Commission File Number: |
(State or other jurisdiction of | (IRS Employer Identification No.) | |||||||
incorporation or organization) |
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Title | Part | ||||
Proxy statement for the 2021 Annual Meeting of Shareholders Exhibits as specified in exhibit index (page 113) | III, Items 10, 11, 12, 13 and 14 IV, Item 15 |
Financial Information Relating to Segments of Business (a) ($ in Millions) | |||||||||||||||||
Revenues (b) | |||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||
General (e) | $ | 3,876.8 | $ | 3,920.8 | $ | 3,739.4 | |||||||||||
Title (f) | 3,329.3 | 2,778.1 | 2,612.4 | ||||||||||||||
Corporate & Other - net (c) | 41.4 | 48.5 | 46.3 | ||||||||||||||
Subtotal (f) | 7,247.6 | 6,747.5 | 6,398.3 | ||||||||||||||
RFIG Run-off (e) | 60.4 | 76.8 | 96.1 | ||||||||||||||
Subtotal (f) | 7,308.0 | 6,824.4 | 6,494.4 | ||||||||||||||
Consolidated investment gains (losses) (b) | (142.0) | 636.1 | (235.6) | ||||||||||||||
Consolidated (f) | $ | 7,166.0 | $ | 7,460.5 | $ | 6,258.8 | |||||||||||
Pretax Income (Loss) | |||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||
General (e) | $ | 439.8 | $ | 370.2 | $ | 363.9 | |||||||||||
Title | 344.0 | 230.8 | 219.3 | ||||||||||||||
Corporate & Other - net (c) | 36.7 | 54.8 | 40.4 | ||||||||||||||
Subtotal | 820.5 | 655.9 | 623.8 | ||||||||||||||
RFIG Run-off (e) | 9.8 | 30.3 | 49.9 | ||||||||||||||
Subtotal | 830.4 | 686.2 | 673.7 | ||||||||||||||
Consolidated investment gains (losses) | (142.0) | 636.1 | (235.6) | ||||||||||||||
Consolidated | $ | 688.4 | $ | 1,322.4 | $ | 438.1 | |||||||||||
Assets | |||||||||||||||||
As of December 31: | 2020 | 2019 | 2018 | ||||||||||||||
General | $ | 19,226.1 | $ | 17,870.0 | $ | 16,411.4 | |||||||||||
Title | 1,920.9 | 1,695.0 | 1,452.2 | ||||||||||||||
Corporate & Other - net (c) | 1,085.1 | 896.0 | 726.7 | ||||||||||||||
Subtotal | 22,232.2 | 20,461.1 | 18,590.3 | ||||||||||||||
RFIG Run-off | 582.9 | 615.1 | 736.7 | ||||||||||||||
Consolidated | $ | 22,815.2 | $ | 21,076.3 | $ | 19,327.1 | |||||||||||
Shareholders' Equity (d) | |||||||||||||||||
As of December 31: | 2020 | 2019 | 2018 | ||||||||||||||
General | $ | 3,832.2 | $ | 3,635.1 | $ | 3,024.6 | |||||||||||
Title | 974.3 | 821.1 | 673.6 | ||||||||||||||
Corporate & Other - net (c) | 934.2 | 1,061.3 | 1,001.2 | ||||||||||||||
Subtotal | 5,740.7 | 5,517.6 | 4,699.5 | ||||||||||||||
RFIG Run-off | 445.8 | 482.5 | 446.7 | ||||||||||||||
Consolidated | $ | 6,186.6 | $ | 6,000.1 | $ | 5,146.2 | |||||||||||
General Insurance Group |
Title Insurance Group |
Republic Financial Indemnity Group (RFIG) Run-off Business |
Corporate and Other Operations |
Consolidated Underwriting Statistics |
($ in Millions) | |||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
General Insurance Group: | |||||||||||||||||||||||||||||
Overall Experience: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 3,394.2 | $ | 3,432.4 | $ | 3,277.1 | |||||||||||||||||||||||
Claim Ratio | 69.9 | % | 71.8 | % | 72.2 | % | |||||||||||||||||||||||
Expense Ratio | 25.6 | 25.7 | 25.0 | ||||||||||||||||||||||||||
Combined Ratio | 95.5 | % | 97.5 | % | 97.2 | % | |||||||||||||||||||||||
Experience by Major Coverages: | |||||||||||||||||||||||||||||
Commercial Automobile (Principally Trucking): | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 1,304.5 | $ | 1,279.4 | $ | 1,206.1 | |||||||||||||||||||||||
Claim Ratio | 80.8 | % | 84.0 | % | 79.3 | % | |||||||||||||||||||||||
Workers' Compensation: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 863.8 | $ | 999.2 | $ | 1,018.5 | |||||||||||||||||||||||
Claim Ratio | 60.8 | % | 63.2 | % | 70.7 | % | |||||||||||||||||||||||
General Liability: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 204.7 | $ | 227.4 | $ | 203.6 | |||||||||||||||||||||||
Claim Ratio | 73.6 | % | 77.8 | % | 68.9 | % | |||||||||||||||||||||||
Three Above Coverages Combined: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 2,373.2 | $ | 2,506.1 | $ | 2,428.3 | |||||||||||||||||||||||
Claim Ratio | 72.9 | % | 75.1 | % | 74.8 | % | |||||||||||||||||||||||
Financial Indemnity: (a) | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 272.7 | $ | 218.7 | $ | 174.7 | |||||||||||||||||||||||
Claim Ratio | 57.1 | % | 64.0 | % | 73.8 | % | |||||||||||||||||||||||
Inland Marine and Commercial Multi-Peril: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 294.1 | $ | 261.8 | $ | 252.8 | |||||||||||||||||||||||
Claim Ratio | 58.3 | % | 62.6 | % | 62.8 | % | |||||||||||||||||||||||
Home and Automobile Warranty: | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 318.0 | $ | 309.3 | $ | 297.5 | |||||||||||||||||||||||
Claim Ratio | 68.1 | % | 65.5 | % | 63.5 | % | |||||||||||||||||||||||
Other Coverages: (b) | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 142.3 | $ | 139.3 | $ | 122.2 | |||||||||||||||||||||||
Claim Ratio | 65.3 | % | 52.2 | % | 51.7 | % | |||||||||||||||||||||||
Title Insurance Group: (c)(d) | |||||||||||||||||||||||||||||
Net Premiums & Fees Earned | $ | 3,286.3 | $ | 2,736.0 | $ | 2,573.1 | |||||||||||||||||||||||
Claim Ratio | 2.3 | % | 2.5 | % | 1.9 | % | |||||||||||||||||||||||
Expense Ratio | 88.4 | 90.5 | 90.9 | ||||||||||||||||||||||||||
Combined Ratio | 90.7 | % | 93.0 | % | 92.8 | % | |||||||||||||||||||||||
RFIG Run-off Business: (a) | |||||||||||||||||||||||||||||
Net Premiums Earned | $ | 45.1 | $ | 59.2 | $ | 75.9 | |||||||||||||||||||||||
Claim Ratio | 81.7 | % | 53.5 | % | 39.4 | % | |||||||||||||||||||||||
Expense Ratio | 30.2 | 25.0 | 21.5 | ||||||||||||||||||||||||||
Combined Ratio | 111.9 | % | 78.5 | % | 60.9 | % | |||||||||||||||||||||||
All Coverages Consolidated: (d) | |||||||||||||||||||||||||||||
Net Premiums & Fees Earned | $ | 6,737.8 | $ | 6,241.1 | $ | 5,940.9 | |||||||||||||||||||||||
Claim Ratio | 37.0 | % | 41.2 | % | 41.4 | % | |||||||||||||||||||||||
Expense Ratio | 56.3 | 54.1 | 53.5 | ||||||||||||||||||||||||||
Combined Ratio | 93.3 | % | 95.3 | % | 94.9 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 73.0 | % | 0.3 | % | 72.7 | % | |||||||||||||||||||||||||||||
2017 | 71.8 | 0.7 | 71.1 | ||||||||||||||||||||||||||||||||
2018 | 72.2 | — | 72.2 | ||||||||||||||||||||||||||||||||
2019 | 71.8 | 0.4 | 71.4 | ||||||||||||||||||||||||||||||||
2020 | 69.9 | % | (0.8) | % | 70.7 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio (*) | Reserves Development (*) | Reserves Development (*) | |||||||||||||||||||||||||||||||||
2016 | 3.5 | % | (1.0) | % | 4.5 | % | |||||||||||||||||||||||||||||
2017 | 0.8 | (3.0) | 3.8 | ||||||||||||||||||||||||||||||||
