuring and Related Impairment Charges (Rollforward of Accrued Liability) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Transformational Plan    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 27.8 $ 29.3
Charges incurred 5.5 23.0
Non-cash adjustment (1.0) (2.0)
Cash payments (18.9) (22.5)
Restructuring reserve, ending balance 13.4 27.8
Return to Work Strategy (contract exit costs)    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 17.1 19.3
Charges incurred 1.1 8.8
Non-cash adjustment (0.2) (2.3)
Cash payments (6.8) (8.7)
Restructuring reserve, ending balance $ 11.2 $ 17.1
v3.25.0.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]      
Operating lease liability $ 62.4 $ 35.3  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accounts payable and other liabilities (including allowances for credit losses of $1.4 and $8.3 at December 31, 2024 and 2023) Accounts payable and other liabilities (including allowances for credit losses of $1.4 and $8.3 at December 31, 2024 and 2023)  
Lease, right of use asset $ 54.1 $ 23.0  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets (net of allowances for credit losses of $0.6 and $0.7 at December 31, 2024 and 2023, respectively) Other assets (net of allowances for credit losses of $0.6 and $0.7 at December 31, 2024 and 2023, respectively)  
Operating lease cost $ 23.2 $ 19.0 $ 18.1
Cash outflows reducing the lease liability $ 23.4 $ 19.4 19.3
Weighted average remaining lease term (in years) 5 years 2 months 12 days 5 years  
Discount rate 5.60% 5.00%  
Short-term lease cost $ 1.1 $ 1.1 $ 1.5
Letters of credit outstanding $ 1.8 $ 2.9  
v3.25.0.1
Commitments and Contingencies (Future Minimum Lease Payments for Operating Leases) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]    
2025 $ 17.7  
2026 16.2  
2027 12.6  
2028 9.8  
2029 8.3  
Thereafter 7.1  
Total future lease payments 71.7  
Less: Imputed interest (9.3)  
Total lease liability $ 62.4 $ 35.3
v3.25.0.1
Subsequent Events (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Subsequent Events [Abstract]  
Reinsurance, amount retained, per event $ 150
v3.25.0.1
Schedule I – Summary of Investments - Other Than Investments in Related Parties (Details)
$ in Millions
Dec. 31, 2024
USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost $ 8,924.4
Amount at which shown in balance sheet 8,544.5
Fixed maturity securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 7,524.8
Fair Value 7,175.1
Amount at which shown in balance sheet 7,175.1
U.S. government and government agencies and authorities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 54.5
Fair Value 51.2
Amount at which shown in balance sheet 51.2
States, municipalities and political subdivisions  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 128.7
Fair Value 119.1
Amount at which shown in balance sheet 119.1
Foreign governments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 484.6
Fair Value 462.1
Amount at which shown in balance sheet 462.1
Asset-backed  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 940.3
Fair Value 937.3
Amount at which shown in balance sheet 937.3
Commercial mortgage-backed  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 371.8
Fair Value 336.4
Amount at which shown in balance sheet 336.4
Residential mortgage-backed  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 690.0
Fair Value 641.1
Amount at which shown in balance sheet 641.1
U.S. corporate  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 3,364.3
Fair Value 3,187.4
Amount at which shown in balance sheet 3,187.4
Foreign corporate  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 1,490.6
Fair Value 1,440.5
Amount at which shown in balance sheet 1,440.5
Equity securities:  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 238.7
