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Investments (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$511.5 $— $23.2 $— $488.3 
Foreign Governments209.2 0.4 15.2 0.5 193.9 
Obligations of states and political subdivisions178.6 1.3 7.8 0.4 171.7 
Corporate bonds1,894.3 2.6 152.6 1.0 1,743.3 
Commercial mortgage-backed securities407.7 — 40.6 — 367.1 
Residential mortgage-backed securities442.4 0.6 43.6 — 399.4 
Asset-backed securities202.7 — 10.6 0.1 192.0 
Collateralized loan obligations310.1 0.1 16.9 — 293.3 
Total fixed maturities$4,156.5 $5.0 $310.5 $2.0 $3,849.0 
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 June 30, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$166.4 $166.0 
Due after one year through five years1,861.8 1,762.9 
Due after five years through ten years688.9 603.1 
Due after ten years76.5 65.2 
Structured securities1,362.9 1,251.8 
Total$4,156.5 $3,849.0 
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, 2022 and December 31, 2021 were as follows:
June 30, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$55.3 $— 
Private equity260.7 116.8 
Overseas deposits73.4 — 
Other4.7 — 
Total other investments$394.1 $116.8 
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 
Unrealized Gain (Loss) on Investments
An aging of unrealized losses on our investments in fixed maturities is presented below:
June 30, 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$429.0 $18.3 $48.7 $4.9 $477.7 $23.2 
Foreign Governments165.2 14.1 27.4 1.1 192.6 15.2 
Obligations of states and political subdivisions109.7 7.5 3.2 0.3 112.9 7.8 
Corporate bonds1,443.7 116.4 216.9 36.2 1,660.6 152.6 
Commercial mortgage-backed securities327.8 32.5 39.3 8.1 367.1 40.6 
Residential mortgage-backed securities260.2 24.6 109.3 19.0 369.5 43.6 
Asset-backed securities167.9 9.9 6.8 0.7 174.7 10.6 
Collateralized loan obligations279.9 16.5 10.8 0.4 290.7 16.9 
Total fixed maturities$3,183.4 $239.8 $462.4 $70.7 $3,645.8 $310.5 
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 and six months ending June 30, 2022 and 2021, respectively:

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2022$0.3 $0.4 $2.1 $0.1 $2.9 
Securities for which allowance was not previously recorded0.1 — 0.1 — 0.2 
Securities sold during the period— — — — — 
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 — 0.2 — 0.3 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2021$0.1 $— $7.1 $— $7.2 
Securities for which allowance was not previously recorded— — (0.1)— (0.1)
Securities sold during the period— — (0.5)— (0.5)
Additional net increases (decreases) in existing allowance0.1 — (0.3)— (0.2)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
(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 recorded0.2 — 0.5 — 0.7 
Securities sold during the period— — (0.6)— (0.6)
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 0.4 0.3 — 0.8 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 

(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— — 2.0 — 2.0 
Securities sold during the period— — (0.9)— (0.9)
Additional net increases (decreases) in existing allowance— (0.1)(1.0)(0.2)(1.3)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents loans by property type:
June 30, 2022
(in millions)Principal BalanceCompositionLoan Count
Apartments85.254.1 %16
Hotel25.015.9 %4
Industrial25.816.3 %4
Retail21.513.7 %4
Total157.5100.0 %28 
Financing Receivable Credit Quality Indicators
The following table presents our loans by Debt Service Covenant Ratio (“DSCR”):
June 30, 2022
(in millions)Principal BalanceLoan Count
1.00 to 1.5064.812
Greater than 1.5 to 2.014.42
Greater than 2.0 to 3.041.28
Greater than 3.0 to 4.025.84
Greater than 4.011.32
Total157.528