2018 | 1.9 | (1.8) | 3.7 | ||||||||||||||||||||||||||||||||
2019 | 2.5 | (1.2) | 3.7 | ||||||||||||||||||||||||||||||||
2020 | 2.3 | % | (1.3) | % | 3.6 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 34.1 | % | (39.8) | % | 73.9 | % | |||||||||||||||||||||||||||||
2017 | 57.6 | (38.3) | 95.9 | ||||||||||||||||||||||||||||||||
2018 | 43.2 | (27.0) | 70.2 | ||||||||||||||||||||||||||||||||
2019 | 55.0 | (12.5) | 67.5 | ||||||||||||||||||||||||||||||||
2020 | 81.7 | % | (26.5) | % | 108.2 | % |
Consolidated Investments | |||||||||||||||||||||||
($ in Millions) | |||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | 2,063.2 | $ | 1,878.8 | |||||||||||||||||||
Tax-Exempt (a) | 1,063.5 | — | |||||||||||||||||||||
Corporate | 7,370.0 | 6,917.6 | |||||||||||||||||||||
10,496.8 | 8,796.5 | ||||||||||||||||||||||
Short-term Investments | 749.6 | 484.3 | |||||||||||||||||||||
Total available for sale | 11,246.4 | 9,280.9 | |||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||
Tax-Exempt (a) | — | 1,021.7 | |||||||||||||||||||||
Equity Securities | 4,054.8 | 4,030.5 | |||||||||||||||||||||
Other Investments | 28.8 | 26.0 | |||||||||||||||||||||
Total Investments | $ | 15,330.1 | $ | 14,359.2 |
Sources of Consolidated Investment Income | |||||||||||||||||||||||||||||
($ in Millions) | |||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||||||
Taxable Interest | $ | 269.9 | $ | 280.0 | $ | 278.4 | |||||||||||||||||||||||
Tax-Exempt Interest | 19.8 | 20.3 | 20.7 | ||||||||||||||||||||||||||
289.8 | 300.3 | 299.2 | |||||||||||||||||||||||||||
Equity Securities Dividends | 149.8 | 141.3 | 124.0 | ||||||||||||||||||||||||||
Other Investment Income: | |||||||||||||||||||||||||||||
Interest on Short-term Investments | 2.2 | 10.1 | 9.8 | ||||||||||||||||||||||||||
Other Sources | 3.5 | 5.8 | 4.9 | ||||||||||||||||||||||||||
5.8 | 15.9 | 14.8 | |||||||||||||||||||||||||||
Gross Investment Income | 445.6 | 457.7 | 438.1 | ||||||||||||||||||||||||||
Less: Investment Expenses (a) | 6.6 | 6.9 | 6.2 | ||||||||||||||||||||||||||
Net Investment Income | $ | 438.9 | $ | 450.7 | $ | 431.8 | |||||||||||||||||||||||
Credit Quality Ratings of Fixed Maturity Securities (b) | |||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||
(% of total portfolio) | |||||||||||||||||||||||
Aaa | 24.6 | % | 23.9 | % | |||||||||||||||||||
Aa | 13.1 | 13.1 | |||||||||||||||||||||
A | 33.0 | 32.6 | |||||||||||||||||||||
Baa | 26.5 | 26.1 | |||||||||||||||||||||
Total investment grade | 97.2 | 95.7 | |||||||||||||||||||||
All other (c) | 2.8 | 4.3 | |||||||||||||||||||||
Total | 100.0 | % | 100.0 | % |
Age Distribution of Fixed Maturity Securities | |||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||
(% of total portfolio) | |||||||||||||||||||||||
Maturity Ranges: | |||||||||||||||||||||||
Due in one year or less | 9.8 | % | 10.7 | % | |||||||||||||||||||
Due after one year through five years | 57.0 | 55.6 | |||||||||||||||||||||
Due after five years through ten years | 31.4 | 33.4 | |||||||||||||||||||||
Due after ten years through fifteen years | 1.7 | .3 | |||||||||||||||||||||
Due after fifteen years | .1 | — | |||||||||||||||||||||
100.0 | % | 100.0 | % | ||||||||||||||||||||
Average Maturity in Years | 4.3 | 4.1 |
Geographical Distribution of Consolidated Direct Premiums Written | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||
Northeast | 12.3 | % | 12.2 | % | 11.9 | % | ||||||||||||||||||||
Mid-Atlantic | 8.0 | 7.5 | 7.3 | |||||||||||||||||||||||
Southeast | 20.7 | 20.6 | 20.9 | |||||||||||||||||||||||
Southwest | 12.0 | 11.8 | 11.6 | |||||||||||||||||||||||
East North Central | 10.7 | 10.9 | 11.2 | |||||||||||||||||||||||
West North Central | 9.5 | 9.7 | 10.1 | |||||||||||||||||||||||
Mountain | 8.7 | 8.2 | 8.2 | |||||||||||||||||||||||
Western | 16.1 | 16.3 | 16.1 | |||||||||||||||||||||||
Foreign (Principally Canada) | 2.0 | 2.8 | 2.7 | |||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Major General Insurance Balances Due from Reinsurers | |||||||||||||||||||||||||||||||||||||||||
($ in Millions) | % of Total | ||||||||||||||||||||||||||||||||||||||||
A.M. | Reinsurance Recoverable | Total | Consolidated | ||||||||||||||||||||||||||||||||||||||
Best | on Paid | on Claim | Exposure | Reinsured | |||||||||||||||||||||||||||||||||||||
Reinsurer | Rating | Claims | Reserves | to Reinsurer | Liabilities | ||||||||||||||||||||||||||||||||||||
Archway Insurance, Ltd. | Unrated | $ | — | $ | 387.1 | $ | 387.1 | 10.5 | % | ||||||||||||||||||||||||||||||||
Day One Insurance, Inc. | Unrated | — | 355.0 | 355.0 | 9.6 | ||||||||||||||||||||||||||||||||||||
Munich Re America, Inc. | A+ | 13.0 | 270.6 | 283.6 | 7.7 | ||||||||||||||||||||||||||||||||||||
Hanover Ruckversicherungs | A+ | 5.3 | 274.0 | 279.4 | 7.6 | ||||||||||||||||||||||||||||||||||||
AXIS Reinsurance Company | A | 1.8 | 163.2 | 165.0 | 4.5 | ||||||||||||||||||||||||||||||||||||
Swiss Reinsurance America Corporation | A+ | 14.6 | 128.6 | 143.3 | 3.9 | ||||||||||||||||||||||||||||||||||||
Summit Insurance, Ltd. | Unrated | .9 | 137.5 | 138.5 | 3.7 | ||||||||||||||||||||||||||||||||||||
Endurance Assurance Corporation | A+ | .8 | 111.8 | 112.6 | 3.0 | ||||||||||||||||||||||||||||||||||||
Partner Reinsurance Company of the U.S. | A+ | .3 | 103.1 | 103.4 | 2.8 | ||||||||||||||||||||||||||||||||||||
Transatlantic Reinsurance Company | A+ | 2.1 | 98.7 | 100.9 | 2.7 | ||||||||||||||||||||||||||||||||||||
$ | 39.1 | $ | 2,030.1 | $ | 2,069.2 | 56.0 | % |
Dec 15 | Dec 16 | Dec 17 | Dec 18 | Dec 19 | Dec 20 | ||||||||||||||||||||||||||||||
ORI | $ | 100.00 | $ | 106.21 | $ | 124.13 | $ | 130.15 | $ | 153.25 | $ | 141.53 | |||||||||||||||||||||||
S&P 500 | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | |||||||||||||||||||||||||||||
Peer Group | 100.00 | 112.86 | 125.93 | 107.33 | 137.21 | 127.18 |
Item 6 - Selected Financial Data ($ in millions, except share data) | ||||||||||||||||||||||||||||||||||||||||||||
December 31: | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
FINANCIAL POSITION: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and Invested Assets (a) | $ | 15,535.3 | $ | 14,527.4 | $ | 13,187.4 | $ | 13,536.4 | $ | 12,995.8 | ||||||||||||||||||||||||||||||||||
Other Assets | 7,279.9 | 6,548.9 | 6,139.6 | 5,867.1 | 5,595.7 | |||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 22,815.2 | $ | 21,076.3 | $ | 19,327.1 | $ | 19,403.5 | $ | 18,591.6 | ||||||||||||||||||||||||||||||||||
Liabilities, Other than Debt | $ | 15,662.0 | $ | 14,102.1 | $ | 13,199.4 | $ | 13,221.5 | $ | 12,602.2 | ||||||||||||||||||||||||||||||||||
