Disclosures About Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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. The cost and estimated fair value of the investments in commercial mortgage loans were:

	March 31, 2023				December 31, 2022
(in millions)	Cost		Fair Value		Cost		Fair Value
Commercial mortgage loans	$	159.9	$	152.3	$	159.9	$	150.7

A summary of our financial instruments whose carrying value did not equal fair value is shown below:

	March 31, 2023				December 31, 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Junior subordinated debentures:
Trust preferred debentures	$	172.7	$	157.8	$	172.7	$	165.8
Subordinated debentures	86.0		83.9		85.9		88.1
Total junior subordinated debentures	258.7		241.7		258.6		253.9
Senior unsecured fixed rate notes	140.5		127.5		140.5		112.7
Floating rate loan stock (1)	—		—		54.7		52.5
	$	399.2	$	369.2	$	453.8	$	419.1

(1) Floating rate loan stock reclassified to liabilities held-for-sale. See Note 1, “Business and Significant Accounting Policies” for additional information.

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Based on an analysis of the inputs, our financial instruments measured at fair value for disclosure purposes have been categorized as follows:

	Fair Value Measurements at Reporting Date Using
(in millions)	March 31, 2023		Level 1 (1)		Level 2 (2)		Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures	$	157.8	$	—	$	157.8	$	—
Subordinated debentures	83.9		—		83.9		—
Total junior subordinated debentures	241.7		—		241.7		—
Senior unsecured fixed rate notes	127.5		127.5		—		—
	$	369.2	$	127.5	$	241.7	$	—

(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, 2022		Level 1 (1)		Level 2 (2)		Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures	$	165.8	$	—	$	165.8	$	—
Subordinated debentures	88.1		—		88.1		—
Total junior subordinated debentures	253.9		—		253.9		—
Senior unsecured fixed rate notes	112.7		112.7		—		—
Floating rate loan stock	52.5		—		52.5		—
	$	419.1	$	112.7	$	306.4	$	—

(1) Quoted prices in active markets for identical assets

(2) Significant other observable inputs

(3) Significant unobservable inputs