Fair Value 208.5
Amount at which shown in balance sheet 208.5
Common stocks  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 32.3
Fair Value 3.5
Amount at which shown in balance sheet 3.5
Non-redeemable preferred stocks  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 177.5
Fair Value 176.2
Amount at which shown in balance sheet 176.2
Mutual funds  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 28.9
Fair Value 28.8
Amount at which shown in balance sheet 28.8
Commercial mortgage loans on real estate  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 342.5
Amount at which shown in balance sheet 342.5
Short-term investments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 281.6
Amount at which shown in balance sheet 281.6
Other investments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Cost or Amortized Cost 536.8
Amount at which shown in balance sheet $ 536.8
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments:        
Fixed maturity securities available for sale, at fair value (amortized cost – $485.7 and $492.2 at December 31, 2024 and 2023, respectively) $ 7,175.1 $ 6,912.1    
Other investments 536.8 499.0    
Total investments 8,544.5 8,220.9    
Cash and cash equivalents 1,807.7 1,627.4    
Accrued investment income 130.5 97.0    
Property and equipment, at cost less accumulated depreciation 768.3 685.8    
Other assets 983.7 862.3    
Total assets 35,020.6 33,635.2    
Liabilities        
Accounts payable and other liabilities 2,838.0 2,792.7    
Debt 2,083.1 2,080.6    
Total liabilities 29,913.9 28,825.7    
Stockholders’ equity        
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,129,838 and 54,252,083 shares issued and 50,833,749 and 51,955,994 shares outstanding at December 31, 2024 and 2023, respectively 0.5 0.6    
Additional paid-in capital 1,686.8 1,668.5    
Retained earnings 4,378.3 4,028.2    
Accumulated other comprehensive loss (836.1) (765.0)    
Treasury stock, at cost; 2,296,089 shares at December 31, 2024 and 2023 (122.8) (122.8)    
Total equity 5,106.7 4,809.5 $ 4,228.7 $ 5,464.1
Total liabilities and equity 35,020.6 33,635.2    
Parent Company        
Investments:        
Equity investment in subsidiaries 6,109.1 5,945.1    
Fixed maturity securities available for sale, at fair value (amortized cost – $485.7 and $492.2 at December 31, 2024 and 2023, respectively) 482.7 488.6    
Short-term investments 24.7 15.7    
Other investments 87.7 79.5    
Total investments 6,704.2 6,528.9    
Cash and cash equivalents 164.9 106.2    
Receivable from subsidiaries, net 42.9 77.7    
Income tax receivable 193.5 10.9    
Accrued investment income 4.1 4.6    
Property and equipment, at cost less accumulated depreciation 332.4 327.5    
Other assets 120.5 126.2    
Total assets 7,562.5 7,182.0    
Liabilities        
Accounts payable and other liabilities 372.7 291.9    
Debt 2,083.1 2,080.6    
Total liabilities 2,455.8 2,372.5    
Stockholders’ equity        
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 53,129,838 and 54,252,083 shares issued and 50,833,749 and 51,955,994 shares outstanding at December 31, 2024 and 2023, respectively 0.5 0.6    
Additional paid-in capital 1,686.8 1,668.5    
Retained earnings 4,378.3 4,028.2    
Accumulated other comprehensive loss (836.1) (765.0)    
Treasury stock, at cost; 2,296,089 shares at December 31, 2024 and 2023 (122.8) (122.8)    
Total equity 5,106.7 4,809.5    
Total liabilities and equity $ 7,562.5 $ 7,182.0    
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - Balance Sheet (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]        
Fixed maturity securities available for sale, amortized cost $ 7,524.8 $ 7,292.4    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01    