Debt | 966.4 | 974.0 | 981.4 | 1,448.7 | 1,528.7 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities | 16,628.5 | 15,076.1 | 14,180.8 | 14,670.2 | 14,130.9 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Common Shareholders' Equity | 6,186.6 | 6,000.1 | 5,146.2 | 4,733.3 | 4,460.6 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 22,815.2 | $ | 21,076.3 | $ | 19,327.1 | $ | 19,403.5 | $ | 18,591.6 | ||||||||||||||||||||||||||||||||||
Total Capitalization (b) | $ | 7,153.1 | $ | 6,974.2 | $ | 6,127.6 | $ | 6,182.0 | $ | 5,989.4 | ||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
RESULTS OF OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||||||
Net Premiums and Fees Earned (e) | $ | 6,737.8 | $ | 6,241.1 | $ | 5,940.9 | $ | 5,769.1 | $ | 5,537.5 | ||||||||||||||||||||||||||||||||||
Net Investment and Other Income | 570.2 | 583.3 | 553.5 | 511.7 | 494.3 | |||||||||||||||||||||||||||||||||||||||
Investment Gains (Losses) (c) | (142.0) | 636.1 | (235.6) | 211.6 | 72.8 | |||||||||||||||||||||||||||||||||||||||
Net Revenues (e) | 7,166.0 | 7,460.5 | 6,258.8 | 6,492.4 | 6,104.7 | |||||||||||||||||||||||||||||||||||||||
Benefits, Claims, and | ||||||||||||||||||||||||||||||||||||||||||||
Settlement Expenses | 2,491.4 | 2,572.7 | 2,460.7 | 2,478.8 | 2,347.9 | |||||||||||||||||||||||||||||||||||||||
Underwriting and Other Expenses (e) | 3,986.1 | 3,565.4 | 3,359.9 | 3,288.1 | 3,070.8 | |||||||||||||||||||||||||||||||||||||||
Pretax Income (Loss) | 688.4 | 1,322.4 | 438.1 | 725.4 | 686.0 | |||||||||||||||||||||||||||||||||||||||
Income Taxes (Credits) | 129.7 | 265.9 | 67.5 | 164.8 | 219.0 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 558.6 | $ | 1,056.4 | $ | 370.5 | $ | 560.5 | $ | 466.9 | ||||||||||||||||||||||||||||||||||
COMMON SHARE DATA: | ||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.87 | $ | 3.52 | $ | 1.26 | $ | 2.14 | $ | 1.80 | ||||||||||||||||||||||||||||||||||
Diluted | $ | 1.87 | $ | 3.51 | $ | 1.24 | $ | 1.92 | $ | 1.62 | ||||||||||||||||||||||||||||||||||
Dividends: Cash (d) | $ | 1.84 | $ | 1.80 | $ | .78 | $ | 1.76 | $ | .75 | ||||||||||||||||||||||||||||||||||
Book Value | $ | 20.75 | $ | 19.98 | $ | 17.23 | $ | 17.72 | $ | 17.16 | ||||||||||||||||||||||||||||||||||
Common Shares (thousands): | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding | 304,122 | 303,652 | 302,714 | 269,238 | 262,719 | |||||||||||||||||||||||||||||||||||||||
Average: Basic | 298,407 | 299,885 | 294,248 | 262,114 | 259,429 | |||||||||||||||||||||||||||||||||||||||
Diluted | 298,898 | 301,227 | 301,016 | 299,387 | 296,379 |
OVERVIEW |
EXECUTIVE SUMMARY |
OVERALL RESULTS | |||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||||||||
Pretax income (loss) | $ | 688.4 | $ | 1,322.4 | $ | 438.1 | |||||||||||||||||
Pretax investment gains (losses) | (142.0) | 636.1 | (235.6) | ||||||||||||||||||||
Pretax income (loss) excluding investment gains (losses) | $ | 830.4 | $ | 686.2 | $ | 673.7 | |||||||||||||||||
Net income (loss) | $ | 558.6 | $ | 1,056.4 | $ | 370.5 | |||||||||||||||||
Net of tax investment gains (losses) | (112.1) | 502.2 | (185.9) | ||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | 670.8 | $ | 554.2 | $ | 556.4 | |||||||||||||||||
PER DILUTED SHARE | |||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||||||||
Net income (loss) | $ | 1.87 | $ | 3.51 | $ | 1.24 | |||||||||||||||||
Net of tax investment gains (losses) | (.37) | 1.67 | (.62) | ||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | 2.24 | $ | 1.84 | $ | 1.86 | |||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||
Shareholders' equity: Total | $ | 6,186.6 | $ | 6,000.1 | |||||||||||||||||||
Per Common Share | $ | 20.75 | $ | 19.98 |
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | ||||||||||||||||||||||||
SUMMARY INCOME STATEMENTS (a): | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Net premiums and fees earned | $ | 6,737.8 | $ | 6,241.1 | $ | 5,940.9 | 8.0 | % | 5.1 | % | |||||||||||||||||||
Net investment income | 438.9 | 450.7 | 431.8 | (2.6) | 4.4 | ||||||||||||||||||||||||
Other income | 131.2 | 132.6 | 121.6 | (1.0) | 9.0 | ||||||||||||||||||||||||
Total operating revenues | 7,308.0 | 6,824.4 | 6,494.4 | 7.1 | 5.1 | ||||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||||||||
Realized from actual transactions | 14.2 | 38.6 | 58.2 | ||||||||||||||||||||||||||
Realized from impairments | — | (2.0) | — | ||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (156.2) | 599.5 | (293.8) | ||||||||||||||||||||||||||
Total investment gains (losses) | (142.0) | 636.1 | (235.6) | ||||||||||||||||||||||||||
Total revenues | 7,166.0 | 7,460.5 | 6,258.8 | ||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Claim costs | 2,491.4 | 2,572.7 | 2,460.7 | (3.2) | 4.5 | ||||||||||||||||||||||||
Sales and general expenses | 3,942.4 | 3,525.4 | 3,317.7 | 11.8 | 6.3 | ||||||||||||||||||||||||
Interest and other costs | 43.7 | 40.0 | 42.2 | 9.1 | (5.2) | ||||||||||||||||||||||||
Total operating expenses | 6,477.5 | 6,138.1 | 5,820.7 | 5.5 | % | 5.5 | % | ||||||||||||||||||||||
Pretax income (loss) | 688.4 | 1,322.4 | 438.1 | ||||||||||||||||||||||||||
Income taxes (credits) | 129.7 | 265.9 | 67.5 | ||||||||||||||||||||||||||
Net income (loss) | $ | 558.6 | $ | 1,056.4 | $ | 370.5 | |||||||||||||||||||||||
COMMON STOCK STATISTICS: | |||||||||||||||||||||||||||||
Components of net income (loss) per share: | |||||||||||||||||||||||||||||
Basic net income (loss) excluding investment gains (losses) | $ | 2.24 | $ | 1.85 | $ | 1.89 | 21.1 | % | (2.1) | % | |||||||||||||||||||
Net investment gains (losses): | |||||||||||||||||||||||||||||
Realized from actual transactions and impairments | 0.04 | 0.10 | 0.16 | ||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (0.41) | 1.57 | (0.79) | ||||||||||||||||||||||||||
Basic net income (loss) | $ | 1.87 | $ | 3.52 | $ | 1.26 | |||||||||||||||||||||||
Diluted net income (loss) excluding investment gains (losses) | $ | 2.24 | $ | 1.84 | $ | 1.86 | 21.7 | % | (1.1) | % | |||||||||||||||||||
Net investment gains (losses): | |||||||||||||||||||||||||||||
Realized from actual transactions and impairments | 0.04 | 0.10 | 0.15 | ||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (0.41) | 1.57 | (0.77) | ||||||||||||||||||||||||||
Diluted net income (loss) | $ | 1.87 | $ | 3.51 | $ | 1.24 | |||||||||||||||||||||||
Cash dividends on common stock (b) | $ | 1.84 | $ | 1.80 | $ | 0.78 | |||||||||||||||||||||||
Book value per share | $ | 20.75 | $ | 19.98 | $ | 17.23 | 3.9 | % | 16.0 | % | |||||||||||||||||||
Major Segmented and Consolidated | |||||||||||||||||||||||||||||||||||
