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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
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, allowance for credit losses, and fair value of fixed maturity investments were as follows:
March 31, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$496.0 $0.4 $17.0 $— $479.4 
Foreign Governments211.7 3.7 7.6 0.3 207.5 
Obligations of states and political subdivisions169.6 2.3 4.9 0.4 166.6 
Corporate bonds2,009.0 9.7 86.2 2.1 1,930.4 
Commercial mortgage-backed securities422.7 0.6 23.1 — 400.2 
Residential mortgage-backed securities455.4 1.9 26.5 — 430.8 
Asset-backed securities205.6 0.3 5.3 0.1 200.5 
Collateralized loan obligations332.7 0.6 4.8 — 328.5 
Total fixed maturities$4,302.7 $19.5 $175.4 $2.9 $4,143.9 
December 31, 2021
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$422.7 $5.5 $3.2 $— $425.0 
Foreign Governments234.7 2.2 3.9 0.2 232.8 
Obligations of states and political subdivisions166.7 5.8 1.2 — 171.3 
Corporate bonds1,972.3 33.5 20.3 2.2 1,983.3 
Commercial mortgage-backed securities416.7 6.3 4.3 — 418.7 
Residential mortgage-backed securities480.7 7.5 5.7 — 482.5 
Asset-backed securities173.0 1.3 0.6 0.1 173.6 
Collateralized loan obligations336.4 1.3 1.6 — 336.1 
Total fixed maturities$4,203.2 $63.4 $40.8 $2.5 $4,223.3 
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 March 31, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$229.3 $232.1 
Due after one year through five years1,849.4 1,795.6 
Due after five years through ten years719.4 673.7 
Due after ten years88.2 82.5 
Structured securities1,416.4 1,360.0 
Total$4,302.7 $4,143.9 
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 March 31, 2022 and December 31, 2021 were as follows:
March 31, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.1 $— 
Private equity259.6 68.8 
Overseas deposits83.6 — 
Commercial Mortgage Loans46.5 — 
Other4.7 — 
Total other investments$452.5 $68.8 
December 31, 2021
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.6 $— 
Private equity248.9 64.2 
Overseas deposits74.9 — 
Other4.8 — 
Total other investments$387.2 $64.2 
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:
March 31, 2022Less 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$416.1 $12.8 $49.6 $4.2 $465.7 $17.0 
Foreign Governments150.2 6.7 25.4 0.9 175.6 7.6 
Obligations of states and political subdivisions78.7 4.7 3.0 0.2 81.7 4.9 
Corporate bonds1,275.0 62.9 219.6 23.3 1,494.6 86.2 
Commercial mortgage-backed securities296.8 17.8 41.7 5.3 338.5 23.1 
Residential mortgage-backed securities234.6 13.8 120.7 12.7 355.3 26.5 
Asset-backed securities135.9 4.7 7.0 0.6 142.9 5.3 
Collateralized loan obligations274.8 4.8 1.0 — 275.8 4.8 
Total fixed maturities$2,862.1 $128.2 $468.0 $47.2 $3,330.1 $175.4 
December 31, 2021Less 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$193.4 $2.6 $14.6 $0.6 $208.0 $3.2 
Foreign Governments152.4 3.3 2.6 0.6 155.0 3.9 
Obligations of states and political subdivisions46.0 0.8 0.1 0.4 46.1 1.2 
Corporate bonds854.3 18.3 41.7 2.0 896.0 20.3 
Commercial mortgage-backed securities198.8 4.1 6.5 0.2 205.3 4.3 
Residential mortgage-backed securities284.2 5.6 4.0 0.1 288.2 5.7 
Asset-backed securities62.6 0.6 — — 62.6 0.6 
Collateralized loan obligations176.1 1.6 0.5 — 176.6 1.6 
Total fixed maturities$1,967.8 $36.9 $70.0 $3.9 $2,037.8 $40.8 
Debt Securities, Available-for-sale, Allowance for Credit Loss
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, 2022 and 2021, respectively:
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2022$0.2 $— $2.2 $0.1 $2.5 
Securities for which allowance was not previously recorded0.1 — 0.4 — 0.5 
Securities sold during the period— — (0.6)— (0.6)
Additional net increases (decreases) in existing allowance— 0.4 0.1 — 0.5 
Ending balance, March 31, 2022$0.3 $0.4 $2.1 $0.1 $2.9 

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2021$0.2 $0.1 $6.1 $0.2 $6.6 
Securities for which allowance was not previously recorded— — 2.1 — 2.1 
Securities sold during the period— — (0.4)— (0.4)
Additional net increases (decreases) in existing allowance(0.1)(0.1)(0.7)(0.2)(1.1)
Ending balance, March 31, 2021$0.1 $— $7.1 $— $7.2 
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains and losses:
For the Three Months Ended
March 31,
(in millions)20222021
Realized gains on fixed maturities and other
Fixed maturities$11.2 $5.5 
Other investments, including short-terms1.5 6.0 
12.7 11.5 
Realized losses on fixed maturities and other
Fixed maturities(16.6)(1.5)
Other investments, including short-terms(6.8)(9.5)
 (23.4)(11.0)
Net (losses) recognized on fixed maturities and other
Credit losses on fixed maturities(1.0)(1.1)
Other(1)
(28.5)— 
(29.5)(1.1)
Equity securities
Net realized gains (losses) on equity securities(1.0)(1.8)
Change in unrealized gains (losses) on equity securities held at the end of the period6.7 15.5 
Net realized gains (losses) on equity securities5.7 13.7 
Net realized investment and other gains (losses) before income taxes(34.5)13.1 
Income tax (benefit) provision(0.7)2.6 
Net realized investment and other gains (losses), net of income taxes$(33.8)$10.5 
(1)Refer to the sale of Argo Seguros in Note 1, “Basis of Presentation” for additional information.
