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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
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 of fixed maturity investments were as follows:
September 30, 2019
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
324.9

 
$
3.9

 
$
0.5

 
$
328.3

Foreign Governments
 
262.6

 
4.2

 
2.3

 
264.5

Obligations of states and political subdivisions
 
152.6

 
7.6

 
0.1

 
160.1

Corporate bonds
 
1,862.0

 
39.0

 
39.2

 
1,861.8

Commercial mortgage-backed securities
 
213.3

 
6.0

 
0.3

 
219.0

Residential mortgage-backed securities
 
510.3

 
11.9

 
0.9

 
521.3

Asset-backed securities
 
165.6

 
1.7

 
0.3

 
167.0

Collateralized loan obligations
 
225.3

 
0.3

 
2.0

 
223.6

Total fixed maturities
 
$
3,716.6

 
$
74.6

 
$
45.6

 
$
3,745.6

December 31, 2018
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
240.9

 
$
0.2

 
$
4.9

 
$
236.2

Foreign Governments
 
224.1

 
0.5

 
7.8

 
216.8

Obligations of states and political subdivisions
 
236.7

 
4.3

 
1.2

 
239.8

Corporate bonds
 
1,808.7

 
7.5

 
58.7

 
1,757.5

Commercial mortgage-backed securities
 
205.3

 
0.7

 
3.2

 
202.8

Residential mortgage-backed securities
 
413.1

 
3.4

 
5.7

 
410.8

Asset-backed securities
 
173.6

 
0.4

 
1.2

 
172.8

Collateralized loan obligations
 
226.7

 
0.5

 
3.5

 
223.7

Total fixed maturities
 
$
3,529.1

 
$
17.5

 
$
86.2

 
$
3,460.4
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 September 30, 2019, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
242.5

 
$
242.2

Due after one year through five years
 
1,584.3

 
1,577.1

Due after five years through ten years
 
669.5

 
683.5

Thereafter
 
105.8

 
111.9

Structured securities
 
1,114.5

 
1,130.9

Total
 
$
3,716.6

 
$
3,745.6
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 September 30, 2019 and December 31, 2018 were as follows:
September 30, 2019
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
119.3

 
$
—

Private equity
 
263.9

 
94.2

Long only funds
 
112.5

 
—

Other
 
4.3

 
—

Total other investments
 
$
500.0

 
$
94.2

December 31, 2018
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
120.6

 
$
—

Private equity
 
211.8

 
120.5

Long only funds
 
153.0

 
—

Other
 
4.4

 
—

Total other investments
 
$
489.8

 
$
120.5
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:
September 30, 2019
 
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
 
$
75.0

 
$
0.4

 
$
18.8

 
$
0.1

 
$
93.8

 
$
0.5

Foreign Governments
 
108.2

 
2.1

 
9.6

 
0.2

 
117.8

 
2.3

Obligations of states and political subdivisions
 
1.1

 
—

 
2.4

 
0.1

 
3.5

 
0.1

Corporate bonds
 
355.6

 
32.3

 
100.0

 
6.9

 
455.6

 
39.2

Commercial mortgage-backed securities
 
53.8

 
0.2

 
5.3

 
0.1

 
59.1

 
0.3

Residential mortgage-backed securities
 
57.1

 
0.4

 
43.9

 
0.5

 
101.0

 
0.9

Asset-backed securities
 
17.9

 
0.2

 
19.4

 
0.1

 
37.3

 
0.3

Collateralized loan obligations
 
138.8

 
1.8

 
54.1

 
0.2

 
192.9

 
2.0

Total fixed maturities
 
$
807.5

 
$
37.4

 
$
253.5

 
$
8.2

 
$
1,061.0

 
$
45.6

December 31, 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
 
$
28.2

 
$
0.2

 
$
173.0

 
$
4.7

 
$
201.2

 
$
4.9

Foreign Governments
 
73.4

 
3.6

 
125.0

 
4.2

 
198.4

 
7.8

Obligations of states and political subdivisions
 
53.3

 
0.6

 
25.3

 
0.6

 
78.6

 
1.2

Corporate bonds
 
964.3

 
45.7

 
440.8

 
13.0

 
1,405.1

 
58.7

Commercial mortgage-backed securities
 
48.5

 
0.6

 
90.6

 
2.6

 
139.1

 
3.2

Residential mortgage-backed securities
 
63.5

 
0.7

 
176.1

 
5.0

 
239.6

 
5.7

Asset-backed securities
 
73.6

 
0.6

 
64.2

 
0.6

 
137.8

 
1.2

Collateralized loan obligations
 
209.5

 
3.3

 
10.3

 
0.2

 
219.8

 
3.5

Total fixed maturities
 
$
1,514.3

 
$
55.3

 
$
1,105.3

 
$
30.9

 
$
2,619.6

 
$
86.2
Schedule of Recognized Other-than-temporary Losses on Fixed Maturities and Equity Portfolios
We recognized other-than-temporary losses on our fixed maturities portfolio as follows:
 