Elements of Income (Loss) | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | ||||||||||||||||||||||||||||||
A. Net premiums, fees, and other income (d): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 3,394.2 | $ | 3,432.4 | $ | 3,277.1 | (1.1) | % | 4.7 | % | |||||||||||||||||||||||||
Title insurance | 3,286.3 | 2,736.0 | 2,573.1 | 20.1 | 6.3 | ||||||||||||||||||||||||||||||
Corporate and other | 12.0 | 13.4 | 14.6 | (10.0) | (8.8) | ||||||||||||||||||||||||||||||
Other income | 131.2 | 132.6 | 121.6 | (1.0) | 9.0 | ||||||||||||||||||||||||||||||
Subtotal | 6,823.9 | 6,314.4 | 5,986.6 | 8.1 | 5.5 | ||||||||||||||||||||||||||||||
RFIG run-off business (c) | 45.1 | 59.2 | 75.9 | (23.8) | (22.0) | ||||||||||||||||||||||||||||||
Consolidated | $ | 6,869.1 | $ | 6,373.7 | $ | 6,062.5 | 7.8 | % | 5.1 | % | |||||||||||||||||||||||||
B. Underwriting and related services income (loss): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 151.8 | $ | 84.9 | $ | 91.2 | 78.8 | % | (6.9) | % | |||||||||||||||||||||||||
Title insurance | 305.8 | 193.4 | 185.1 | 58.0 | 4.6 | ||||||||||||||||||||||||||||||
Corporate and other | (17.0) | (15.5) | (21.9) | (9.5) | 29.1 | ||||||||||||||||||||||||||||||
Subtotal | 440.5 | 262.8 | 254.3 | 67.6 | 3.4 | ||||||||||||||||||||||||||||||
RFIG run-off business (c) | (5.3) | 12.7 | 29.7 | (142.3) | (57.3) | ||||||||||||||||||||||||||||||
Consolidated | $ | 435.2 | $ | 275.6 | $ | 284.0 | 57.9 | % | (3.0) | % | |||||||||||||||||||||||||
C. Consolidated underwriting ratio (d): | |||||||||||||||||||||||||||||||||||
Claim ratio | 37.0 | % | 41.2 | % | 41.4 | % | |||||||||||||||||||||||||||||
Expense ratio | 56.3 | 54.1 | 53.5 | ||||||||||||||||||||||||||||||||
Combined ratio | 93.3 | % | 95.3 | % | 94.9 | % | |||||||||||||||||||||||||||||
D. Net investment income: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 352.2 | $ | 356.4 | $ | 341.0 | (1.2) | % | 4.5 | % | |||||||||||||||||||||||||
Title insurance | 42.0 | 41.4 | 38.8 | 1.3 | 6.6 | ||||||||||||||||||||||||||||||
Corporate and other | 29.4 | 35.1 | 31.7 | (16.2) | 10.7 | ||||||||||||||||||||||||||||||
Subtotal | 423.6 | 433.0 | 411.7 | (2.2) | 5.2 | ||||||||||||||||||||||||||||||
RFIG run-off business | 15.2 | 17.6 | 20.1 | (13.4) | (12.6) | ||||||||||||||||||||||||||||||
Consolidated | $ | 438.9 | $ | 450.7 | $ | 431.8 | (2.6) | % | 4.4 | % | |||||||||||||||||||||||||
E. Interest and other charges (credits): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 64.2 | $ | 71.1 | $ | 68.3 | |||||||||||||||||||||||||||||
Title insurance | 3.8 | 4.1 | 4.6 | ||||||||||||||||||||||||||||||||
Corporate and other (a) | (24.3) | (35.2) | (30.6) | ||||||||||||||||||||||||||||||||
Subtotal | 43.7 | 40.0 | 42.2 | ||||||||||||||||||||||||||||||||
RFIG run-off business | — | — | — | ||||||||||||||||||||||||||||||||
Consolidated | $ | 43.7 | $ | 40.0 | $ | 42.2 | 9.1 | % | (5.2) | % | |||||||||||||||||||||||||
F. Segmented and consolidated pretax | |||||||||||||||||||||||||||||||||||
income (loss) excluding investment | |||||||||||||||||||||||||||||||||||
gains (losses)(B+D-E): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 439.8 | $ | 370.2 | $ | 363.9 | 18.8 | % | 1.7 | % | |||||||||||||||||||||||||
Title insurance | 344.0 | 230.8 | 219.3 | 49.0 | 5.2 | ||||||||||||||||||||||||||||||
Corporate and other | 36.7 | 54.8 | 40.4 | (33.1) | 35.5 | ||||||||||||||||||||||||||||||
Subtotal | 820.5 | 655.9 | 623.8 | 25.1 | 5.2 | ||||||||||||||||||||||||||||||
RFIG run-off business (c) | 9.8 | 30.3 | 49.9 | (67.4) | (39.3) | ||||||||||||||||||||||||||||||
Consolidated | 830.4 | 686.2 | 673.7 | 21.0 | % | 1.9 | % | ||||||||||||||||||||||||||||
Income taxes (credits) on above (b) | 159.6 | 132.0 | 117.2 | ||||||||||||||||||||||||||||||||
G. Net income (loss) excluding | |||||||||||||||||||||||||||||||||||
investment gains (losses) | 670.8 | 554.2 | 556.4 | 21.0 | % | (0.4) | % | ||||||||||||||||||||||||||||
H. Consolidated pretax investment gains (losses): | |||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | 14.2 | 36.6 | 58.2 | ||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (156.2) | 599.5 | (293.8) | ||||||||||||||||||||||||||||||||
Total | (142.0) | 636.1 | (235.6) | ||||||||||||||||||||||||||||||||
Income taxes (credits) on above | (29.8) | 133.8 | (49.6) | ||||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (112.1) | 502.2 | (185.9) | ||||||||||||||||||||||||||||||||
I. Net income (loss) | $ | 558.6 | $ | 1,056.4 | $ | 370.5 | |||||||||||||||||||||||||||||
J. Consolidated operating cash flow | $ | 1,185.0 | $ | 936.2 | $ | 760.5 | |||||||||||||||||||||||||||||
General Insurance Segment Results |
General Insurance Summary Operating Results | |||||||||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | ||||||||||||||||||||||||||||||
Net premiums written | $ | 3,431.3 | $ | 3,469.0 | $ | 3,380.4 | (1.1) | % | 2.6 | % | |||||||||||||||||||||||||
Net premiums earned | 3,394.2 | 3,432.4 | 3,277.1 | (1.1) | 4.7 | ||||||||||||||||||||||||||||||
Net investment income | 352.2 | 356.4 | 341.0 | (1.2) | 4.5 | ||||||||||||||||||||||||||||||
Other income | 130.3 | 131.9 | 121.3 | (1.2) | 8.8 | ||||||||||||||||||||||||||||||
Operating revenues | 3,876.8 | 3,920.8 | 3,739.4 | (1.1) | 4.8 | ||||||||||||||||||||||||||||||
Claim costs | 2,372.0 | 2,464.6 | 2,365.8 | (3.8) | 4.2 | ||||||||||||||||||||||||||||||
Sales and general expenses | 1,000.7 | 1,014.7 | 941.3 | (1.4) | 7.8 | ||||||||||||||||||||||||||||||
Interest and other costs | 64.2 | 71.1 | 68.3 | (9.7) | 4.1 | ||||||||||||||||||||||||||||||
Operating expenses | 3,436.9 | 3,550.5 | 3,375.5 | (3.2) | 5.2 | ||||||||||||||||||||||||||||||
Segmented pretax operating income (loss) | $ | 439.8 | $ | 370.2 | $ | 363.9 | 18.8 | % | 1.7 | % | |||||||||||||||||||||||||
Claim ratio | 69.9 | % | 71.8 | % | 72.2 | % | |||||||||||||||||||||||||||||
Expense ratio | 25.6 | 25.7 | 25.0 | ||||||||||||||||||||||||||||||||
Combined ratio | 95.5 | % | 97.5 | % | 97.2 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 73.0 | % | 0.3 | % | 72.7 | % | |||||||||||||||||||||||||||||
2017 | 71.8 | 0.7 | 71.1 | ||||||||||||||||||||||||||||||||
2018 | 72.2 | — | 72.2 | ||||||||||||||||||||||||||||||||
2019 | 71.8 | 0.4 | 71.4 | ||||||||||||||||||||||||||||||||
2020 | 69.9 | % | (0.8) | % | 70.7 | % |
Title Insurance Segment Results |
Title Insurance Summary Operating Results (a) | ||||||||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | |||||||||||||||||||||||||||
Net premiums and fees earned (a) | $ | 3,286.3 | $ | 2,736.0 | $ | 2,573.1 | 20.1 | % | 6.3 | % | ||||||||||||||||||||||
Net investment income | 42.0 | 41.4 | 38.8 | 1.3 | 6.6 | |||||||||||||||||||||||||||
