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Investments (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments
The amortized cost, gross unrealized gains, gross unrealized losses and fair value in fixed maturity investments were as follows:
June 30, 2018
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
268.0

 
$
0.2

 
$
7.0

 
$
261.2

Foreign Governments
 
248.3

 
1.7

 
5.9

 
244.1

Obligations of states and political subdivisions
 
266.6

 
5.9

 
1.8

 
270.7

Corporate bonds
 
1,655.2

 
10.7

 
30.5

 
1,635.4

Commercial mortgage-backed securities
 
145.8

 
—

 
2.8

 
143.0

Residential mortgage-backed securities
 
375.7

 
2.0

 
9.6

 
368.1

Asset-backed securities
 
159.4

 
0.4

 
1.3

 
158.5

Collateralized loan obligations
 
219.5

 
1.7

 
0.8

 
220.4

Total fixed maturities
 
$
3,338.5

 
$
22.6

 
$
59.7

 
$
3,301.4

December 31, 2017
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
419.9

 
$
0.2

 
$
5.0

 
$
415.1

Foreign Governments
 
229.0

 
6.7

 
2.5

 
233.2

Obligations of states and political subdivisions
 
327.7

 
9.3

 
1.1

 
335.9

Corporate bonds
 
1,514.5

 
24.4

 
13.2

 
1,525.7

Commercial mortgage-backed securities
 
136.3

 
0.1

 
1.5

 
134.9

Residential mortgage-backed securities
 
309.3

 
2.8

 
2.7

 
309.4

Asset-backed securities
 
161.3

 
0.7

 
0.8

 
161.2

Collateralized loan obligations
 
222.6

 
5.9

 
0.5

 
228.0

Total fixed maturities
 
$
3,320.6

 
$
50.1

 
$
27.3

 
$
3,343.4
Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of June 30, 2018, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
208.9

 
$
208.6

Due after one year through five years
 
1,482.3

 
1,465.7

Due after five years through ten years
 
597.2

 
588.0

Thereafter
 
149.7

 
149.1

Structured securities
 
900.4

 
890.0

Total
 
$
3,338.5

 
$
3,301.4
Schedule of Carrying Value And Unfunded Investment Commitments Of Other Invested Assets Portfolio
Details regarding the carrying value and unfunded investment commitments of other investments as of June 30, 2018 and December 31, 2017 were as follows:
June 30, 2018
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
140.0

 
$
—

Private equity
 
199.0

 
114.9

Long only funds
 
182.6

 
—

Other
 
4.3

 
—

Total other investments
 
$
525.9

 
$
114.9

December 31, 2017
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
163.6

 
$
—

Private equity
 
179.2

 
129.9

Long only funds
 
196.5

 
—

Other
 
4.3

 
—

Total other investments
 
$
543.6

 
$
129.9
Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments
An aging of unrealized losses on our investments in fixed maturities is presented below:
June 30, 2018
 
Less Than One Year
 
One Year or Greater
 
Total
(in millions)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Governments
 
$
223.4

 
$
6.1

 
$
17.2

 
$
0.9

 
$
240.6

 
$
7.0

Foreign Governments (1)
 
212.9

 
5.9

 
5.0

 
—

 
217.9

 
5.9

Obligations of states and political subdivisions
 
67.5

 
1.1

 
14.6

 
0.7

 
82.1

 
1.8

Corporate bonds
 
1,195.0

 
28.7

 
28.9

 
1.8

 
1,223.9

 
30.5

Commercial mortgage-backed securities
 
105.2

 
1.9

 
15.8

 
0.9

 
121.0

 
2.8

Residential mortgage-backed securities
 
288.2

 
8.9

 
14.0

 
0.7

 
302.2

 
9.6

Asset-backed securities
 
107.1

 
1.0

 
7.0

 
0.3

 
114.1

 
1.3

Collateralized loan obligations
 
129.8

 
0.8

 
—

 
—

 
129.8

 
0.8

Total fixed maturities
 
$
2,329.1

 
$
54.4

 
$
102.5

 
$
5.3

 
$
2,431.6

 
$
59.7

December 31, 2017
 
Less Than One Year
 
One Year or Greater
 
Total
(in millions)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Governments
 
