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Investments (Tables)
 9 Months Ended
Sep. 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:
September 30, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$548.9 $— $37.1 $— $511.8 
Foreign Governments222.7 0.1 23.8 0.7 198.3 
Obligations of states and political subdivisions171.6 0.7 10.9 0.4 161.0 
Corporate bonds1,864.4 1.5 186.9 2.1 1,676.9 
Commercial mortgage-backed securities398.4 — 52.6 — 345.8 
Residential mortgage-backed securities415.3 0.2 52.6 — 362.9 
Asset-backed securities195.8 — 13.3 0.1 182.4 
Collateralized loan obligations314.4 — 23.2 — 291.2 
Total fixed maturities$4,131.5 $2.5 $400.4 $3.3 $3,730.3 
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 September 30, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$174.0 $170.8 
Due after one year through five years1,921.3 1,783.4 
Due after five years through ten years647.5 542.1 
Due after ten years64.7 51.6 
Structured securities1,324.0 1,182.4 
Total$4,131.5 $3,730.3 
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, 2022 and December 31, 2021 were as follows:
September 30, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$55.0 $— 
Private equity263.0 116.3 
Overseas deposits78.9 — 
Other4.7 — 
Total other investments$401.6 $116.3 
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:
September 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$430.0 $26.0 $81.8 $11.1 $511.8 $37.1 
Foreign Governments134.6 17.4 63.7 6.4 198.3 23.8 
Obligations of states and political subdivisions141.7 6.4 19.3 4.5 161.0 10.9 
Corporate bonds1,305.7 111.1 371.2 75.8 1,676.9 186.9 
Commercial mortgage-backed securities243.2 26.0 102.6 26.6 345.8 52.6 
Residential mortgage-backed securities232.3 25.1 130.6 27.5 362.9 52.6 
Asset-backed securities175.8 12.4 6.6 0.9 182.4 13.3 
Collateralized loan obligations278.2 22.3 13.0 0.9 291.2 23.2 
Total fixed maturities$2,941.5 $246.7 $788.8 $153.7 $3,730.3 $400.4 
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 and nine months ending September 30, 2022 and 2021, respectively:

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 
Securities for which allowance was not previously recorded0.1 — 1.1 — 1.2 
Securities sold during the period— — — — — 
Reductions for credit impairments— — — — — 
Additional net increases (decreases) in existing allowance0.1 — — — 0.1 
Ending balance, September 30, 2022$0.7 $0.4 $2.1 $0.1 $3.3 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
Securities for which allowance was not previously recorded— — 0.7 0.2 0.9 
Securities sold during the period— — (0.2)— (0.2)
Additional net increases (decreases) in existing allowance— — (0.1)— (0.1)
Ending balance, September 30, 2021$0.2 $— $6.6 $0.2 $7.0 
(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 recorded0.4 — 1.6 — 2.0 
Securities sold during the period(0.1)— (0.6)— (0.7)
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.2 0.4 0.3 — 0.9 
Ending balance, September 30, 2022$0.7 $0.4 $2.1 $0.1 $3.3 

(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— — 2.7 0.2 2.9 
Securities sold during the period— — (1.1)— (1.1)
Additional net increases (decreases) in existing allowance— (0.1)(1.1)(0.2)(1.4)
Ending balance, September 30, 2021$0.2 $— $6.6 $0.2 $7.0 
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents loans by property type:
September 30, 2022
(in millions)CostCompositionLoan Count
Apartments$86.3 54.4 %16
Hotel25.015.7 %4
Industrial26.016.3 %4
Retail21.513.6 %4
Total$158.8 100.0 %28 
Financing Receivable Credit Quality Indicators
The following table presents our loans by Debt Service Covenant Ratio (“DSCR”):
September 30, 2022
(in millions)CostLoan Count
1.00 to 1.50$10.4 2
Greater than 1.5 to 2.059.310
Greater than 2.0 to 3.052.010
Greater than 3.0 to 4.025.84
Greater than 4.011.32
Total$158.8 28