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
(in millions)
 
2019
 
2018
 
2019
 
2018
Other-than-temporary impairment:
 
 
 
 
 
 
 
 
Corporate bonds
 
$
(5.0
)
 
$
—

 
$
(11.8
)
 
$
(1.9
)
Other-than-temporary impairment losses
 
$
(5.0
)
 
$
—

 
$
(11.8
)
 
$
(1.9
)
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains (losses):
 
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
(in millions)
 
2019
 
2018
 
2019
 
2018
Realized gains on fixed maturities and other
 
 
 
 
 
 
 
 
Fixed maturities
 
$
3.7

 
$
4.6

 
$
13.0

 
$
15.8

Other investments
 
7.5

 
7.4

 
21.9

 
34.7

Other Assets and Short Term Investments
 
—

 
0.2

 
$
—

 
0.2

 
 
11.2

 
12.2

 
34.9

 
50.7

Realized losses on fixed maturities and other
 
 
 
 
 
 
 
 
Fixed maturities
 
(1.6
)
 
(2.8
)
 
(8.7
)
 
(14.2
)
Other investments
 
(8.4
)
 
(8.8
)
 
(21.8
)
 
(34.4
)
Other-than-temporary impairment losses on fixed maturities
 
(5.0
)
 
—

 
(11.8
)
 
(1.9
)
 
 
(15.0
)
 
(11.6
)
 
(42.3
)
 
(50.5
)
Equity securities
 
 
 
 
 
 
 
 
Net realized gains on equity securities
 
6.4

 
9.1

 
7.7

 
30.9

Change in unrealized (losses) gains on equity securities held at the end of the period
 
(8.8
)
 
4.5

 
58.0

 
(22.1
)
Net realized (losses) gains on equity securities
 
(2.4
)
 
13.6

 
65.7

 
8.8

Net realized investment (losses) gains before income taxes
 
(6.2
)
 
14.2

 
58.3

 
9.0

Income tax benefit (provision)
 
0.3

 
(3.3
)
 
(11.9
)
 
(2.8
)
Net realized investment (losses) gains net of income taxes
 
$
(5.9
)
 
$
10.9

 
$
46.4

 
$
6.2
Schedule Of Changes In Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows:
 
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
(in millions)
 
2019
 
2018
 
2019
 
2018
Change in unrealized gains (losses)
 
 
 
 
 
 
 
 
Fixed maturities
 
$
(3.8
)
 
$
(4.3
)
 
$
95.3

 
$
(63.2
)
Other investments
 
—

 
—

 
4.4

 
0.1

Other and short-term investments
 
(0.8
)
 
(0.5
)
 
(0.7
)
 
(0.5
)
Net unrealized investment gains (losses) before income taxes
 
(4.6
)
 
(4.8
)
 
99.0

 
(63.6
)
Income tax (provision) benefit
 
0.4

 
1.4

 
(16.1
)
 
10.5

Net unrealized investment gains (losses), net of income taxes
 
$
(4.2
)
 
$
(3.4
)
 
$
82.9

 
$
(53.1
)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of September 30, 2019 and December 31, 2018 was as follows:
(in millions)
 
September 30, 2019
 
December 31, 2018
Operational currency exposure
 
$
(1.4
)
 
$
4.4

Asset manager investment exposure
 
0.9

 
(0.3
)
Total return strategy
 
—

 
(1.5
)
Total
 
$
(0.5
)
 
$
2.6
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
September 30,
 
For the Nine Months Ended
September 30,
(in millions)
 
2019
 
2018
 
2019
 
2018
Realized gains
 
 
 
 
 
 
 
 
Operational currency exposure
 
$
1.3

 
$
0.4

 
$
2.2

 
$
6.4

Asset manager investment exposure
 
1.8

 
1.4

 
3.1

 
14.4

Total return strategy
 
6.5

 
5.6

 
18.8

 
12.5

Gross realized investment gains
 
9.6

 
7.4

 
24.1

 
33.3

Realized losses
 
 
 
 
 
 
 
 
Operational currency exposure
 
(3.2
)
 
(2.7
)
 
(7.8
)
 
