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Investments (Tables)
 12 Months Ended
Dec. 31, 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 in fixed maturity investments were as follows: 
December 31, 2019
 
 
 
 
 
 
 
(in millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
U.S. Governments
$
353.5

 
$
2.3

 
$
1.2

 
$
354.6

Foreign Governments
244.8

 
4.6

 
0.7

 
248.7

Obligations of states and political subdivisions
145.8

 
6.9

 
0.1

 
152.6

Corporate bonds
1,777.4

 
37.7

 
34.7

 
1,780.4

Commercial mortgage-backed securities
213.5

 
4.6

 
1.1

 
217.0

Residential mortgage-backed securities
479.1

 
10.4

 
0.6

 
488.9

Asset-backed securities
164.2

 
1.5

 
0.2

 
165.5

Collateralized loan obligations
226.7

 
0.5

 
1.4

 
225.8

Total fixed maturities
$
3,605.0

 
$
68.5

 
$
40.0

 
$
3,633.5

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 December 31, 2019, by contractual maturity, were as follows:
(in millions)
Amortized
Cost
 
Fair
Value
Due in one year or less
$
294.2

 
$
294.8

Due after one year through five years
1,495.0

 
1,491.0

Due after five years through ten years
653.2

 
666.6

Thereafter
79.1

 
83.9

Structured securities
1,083.5

 
1,097.2

Total
$
3,605.0


$
3,633.5
Schedule Of Carrying Value Redemption Characteristics And Unfunded Investment Commitments Of Other Invested Assets Portfolio
Details regarding the carrying value and unfunded investment commitments of the other invested assets portfolio as of December 31, 2019 and 2018 were as follows:
December 31, 2019
 
 
 
(in millions)
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
Hedge funds
$
109.5

 


Private equity
268.1

 
110.0

Long only funds
114.6

 


Other
4.3

 


Total other investments
$
496.5

 
$
110.0

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 invested assets
$
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:
December 31, 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
$
114.6

 
$
1.1

 
$
17.0

 
$
0.1

 
$
131.6

 
$
1.2

Foreign Governments
117.6

 
0.7

 
5.1

 
—

 
122.7

 
0.7

Obligations of states and political subdivisions
0.7

 
—

 
2.1

 
0.1

 
2.8

 
0.1

Corporate bonds
249.4

 
18.9

 
63.6

 
15.8

 
313.0

 
34.7

Commercial mortgage-backed securities
74.8

 
1.1

 
4.9

 
—

 
79.7

 
1.1

Residential mortgage-backed securities
66.9

 
0.3

 
25.2

 
0.3

 
92.1

 
0.6

Asset-backed securities
22.5

 
0.1

 
18.9

 
0.1

 
41.4

 
0.2

Collateralized loan obligations
54.7

 
0.8

 
116.7

 
0.6

 
171.4

 
1.4

Total fixed maturities
$
701.2


$
23.0


$
253.5


$
17.0


$
954.7


$
40.0

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 and equity portfolios as follows:
 
For the Years Ended December 31,
(in millions)
2019
 
2018
 
2017
Other-than-temporary impairment:

 

 

Foreign governments
$
(2.0
)
 
$
—

 
$
—

Obligations of states and political subdivisions
(0.1
)
 
—

 
(0.1
)
Corporate bonds
(18.2
)
 
(6.6
)
 
(0.7
)
Equity securities
—

 
—

 
(1.7
)
Other invested assets
—

 
(1.0
)
 
—

Other-than-temporary impairment losses
$
(20.3
)
 
$
(7.6
)
 
$
(2.5
)
Schedule of Investment Income and Expenses
Investment income and expenses were as follows:
 
For the Years Ended December 31,
(in millions)
2019
 
2018
 
2017
Investment income:
 
 
 
 
 
   Interest on fixed maturities
$
129.5

 
$
115.0

 
$
97.1

   Dividends on equity securities
11.1

 
12.5

 
13.9

   Income on alternative investments
22.4

 
19.8

 
49.5

   Income on short-term and other investments
8.9

 
9.5

 
7.7

Investment income
171.9


156.8


168.2

Investment expenses
(20.8
)
 
(23.7
)
 
(28.2
)
Net investment income
$
151.1


$
133.1


$
140.0
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains (losses):
 
For the Years Ended December 31,
(in millions)
2019
 
2018
 
2017
Realized gains on fixed maturities and other
 
 
 
 
 
Fixed maturities
$
22.2

 
$
17.7

 
$
25.7

Other investments
33.0

 
41.4

 
25.7

Other assets and short-term investments
—

 
0.2

 
0.7

 
55.2

 
59.3

 
52.1

Realized losses on fixed maturities and other


 


 


Fixed maturities
(11.7
)
 
(16.0
)
 
(20.0
)
Other investments
(31.3
)

(39.5
)

(36.2
)
Short-term investments
—

 
(0.5
)
 
(0.2
)
Other-than-temporary impairment losses on fixed maturities
(20.3
)
 