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows:
For the Three Months Ended
March 31,
(in millions)20222021
Change in unrealized gains (losses)
Fixed maturities$(177.9)$(65.7)
Other and short-term investments0.1 (0.4)
Net unrealized investment gains (losses) before income taxes(177.8)(66.1)
Income tax provision (benefit)(33.9)(12.6)
Net unrealized investment gains (losses), net of income taxes$(143.9)$(53.5)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of March 31, 2022 and December 31, 2021 was as follows:
(in millions)March 31, 2022December 31, 2021
Operational currency exposure$(8.5)$(0.3)
Asset manager investment exposure0.8 (0.3)
Total$(7.7)$(0.6)
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table represents our gross realized investment gains and losses on our foreign currency exchange forward contracts:
For the Three Months Ended
March 31,
(in millions)20222021
Realized gains
Operational currency exposure$2.5 $3.9 
Asset manager investment exposure1.1 1.0 
Total return strategy— 8.5 
Gross realized investment gains3.6 13.4 
Realized losses
Operational currency exposure(8.8)(9.2)
Total return strategy— (7.5)
Gross realized investment losses(8.8)(16.7)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(5.2)$(3.3)
Schedule of Restricted Assets The following table presents our components of restricted assets:
(in millions)March 31, 2022December 31, 2021
Securities on deposit for regulatory and other purposes$177.0 $195.6 
Securities pledged as collateral for letters of credit and other185.4 193.9 
Securities and cash on deposit supporting Lloyd’s business (1)
290.9 296.8 
Total restricted investments$653.3 $686.3 
(1) Argo Group is required to maintain Funds at Lloyd’s (“FAL”) to support it business for Syndicate 1200 and Syndicate 1910. At March 31, 2022 the amount pledged for FAL was $290.9 million, of which $137.6 million was provided by Argo Re Ltd.
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)March 31,
2022
Level 1 (a)
Level 2 (b)
Level 3 (c)
Fixed maturities
U.S. Governments$479.5 $472.2 $7.3 $— 
Foreign Governments207.5 — 207.5 — 
Obligations of states and political subdivisions166.6 — 166.6 — 
Corporate bonds1,930.3 — 1,915.3 15.0 
Commercial mortgage-backed securities400.2 — 400.2 — 
Residential mortgage-backed securities430.8 — 430.8 — 
Asset-backed securities200.5 — 179.3 21.2 
Collateralized loan obligations328.5 — 328.5 — 
Total fixed maturities4,143.9 472.2 3,635.5 36.2 
Equity securities54.0 36.4 — 17.6 
Other investments84.0 — 84.0 — 
Short-term investments421.1 419.9 1.2 — 
$4,703.0 $928.5 $3,720.7 $53.8 
(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,
2021
Level 1 (a)
Level 2 (b)
Level 3 (c)
Fixed maturities
U.S. Governments$425.0 $417.4 $7.6 $— 
Foreign Governments232.8 — 232.8 — 
Obligations of states and political subdivisions171.3 — 171.3 — 
Corporate bonds1,983.3 — 1,980.5 2.8 
Commercial mortgage-backed securities418.7 — 418.7 — 
Residential mortgage-backed securities482.5 — 482.5 — 
Asset-backed securities173.6 — 173.6 — 
Collateralized loan obligations336.1 — 336.1 — 
Total fixed maturities4,223.3 417.4 3,803.1 2.8 
Equity securities56.3 41.6 — 14.7 
Other investments75.4 — 75.4 — 
Short-term investments655.8 653.9 1.9 — 
$5,010.8 $1,112.9 $3,880.4 $17.5 
(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 Unobservable Inputs (Level 3)
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2022$2.8 $14.7 $17.5 
Transfers into Level 334.7 0.1 34.8 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income (0.4)1.8 1.4 
Included in other comprehensive income0.8 — 0.8 
Purchases, issuances, sales, and settlements:
Purchases— 1.0 1.0 
Issuances— — — 
Sales(1.7)— (1.7)
Settlements— — — 
 Ending balance, March 31, 2022$36.2 $17.6 $53.8 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2021$— $— $— 
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2021$7.0 $17.5 $24.5 
Transfers into Level 3— 1.0 1.0 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income— 4.2 4.2 
Included in other comprehensive loss(0.8)— (0.8)
Purchases, issuances, sales, and settlements:
Purchases0.1 1.2 1.3 
Issuances— — — 
Sales(3.5)(10.6)(14.1)
Settlements— — — 
 Ending balance, December 31, 2021$2.8 $13.3 $16.1 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$— $— $—