Common stock, shares authorized (in shares) 800,000,000 800,000,000    
Common stock shares issued (in shares) 53,129,838 54,252,083    
Common stock, shares outstanding (in shares) 50,833,749 51,955,994 52,830,381 55,754,113
Treasury stock, at cost (in shares) 2,296,089 2,296,089    
Parent Company        
Condensed Financial Statements, Captions [Line Items]        
Fixed maturity securities available for sale, amortized cost $ 485.7 $ 492.2    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01    
Common stock, shares authorized (in shares) 800,000,000 800,000,000    
Common stock shares issued (in shares) 53,129,838 54,252,083    
Common stock, shares outstanding (in shares) 50,833,749 51,955,994    
Treasury stock, at cost (in shares) 2,296,089 2,296,089    
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Net investment income $ 518.9 $ 489.1 $ 364.1
Net realized gains (losses) on investments and fair value changes to equity securities (75.8) (68.7) (179.7)
Fees and other income 1,638.6 1,323.2 1,243.3
Total revenues 11,877.5 11,131.6 10,193.0
Expenses      
Interest expense 107.0 108.0 108.3
(Gain) loss on extinguishment of debt 0.0 (0.1) 0.9
Total benefits, losses and expenses 10,950.2 10,324.8 9,843.1
Income before income tax expense 927.3 806.8 349.9
Benefit for income taxes 167.1 164.3 73.3
Net income 760.2 642.5 276.6
Parent Company      
Revenues      
Net investment income 28.8 21.0 13.8
Net realized gains (losses) on investments and fair value changes to equity securities 1.2 (9.8) (35.8)
Fees and other income 332.2 318.8 283.9
Equity in net income of subsidiaries 908.8 786.3 462.1
Total revenues 1,271.0 1,116.3 724.0
Expenses      
General and administrative expenses 480.5 419.0 402.4
Interest expense 107.0 108.0 108.3
(Gain) loss on extinguishment of debt 0.0 (0.1) 0.9
Total benefits, losses and expenses 587.5 526.9 511.6
Income before income tax expense 683.5 589.4 212.4
Benefit for income taxes (76.7) (53.1) (64.2)
Net income $ 760.2 $ 642.5 $ 276.6
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - 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 income $ 760.2 $ 642.5 $ 276.6
Other comprehensive income (loss):      
Change in unrealized gains on securities, net of taxes of $(0.1), $(3.4) and $4.5 for the years ended December 31, 2024, 2023 and 2022, respectively 13.6 207.7 (769.8)
Change in unrealized gains on derivative transactions, net of taxes of $1.7, $0.3 and $0.7 for the years ended December 31, 2024, 2023 and 2022, respectively (6.3) (1.3) (2.6)
Change in foreign currency translation, net of taxes of $0.0, $0.0 and $0.4 for the years ended December 31, 2024, 2023 and 2022, respectively (63.3) 42.1 (67.1)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, net of taxes of $4.0, $7.2 and $(0.8) for the years ended December 31, 2024, 2023 and 2022, respectively (15.1) (27.3) 3.3
Total other comprehensive income (loss) (71.1) 221.2 (836.2)
Total comprehensive income (loss) attributable to common stockholders 689.1 863.7 (559.6)
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Net income 760.2 642.5 276.6
Other comprehensive income (loss):      
Change in unrealized gains on securities, net of taxes of $(0.1), $(3.4) and $4.5 for the years ended December 31, 2024, 2023 and 2022, respectively 0.5 29.0 (20.2)
Change in unrealized gains on derivative transactions, net of taxes of $1.7, $0.3 and $0.7 for the years ended December 31, 2024, 2023 and 2022, respectively (6.3) (1.3) (2.6)
Change in foreign currency translation, net of taxes of $0.0, $0.0 and $0.4 for the years ended December 31, 2024, 2023 and 2022, respectively 0.0 0.0 (1.4)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, net of taxes of $4.0, $7.2 and $(0.8) for the years ended December 31, 2024, 2023 and 2022, respectively (15.2) (27.1) 3.0