$
313.7

 
$
1.9

 
$
83.7

 
$
3.1

 
$
397.4

 
$
5.0

Foreign Governments
 
175.2

 
2.0

 
35.9

 
0.5

 
211.1

 
2.5

Obligations of states and political subdivisions
 
33.3

 
0.5

 
22.4

 
0.6

 
55.7

 
1.1

Corporate bonds
 
674.1

 
9.9

 
77.7

 
3.3

 
751.8

 
13.2

Commercial mortgage-backed securities
 
58.2

 
0.4

 
37.8

 
1.1

 
96.0

 
1.5

Residential mortgage-backed securities
 
164.4

 
1.6

 
52.4

 
1.1

 
216.8

 
2.7

Asset-backed securities
 
85.4

 
0.4

 
31.9

 
0.4

 
117.3

 
0.8

Collateralized loan obligations (1)
 
34.6

 
0.5

 
0.9

 
—

 
35.5

 
0.5

Total fixed maturities
 
$
1,538.9

 
$
17.2

 
$
342.7

 
$
10.1

 
$
1,881.6

 
$
27.3

(1) 
Unrealized losses one year or greater are less than $0.1 million.
Schedule of Recognized Other-than-temporary Losses on Fixed Maturities and Equity Portfolios
We recognized other-than-temporary losses on our fixed maturities and equity portfolio as follows:
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in millions)
 
2018
 
2017
 
2018
 
2017
Other-than-temporary impairment:
 
 
 
 
 
 
 
 
Corporate bonds
 
$
(0.9
)
 
$
—

 
(1.9
)
 
—

Equity securities
 
—

 
(1.1
)
 
—

 
(1.5
)
Other-than-temporary impairment losses
 
$
(0.9
)
 
$
(1.1
)
 
$
(1.9
)
 
$
(1.5
)
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains (losses):
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in millions)
 
2018
 
2017
 
2018
 
2017
Realized gains on fixed maturities and other
 
 
 
 
 
 
 
 
Fixed maturities
 
$
3.7

 
$
5.5

 
$
11.2

 
$
12.6

Equity securities (1)
 
—

 
12.0

 
—

 
27.7

Other and short-term investments
 
15.6

 
5.1

 
27.3

 
11.3

 
 
19.3

 
22.6

 
38.5

 
51.6

Realized losses on fixed maturities and other
 
 
 
 
 
 
 
 
Fixed maturities
 
(6.5
)
 
(5.0
)
 
(11.4
)
 
(11.2
)
Equity securities (1)
 
—

 
(1.8
)
 
—

 
(2.5
)
Other and Short-term investments
 
(16.3
)
 
(10.2
)
 
(25.6
)
 
(17.3
)
Other-than-temporary impairment losses on fixed maturities
 
(0.9
)
 
—

 
(1.9
)
 
—

Other-than-temporary impairment losses on equity securities
 
—

 
(1.1
)
 
—

 
(1.5
)
 
 
(23.7
)
 
(18.1
)
 
(38.9
)
 
(32.5
)
Equity securities (1)
 
 
 
 
 
 
 
 
Net realized gains on equity securities sold during the period
 
10.6

 
—

 
21.8

 
—

Change in unrealized gains (losses) on equity securities held at the end of the period
 
4.3

 
—

 
(26.6
)
 
—

Net realized gains (losses) on equity securities
 
14.9

 
—

 
(4.8
)
 
—

Net realized investment gains (losses) before income taxes
 
10.5

 
4.5

 
(5.2
)
 
19.1

Income tax (expense) benefit
 
(2.4
)
 
(1.3
)
 
0.5

 
(5.7
)
Net realized investment gains (losses), net of income taxes
 
$
8.1

 
$
3.2

 
$
(4.7
)
 
