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Fair Value Of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
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:
March 31, 2017
 
Carrying
Amount
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
ASSETS:
 
 
 
 
 
 
 
 
 
 
Fixed maturity investments:
 
 
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
1,410.5

 
$
1,410.5

 
$
1,357.5

 
$
53.0

 
$
—

Non-U.S. government and government agencies
 
543.2

 
543.2

 
—

 
543.2

 
—

States, municipalities and political subdivisions
 
41.7

 
41.7

 
—

 
41.7

 
—

Corporate debt:
 


 


 
 
 
 
 
 
Financial institutions
 
1,046.4

 
1,046.4

 
—

 
1,044.4

 
2.0

Industrials
 
1,379.2

 
1,379.2

 
—

 
1,379.2

 
—

Utilities
 
153.2

 
153.2

 
—

 
153.2

 
—

Mortgage-backed:
 


 


 
 
 
 
 
 
Agency mortgage-backed
 
595.6

 
595.6

 
—

 
444.3

 
151.3

Non-agency residential mortgage-backed
 
23.4

 
23.4

 
—

 
23.4

 
—

Commercial mortgage-backed
 
467.1

 
467.1

 
—

 
467.1

 
—

Asset-backed
 
812.8

 
812.8

 
—

 
762.8

 
50.0

Total fixed maturity investments
 
$
6,473.1

 
$
6,473.1

 
$
1,357.5

 
$
4,912.3

 
$
203.3

Equity securities
 
255.2

 
255.2

 
230.7

 
—

 
24.5

Other invested assets(1)
 
902.7

 
902.7

 
—

 
—

 
—

Total investments
 
$
7,631.0

 
$
7,631.0

 
$
1,588.2

 
$
4,912.3

 
$
227.8

Derivative assets:
 
 
 
 
 
 
 
 
 
 
Insurance contracts
 
$
6.5

 
$
6.5

 
$
—

 
$
—

 
$
6.5

LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
0.3

 
$
0.3

 
$
—

 
$
0.3

 
$
—

Interest rate swaps
 
0.2

 
0.2

 
—

 
0.2

 
—

Reinsurance contracts
 
3.4

 
3.4

 
—

 
—

 
3.4

Senior notes
 
794.4

 
825.6

 
—

 
825.6

 
—

Other long-term debt
 
22.6

 
27.1

 
—

 
27.1

 
—

December 31, 2016
 
Carrying
Amount
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
ASSETS:
 
 
 
 
 
 
 
 
 
 
Fixed maturity investments:
 
 
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
1,426.0

 
$
1,426.0

 
$
1,379.6

 
$
46.4

 
$
—

Non-U.S. government and government agencies
 
469.9

 
469.9

 
—

 
469.9

 
—

States, municipalities and political subdivisions
 
354.1

 
354.1

 
—

 
354.1

 
—

Corporate debt:
 


 


 
 
 
 
 
 
Financial institutions
 
1,032.7

 
1,032.7

 
—

 
1,031.2

 
1.5

Industrials
 
1,321.3

 
1,321.3

 
—

 
1,321.3

 
—

Utilities
 
140.0

 
140.0

 
—

 
140.0

 
—

Mortgage-backed:
 


 


 
 
 
 
 
 
Agency mortgage-backed
 
614.5

 
614.5

 
—

 
475.9

 
138.7

Non-agency residential mortgage-backed
 
23.9

 
23.9

 
—

 
23.9

 
—

Commercial mortgage-backed
 
598.0

 
598.0

 
—

 
598.0

 
—

Asset-backed
 
757.3

 
757.3

 
—

 
697.8

 
59.5

Total fixed maturity investments
 
$
6,737.7

 
$
6,737.7

 
$
1,379.6

 
$
5,158.5

 
$
199.7

Equity securities
 
243.9

 
243.9

 
219.2

 
—

 
24.7

Other invested assets(1)
 
897.8

 
897.8

 
—

 
—

 
—

Total investments
 
$
7,879.4

 
$
7,879.4

 
$
1,598.8

 
$
5,158.5

 
$
224.4

Derivative assets:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
10.4

 
$
10.4

 
$
—

 
$
10.4

 
$
—

Insurance contracts
 
7.4

 
7.4

 
—

 
—

 
7.4

LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
0.1

 
$
0.1

 
$
—

 
$
0.1

 
$
—

Reinsurance contracts
 
4.0

 
4.0

 
—

 
—

 
4.0

Senior notes
 
794.2

 
827.1

 
—

 
827.1

 
—

Other long-term debt
 
22.0

 
26.7

 
—

 
26.7

 
—


(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 March 31, 2017
Corporate Debt - Financial Institutions

 
Agency MBS
 
Non-agency RMBS
 
Asset-backed
 
Equities
 
Insurance Contracts
 
Reinsurance Contracts
Opening balance
$
1.5

 
$
138.7

 
$
—

 
$
59.5

 
$
24.7

 
$
7.4

 
$
(4.0
)
Realized and unrealized gains (losses) included in net income
(0.1
)
 
(0.3
)
 
—

 
(0.2
)
 
(0.2
)
 
(0.9
)
 
0.6

Purchases
0.6

 
29.9

 
—

 
31.3

 
—

 
—

 
—

Sales
—

 
(17.0
)
 
—

 
(5.0
)
 
—

 
—

 
—

Transfers into Level 3 from Level 2
—

 
—

 
—

 
1.2

 
—

 
—

 
—

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

 
—

 
—

 
(36.8
)
 
—

 
—

 
—

Ending balance
$
2.0

 
$
151.3

 
$
—

 
$
50.0

 
$
24.5

 
$
6.5

 
$
(3.4
)
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Opening balance
$
—

 
$
101.1

 
$
5.0

 
$
63.0

 
$
—

 
$
—

 
$
—

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

 
1.6

 
0.1

 
(0.8
)
 
—

 
—

 
—

Purchases
—

 
40.4

 
—

 
9.0

 
—

 
—

 
—

Sales
—

 
(3.6
)
 
(0.1
)
 
(2.1
)
 
—

 
—

 
—

Transfers into Level 3 from Level 2
—

 
1.6

 
—

 
9.9

 
—

 
—

 
—

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

 
—

 
—

 
(15.4
)
 
—

 
—

 
—

Ending balance
$
—

 
$
141.1

 
$
5.0

 
$
63.6

 
$
—

 
$
—

 
$
—

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