(6.6
)
 
(0.8
)
Other-than-temporary impairment losses on other assets
—

 
(1.0
)
 
—

 
(63.3
)
 
(63.6
)
 
(57.2
)
Equity securities (1)


 


 


Net realized gains on equity securities
128.9

 
37.4

 
46.1

Other-than-temporary impairment losses on equity securities
—

 
—

 
(1.7
)
Change in unrealized (losses) on equity securities held at the end of the period
(40.8
)
 
(105.1
)
 
—

Net realized gains (losses) on equity securities
88.1


(67.7
)

44.4

Net realized investment gains (losses) before income taxes
80.0

 
(72.0
)
 
39.3

Income tax provision
(16.2
)
 
(11.2
)
 
(12.0
)
Net realized investment gains (losses) net of income taxes
$
63.8


$
(83.2
)

$
27.3

(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 “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 Years Ended December 31,
(in millions)
2019
 
2018
 
2017
Change in unrealized gains (losses)
 
 
 
 
 
Fixed maturities
$
93.3

 
$
(88.1
)
 
$
25.4

Equity securities
—

 
—

 
36.6

Other investments
4.4

 
0.1

 
2.1

Other and short-term investments
0.2

 
(0.5
)
 
—

Net unrealized investment gains (losses) before income taxes
97.9


(88.5
)

64.1

Income tax (provision) benefit
(15.4
)
 
13.0

 
(14.6
)
Net unrealized investment gains (losses), net of income taxes
$
82.5


$
(75.5
)

$
49.5
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of December 31 was as follows:
(in millions)
December 31, 2019
 
December 31, 2018
Operational currency exposure
$
(0.8
)
 
$
4.4

Asset manager investment exposure
(0.3
)
 
(0.3
)
Total return strategy
2.2

 
(1.5
)
Total
$
1.1

 
$
2.6
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table presents our gross investment realized gains and losses on our foreign currency exchange forward contracts:
 
For the Years Ended December 31,
(in millions)
2019
 
2018
 
2017
Realized gains
 
 
 
 
 
Operational currency exposure
5.7

 
9.7

 
12.4

Asset manager investment exposure
2.7

 
5.8

 
1.5

Total return strategy
22.5

 
26.7

 
10.4

Gross realized investment gains
30.9


42.2


24.3

Realized losses
 
 
 
 
 
Operational currency exposure
(10.6
)
 
(7.9
)
 
(13.8
)
Asset manager investment exposure
(0.8
)
 
(3.0
)
 
(11.3
)
Total return strategy
(17.6
)
 
(28.6
)
 
(7.6
)
Gross realized investment losses
(29.0
)

(39.5
)

(32.7
)
Net realized investment gains (losses) on foreign
   currency exchange forward contracts
$
1.9

 
$
2.7

 
$
(8.4
)
Schedule of Restricted Assets The following table presents our components of restricted assets at December 31:
(in millions)
December 31, 2019
 
December 31, 2018
Securities on deposit for regulatory and other purposes
$
192.5

 
$
172.6

Securities pledged as collateral for letters of credit and other
169.9

 
120.9

Securities and cash on deposit supporting Lloyd’s business
412.8

 
376.8

Total restricted investments
$
775.2


$
670.3
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)
December 31, 2019
 
Level 1 (a)
 
Level 2 (b)
 
Level 3 (c)
Fixed maturities
 
 
 
 
 
 
 
U.S. Governments
$
354.6

 
$
349.1

 
$
5.5

 
$
—

Foreign Governments
248.7

 
—

 
248.7

 
—

Obligations of states and political subdivisions
152.6

 
—

 
152.6

 
—

Corporate bonds
1,780.4

 
—

 
1,773.0

 
7.4

Commercial mortgage-backed securities
217.0

 
—

 
217.0

 
—

Residential mortgage-backed securities
488.9

 
—

 
488.9

 
—

Asset-backed securities
165.5

 
—

 
165.5

 
—

Collateralized loan obligations
225.8

 
—

 
225.8

 
—

Total fixed maturities
3,633.5


349.1


3,277.0


7.4

Equity securities
124.4

 
117.8

 
—

 
6.6

Other investments
400.2

 
—

 
400.2

 
—

Short-term investments
845.0

 
823.5

 
21.5

 
—

 
$
5,003.1


$
1,290.4


$
3,698.7


$
14.0

(a) Quoted prices in active markets for identical asset
(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 asset
(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
(0.4
)
 
(1.6
)
 
(2.0
)
Included in other comprehensive income
0.6

 
—

 
0.6

Purchases, issuances, sales, and settlements:
 
 
 
 
 
Purchases
1.9

 
—

 
1.9

Issuances
—

 
—

 
—

Sales
(0.4
)
 
—

 
(0.4
)
Settlements
—

 
—

 
—

Ending balance, Ending balance, December 31, 2019
$
7.4


$
6.6


$
14.0

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, 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, 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
$
—

 
$
—

 
$
—