10-Q 1 argo-20240331.htm 10-Q argo-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from              to             
Commission file number: 1-15259
ARGO GROUP INTERNATIONAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware 98-0214719
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
501 7th Avenue 7th Floor 501 7th Avenue 7th Floor
New York10018New York10018
New YorkNew York
(Address of principal executive offices) (Mailing address)
(Registrant’s telephone number, including area code): (210) 321-8400
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
6.500% Senior Notes due 2042 issued by Argo Group US, Inc. and The Guarantee With Respects Thereto ARGDNew York Stock Exchange
Depositary Shares, Each Representing a 1/1000th Interest in 7.00% Resettable Fixed Rate Preferred Stock, Series A, Par Value $1.00 Per Share
ARGOPrANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding (net of treasury shares) of each of the issuer’s classes of common stock as of May 9, 2024.
As of May 9, 2024, the registrant had 1,156,638,730 shares of common stock outstanding.



ARGO GROUP INTERNATIONAL HOLDINGS, INC.

Unless otherwise stated in this report, references to “Argo Group,” “we,” “us,” “our,” or “the Company” refer to Argo Group International Holdings, Inc. and its subsidiaries. On November 30, 2023, we changed our jurisdiction of incorporation from Bermuda to the State of Delaware, which we refer to herein as the Redomestication. All references to “Argo Group,” “we,” “us,” “our,” or “the Company” on or before November 30, 2023 refer to Argo Group International Holdings, Ltd., an exempted company incorporated pursuant to the laws of Bermuda, and its subsidiaries. All such references after November 30, 2023 refer to Argo Group International Holdings, Inc., a Delaware corporation, and its subsidiaries. All references to “common stock” on or before November 30, 2023 refer to the common shares of Argo Group International Holdings, Ltd. prior to the Redomestication, and all such references after November 30, 2023 refer to the common stock of Argo Group International Holdings, Inc. after the Redomestication. All references to “preferred stock” on or before November 30, 2023 refer to the Series A Preference shares of Argo Group International Holdings, Ltd. prior to the Redomestication, and all such references after November 30, 2023 refer to the Series A Preferred stock of Argo Group International Holdings, Inc. after the Redomestication. For additional detail, please see “Item 1. Business—Corporate Information” of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 19, 2024.

2

ARGO GROUP INTERNATIONAL HOLDINGS, INC.

INDEX
  Page
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

3

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
ARGO GROUP INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares and per share amounts)
 
As ofAs of
March 31,
2024
December 31,
2023
 (Unaudited) 
Assets 
Investments:  
Fixed maturities available-for-sale, at fair value (cost: 2024 - $2,370.0, 2023 - $2,521.5; allowance for expected credit losses: 2024 - $0.2, 2023 - $0.2)
$2,413.4 $2,585.4 
Mortgage loans (cost: 2024 - $171.6, 2023 - $144.8; allowance for expected credit losses: 2024 - $0.5, 2023 - $0.2)
171.1 144.6 
Equity securities, at fair value (cost: 2024 - $9.5; 2023 - $11.7)
8.6 10.7 
Other investments (cost: 2024 - $344.4; 2023 - $311.0)
344.4 311.0 
Short-term investments, at fair value (cost: 2024 - $1,073.7; 2023 - $429.0)
1,073.6 429.5 
Total investments4,011.1 3,481.2 
Cash, restricted cash and cash equivalents462.4 791.6 
Accrued investment income18.0 20.4 
Premiums receivable209.8 230.7 
Reinsurance recoverables2,933.1 2,959.3 
Other intangible assets, net of accumulated amortization170.3 180.6 
Current income taxes receivable, net54.2 53.1 
Deferred tax asset, net41.7 39.1 
Deferred acquisition costs, net32.2 7.2 
Ceded unearned premiums353.7 356.0 
Operating lease right-of-use assets52.8 51.2 
Other assets196.9 189.1 
Value of business acquired, net of accumulated amortization110.9 143.6 
Total assets$8,647.1 $8,503.1 
Liabilities and Stockholders' Equity
Reserves for losses and loss adjustment expenses$5,543.1 $5,544.5 
Unearned premiums842.1 916.6 
Accrued underwriting expenses and other liabilities56.3 73.9 
Ceded reinsurance payable, net229.4 192.7 
Funds held48.6 57.3 
Borrowing under revolving credit facility100.0  
Senior unsecured fixed rate notes128.1 128.0 
Junior subordinated debentures241.6 241.2 
Operating lease liabilities53.4 51.4 
Total liabilities7,242.6 7,205.6 
Commitments and contingencies (Note 12)
Stockholders' equity:
Series A Preferred stock and additional paid-in capital - $1.00 par, 30,000,000 shares authorized; 6,000 and 6,000 shares issued at March 31, 2024 and December 31, 2023, respectively; liquidation preference $25,000
137.1 137.1 
Common stock - $1.00 par, 2,000,000,000 shares authorized; 1,156,638,730 and 1,056,638,730 shares issued at March 31, 2024 and December 31, 2023, respectively
1,156.6 1,056.6 
Additional paid-in capital51.1 51.1 
Retained earnings23.9 0.9 
Accumulated other comprehensive income, net of taxes35.8 51.8 
Total stockholders' equity1,404.5 1,297.5 
Total liabilities and stockholders' equity$8,647.1 $8,503.1 
See accompanying notes.
4