Change in subsidiary other comprehensive income (50.1) 220.6 (815.0)
Total other comprehensive income (loss) (71.1) 221.2 (836.2)
Total comprehensive income (loss) attributable to common stockholders $ 689.1 $ 863.7 $ (559.6)
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - Comprehensive Income (Additional Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Change in unrealized gains on securities, tax $ (5.4) $ (52.6) $ 196.7
Change in unrealized gains on derivative transactions, tax 1.7 0.3 0.7
Change in foreign currency translation, tax 3.5 (2.3) (6.0)
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, tax 4.0 7.2 (0.9)
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Change in unrealized gains on securities, tax (0.1) (3.4) 4.5
Change in unrealized gains on derivative transactions, tax 1.7 0.3 0.7
Change in foreign currency translation, tax (0.0) (0.0) 0.4
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, tax $ 4.0 $ 7.2 $ (0.8)
v3.25.0.1
Schedule II – Condensed Financial Statements (Parent Only) - Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net cash provided by operating activities $ 1,332.7 $ 1,138.1 $ 596.9
Sales of:      
Fixed maturity securities available for sale 1,330.9 1,464.6 2,468.8
Equity securities 87.6 52.7 52.3
Other invested assets 91.6 90.7 144.7
Subsidiary, net of cash transferred (5.0) 0.0 4.8
Maturities, calls, prepayments, and scheduled redemption of:      
Fixed maturity securities available for sale 564.4 280.2 483.6
Purchases of:      
Fixed maturity securities available for sale (2,286.8) (2,146.8) (3,059.9)
Equity securities (60.9) (3.4) (27.3)
Other invested assets (101.9) (49.3) (111.8)
Property and equipment and other (221.3) (202.5) (186.3)
Change in short-term investments (27.0) (90.8) 80.7
Other 0.1 2.4 0.6
Net cash used in investing activities (657.8) (637.7) (262.1)
Financing activities      
Issuance of debt, net of issuance costs (Note 18 to the Consolidated Financial Statements) 0.0 173.2 0.0
Repayment of debt 0.0 (225.0) (75.9)
Acquisition of common stock (307.4) (193.1) (572.8)
Common stock dividends paid (155.9) (152.3) (150.2)
Employee stock purchases and withholdings (14.2) (4.2) (19.5)
Net cash used in financing activities (477.5) (403.9) (818.4)
Cash and cash equivalents at beginning of period 1,627.4 1,536.7 2,054.8
Cash and cash equivalents at end of period 1,807.7 1,627.4 1,536.7
Parent Company      
Operating activities      
Net cash provided by operating activities 447.9 345.1 209.0
Sales of:      
Fixed maturity securities available for sale 278.9 183.4 659.0
Equity securities 1.7 0.0 5.0
Other invested assets 0.0 8.0 2.2
Property, buildings and equipment 0.0 1.0 3.1
Subsidiary, net of cash transferred 0.0 0.0 4.8
Maturities, calls, prepayments, and scheduled redemption of:      
Fixed maturity securities available for sale 87.5 172.2 178.4
Purchases of:      
Fixed maturity securities available for sale (18.0) (155.4) (3.9)
Equity securities 0.0 0.0 (1.5)
Other invested assets (0.7) 0.0 (0.2)
Property and equipment and other (165.3) (175.1) (145.6)
Capital contributed to subsidiaries (87.8) (8.9) (91.8)
Return of capital contributions from subsidiaries 0.0 7.1 10.5
Change in short-term investments (8.0) 3.4 33.4
Other 0.0 0.0 (0.1)
Net cash used in investing activities 88.3 35.7 653.3
Financing activities      
Issuance of debt, net of issuance costs (Note 18 to the Consolidated Financial Statements) 0.0 173.2 0.0
Repayment of debt 0.0 (225.0) (75.9)
Acquisition of common stock (307.4) (193.1) (572.8)
Common stock dividends paid (155.9) (152.3) (150.2)
Employee stock purchases and withholdings (14.2) (4.2) (19.5)
Net cash used in financing activities (477.5) (401.4) (818.4)