Other income | 0.9 | 0.7 | 0.3 | 39.1 | 80.2 | |||||||||||||||||||||||||||
Operating revenues | 3,329.3 | 2,778.1 | 2,612.4 | 19.8 | 6.3 | |||||||||||||||||||||||||||
Claim costs | 75.3 | 67.4 | 48.3 | 11.8 | 39.4 | |||||||||||||||||||||||||||
Sales and general expenses (a) | 2,906.1 | 2,475.7 | 2,340.1 | 17.4 | 5.8 | |||||||||||||||||||||||||||
Interest and other costs | 3.8 | 4.1 | 4.6 | (7.7) | (10.7) | |||||||||||||||||||||||||||
Operating expenses | 2,985.3 | 2,547.3 | 2,393.1 | 17.2 | 6.4 | |||||||||||||||||||||||||||
Segmented pretax operating income (loss) | $ | 344.0 | $ | 230.8 | $ | 219.3 | 49.0 | % | 5.2 | % | ||||||||||||||||||||||
Claim ratio | 2.3 | % | 2.5 | % | 1.9 | % | ||||||||||||||||||||||||||
Expense ratio | 88.4 | 90.5 | 90.9 | |||||||||||||||||||||||||||||
Combined ratio | 90.7 | % | 93.0 | % | 92.8 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 3.5 | % | (1.0) | % | 4.5 | % | |||||||||||||||||||||||||||||
2017 | 0.8 | (3.0) | 3.8 | ||||||||||||||||||||||||||||||||
2018 | 1.9 | (1.8) | 3.7 | ||||||||||||||||||||||||||||||||
2019 | 2.5 | (1.2) | 3.7 | ||||||||||||||||||||||||||||||||
2020 | 2.3 | % | (1.3) | % | 3.6 | % |
RFIG Run-off Segment Results |
RFIG Run-off Summary Operating Results (a) | |||||||||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | ||||||||||||||||||||||||||||||
A. Mortgage Insurance (MI) | |||||||||||||||||||||||||||||||||||
Net premiums earned | $ | 45.1 | $ | 58.8 | $ | 74.4 | (23.3) | % | (20.9) | % | |||||||||||||||||||||||||
Net investment income | 15.2 | 17.3 | 19.2 | (12.0) | (9.9) | ||||||||||||||||||||||||||||||
Claim costs | 36.9 | 32.3 | 32.1 | 14.1 | 0.7 | ||||||||||||||||||||||||||||||
MI pretax operating income (loss) | $ | 9.8 | $ | 29.2 | $ | 46.7 | (66.2) | % | (37.3) | % | |||||||||||||||||||||||||
Claim ratio | 81.7 | % | 55.0 | % | 43.2 | % | |||||||||||||||||||||||||||||
Expense ratio | 30.2 | 24.8 | 20.0 | ||||||||||||||||||||||||||||||||
Combined ratio | 111.9 | % | 79.8 | % | 63.2 | % | |||||||||||||||||||||||||||||
B. Consumer Credit Insurance (CCI) (a) | |||||||||||||||||||||||||||||||||||
CCI pretax operating income (loss) | $ | — | $ | 1.0 | $ | 3.2 | |||||||||||||||||||||||||||||
C. Total MI and CCI run-off business (a) | |||||||||||||||||||||||||||||||||||
Segment pretax operating income (loss) | $ | 9.8 | $ | 30.3 | $ | 49.9 | (67.4) | % | (39.3) | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 34.1 | % | (39.8) | % | 73.9 | % | |||||||||||||||||||||||||||||
2017 | 57.6 | (38.3) | 95.9 | ||||||||||||||||||||||||||||||||
2018 | 43.2 | (27.0) | 70.2 | ||||||||||||||||||||||||||||||||
2019 | 55.0 | (12.5) | 67.5 | ||||||||||||||||||||||||||||||||
2020 | 81.7 | % | (26.5) | % | 108.2 | % |
Corporate and Other Operating Results |
Corporate and Other Summary Operating Results | |||||||||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | vs. 2019 | vs. 2018 | ||||||||||||||||||||||||||||||
Net life and accident premiums earned | $ | 12.0 | $ | 13.4 | $ | 14.6 | (10.0) | % | (8.8) | % | |||||||||||||||||||||||||
Net investment income | 29.4 | 35.1 | 31.7 | (16.2) | 10.7 | ||||||||||||||||||||||||||||||
Other operating income | — | — | (0.1) | — | 31.4 | ||||||||||||||||||||||||||||||
Operating revenues | 41.4 | 48.5 | 46.3 | (14.6) | 4.6 | ||||||||||||||||||||||||||||||
Claim costs | 7.1 | 8.8 | 16.7 | (19.7) | (46.7) | ||||||||||||||||||||||||||||||
Insurance expenses | 4.2 | 4.5 | 4.8 | (6.6) | (6.2) | ||||||||||||||||||||||||||||||
Corporate, interest and other expenses - net | (6.6) | (19.7) | (15.6) | 66.3 | (26.4) | ||||||||||||||||||||||||||||||
Operating expenses | 4.7 | (6.3) | 5.9 | 174.7 | (207.2) | ||||||||||||||||||||||||||||||
Corporate and other pretax operating income (loss) | $ | 36.7 | $ | 54.8 | $ | 40.4 | (33.1) | % | 35.5 | % |
Summary Consolidated Balance Sheet |
December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Assets: | |||||||||||||||||
Cash and fixed maturity securities | $ | 11,365.1 | $ | 10,381.5 | |||||||||||||
Equity securities | 4,054.8 | 4,030.5 | |||||||||||||||
Other invested assets | 115.3 | 115.4 | |||||||||||||||
Cash and invested assets | 15,535.3 | 14,527.4 | |||||||||||||||
Accounts and premiums receivable | 1,593.9 | 1,466.7 | |||||||||||||||
Federal income tax recoverable: Current | — | 5.7 | |||||||||||||||
Reinsurance balances recoverable | 4,362.8 | 3,823.9 | |||||||||||||||
Deferred policy acquisition costs | 328.0 | 325.4 | |||||||||||||||
Sundry assets | 995.0 | 927.0 | |||||||||||||||
Total assets | $ | 22,815.2 | $ | 21,076.3 | |||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||
Policy liabilities | $ | 2,593.1 | $ | 2,419.2 | |||||||||||||
Claim reserves | 10,671.0 | 9,929.5 | |||||||||||||||
Federal income tax payable: Current | 4.2 | — | |||||||||||||||
Deferred | 137.3 | 112.2 | |||||||||||||||
Reinsurance balances and funds | 725.4 | 616.0 | |||||||||||||||
Debt | 966.4 | 974.0 | |||||||||||||||
Sundry liabilities | 1,530.8 | 1,025.1 | |||||||||||||||
Total liabilities | 16,628.5 | 15,076.1 | |||||||||||||||
Shareholders' equity | 6,186.6 | 6,000.1 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 22,815.2 | $ | 21,076.3 |
Cash, Invested Assets, and Shareholders' Equity |
Cash, Invested Assets, and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||||||||
December 31, | Dec. '20 / | Dec. '19 / | ||||||||||||||||||||||||||||||||||||
As of December 31: | 2020 | 2019 | 2018 | Dec. '19 | Dec. '18 | |||||||||||||||||||||||||||||||||
Cash and invested assets: | ||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, cash and other | ||||||||||||||||||||||||||||||||||||||
invested assets | $ | 11,480.4 | $ | 10,496.9 | $ | 9,806.4 | 9.4 | % | 7.0 | % | ||||||||||||||||||||||||||||
Equity securities | 4,054.8 | 4,030.5 | 3,380.9 | 0.6 | 19.2 | |||||||||||||||||||||||||||||||||
Total per balance sheet | $ | 15,535.3 | $ | 14,527.4 | $ | 13,187.4 | 6.9 | % | 10.2 | % | ||||||||||||||||||||||||||||
Total at cost for all | $ | 14,151.6 | $ | 13,327.2 | $ | 12,950.6 | 6.2 | % | 2.9 | % | ||||||||||||||||||||||||||||
Composition of shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Equity before items below | $ | 17.73 | $ | 17.25 | $ | 17.04 | 2.8 | % | 1.2 | % | ||||||||||||||||||||||||||||
Unrealized investment gains (losses) and other | ||||||||||||||||||||||||||||||||||||||
accumulated comprehensive income (loss) | 3.02 | 2.73 | 0.19 | |||||||||||||||||||||||||||||||||||
Total | $ | 20.75 | $ | 19.98 | $ | 17.23 | 3.9 | % | 16.0 | % | ||||||||||||||||||||||||||||
Segmented composition of | ||||||||||||||||||||||||||||||||||||||
shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Excluding run-off segment | $ | 19.25 | $ | 18.37 | $ | 15.73 | 4.8 | % | 16.8 | % | ||||||||||||||||||||||||||||
RFIG run-off segment | 1.50 | 1.61 | 1.50 | |||||||||||||||||||||||||||||||||||
Consolidated total | $ | 20.75 | $ | 19.98 | $ | 17.23 | 3.9 | % | 16.0 | % |
Shareholders' Equity Per Share | |||||||||||||||||
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning balance | $ | 19.98 | $ | 17.23 | $ | 17.72 | |||||||||||
Changes in shareholders' equity: | |||||||||||||||||
Net income (loss) excluding net investment gains (losses) | 2.24 | 1.85 | 1.89 | ||||||||||||||
Net of tax realized investment gains (losses) | 0.04 | 0.10 | 0.16 | ||||||||||||||
Net of tax unrealized investment gains (losses) on | |||||||||||||||||
securities carried at fair value | 0.50 | 2.53 | (1.38) | ||||||||||||||
Total net of tax realized and unrealized | |||||||||||||||||
investment gains (losses) | 0.54 | 2.63 | (1.22) | ||||||||||||||
Cash dividends (a) | (1.84) | (1.80) | (0.78) | ||||||||||||||
Other | (0.17) | 0.07 | (0.38) | ||||||||||||||
Net change | 0.77 | 2.75 | (0.49) | ||||||||||||||
Ending balance | $ | 20.75 | $ | 19.98 | $ | 17.23 | |||||||||||
Percentage change for the period | 3.9 | % | 16.0 | % | -2.8 | % |
Capitalization |
Capitalization | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Debt: | ||||||||||||||||||||
4.875% Senior Notes due 2024 | $ | 397.9 | $ | 397.3 | $ | 396.8 | ||||||||||||||
3.875% Senior Notes due 2026 | 546.8 | 546.2 | 545.7 | |||||||||||||||||
Other miscellaneous debt | 21.7 | 30.4 | 38.8 | |||||||||||||||||
Total debt | 966.4 | 974.0 | 981.4 | |||||||||||||||||
Common shareholders' equity | 6,186.6 | 6,000.1 | 5,146.2 | |||||||||||||||||
Total capitalization | $ | 7,153.1 | $ | 6,974.2 | $ | 6,127.6 | ||||||||||||||
Capitalization ratios: | ||||||||||||||||||||
Debt | 13.5 | % | 14.0 | % | 16.0 | % | ||||||||||||||
Common shareholders' equity | 86.5 | 86.0 | 84.0 | |||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
DETAILED MANAGEMENT ANALYSIS |
CRITICAL ACCOUNTING ESTIMATES |
COVID-19 PANDEMIC AND OLD REPUBLIC'S BUSINESS |
FINANCIAL POSITION |
Credit Quality Ratings of Fixed Maturity Securities (a) | ||||||||||||||
December 31: | 2020 | 2019 | ||||||||||||
Aaa | 24.6 | % | 23.9 | % | ||||||||||
Aa | 13.1 | 13.1 | ||||||||||||
A | 33.0 | 32.6 | ||||||||||||
Baa | 26.5 | 26.1 | ||||||||||||
Total investment grade | 97.2 | 95.7 | ||||||||||||
All other (b) | 2.8 | 4.3 | ||||||||||||
Total | 100.0 | % | 100.0 | % |
Gross Unrealized Losses Stratified by Industry Concentration for Non-Investment Grade Fixed Maturity Securities | |||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||
Fixed Maturity Securities by Industry Concentration: | |||||||||||||||||||||||
Energy | $ | 29.0 | $ | 1.4 | |||||||||||||||||||
Total | $ | 29.0 | (c) | $ | 1.4 |
Gross Unrealized Losses Stratified by Industry Concentration for Investment Grade Fixed Maturity Securities | |||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||
Fixed Maturity Securities by Industry Concentration: | |||||||||||||||||||||||
Insurance | $ | 34.1 | $ | .5 | |||||||||||||||||||
U.S. Government & Agencies | 411.9 | .3 | |||||||||||||||||||||
Utilities | 60.6 | .3 | |||||||||||||||||||||
Consumer Staples | 42.2 | .2 | |||||||||||||||||||||
Other (includes 14 industry groups) | 175.9 | .8 | |||||||||||||||||||||
Total | $ | 724.8 | (d) | $ | 2.3 |
Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | |||||||||||||||||||||||
December 31, 2020 | Cost | Gross Unrealized Losses | |||||||||||||||||||||
Equity Securities by Industry Concentration: | |||||||||||||||||||||||
Energy | $ | 536.8 | $ | 176.8 | |||||||||||||||||||
Retail | 73.0 | 20.9 | |||||||||||||||||||||
Telecom | 108.5 | 12.6 | |||||||||||||||||||||
Utilities | 112.6 | 12.5 | |||||||||||||||||||||
Other (includes 3 industry groups) | 167.0 | 20.1 | |||||||||||||||||||||
Total | $ | 998.2 | (e) | $ | 243.0 | (f) |
Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
Amortized Cost of Fixed Maturity Securities | Gross Unrealized Losses | |||||||||||||||||||||||||||||||
December 31, 2020 | All | Non-Investment Grade Only | All | Non- Investment Grade Only | ||||||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 5.2 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Due after one year through five years | 407.2 | 16.1 | .6 | .4 | ||||||||||||||||||||||||||||
Due after five years through ten years | 285.9 | 12.8 | 2.8 | 1.0 | ||||||||||||||||||||||||||||
Due after ten years | 55.4 | — | .3 | — | ||||||||||||||||||||||||||||
Total | $ | 753.8 | $ | 29.0 | $ | 3.8 | $ | 1.4 | ||||||||||||||||||||||||
Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||||
Amount of Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Less than 20% of Cost | 20% to 50% of Cost | More than 50% of Cost | Total Gross Unrealized Loss | ||||||||||||||||||||||||||||||||||
Number of Months in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | $ | 2.3 | $ | — | $ | — | $ | 2.3 | ||||||||||||||||||||||||||||||
Seven to twelve months | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||||||||||||
More than twelve months | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 3.8 | $ | — | $ | — | $ | 3.8 | ||||||||||||||||||||||||||||||
Number of Issues in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | 68 | — | — | 68 | ||||||||||||||||||||||||||||||||||
Seven to twelve months | 6 | — | — | 6 | ||||||||||||||||||||||||||||||||||
More than twelve months | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||
Total | 77 | — | — | 77 | (g) |
Age Distribution of Fixed Maturity Securities | ||||||||||||||||||||||||||
December 31: | 2020 | 2019 | ||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||
Due in one year or less | 9.8 | % | 10.7 | % | ||||||||||||||||||||||
Due after one year through five years | 57.0 | 55.6 | ||||||||||||||||||||||||
Due after five years through ten years | 31.4 | 33.4 | ||||||||||||||||||||||||
Due after ten years through fifteen years | 1.7 | .3 | ||||||||||||||||||||||||
Due after fifteen years | .1 | — | ||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Average Maturity in Years | 4.3 | 4.1 | ||||||||||||||||||||||||
Duration (h) | 3.8 | 3.7 |
Composition of Unrealized Gains (Losses) | |||||||||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||||||||
Available for Sale Fixed Maturity Securities: | |||||||||||||||||||||||||||||
Amortized cost | $ | 9,897.6 | $ | 8,537.3 | |||||||||||||||||||||||||
Estimated fair value | 10,496.8 | 8,796.5 | |||||||||||||||||||||||||||