ARGO GROUP INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
SuccessorPredecessor
 Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Premiums and other revenue:
Net earned premiums$313.7 $389.9 
Net investment income58.8 29.7 
Net investment and other gains (losses):
Net realized investment and other gains (losses)6.2 (21.1)
Change in fair value recognized 3.3 
Change in allowance for credit losses on fixed maturity securities (0.1)
Total net investment and other gains (losses)6.2 (17.9)
Total revenue378.7 401.7 
Expenses:
Losses and loss adjustment expenses220.0 284.6 
Underwriting, acquisition and general expenses117.1 137.0 
Non-operating expenses7.7 11.6 
Interest expense8.7 8.5 
Fee and other (income) expense, net (0.4)
Foreign currency exchange (gains) losses(2.0)2.7 
Total expenses351.5 444.0 
Income (loss) before income taxes27.2 (42.3)
Income tax provision (benefit)1.6 (8.5)
Net income (loss)$25.6 $(33.8)
Dividends on Series A Preferred stock2.6 2.6 
Net income (loss) attributable to common stockholders$23.0 $(36.4)
Net income (loss) attributable to common stockholders per share of common stock:
Basic$(1.04)
Diluted$(1.04)
Dividend declared per share of common stock$ 
Weighted average common stock:
Basic35,099,968 
Diluted35,099,968 
 
See accompanying notes.
5

ARGO GROUP INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
SuccessorPredecessor
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Net income (loss)$25.6 $(33.8)
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments(0.1)0.4 
Reclassification adjustment for foreign currency translation included in net income  
Defined benefit pension plans:
Net gain arising during the period 1.0 
Fixed maturity securities:
Unrealized gains (losses) arising during the period(13.8)33.2 
Reclassification adjustment for (gains) losses included in net income(6.5)22.2 
Other comprehensive income (loss) before tax(20.4)56.8 
Income tax provision (benefit) related to other comprehensive income (loss):
Defined benefit pension plans:
Net gain arising during the period 0.2 
Fixed maturity securities:
Unrealized gains (losses) arising during the period(3.1)5.2 
Reclassification adjustment for (gains) losses included in net income(1.3)4.7 
Income tax provision (benefit) related to other comprehensive income (loss)(4.4)10.1 
Other comprehensive income (loss), net of tax(16.0)46.7 
Comprehensive income (loss)$9.6 $12.9 
 
See accompanying notes.

6

ARGO GROUP INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions, except number of shares and per share amounts)
(Unaudited)
 
