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Fair Value Of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair value hierarchy and related disclosures
The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below:
June 30, 2016
 
Carrying
Amount
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
Fixed maturity investments:
 
 
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
1,805.5

 
$
1,805.5

 
$
1,765.2

 
$
40.3

 
$
—

Non-U.S. government and government agencies
 
469.6

 
469.6

 
—

 
469.6

 
—

States, municipalities and political subdivisions
 
504.6

 
504.6

 
—

 
504.6

 
—

Corporate debt:
 


 


 
 
 
 
 
 
Financial institutions
 
1,223.6

 
1,223.6

 
—

 
1,223.6

 
—

Industrials
 
1,476.8

 
1,476.8

 
—

 
1,476.8

 
—

Utilities
 
140.4

 
140.4

 
—

 
140.4

 
—

Mortgage-backed:
 


 


 
 
 
 
 
 
Agency mortgage-backed
 
757.0

 
757.0

 
—

 
618.8

 
138.2

Non-agency residential mortgage-backed
 
24.0

 
24.0

 
—

 
24.0

 
—

Commercial mortgage-backed
 
604.2

 
604.2

 
—

 
604.2

 
—

Asset-backed
 
788.5

 
788.5

 
—

 
726.2

 
62.3

Total fixed maturity investments
 
7,794.2

 
7,794.2

 
1,765.2

 
5,828.5

 
200.5

Equity securities
 
202.3

 
202.3

 
202.3

 
—

 
—

Other invested assets(1)
 
820.0

 
820.0

 
—

 
—

 
—

Total investments
 
$
8,816.5

 
$
8,816.5

 
$
1,967.5

 
$
5,828.5

 
$
200.5

Derivative assets:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
1.5

 
$
1.5

 
$
—

 
$
1.5

 
$
—

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
0.4

 
$
0.4

 
$
—

 
$
0.4

 
$
—

Senior notes
 
1,293.7

 
$
1,352.0

 
$
—

 
$
1,352.0

 
$
—

Other long-term debt
 
23.1

 
$
30.0

 
$
—

 
$
30.0

 
$
—

December 31, 2015
 
Carrying
Amount
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
Fixed maturity investments:
 
 
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
1,434.0

 
$
1,434.0

 
$
1,396.4

 
$
37.6

 
$
—

Non-U.S. government and government agencies
 
556.8

 
556.8

 
—

 
556.8

 
—

States, municipalities and political subdivisions
 
413.5

 
413.5

 
—

 
413.5

 
—

Corporate debt:
 


 


 
 
 
 
 
 
Financial institutions
 
1,275.4

 
1,275.4

 
—

 
1,275.4

 
—

Industrials
 
1,308.1

 
1,308.1

 
—

 
1,308.1

 
—

Utilities
 
118.9

 
118.9

 
—

 
118.9

 
—

Mortgage-backed:
 


 


 
 
 
 
 
 
Agency mortgage-backed
 
751.8

 
751.8

 
—

 
645.7

 
106.1

Non-agency residential mortgage-backed
 
34.0

 
34.0

 
—

 
34.0

 
—

Commercial mortgage-backed
 
582.8

 
582.8

 
—

 
582.8

 
—

Asset-backed
 
726.2

 
726.2

 
—

 
663.2

 
63.0

Total fixed maturity investments
 
7,201.5

 
7,201.5

 
1,396.4

 
5,636.0

 
169.1

Equity securities
 
403.0

 
403.0

 
403.0

 
—

 
—

Other invested assets(1)
 
840.2

 
840.2

 
—

 
—

 
—

Total investments
 
$
8,444.7

 
$
8,444.7

 
$
1,799.4

 
$
5,636.0

 
$
169.1

Derivative assets:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
0.1

 
$
0.1

 
$
—

 
$
0.1

 
$
—

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
3.0

 
$
3.0

 
$
—

 
$
3.0

 
$
—

Interest rate swaps
 
$
0.5

 
$
0.5

 
$
—

 
$
0.5

 
$
—

Senior notes
 
$
1,292.9

 
$
1,337.9

 
$
—

 
$
1,337.9

 
$
—

Other long-term debt
 
$
23.0

 
$
27.7

 
$
—

 
$
27.7

 
$
—


_______________________
(1) In accordance with U.S. GAAP, other invested assets, excluding other private securities, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.
Fair value measurements using significant unobservable inputs (Level 3)
The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2016

MBS
 
CMBS
 
Total mortgage-backed
 
Asset-backed
 
Equities
Opening balance
$
146.1

 
$
—

 
$
146.1

 
$
63.6

 
$
—

Realized and unrealized gains included in net income
0.6

 
—

 
0.6

 
1.5

 
—

Purchases


 
—

 
—

 
16.5

 
—

Sales
(8.5
)
 
—

 
(8.5
)
 
(10.5
)
 
—

Transfers into Level 3 from Level 2
—

 
—

 
—

 
0.5

 
—

Transfers out of Level 3 into Level 2(1)
—

 
—

 
—

 
(9.3
)
 
—

Ending balance
$
138.2

 
$
—

 
$
138.2

 
$
62.3

 
$
—

Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
Opening balance
$
132.7

 
$
—

 
$
132.7

 
$
92.9

 
$
48.8

Realized and unrealized (losses) gains included in net income
(2.4
)
 
—

 
(2.4
)
 
(0.5
)
 
9.0

Purchases
1.6

 
2.8

 
4.4

 
2.2

 
—

Sales
(35.3
)
 
—

 
(35.3
)
 
(7.2
)
 
—

Transfers into Level 3 from Level 2
—

 
0.3

 
0.3

 
17.4

 
—

Transfers out of Level 3 into Level 2(1)
—

 
—

 
—

 
(20.9
)
 
—

Ending balance
$
96.6

 
$
3.1

 
$
99.7

 
$
83.9

 
$
57.8

Six Months Ended June 30, 2016
MBS
 
CMBS
 
Total mortgage-backed
 
Asset-backed
 
Equities
Opening balance
$
106.1

 
$
—

 
$
106.1

 
$
63.0

 
$
—

Realized and unrealized gains (losses) included in net income
2.1

 
—

 
2.1

 
0.6

 
—

Purchases
38.8

 
—

 
38.8

 
16.6

 
—

Sales
(10.3
)
 
—

 
(10.3
)
 
(9.5
)
 
—

Transfers into Level 3 from Level 2
1.5

 
—

 
1.5

 
7.9

 
—

Transfers out of Level 3 into Level 2(1)
—

 
—

 
—

 
(16.3
)
 
—

Ending balance
$
138.2

 
$
—

 
$
138.2

 
$
62.3

 
$
—

Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
Opening balance
$
180.1

 
$
1.7

 
$
181.8

 
$
55.4

 
$
43.3

Realized and unrealized (losses) gains included in net income
(1.1
)
 
0.1

 
(1.0
)
 
(0.6
)
 
14.5

Purchases
2.1

 
4.6

 
6.7

 
23.3

 
—

Sales
(84.5
)
 
(3.6
)
 
(88.1
)
 
(9.9
)
 
—

Transfers into Level 3 from Level 2
—

 
0.3

 
0.3

 
43.9

 
—

Transfers out of Level 3 into Level 2(1)
—

 
—

 
—

 
(28.2
)
 
—

Ending balance
$
96.6

 
$
3.1

 
$
99.7

 
$
83.9

 
$
57.8

_______________________ 
(1) 
Transfers out of Level 3 are primarily attributable to the availability of market observable information.