The following table presents loans by Loan To Value (“LTV”):
June 30, 2022
(in millions)Principal BalanceLoan Count
Equal to or less than 50.0%26.34
Greater than 50.0% to 55.0%0.00
Greater than 55.0% to 60.0%48.510
Greater than 60.0% to 70.0%82.714
Greater than 70.0%0.00
Total157.528
Financing Receivable, before Allowance for Credit Loss, Maturity
The following table presents loans by maturity:
June 30, 2022
(in millions)Principal BalanceLoan Count
One Year or Less0.00
Greater than One Year and Less than Three45.68
Greater than Three Years and Less than Five Years42.88
Greater than Five Years and Less than Seven Years20.44
Greater than Seven Years and Less than Ten Years48.78
Greater than Ten Years0.00
Total157.528
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
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains on fixed maturities and other:
Fixed maturities$4.7 $17.5 $15.9 $23.0 
Other investments, including short-terms10.4 9.1 12.0 11.3 
15.1 26.6 27.9 34.3 
Realized losses on fixed maturities and other:
Fixed maturities(4.8)(3.0)(21.4)(4.5)
Other investments, including short-terms(21.3)(8.8)(28.1)(14.5)
 (26.1)(11.8)(49.5)(19.0)
Net (losses) recognized on fixed maturities and other:
Credit gains (losses) on fixed maturities(2.3)0.4 (3.4)(0.7)
Other(1)
(25.2)(11.5)(53.7)(11.5)
(27.5)(11.1)(57.1)(12.2)
Equity securities:
Net realized gains (losses) on equity securities1.1 0.7 0.1 (1.1)
Change in unrealized gains (losses) on equity securities held at the end of the period(3.0)20.3 3.7 35.8 
Net gains (losses) on equity securities(1.9)21.0 3.8 34.7 
Net investment and other gains (losses) before income taxes(40.4)24.7 (74.9)37.8 
Income tax (benefit) provision(1.1)5.2 (1.8)7.9 
Net investment and other gains (losses), net of income taxes$(39.3)$19.5 $(73.1)$29.9 
(1)Refer to the sale of AGSE and Argo Seguros in Note 1, “Business and Significant Accounting Policies” for additional information.
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Change in unrealized gains (losses)
Fixed maturities$(151.2)$18.0 $(328.7)$(47.7)
Other and short-term investments0.8 0.1 0.9 (0.3)
Net unrealized investment gains (losses) before income taxes(150.4)18.1 (327.8)(48.0)
Income tax provision (benefit)(29.3)4.0 (63.1)(8.6)
Net unrealized investment gains (losses), net of income taxes$(121.1)$14.1 $(264.7)$(39.4)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of June 30, 2022 and December 31, 2021 was as follows:
June 30, 2022December 31, 2021
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$286.1 $(3.5)$276.3 $(0.3)
Asset manager investment exposure43.3 0.7 35.5 (0.3)
Total$329.4 $(2.8)$311.8 $(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
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains
Operational currency exposure$5.4 $3.2 $7.8 $7.1 
Asset manager investment exposure3.1 0.9 4.2 1.8 
Total return strategy— — — 6.1 
Gross realized investment gains8.5 4.1 12.0 15.0 
Realized losses
Operational currency exposure(16.6)(3.5)(25.5)(12.7)
Asset manager investment exposure(1.0)(0.8)(1.0)(0.8)
Total return strategy— — — (5.1)
Gross realized investment losses(17.6)(4.3)(26.5)(18.6)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(9.1)$(0.2)$(14.5)$(3.6)
Schedule of Restricted Assets The following table presents our components of restricted assets:
(in millions)June 30, 2022December 31, 2021
Securities on deposit for regulatory and other purposes$168.4 $195.6 
Securities pledged as collateral for letters of credit and other184.2 193.9 
Securities on deposit supporting Lloyd’s business (1)
261.6 296.8 
Total restricted investments$614.2 $686.3 
(1) Argo Group is required to maintain Funds at Lloyd’s (“FAL”) to support its business for Syndicate 1200 and Syndicate 1910. At June 30, 2022 the amount of securities pledged for FAL was $261.6 million, of which $136.9 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 and liabilities measured at fair value on a recurring basis have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)June 30,
2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$488.3 $481.2 $7.1 $— 
Foreign Governments193.9 — 193.9 — 
Obligations of states and political subdivisions171.7 — 171.7 — 
Corporate bonds1,743.3 — 1,728.1 15.2 
Commercial mortgage-backed securities367.1 — 367.1 — 
Residential mortgage-backed securities399.4 — 399.4 — 
Asset-backed securities192.0 — 171.6 20.4 
Collateralized loan obligations293.3 — 293.3 — 
Total fixed maturities3,849.0 481.2 3,332.2 35.6 
Equity securities48.1 32.4 — 15.7 
Other investments73.7 — 73.7 — 
Short-term investments465.0 464.5 0.5 — 
Total assets$4,435.8 $978.1 $3,406.4 $51.3 
Derivatives$2.8 $— $2.8 $— 
Total liabilities$2.8 $— $2.8 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31,
2021
Level 1 (1)
Level 2 (2)
Level 3 (3)
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 — 
Total assets$5,010.8 $1,112.9 $3,880.4 $17.5 
Derivatives$0.6 $— $0.6 $— 
Total liabilities$0.6 $— $0.6 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) 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 335.4 — 35.4 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income (0.4)(0.1)(0.5)
Included in other comprehensive income(1.8)— (1.8)
Purchases, issuances, sales, and settlements:
Purchases1.4 1.1 2.5 
Issuances— — — 
Sales(1.8)— (1.8)
Settlements— — — 
 Ending balance, June 30, 2022$35.6 $15.7 $51.3 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022$— $— $— 
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2021$7.0 $17.5 $24.5 
Transfers into Level 3— 2.4 2.4 
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 $14.7 $17.5 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$— $— $—