Predecessor
Preferred Stock and Additional Paid-in CapitalCommon
Stock
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Stockholders'
Equity
Balance, December 31, 2022$144.0 $46.4 $1,395.4 $(455.1)$407.3 $(305.1)$1,232.9 
Net loss— — — — (33.8)— (33.8)
Other comprehensive income - change in fair value of fixed maturities, net of taxes— — — — — 45.5 45.5 
Other comprehensive income, net of tax— — — — — 1.2 1.2 
Activity under stock incentive plans
— 0.1 1.6 — — — 1.7 
Retirement of common stock (tax payments on equity compensation)— — (0.8)— — — (0.8)
Employee stock purchase plan
— — 0.4 — — — 0.4 
Dividends on Series A Preferred stock— — — — (2.6)— (2.6)
Balance, March 31, 2023$144.0 $46.5 $1,396.6 $(455.1)$370.9 $(258.4)$1,244.5 
Successor
Preferred Stock and Additional Paid-in CapitalCommon
Stock
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Stockholders'
Equity
Balance, December 31, 2023$137.1 $1,056.6 $51.1 $ $0.9 $51.8 $1,297.5 
Net income— — — — 25.6 — 25.6 
Other comprehensive loss - change in fair value of fixed maturities, net of taxes— — — — — (15.9)(15.9)
Other comprehensive loss, net of tax— — — — — (0.1)(0.1)
Dividends on Series A Preferred stock— — — — (2.6)— (2.6)
Issuance of common stock— 100.0 — — — — 100.0 
Balance, March 31, 2024$137.1 $1,156.6 $51.1 $ $23.9 $35.8 $1,404.5 

See accompanying notes.
7

ARGO GROUP INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
SuccessorPredecessor
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Cash flows provided by (used in) operating activities:  
Net income (loss)$25.6 $(33.8)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation46.1 4.3 
Share-based payments expense 1.5 
Deferred income tax expense (benefit), net2.6 (5.9)
Net investment and other (gains) losses (6.2)17.9 
Undistributed earnings from alternative investment portfolio(5.9)0.2 
Foreign currency exchange (gains) losses(2.0)2.7 
Change in:
Accrued investment income2.4 (0.3)
Receivables47.1 613.8 
Deferred acquisition costs(25.0)(6.5)
Ceded unearned premiums2.3 (50.0)
Reserves for losses and loss adjustment expenses0.6 (367.2)
Unearned premiums(74.5)(3.9)
Ceded reinsurance payable and funds held28.0 (60.8)
Income taxes (1.1)(3.0)
Accrued underwriting expenses and other liabilities(18.6)(25.1)
Other, net(35.1)(44.8)
Cash (used in) provided by operating activities(13.7)39.1 
Cash flows provided by (used in) investing activities:
Sales of fixed maturity investments102.7 0.6 
Maturities and mandatory calls of fixed maturity investments63.7 32.5 
Sales of equity securities2.3 6.0 
Sales of other investments31.9 1.9 
Purchases of fixed maturity investments(1.0)(1.7)
Purchases of equity securities(0.1) 
Purchases of other investments(48.5)(3.9)
Purchase of mortgage loans(26.9) 
Change in short-term investments(637.8)(215.0)
Settlements of foreign currency exchange forward contracts0.8 5.1 
Proceeds from business divestitures, net of cash transferred 54.3 
Purchases of fixed assets, net (1.4)
Cash used in investing activities(512.9)(121.6)
Cash flows provided by (used in) financing activities:
Additional debt borrowings100.0  
Issuance of common stock100.0  
Activity under stock incentive plans  0.5 
Payment of cash dividends to preferred stockholders(2.6)(2.6)
Cash provided by (used in) financing activities197.4 (2.1)
Net change in cash and restricted cash including balances classified as held-for-sale(329.2)(84.6)
Net change in cash balances classified as held-for-sale 70.8 
Cash, restricted cash, and cash equivalents, beginning of period791.6 50.2 
Cash, restricted cash, and cash equivalents, end of period$462.4 $36.4 
 See accompanying notes.
8