$
13.4

(1)
Effective January 1, 2018, we adopted ASU 2016-1. As a result, unrealized gains (losses) at the date of adoption have been reclassified from accumulated other comprehensive income to retained earnings. Additionally, all changes in the fair value of equity securities are recognized in net realized investment gains (losses). Prior periods have not been restated to conform to the current presentation. See Note 2, "Recently Issued Accounting Pronouncements."
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized appreciation (depreciation) related to investments are summarized as follows:
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in millions)
 
2018
 
2017
 
2018
 
2017
Change in unrealized (losses) gains
 
 
 
 
 
 
 
 
Fixed maturities
 
$
(21.8
)
 
$
19.5

 
(58.9
)
 
32

Equity securities
 
—

 
3.3

 
—

 
8.7

Other investments
 
0.1

 
2.0

 
0.1

 
2

Short-term investments
 
0.1

 
—

 
—

 
—

Net unrealized investment (losses) gains before income taxes
 
(21.6
)
 
24.8

 
(58.8
)
 
42.7

Income tax benefit (expense)
 
2.8

 
(5.1
)
 
9.1

 
(9.7
)
Net unrealized investment (losses) gains, net of income taxes
 
$
(18.8
)
 
$
19.7

 
$
(49.7
)
 
$
33.0
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of June 30, 2018 and December 31, 2017 was as follows:
(in millions)
 
June 30, 2018
 
December 31, 2017
Operational currency exposure
 
$
(2.2
)
 
$
(0.2
)
Asset manager investment exposure
 
0.2

 
(0.9
)
Total return strategy
 
(0.3
)
 
0.7

Total
 
$
(2.3
)
 
$
(0.4
)
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table represents our gross investment realized gains and losses on our foreign currency exchange forward contracts:
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(in millions)
 
2018
 
2017
 
2018
 
2017
Realized gains
 
 
 
 
 
 
 
 
Operational currency exposure
 
$
1.7

 
$
3.7

 
$
6.0

 
$
5.7

Asset manager investment exposure
 
8.7

 
—

 
13.0

 
0.5

Total return strategy
 
4.3

 
0.5

 
6.9

 
3.6

Gross realized investment gains
 
14.7

 
4.2

 
25.9

 
9.8

Realized losses
 
 
 
 
 
 
 
 
Operational currency exposure
 
(3.7
)
 
(3.7
)
 
(4.3
)
 
(5.9
)
Asset manager investment exposure
 
(5.7
)
 
(5.4
)
 
(11.6
)
 
(6.8
)
Total return strategy
 
(6.0
)
 
(0.8
)
 
(8.1
)
 
(2.7
)
Gross realized investment losses
 
(15.4
)
 
(9.9
)
 
(24.0
)
 
(15.4
)
Net realized investment (losses) gains on foreign currency exchange forward contracts
 
$
(0.7
)
 
$
(5.7
)
 
$
1.9

 
$
(5.6
)
Schedule of Restricted Assets
The following table presents our components of restricted assets at June 30:
(in millions)
 
June 30, 2018
 
June 30, 2017
Securities on deposit for regulatory and other purposes
 
$
167.0

 
$
176.0

Securities pledged as collateral for letters of credit
 
78.1

 
29.1

Securities and cash on deposit supporting Lloyd’s business
 
373.9

 
397.2

Total restricted investments
 
$
619.0

 
$
602.3
Financial Assets Measured at Fair Value on Recurring Basis
Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:
 
 
 
 
Fair Value Measurements at Reporting Date Using
(in millions)
 
June 30, 2018
 
Level 1 (a)
 
Level 2 (b)
 