Change in cash and cash equivalents 58.7 (20.6) 43.9
Cash and cash equivalents at beginning of period 106.2 126.8 82.9
Cash and cash equivalents at end of period $ 164.9 $ 106.2 $ 126.8
v3.25.0.1
Schedule III - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred acquisition costs $ 9,992.8 $ 9,967.2 $ 9,677.1
Future policy benefits and expenses 536.7 487.2 507.9
Unearned premiums 20,211.4 20,110.4 19,802.4
Claims and benefits payable 2,914.2 1,989.2 2,210.0
Premium revenue 9,795.8 9,388.0 8,765.3
Net investment income 518.9 489.1 364.1
Benefits claims,  losses and settlement expenses 2,766.5 2,521.8 2,359.8
Amortization of deferred acquisition costs 3,965.6 4,119.7 3,662.6
Other operating expenses 4,111.1 3,575.4 3,703.7
Property and Casualty premiums written 3,324.2 2,923.7 2,803.4
Corporate and Other      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred acquisition costs 3.1 2.7 3.3
Future policy benefits and expenses 528.9 478.6 498.4
Unearned premiums 10.4 5.0 5.3
Claims and benefits payable 155.0 229.3 255.2
Premium revenue 0.0 0.0 0.0
Net investment income 27.2 21.4 26.9
Benefits claims,  losses and settlement expenses 0.0 0.1 0.5
Amortization of deferred acquisition costs 0.0 0.0 0.0
Other operating expenses 149.8 130.5 126.1
Property and Casualty premiums written 0.0 0.0 0.0
Other Reconciling Items      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred acquisition costs 0.0 0.0 0.0
Future policy benefits and expenses 0.0 0.0 0.0
Unearned premiums 0.0 0.0 0.0
Claims and benefits payable 0.0 0.0 0.0
Premium revenue 8.8 10.9 61.4
Net investment income 7.8 10.5 7.8
Benefits claims,  losses and settlement expenses 17.7 51.8 118.6
Amortization of deferred acquisition costs 0.0 0.0 0.0
Other operating expenses 212.1 239.5 260.4
Property and Casualty premiums written 0.0 0.0 0.0
Global Lifestyle | Operating Segments      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred acquisition costs 9,853.7 9,853.1 9,566.9
Future policy benefits and expenses 7.8 8.6 9.5
Unearned premiums 18,387.4 18,550.5 18,328.4
Claims and benefits payable 873.9 770.0 665.0
Premium revenue 7,506.0 7,362.6 6,952.3
Net investment income 356.6 347.5 253.6
Benefits claims,  losses and settlement expenses 1,738.6 1,607.9 1,356.6
Amortization of deferred acquisition costs 3,736.6 3,916.2 3,430.0
Other operating expenses 3,075.3 2,592.5 2,719.5
Property and Casualty premiums written 830.8 848.3 907.1
Global Housing | Operating Segments      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred acquisition costs 136.0 111.4 106.9
Future policy benefits and expenses 0.0 0.0 0.0
Unearned premiums 1,813.6 1,554.9 1,468.7
Claims and benefits payable 1,885.3 989.9 1,289.8
Premium revenue 2,281.0 2,014.5 1,751.6
Net investment income 127.3 109.7 75.8
Benefits claims,  losses and settlement expenses 1,010.2 862.0 884.1
Amortization of deferred acquisition costs 229.0 203.5 232.6
Other operating expenses 673.9 612.9 597.7
Property and Casualty premiums written $ 2,493.4 $ 2,075.4 $ 1,896.3
v3.25.0.1
Schedule IV – Reinsurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance [Line Items]      
Life insurance in force, direct amount $ 7,097.2 $ 7,555.8 $ 7,208.5
Life insurance in force, ceded to other companies 4,659.9 5,023.0 4,837.8
Life insurance in force, assumed from other companies 0.2 0.4 1.7
Life insurance in force, net $ 2,437.5 $ 2,533.2 $ 2,372.4
Life insurance in force, percentage of amount assumed to net 0.00% 0.00% 0.10%
Premiums, direct amount $ 18,833.5 $ 18,322.8 $ 17,494.6
Premiums, ceded to other companies 9,216.3 9,121.2 8,926.0
Premiums, assumed from other companies 178.6 186.4 196.7
Net earned premiums $ 9,795.8 $ 9,388.0 $ 8,765.3
Premiums, percentage of amount assumed to net 1.80% 2.00% 2.20%