ARGO GROUP INTERNATIONAL HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Business and Significant Accounting Policies
The accompanying Condensed Consolidated Financial Statements of Argo Group International Holdings, Inc. and its subsidiaries (“Argo Group,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.
On November 16, 2023, we merged with Brookfield Reinsurance Ltd., which resulted in a change to the Company’s ownership, (the “Merger”). Brookfield Reinsurance Ltd. elected to push-down its purchase accounting, which resulted in the Company reflecting the fair market value of our assets and liabilities as of November 16, 2023, in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The application of push-down accounting created a new basis of accounting for all of our assets and liabilities. As such, the Company’s financial position, results of operations, and cash flows subsequent to the acquisition are not comparable with those prior to November 16, 2023, and therefore have been separated to indicate pre-acquisition and post-acquisition periods. The pre-acquisition period through November 15, 2023 is referred to as the Predecessor. The post-acquisition period, November 16, 2023 and forward, includes the impact of push-down accounting and is referred to as the Successor.
The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our Condensed Consolidated Financial Statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of intangibles, including those identified as part of purchase accounting related to the Merger, and our deferred tax asset valuation allowance. Actual results could materially differ from those estimates. Certain financial information that is normally included in annual Condensed Consolidated Financial Statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") (the “2023 Form 10-K”).
The interim financial information as of, and for the three months ended, March 31, 2024 and 2023 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All material intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
Sale of Argo Underwriting Agency Limited
On September 8, 2022, Argo International Holdings Limited (the “Seller”), a wholly-owned subsidiary of the Company, and Ohio Farmers Insurance Company (the “Buyer”), part of the Westfield group of insurance companies, entered into a sale and purchase agreement (the “Transaction”) under which the Seller agreed to sell, and the Buyer agreed to purchase, the entire issued share capital of AUA, for which the financial results are reported in our International segment. This transaction simplifies our reporting structure and is intended to drive greater efficiencies.
The base cash consideration for the purchase was $125.0 million, which was adjusted to reflect the extent by which AUA’s net assets as at completion are greater or lesser than AUA net assets as of March 31, 2022. In the third quarter of 2022, as a result of the sale, an impairment was recorded in the amount of $28.5 million, consisting of $17.3 million of indefinite lived intangible assets and $11.2 million of goodwill, representing the difference between the carrying value and implied fair value as determined by the consideration to be received. In addition, the Buyer replaced certain funds provided by the Company to support the activities of AUA and certain of its subsidiaries at Lloyd’s of London, which were subsequently released to the Company.
As of December 31, 2022, the Company reported the assets and liabilities of this block of business as held-for-sale on Consolidated Balance Sheets with results continuing to be reported within the Consolidated Statements of Comprehensive Income (Loss) and the International Operations segment. The Company determined that the Transaction did not represent a strategic shift, and therefore, did not meet the requirements for discontinued operations.
9

On February 2, 2023, the Seller completed the sale of the entire issued share capital of AUA. At the closing, the Company received total consideration of $155.7 million, which included cash proceeds of $125.1 million as base consideration and an additional $30.6 million which was placed in escrow by the Buyer related to certain reinsurance-related recoverables. The funds in escrow may be released to the Seller over a period of two years following the closing. At the end of the two-year escrow period, any remaining balance of the escrow will be returned to the Buyer.
As a result of the sale, we realized a loss of $20.3 million in the first quarter of 2023, which is included as a component of Net realized investment and other gains (losses) in our Consolidated Statements of Comprehensive Income (Loss). This loss is due to the realization of unrealized investment losses, which was previously a component of accumulated other comprehensive income.
The total consideration was adjusted to $161.3 million based on a mutually agreed final closing balance sheet, which resulted in an additional $5.6 million of cash proceeds received by the Company in July 2023.
Since the sale of AUA, $12.9 million of the consideration placed in escrow was released to the Company.
2.    Recently Issued Accounting Pronouncements
The Company evaluated recently issued accounting pronouncements and determined none are material to our results of operations or financial position reported herein.
3.    Investments
As a result of the push-down accounting due to the Merger, the amortized cost of our investments is based on the fair value as of November 16, 2023.
Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
March 31, 2024
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$354.4 $1.6 $ $ $356.0 
Foreign Governments5.6 0.6   6.2 
Obligations of states and political subdivisions87.2 1.5   88.7 
Corporate bonds1,097.4 19.2 0.9 0.2 1,115.5 
Commercial mortgage-backed securities264.5 11.4 0.5  275.4 
Residential mortgage-backed securities230.7 6.1   236.8 
Asset-backed securities131.9 1.9 0.1  133.7 
Collateralized loan obligations198.3 3.0 0.2  201.1 
Total fixed maturities$2,370.0 $45.3 $1.7 $0.2 $2,413.4 
10