The following table presents loans by Loan To Value (“LTV”):
September 30, 2022
(in millions)CostLoan Count
Equal to or less than 50.0%$35.6 6
Greater than 50.0% to 55.0%9.12
Greater than 55.0% to 60.0%42.68
Greater than 60.0% to 70.0%71.512
Total$158.8 28
Financing Receivable, before Allowance for Credit Loss, Maturity
The following table presents loans by maturity:
September 30, 2022
(in millions)CostLoan Count
Greater than One Year and Less than Three$54.8 $10 
Greater than Three Years and Less than Five Years33.86
Greater than Five Years and Less than Seven Years20.44
Greater than Seven Years and Less than Ten Years49.88
Total$158.8 28
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
September 30,		For the Nine Months Ended
September 30,
(in millions)2022202120222021
Realized gains on fixed maturities and other:
Fixed maturities$1.1 $3.3 $17.0 $26.3 
Other investments, including short-terms7.8 0.9 19.9 8.9 
Other assets— — — 3.4 
8.9 4.2 36.9 38.6 
Realized losses on fixed maturities and other:
Fixed maturities(3.5)(0.4)(24.9)(5.0)
Other investments, including short-terms(12.1)(3.3)(40.1)(16.6)
Other assets— (1.4)— (14.0)
 (15.6)(5.1)(65.0)(35.6)
Other net losses recognized on fixed maturities and other:
Credit gains (losses) on fixed maturities(1.5)(0.7)(4.9)(1.5)
Impairment related to change in intent(1)
(34.2)— (34.2)— 
Other(2)
(1.4)— (55.1)— 
(37.1)(0.7)(94.2)(1.5)
Equity securities:
Net realized gains (losses) on equity securities0.2 1.4 0.2 0.3 
Change in unrealized gains (losses) on equity securities held at the end of the period(1.1)(5.1)2.5 30.7 
Net gains (losses) on equity securities(0.9)(3.7)2.7 31.0 
Net investment and other gains (losses) before income taxes(44.7)(5.3)(119.6)32.5 
Income tax (benefit) provision(7.0)— (8.8)— 
Net investment and other gains (losses), net of income taxes$(37.7)$(5.3)$(110.8)$32.5 
(1)Refer to the Loss Portfolio Transfer - U.S. in Note 1, “Business and Significant Accounting Policies” for additional information.
(2) Refer to the sale of AGSE and Argo Seguros in Note 1, “Business and Significant Accounting Policies” for additional information.
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows:
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
(in millions)2022202120222021
Change in unrealized gains (losses)
Fixed maturities$(88.9)$(23.0)$(417.6)$(70.7)
Other and short-term investments(1.2)(0.3)(0.3)(0.6)
Net unrealized investment gains (losses) before income taxes(90.1)(23.3)(417.9)(71.3)
Income tax provision (benefit)(14.2)(4.4)(77.3)(13.0)
Net unrealized investment gains (losses), net of income taxes$(75.9)$(18.9)$(340.6)$(58.3)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of September 30, 2022 and December 31, 2021 was as follows:
September 30, 2022December 31, 2021
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$288.8 $(3.4)$276.3 $(0.3)
Asset manager investment exposure25.0 3.8 35.5 (0.3)
Total$313.8 $0.4 $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
September 30,		For the Nine Months Ended
September 30,
(in millions)2022202120222021
Realized gains
Operational currency exposure$4.7 $— $12.5 $7.1 
Asset manager investment exposure3.1 1.0 7.3 2.8 
Total return strategy— 6.9 — 13.0 
Gross realized investment gains7.8 7.9 19.8 22.9 
Realized losses
Operational currency exposure(11.2)(5.2)(36.7)(17.8)
Asset manager investment exposure— — (1.0)(0.8)
Total return strategy— (6.9)— (12.0)
Gross realized investment losses(11.2)(12.1)(37.7)(30.6)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(3.4)$(4.2)$(17.9)$(7.7)
Schedule of Restricted Assets The following table presents our components of restricted assets:
(in millions)September 30, 2022December 31, 2021
Securities on deposit for regulatory and other purposes$158.5 $195.6 
Securities pledged as collateral for letters of credit and other178.5 193.9 
Securities on deposit supporting Lloyd’s business (1)
257.0 296.8 
Total restricted investments$594.0 $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 September 30, 2022 the amount of securities pledged for FAL was $257.0 million, of which $134.0 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)September 30,
2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$511.8 $507.5 $4.3 $— 
Foreign Governments198.3 — 198.3 — 
Obligations of states and political subdivisions161.0 — 161.0 — 
Corporate bonds1,676.9 — 1,654.3 22.6 
Commercial mortgage-backed securities345.8 — 345.8 — 
Residential mortgage-backed securities362.9 — 362.9 — 
Asset-backed securities182.4 — 163.2 19.2 
Collateralized loan obligations291.2 — 291.2 — 
Total fixed maturities3,730.3 507.5 3,181.0 41.8 
Equity securities43.9 26.9 — 17.0 
Other investments79.2 — 79.2 — 
Short-term investments570.7 570.3 0.4 — 
Derivatives0.4 — 0.4 — 
Total assets$4,424.5 $1,104.7 $3,261.0 $58.8 
(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 342.6 0.6 43.2 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income (0.3)0.6 0.3 
Included in other comprehensive income(2.9)— (2.9)
Purchases, issuances, sales, and settlements:
Purchases1.4 1.1 2.5 
Issuances— — — 
Sales(1.8)— (1.8)
Settlements— — — 
 Ending balance, September 30, 2022$41.8 $17.0 $58.8 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2022$— $(3.6)$(3.6)
(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 $17.5 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2021$— $— $— 
Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value
The Company holds investments in commercial mortgage loans reported at cost, less an allowance for expected credit losses, on the Balance Sheet. As of September 30, 2022, the cost and estimated fair value of the investments in commercial mortgage loans were:
September 30, 2022
(in millions)CostFair Value
Commercial Mortgage Loans$158.8 $152.7 
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
September 30, 2022December 31, 2021
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$172.7 $168.2 $172.7 $172.9 
Subordinated debentures85.8 89.4 85.5 91.9 
Total junior subordinated debentures258.5 257.6 258.2 264.8 
Senior unsecured fixed rate notes140.5 131.6 140.3 148.4 
Floating rate loan stock52.5 51.1 57.0 57.1 
$451.5 $440.3 $455.5 $470.3