Allowance for Credit Losses

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

Premiums receivable

The following table presents the balances of premiums receivable, net of allowance for expected credit losses, at September 30, 2023, December 31, 2022, and December 31, 2021 and the changes in the allowance for expected credit losses for the nine months ended September 30, 2023 and the year ended December 31, 2022.

(in millions)	Premiums Receivable, Net of Allowance for Estimated Uncollectible Premiums		Allowance for Estimated Uncollectible Premiums
Balance, December 31, 2021	$	648.6	$	5.7
Current period change for estimated uncollectible premiums			0.2
Write-offs of uncollectible premiums receivable			(1.2)
Balance, December 31, 2022	$	292.0	$	4.7
Current period change for estimated uncollectible premiums			5.1
Write-offs of uncollectible premiums receivable			(2.4)
Balance, September 30, 2023	$	269.7	$	7.4

Reinsurance Recoverables

The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at September 30, 2023, December 31, 2022, and December 31, 2021 and the changes in the allowance for estimated uncollectible reinsurance for the nine months ended September 30, 2023 and the year ended December 31, 2022.

(in millions)	Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance		Allowance for Estimated Uncollectible Reinsurance
Balance, December 31, 2021	$	2,966.4	$	3.8
Current period change for estimated uncollectible premiums			1.7
Reclassified to assets held-for-sale			(0.8)
Balance, December 31, 2022	$	3,029.1	$	4.7
Balance, September 30, 2023	$	2,889.6	$	4.7

We primarily utilize A.M. Best credit ratings when determining the allowance and adjust as needed based on our historical experience with the reinsurers. A portion of our reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.