Net unrealized gains (losses) | $ | 599.1 | $ | 259.1 | |||||||||||||||||||||||||
Components of net unrealized gains (losses): | |||||||||||||||||||||||||||||
Gross unrealized gains | $ | 602.9 | $ | 262.5 | |||||||||||||||||||||||||
Gross unrealized losses | (3.8) | (3.3) | |||||||||||||||||||||||||||
Net unrealized gains (losses) | $ | 599.1 | $ | 259.1 | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||
Original cost | $ | 3,269.7 | $ | 3,089.1 | |||||||||||||||||||||||||
Estimated fair value | 4,054.8 | 4,030.5 | |||||||||||||||||||||||||||
Net unrealized gains (losses)(i) | $ | 785.1 | $ | 941.3 | |||||||||||||||||||||||||
Components of net unrealized gains (losses): | |||||||||||||||||||||||||||||
Gross unrealized gains | $ | 1,028.1 | $ | 968.0 | |||||||||||||||||||||||||
Gross unrealized losses | (243.0) | (26.6) | |||||||||||||||||||||||||||
Net unrealized gains (losses)(i) | $ | 785.1 | $ | 941.3 |
2021 | 2022 and 2023 | 2024 and 2025 | 2026 and After | Total | |||||||||||||||||||||||||
Contractual Obligations: | |||||||||||||||||||||||||||||
Debt | $ | 21.7 | $ | — | $ | 400.0 | $ | 550.0 | $ | 971.7 | |||||||||||||||||||
Interest on Debt | 40.8 | 81.6 | 62.1 | 21.3 | 205.9 | ||||||||||||||||||||||||
Operating Leases | 61.3 | 97.8 | 61.2 | 96.4 | 316.8 | ||||||||||||||||||||||||
Pension Benefits Contributions (a) | — | 17.8 | 27.2 | 26.3 | 71.3 | ||||||||||||||||||||||||
Claim & Claim Expense Reserves (b) | 2,813.1 | 2,468.0 | 1,430.8 | 3,959.0 | 10,671.0 | ||||||||||||||||||||||||
Total | $ | 2,937.1 | $ | 2,665.2 | $ | 1,981.4 | $ | 4,653.1 | $ | 12,236.9 |
RESULTS OF OPERATIONS |
Revenues: Premiums & Fees |
Earned Premiums and Fees | |||||||||||||||||||||||||||||||||||
General | Title (*) | RFIG Run-off | Other | Total (*) | % Change from prior period (*) | ||||||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||||||||
2018 | $ | 3,277.1 | $ | 2,573.1 | $ | 75.9 | $ | 14.6 | $ | 5,940.9 | 3.0 | % | |||||||||||||||||||||||
2019 | 3,432.4 | 2,736.0 | 59.2 | 13.4 | 6,241.1 | 5.1 | |||||||||||||||||||||||||||||
2020 | $ | 3,394.2 | $ | 3,286.3 | $ | 45.1 | $ | 12.0 | $ | 6,737.8 | 8.0 | % |
General Insurance Earned Premiums by Type of Coverage | |||||||||||||||||||||||||||||||||||
Commercial Automobile (mostly trucking) | Workers' Compensation | Financial Indemnity | Inland Marine and Property | General Liability | Other | ||||||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||||||||
2018 | 36.8 | % | 31.1 | % | 5.3 | % | 7.7 | % | 6.2 | % | 12.9 | % | |||||||||||||||||||||||
2019 | 37.2 | 29.1 | 6.4 | 7.6 | 6.6 | 13.1 | |||||||||||||||||||||||||||||
2020 | 38.4 | % | 25.4 | % | 8.0 | % | 8.7 | % | 6.0 | % | 13.5 | % |
Title Premium and Fee Production by Source (*) | |||||||||||
Direct Operations | Independent Title Agents & Other | ||||||||||
Years Ended December 31: | |||||||||||
2018 | 23.7 | % | 76.3 | % | |||||||
2019 | 24.9 | 75.1 | |||||||||
2020 | 24.9 | % | 75.1 | % |
Persistency | ||||||||||||||||||||
Premium and Persistency Trends by Type: | Net Earned Premiums | Traditional Primary | Bulk | |||||||||||||||||
Years Ended December 31: | ||||||||||||||||||||
2018 | $ | 74.4 | 79.7 | % | 76.3 | % | ||||||||||||||
2019 | 58.8 | 77.1 | 84.5 | |||||||||||||||||
2020 | $ | 45.1 | 77.1 | % | 84.1 | % |
Net Risk in Force | |||||||||||||||||||||||
Net Risk in Force By Type: | Traditional Primary | Bulk | Other | Total | |||||||||||||||||||
As of December 31: | |||||||||||||||||||||||
2018 | $ | 3,098.3 | $ | 235.3 | $ | 11.2 | $ | 3,345.0 | |||||||||||||||
2019 | 2,388.3 | 198.2 | 3.6 | 2,590.1 | |||||||||||||||||||
2020 | $ | 1,842.2 | $ | 165.4 | $ | 3.6 | $ | 2,011.2 |
Analysis of Risk in Force | |||||||||||||||||||||||
Risk in Force Distribution By FICO Scores: | FICO less than 620 | FICO 620 to 680 | FICO Greater than 680 | Unscored/ Unavailable | |||||||||||||||||||
Traditional Primary: | |||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||
2018 | 7.9 | % | 32.2 | % | 59.1 | % | .8 | % | |||||||||||||||
2019 | 8.5 | 33.8 | 56.8 | .9 | |||||||||||||||||||
2020 | 9.3 | % | 34.8 | % | 55.0 | % | .9 | % | |||||||||||||||
Bulk(a): | |||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||
2018 | 33.6 | % | 31.5 | % | 34.8 | % | .1 | % | |||||||||||||||
2019 | 34.4 | 31.2 | 34.2 | .2 | |||||||||||||||||||
2020 | 35.4 | % | 31.7 | % | 32.7 | % | .2 | % |
Risk in Force Distribution By Loan to Value ("LTV") Ratio: | LTV 85.0 and below | LTV 85.01 to 90.0 | LTV 90.01 to 95.0 | LTV Greater than 95.0 | |||||||||||||||||||
Traditional Primary(b): | |||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||
2018 | 4.1 | % | 30.7 | % | 29.7 | % | 35.5 | % | |||||||||||||||
2019 | 4.1 | 30.7 | 28.4 | 36.8 | |||||||||||||||||||
2020 | 4.0 | % | 31.2 | % | 27.9 | % | 36.9 | % | |||||||||||||||
Bulk(a): | |||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||
2018 | 43.4 | % | 30.9 | % | 13.1 | % | 12.6 | % | |||||||||||||||
2019 | 42.7 | 31.4 | 13.7 | 12.2 | |||||||||||||||||||
2020 | 42.7 | % | 32.0 | % | 13.6 | % | 11.7 | % |
Traditional Primary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TX | FL | GA | IL | CA | NJ | PA | NY | VA | MD | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 5.5 | % | 8.5 | % | 6.0 | % | 6.4 | % | 4.9 | % | 4.8 | % | 4.3 | % | 3.8 | % | 3.8 | % | 4.6 | % | |||||||||||||||||||||||||||||||||||||||
2019 | 4.8 | 9.0 | 6.1 | 6.9 | 5.1 | 5.2 | 4.2 | 3.9 | 3.9 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 4.4 | % | 9.3 | % | 6.0 | % | 7.2 | % | 5.2 | % | 5.5 | % | 4.1 | % | 3.9 | % | 3.9 | % | 5.3 | % |
Bulk (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TX | FL | GA | IL | CA | MO | PA | NY | OH | MD | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 5.6 | % | 8.2 | % | 5.4 | % | 4.6 | % | 12.4 | % | 2.6 | % | 4.0 | % | 7.1 | % | 4.7 | % | 2.8 | % | |||||||||||||||||||||||||||||||||||||||
2019 | 5.5 | 8.1 | 5.6 | 4.7 | 12.7 | 2.8 | 3.8 | 7.1 | 4.9 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 5.5 | % | 8.0 | % | 5.7 | % | 5.0 | % | 12.9 | % | 2.8 | % | 4.1 | % | 7.4 | % | 4.9 | % | 3.0 | % |
Risk in Force Distribution By Level of Documentation: | Full Documentation | Reduced Documentation | |||||||||
Traditional Primary: | |||||||||||
As of December 31: | |||||||||||
2018 | 92.2 | % | 7.8 | % | |||||||
2019 | 91.8 | 8.2 | |||||||||
2020 | 91.4 | % | 8.6 | % | |||||||
Bulk (a): | |||||||||||
As of December 31: | |||||||||||
2018 | 71.8 | % | 28.2 | % | |||||||
2019 | 72.6 | 27.4 | |||||||||
2020 | 72.8 | % | 27.2 | % |
Risk in Force Distribution By Loan Type: | Fixed Rate & ARMs with Resets >=5 Years | ARMs with Resets <5 years | |||||||||
Traditional Primary: | |||||||||||