December 31, 2023
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$357.7 $4.5 $ $ $362.2 
Foreign Governments27.9 2.6  0.2 30.3 
Obligations of states and political subdivisions92.4 2.0   94.4 
Corporate bonds1,185.0 28.9 0.8  1,213.1 
Commercial mortgage-backed securities270.9 10.1 0.5  280.5 
Residential mortgage-backed securities235.2 13.6   248.8 
Asset-backed securities140.4 1.7 0.1  142.0 
Collateralized loan obligations212.0 2.1   214.1 
Total fixed maturities$2,521.5 $65.5 $1.4 $0.2 $2,585.4 
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of March 31, 2024, by contractual maturity, were as follows:
(in millions)Amortized
Cost
Fair
Value
Due in one year or less$347.3 $347.6 
Due after one year through five years950.2 961.3 
Due after five years through ten years231.5 240.5 
Due after ten years15.6 17.0 
Structured securities825.4 847.0 
Total$2,370.0 $2,413.4 
The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
Other Invested Assets
Details regarding the carrying value and unfunded investment commitments of other investments as of March 31, 2024 and December 31, 2023 were as follows:
March 31, 2024
(in millions)Carrying
Value
Unfunded
Commitments
Investment type
Hedge funds$31.5 $ 
Private equity257.9 82.4 
Other55.0 11.3 
Total other investments$344.4 $93.7 
11

December 31, 2023
(in millions)Carrying
Value
Unfunded
Commitments
Investment type
Hedge funds$56.2 $ 
Private equity250.3 93.4 
Other4.5  
Total other investments$311.0 $93.4 
The following describes each investment type:
Hedge funds: Hedge funds, carried at net asset value (“NAV”) as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
Private equity: Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.
Other: Other includes participation in investment pools and private loans.
Unrealized Losses and Other-than-temporary Impairments
An aging of unrealized losses on our investments in fixed maturities is presented below:
March 31, 2024Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fixed maturities
U.S. Governments$103.4 $ $ $ $103.4 $ 
Obligations of states and political subdivisions14.6    14.6  
Corporate bonds49.9 0.9   49.9 0.9 
Commercial mortgage-backed securities21.6 0.5   21.6 0.5 
Residential mortgage-backed securities3.9    3.9  
Asset-backed securities13.2 0.1   13.2 0.1 
Collateralized loan obligations5.6 0.2   5.6 0.2 
Total fixed maturities$212.2 $1.7 $ $ $212.2 $1.7 
December 31, 2023Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fixed maturities
Foreign Governments$0.1 $ $ $ $0.1 $ 
Obligations of states and political subdivisions0.5    0.5  
Corporate bonds38.7 0.8   38.7 0.8 
Commercial mortgage-backed securities32.2 0.5   32.2 0.5 
Residential mortgage-backed securities2.9    2.9  
Asset-backed securities11.4 0.1   11.4 0.1 
Collateralized loan obligations21.4    21.4  
Total fixed maturities$107.2 $1.4 $ $ $107.2 $1.4 
We hold a total of 1,169 fixed maturity securities, of which 117 were in an unrealized loss position for less than one year and none were in an unrealized loss position for a period one year or greater as of March 31, 2024. The unrealized losses as of March 31, 2024 are primarily driven from interest rate movements.
12

Allowance for Credit Losses
For fixed maturities with a decline in fair value below the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.
When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.
In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in Net investment and other gains (losses). We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three months ending March 31, 2024 and 2023, respectively:

Successor
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2024$0.2 $ $ $ $0.2 
Securities for which allowance was not previously recorded  0.1  0.1 
Additional net increases (decreases) in existing allowance(0.2) 0.1  (0.1)
Ending balance, March 31, 2024$ $ $0.2 $ $0.2 

Predecessor
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2023$0.7 $0.4 $1.6 $0.1 $2.8 
Securities for which allowance was not previously recorded  0.2  0.2 
Securities sold during the period  (0.3) (0.3)
Additional net increases (decreases) in existing allowance0.1  (0.1)  
Ending balance, March 31, 2023$0.8 $0.4 $1.4 $0.1 $2.7 
The change in allowance for credit losses on fixed maturity securities, included in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) was nil and $0.1 million for the three months ended March 31, 2024, and 2023, respectively.
13

For mortgage loans an allowance for credit losses is established at the time of origination or purchase, as necessary, and is updated each reporting period. Changes in the allowance for credit losses are recorded in Net investment and other gains (losses). This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions.
Mortgage Loans
Mortgage loan investments are composed of participation interests in a portfolio of commercial and residential mortgage loans. Loan collateral is diversified with regard to property type and geography. The following table presents loans by property type:
March 31, 2024
(in millions)CostCompositionLoan Count
Residential$1.7 1.0 %1
Apartments76.1 44.3 %16
Hotel22.3 13.0 %4
Industrial26.0 15.2 %4
Office25.9 15.1 %1
Retail19.6 11.4 %4
Total$171.6 100.0 %30 