Level 3 (c)
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
261.2

 
$
252.2

 
$
9.0

 
$
—

Foreign Governments
 
244.1

 
—

 
244.1

 
—

Obligations of states and political subdivisions
 
270.7

 
—

 
270.7

 
—

Corporate bonds
 
1,635.4

 
—

 
1,631.8

 
3.6

Commercial mortgage-backed securities
 
143.0

 
—

 
143.0

 
—

Residential mortgage-backed securities
 
368.1

 
—

 
368.1

 
—

Asset-backed securities
 
158.5

 
—

 
158.5

 
—

Collateralized loan obligations
 
220.4

 
—

 
220.4

 
—

Total fixed maturities
 
3,301.4

 
252.2

 
3,045.6

 
3.6

Equity securities
 
492.2

 
484.1

 
2.1

 
6.0

Other investments
 
95.4

 
—

 
95.4

 
—

Short-term investments
 
449.4

 
391.8

 
57.6

 
—

 
 
$
4,338.4

 
$
1,128.1

 
$
3,200.7

 
$
9.6

(a) 
Quoted prices in active markets for identical assets
(b) 
Significant other observable inputs
(c) 
Significant unobservable inputs
 
 
 
 
Fair Value Measurements at Reporting Date Using
(in millions)
 
December 31, 2017
 
Level 1 (a)
 
Level 2 (b)
 
Level 3 (c)
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
415.1

 
$
410.6

 
$
4.5

 
$
—

Foreign Governments
 
233.2

 
—

 
233.2

 
—

Obligations of states and political subdivisions
 
335.9

 
—

 
335.9

 
—

Corporate bonds
 
1,525.7

 
—

 
1,523.8

 
1.9

Commercial mortgage-backed securities
 
134.9

 
—

 
134.9

 
—

Residential mortgage-backed securities
 
309.4

 
—

 
309.4

 
—

Asset-backed securities
 
161.2

 
—

 
161.2

 
—

Collateralized loan obligations
 
228.0

 
—

 
228.0

 
—

Total fixed maturities
 
3,343.4

 
410.6

 
2,930.9

 
1.9

Equity securities
 
487.4

 
483.0

 
2.1

 
2.3

Other investments
 
108.8

 
—

 
108.8

 
—

Short-term investments
 
368.5

 
333.7

 
34.8

 
—

 
 
$
4,308.1

 
$
1,227.3

 
$
3,076.6

 
$
4.2

(a) 
Quoted prices in active markets for identical assets
(b) 
Significant other observable inputs
(c) 
Significant unobservable inputs
Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Observable Inputs (Level 3)
(in millions)
 
Credit Financial
 
Equity
Securities
 
Total
Beginning balance, January 1, 2018
 
$
1.9

 
$
2.3

 
$
4.2

Transfers into Level 3
 
—

 
—

 
—

Transfers out of Level 3
 
—

 
—

 
—

Total gains or losses (realized/unrealized):
 
 
 
 
 
 
Included in net income (loss)
 
—

 
—

 
—

Included in other comprehensive income (loss)
 
—

 
—

 
—

Purchases, issuances, sales, and settlements:
 
 
 
 
 
 
Purchases
 
1.7

 
4.1

 
5.8

Issuances
 
—

 
—

 
—

Sales
 
—

 
(0.4
)
 
(0.4
)
Settlements
 
—

 
—

 
—

 Ending balance, June 30, 2018
 
$
3.6

 
$
6.0

 
$
9.6

Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2018
 
$
—

 
$
—

 
$
—

(in millions)
 
Credit Financial
 
Equity
Securities
 
Total
Beginning balance, January 1, 2017
 
$
2.0

 
$
0.4

 
$
2.4

Transfers into Level 3
 
—

 
—

 
—

Transfers out of Level 3
 
—

 
—

 
—

Total gains or losses (realized/unrealized):
 
 
 
 
 


Included in net income (loss)
 
—

 
—

 
—

Included in other comprehensive income (loss)
 
(0.1
)
 
0.2

 
0.1

Purchases, issuances, sales, and settlements:
 
 
 
 
 


Purchases
 
—

 
1.7

 
1.7

Issuances
 
—

 
—

 
—

Sales
 
—

 
—

 
—

Settlements
 
—

 
—

 
—

 Ending balance, December 31, 2017
 
$
1.9

 
$
2.3

 
$
4.2

Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2017
 
$
—

 
$
—

 
$
—