(7.0
)
Asset manager investment exposure
 
(0.1
)
 
(0.9
)
 
(0.6
)
 
(12.5
)
Total return strategy
 
(7.1
)
 
(5.2
)
 
(15.7
)
 
(13.3
)
Gross realized investment losses
 
(10.4
)
 
(8.8
)
 
(24.1
)
 
(32.8
)
Net realized investment (losses) gains on foreign currency exchange forward contracts
 
$
(0.8
)
 
$
(1.4
)
 
$
—

 
$
0.5
Schedule of Restricted Assets The following table presents our components of restricted assets at September 30:
(in millions)
 
September 30, 2019
 
September 30, 2018
Securities on deposit for regulatory and other purposes
 
$
198.8

 
$
180.6

Securities pledged as collateral for letters of credit
 
129.5

 
76.5

Securities and cash on deposit supporting Lloyd’s business
 
403.6

 
418.4

Total restricted investments
 
$
731.9

 
$
675.5
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)
 
September 30, 2019
 
Level 1 (a)
 
Level 2 (b)
 
Level 3 (c)
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
328.3

 
$
323.0

 
$
5.3

 
$
—

Foreign Governments
 
264.5

 
—

 
264.5

 
—

Obligations of states and political subdivisions
 
160.1

 
—

 
160.1

 
—

Corporate bonds
 
1,861.8

 
1.2

 
1,853.8

 
6.8

Commercial mortgage-backed securities
 
219.0

 
—

 
219.0

 
—

Residential mortgage-backed securities
 
521.3

 
—

 
521.3

 
—

Asset-backed securities
 
167.0

 
—

 
167.0

 
—

Collateralized loan obligations
 
223.6

 
—

 
223.6

 
—

Total fixed maturities
 
3,745.6

 
324.2

 
3,414.6

 
6.8

Equity securities
 
400.6

 
392.1

 


 
8.5

Other investments
 
405.9

 
—

 
405.9

 
—

Short-term investments
 
480.8

 
449.3

 
31.5

 
—

 
 
$
5,032.9

 
$
1,165.6

 
$
3,852.0

 
$
15.3

(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, 2018
 
Level 1 (a)
 
Level 2 (b)
 
Level 3 (c)
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
236.2

 
$
226.7

 
$
9.5

 
$
—

Foreign Governments
 
216.8

 
—

 
216.8

 
—

Obligations of states and political subdivisions
 
239.8

 
—

 
239.8

 
—

Corporate bonds
 
1,757.5

 
—

 
1,755.3

 
2.2

Commercial mortgage-backed securities
 
202.8

 
—

 
202.8

 
—

Residential mortgage-backed securities
 
410.8

 
—

 
410.8

 
—

Asset-backed securities
 
172.8

 
—

 
172.8

 
—

Collateralized loan obligations
 
223.7

 
—

 
223.7

 
—

Total fixed maturities
 
3,460.4

 
226.7

 
3,231.5

 
2.2

Equity securities
 
354.5

 
346.3

 
—

 
8.2

Other investments
 
114.4

 
—

 
114.4

 
—

Short-term investments
 
482.3

 
453.9

 
28.4

 
—

 
 
$
4,411.6

 
$
1,026.9

 
$
3,374.3

 
$
10.4

(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, 2019
 
$
2.2

 
$
8.2

 
$
10.4

Transfers into Level 3
 
3.5

 
—

 
3.5

Transfers out of Level 3
 
—

 
—

 
—

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

 
0.3

 
0.3

Included in other comprehensive income
 
(0.5
)
 
—

 
(0.5
)
Purchases, issuances, sales, and settlements:
 
 
 
 
 
 
Purchases
 
1.9

 
—

 
1.9

Issuances
 
—

 
—

 
—

Sales
 
(0.3
)
 
—

 
(0.3
)
Settlements
 
—

 
—

 
—

 Ending balance, September 30, 2019
 
$
6.8

 
$
8.5

 
$
15.3

Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2019
 
$
—

 
$
—

 
$
—

(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
 
—

 
0.2

 
0.2

Included in other comprehensive loss
 
0.3

 
—

 
0.3

Purchases, issuances, sales, and settlements:
 
 
 
 
 
 
Purchases
 
—

 
7.3

 
7.3

Issuances
 
—

 
—

 
—

Sales
 
—

 
(1.6
)
 
(1.6
)
Settlements
 
—

 
—

 
—

 Ending balance, December 31, 2018
 
$
2.2

 
$
8.2

 
$
10.4

Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2018
 
$
—

 
$
—

 
$
—