Direct policyholder benefits $ 8,810.8 $ 7,604.7 $ 7,672.4
Benefits, ceded to other companies 6,321.3 5,324.8 5,476.0
Benefits, assumed from other companies 277.0 241.9 163.4
Net policyholder benefits $ 2,766.5 $ 2,521.8 $ 2,359.8
Benefits, percentage of amount assumed to net 10.00% 9.60% 6.90%
Life insurance      
Reinsurance [Line Items]      
Premiums, direct amount $ 198.0 $ 162.9 $ 166.7
Premiums, ceded to other companies 141.9 127.8 128.2
Premiums, assumed from other companies 0.1 0.1 0.1
Net earned premiums $ 56.2 $ 35.2 $ 38.6
Premiums, percentage of amount assumed to net 0.20% 0.30% 0.30%
Direct policyholder benefits $ 36.5 $ 24.5 $ 32.2
Benefits, ceded to other companies 24.0 14.0 20.6
Benefits, assumed from other companies 0.0 0.1 0.0
Net policyholder benefits $ 12.5 $ 10.6 $ 11.6
Benefits, percentage of amount assumed to net 0.00% 0.90% 0.00%
Accident and health insurance      
Reinsurance [Line Items]      
Premiums, direct amount $ 342.8 $ 525.2 $ 508.4
Premiums, ceded to other companies 250.9 341.5 331.0
Premiums, assumed from other companies 2.6 3.0 3.0
Net earned premiums $ 94.5 $ 186.7 $ 180.4
Premiums, percentage of amount assumed to net 2.80% 1.60% 1.70%
Direct policyholder benefits $ 53.7 $ 77.2 $ 76.8
Benefits, ceded to other companies 47.4 60.2 65.5
Benefits, assumed from other companies 0.0 0.5 0.4
Net policyholder benefits $ 6.3 $ 17.5 $ 11.7
Benefits, percentage of amount assumed to net 0.00% 2.90% 3.40%
Property and liability insurance      
Reinsurance [Line Items]      
Premiums, direct amount $ 18,292.7 $ 17,634.7 $ 16,819.5
Premiums, ceded to other companies 8,823.5 8,651.9 8,466.8
Premiums, assumed from other companies 175.9 183.3 193.6
Net earned premiums $ 9,645.1 $ 9,166.1 $ 8,546.3
Premiums, percentage of amount assumed to net 1.80% 2.00% 2.30%
Direct policyholder benefits $ 8,720.6 $ 7,503.0 $ 7,563.4
Benefits, ceded to other companies 6,249.9 5,250.6 5,389.9
Benefits, assumed from other companies 277.0 241.3 163.0
Net policyholder benefits $ 2,747.7 $ 2,493.7 $ 2,336.5
Benefits, percentage of amount assumed to net 10.10% 9.70% 7.00%
v3.25.0.1
Schedule V – Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 42.9 $ 52.0 $ 43.1
Charged to Costs and Expenses (8.3) (4.4) 11.9
Charged to Other Accounts 5.4 (1.1) (1.0)
Deductions 2.6 3.6 2.0
Balance at End of Year 37.4 42.9 52.0
Valuation allowance for foreign deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 16.1 23.6 25.1
Charged to Costs and Expenses (5.2) (7.5) (1.5)
Charged to Other Accounts 5.8 0.0 0.0
Deductions 0.0 0.0 0.0
Balance at End of Year 16.7 16.1 23.6
Commercial mortgage loans on real estate      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 4.0 1.8 1.1
Charged to Costs and Expenses 2.5 2.2 0.7
Charged to Other Accounts 0.0 0.0 0.0
Deductions 0.0 0.0 0.0
Balance at End of Year 6.5 4.0 1.8
Premiums and accounts receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 9.0 9.2 9.4
Charged to Costs and Expenses 1.1 3.5 2.0
Charged to Other Accounts (0.3) (0.1) (0.2)
Deductions 2.6 3.6 2.0
Balance at End of Year 7.2 9.0 9.2
Dealer loan receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 0.7 1.7 2.5
Charged to Costs and Expenses 0.0 0.0 0.0
Charged to Other Accounts (0.1) (1.0) (0.8)
Deductions 0.0 0.0 0.0
Balance at End of Year 0.6 0.7 1.7
Reinsurance recoverables      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 4.8 5.4 5.0
Charged to Costs and Expenses 0.2 (0.6) 0.4
Charged to Other Accounts 0.0 0.0 0.0
Deductions 0.0 0.0 0.0
Balance at End of Year 5.0 4.8 5.4
High deductible recoverables      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 8.3 10.3 0.0
Charged to Costs and Expenses (6.9) (2.0) 10.3
Charged to Other Accounts 0.0 0.0 0.0
Deductions 0.0 0.0 0.0
Balance at End of Year $ 1.4 $ 8.3 $ 10.3