December 31, 2023
(in millions)CostCompositionLoan Count
Apartments$76.1 52.6 %16
Hotel22.415.4 %4
Industrial26.018.0 %4
Retail20.314.0 %4
Total$144.8 100.0 %28 

The following table presents our loans by Debt Service Coverage Ratio (“DSCR”):
March 31, 2024
(in millions)CostLoan Count
Less than 1.00$36.2 8 
1.00 to 1.5054.5 7 
Greater than 1.5 to 2.030.9 6 
Greater than 2.0 to 3.036.0 6 
Greater than 3.0 to 4.012.3 2 
Total$169.9 29 
DSCR does not include residential mortgage loans.
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December 31, 2023
(in millions)CostLoan Count
Less than 1.00$36.2 8
1.00 to 1.5029.4 6
Greater than 1.5 to 2.030.9 6
Greater than 2.0 to 3.036.0 6
Greater than 3.0 to 4.012.3 2
Total$144.8 28

The following table presents loans by Loan To Value (“LTV”):
March 31, 2024
(in millions)CostLoan Count
Equal to or less than 50.0%$12.3 2 
Greater than 50.0% to 55.0%9.0 2 
Greater than 55.0% to 60.0%20.7 5 
Greater than 60.0% to 70.0%63.2 7 
Greater than 70.0%66.4 14 
Total$171.6 30 

December 31, 2023
(in millions)CostLoan Count
Equal to or less than 50.0%$12.3 2
Greater than 50.0% to 55.0%9.1 2
Greater than 55.0% to 60.0%18.9 4
Greater than 60.0% to 70.0%37.3 6
Greater than 70.0%67.2 14 
Total$144.8 28

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The following table presents loans by maturity:
March 31, 2024
(in millions)CostLoan Count
One Year or Less$44.8 8 
Greater than One Year and Less than Three34.9 3 
Greater than Three Years and Less than Five Years32.4 6 
Greater than Five Years and Less than Seven Years17.2 4 
Greater than Seven Years and Less than Ten Years42.3 9 
Total$171.6 30 

December 31, 2023
(in millions)CostLoan Count
One Year or Less$19.7 4
Greater than One Year and Less than Three34.9 6
Greater than Three Years and Less than Five Years32.4 6
Greater than Five Years and Less than Seven Years17.2 4
Greater than Seven Years and Less than Ten Years40.6 8
Total$144.8 28
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Investment Gains and Losses
The following table presents our gross realized investment gains and losses:
SuccessorPredecessor
(in millions)Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Realized gains on fixed maturities and other:
Fixed maturities$6.8 $0.2 
Other investments, including short-term investments2.6 7.8 
Total realized gains on fixed maturities and other9.4 8.0 
Realized losses on fixed maturities and other:
Fixed maturities(0.3)(22.4)
Other investments, including short-term investments(2.8)(5.8)
Total realized losses on fixed maturities and other(3.1)(28.2)
Other net losses recognized on fixed maturities and other:
Credit losses on fixed maturities(0.5)(0.6)
Impairment related to change in intent  
Other (3.6)
Total other net losses recognized on fixed maturities and other(0.5)(4.2)
Equity securities:
Net realized gains (losses) on equity securities0.4 0.3 
Change in unrealized gains (losses) on equity securities held at the end of the period 6.2 
Net gains (losses) on equity securities0.4 6.5 
Net investment and other gains (losses) before income taxes6.2 (17.9)
Income tax (benefit) provision1.6 (5.1)
Net investment and other gains (losses), net of income taxes$4.6 $(12.8)

The cost of securities sold is based on the specific identification method.
Changes in unrealized gains (losses) related to fixed maturity investments are summarized as follows:
SuccessorPredecessor
(in millions)Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change in unrealized gains (losses)
Fixed maturities$(19.9)$55.5 
Other and short-term investments(0.4)(0.1)
Net unrealized investment gains (losses) before income taxes(20.3)55.4 
Income tax provision (benefit)(4.4)9.9 
Net unrealized investment gains (losses), net of income taxes$(15.9)$45.5 
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Foreign Currency Exchange Forward Contracts
We entered into foreign currency exchange forward contracts primarily to manage currency exposure from our non-USD insurance operations. The currency forward contracts are carried at fair value in our Condensed Consolidated Balance Sheets in Other liabilities