As of December 31: | |||||||||||
2018 | 97.2 | % | 2.8 | % | |||||||
2019 | 97.1 | 2.9 | |||||||||
2020 | 97.0 | % | 3.0 | % | |||||||
Bulk (a): | |||||||||||
As of December 31: | |||||||||||
2018 | 68.6 | % | 31.4 | % | |||||||
2019 | 68.0 | 32.0 | |||||||||
2020 | 67.1 | % | 32.9 | % |
Revenues: Net Investment Income |
Invested Assets at Cost | Fair Value Adjust- ment | Invested Assets as Reported (a) | |||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||
2019 | $ | 10,577.9 | $ | 1,172.3 | $ | 566.3 | $ | 841.7 | $ | 13,158.4 | $ | 1,200.7 | $ | 14,359.2 | |||||||||||||||||||||||||||
2020 | $ | 10,987.8 | $ | 1,328.4 | $ | 545.1 | $ | 1,083.8 | $ | 13,945.2 | $ | 1,384.9 | $ | 15,330.1 |
Net Investment Income | Yield at | ||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate and Other | Total | Original Cost | Fair Value | |||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||
2018 | $ | 341.0 | $ | 38.8 | $ | 20.1 | $ | 31.7 | $ | 431.8 | 3.41 | % | 3.28 | % | |||||||||||||||||||||||||||
2019 | 356.4 | 41.4 | 17.6 | 35.1 | 450.7 | 3.48 | 3.30 | ||||||||||||||||||||||||||||||||||
2020 | $ | 352.2 | $ | 42.0 | $ | 15.2 | $ | 29.4 | $ | 438.9 | 3.24 | % | 2.96 | % |
Revenues: Net Investment Gains (Losses) |
Realized Investment Gains (Losses) from Actual Transactions | Impairment Losses on Securities | Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities and Miscel- laneous Investments | Total | Fixed Maturity Securities | Miscel- laneous Investments | Total | Total Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | $ | (4.8) | $ | 63.1 | $ | 58.2 | $ | — | $ | — | $ | — | $ | (293.8) | $ | (235.6) | |||||||||||||||||||||||||||||||
2019 | (1.9) | 40.6 | 38.6 | (2.0) | — | (2.0) | 599.5 | 636.1 | |||||||||||||||||||||||||||||||||||||||
2020 | $ | (7.4) | $ | 21.6 | $ | 14.2 | $ | — | $ | — | $ | — | $ | (156.2) | $ | (142.0) |
Expenses: Benefits and Claims |
Claim and Loss Adjustment Expense Reserves | |||||||||||||||||||||||||||||||||||
December 31: | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||
Workers' compensation | $ | 4,929.2 | $ | 3,044.1 | $ | 4,887.6 | $ | 3,079.1 | |||||||||||||||||||||||||||
General liability | 1,309.4 | 641.5 | 1,254.7 | 610.9 | |||||||||||||||||||||||||||||||
Commercial automobile (mostly trucking) | 2,379.8 | 1,591.5 | 1,948.2 | 1,403.0 | |||||||||||||||||||||||||||||||
Other coverages | 1,086.2 | 782.4 | 918.9 | 673.5 | |||||||||||||||||||||||||||||||
Unallocated loss adjustment expense reserves | 269.1 | 268.3 | 256.6 | 254.6 | |||||||||||||||||||||||||||||||
Total general insurance reserves | 9,973.9 | 6,328.0 | 9,266.2 | 6,021.3 | |||||||||||||||||||||||||||||||
Title | 556.1 | 556.1 | 530.9 | 530.9 | |||||||||||||||||||||||||||||||
RFIG Run-off | 127.6 | 127.6 | 118.9 | 118.9 | |||||||||||||||||||||||||||||||
Life and accident | 13.2 | 8.6 | 13.3 | 8.4 | |||||||||||||||||||||||||||||||
Total claim and loss adjustment expense reserves | $ | 10,671.0 | $ | 7,020.4 | $ | 9,929.5 | $ | 6,679.7 | |||||||||||||||||||||||||||
Asbestosis and environmental claim reserves included | |||||||||||||||||||||||||||||||||||
in the above general insurance reserves: | |||||||||||||||||||||||||||||||||||
Amount | $ | 127.6 | $ | 82.4 | $ | 126.8 | $ | 83.3 | |||||||||||||||||||||||||||
% of total general insurance reserves | 1.3 | % | 1.3 | % | 1.4 | % | 1.4 | % |
2020 | 2019 | 2018 | |||||||||||||||
Estimated reduction in beginning reserve | $ | 1.6 | $ | 3.2 | $ | 19.0 | |||||||||||
Total incurred claims and settlement expenses reduced | |||||||||||||||||
(increased) by changes in estimated rescissions: | |||||||||||||||||
Current year | .4 | .6 | .9 | ||||||||||||||
Prior year | — | (.9) | (12.3) | ||||||||||||||
Sub-total | .3 | (.3) | (11.4) | ||||||||||||||
Estimated rescission reduction in paid claims | (.7) | (1.3) | (4.4) | ||||||||||||||
Estimated reduction in ending reserve | $ | 1.2 | $ | 1.6 | $ | 3.2 |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
General | 69.9 | % | 71.8 | % | 72.2 | % | ||||||||||||||
Title (*) | 2.3 | 2.5 | 1.9 | |||||||||||||||||
RFIG Run-off | 81.7 | 53.5 | 39.4 | |||||||||||||||||
Consolidated claim ratio (*) | 37.0 | % | 41.2 | % | 41.4 | % | ||||||||||||||
Reconciliation of consolidated ratio: (*) | ||||||||||||||||||||
Provision for insured events of the current year | 38.2 | % | 41.7 | % | 42.7 | % | ||||||||||||||
Change in provision for insured events of prior years: | ||||||||||||||||||||
net (favorable) unfavorable development | (1.2) | (.5) | (1.3) | |||||||||||||||||
Consolidated claim ratio | 37.0 | % | 41.2 | % | 41.4 | % |
General Insurance Claim Ratios by Type of Coverage | |||||||||||||||||||||||||||||||||||||||||
All Coverages | Commercial Automobile (mostly trucking) | Workers' Compen-sation | Inland Marine and Property | Financial Indemnity | General Liability | Other | |||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||
2018 | 72.2 | % | 79.3 | % | 70.7 | % | 62.8 | % | 73.8 | % | 68.9 | % | 60.1 | % | |||||||||||||||||||||||||||
2019 | 71.8 | 84.0 | 63.2 | 62.6 | 64.0 | 77.8 | 61.4 | ||||||||||||||||||||||||||||||||||
2020 | 69.9 | % | 80.8 | % | 60.8 | % | 58.3 | % | 57.1 | % | 73.6 | % | 67.2 | % |
December 31: | 2020 | 2019 | ||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||||
Reserves at beginning of year | $ | 79.2 | $ | 58.5 | $ | 75.4 | $ | 55.6 | ||||||||||||||||||
Loss and loss expenses incurred | 17.7 | 8.2 | 14.1 | 6.3 | ||||||||||||||||||||||
Claims and claim adjustment expenses paid | 12.1 | 7.5 | 10.3 | 3.4 | ||||||||||||||||||||||
Reserves at end of year | 84.7 | 59.1 | 79.2 | 58.5 | ||||||||||||||||||||||
Environmental: | ||||||||||||||||||||||||||
Reserves at beginning of year | 47.6 | 24.8 | 30.3 | 18.8 | ||||||||||||||||||||||
Loss and loss expenses incurred | .8 | 1.7 | 22.3 | 8.1 | ||||||||||||||||||||||
Claims and claim adjustment expenses paid | 5.6 | 3.2 | 5.0 | 2.2 | ||||||||||||||||||||||
Reserves at end of year | 42.8 | 23.2 | 47.6 | 24.8 | ||||||||||||||||||||||
Total asbestos and environmental reserves | $ | 127.6 | $ | 82.4 | $ | 126.8 | $ | 83.3 |
Average Settled Claim Amount (a) | Reported Delinquency Ratio at End of Period | Claims Rescissions and Denials | |||||||||||||||||||||||||||
Traditional Primary | Bulk | Traditional Primary | Bulk | ||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||
2018 | $ | 47,055 | $ | 54,809 | 9.38 | % | 16.94 | % | $ | 4.4 | |||||||||||||||||||
2019 | 49,233 | 58,708 | 9.60 | 15.97 | 1.3 | ||||||||||||||||||||||||
2020 | $ | 42,949 | $ | 63,013 | 14.10 | % | 15.93 | % | $ | .7 |
Total Delinquency Ratios for Top Ten States (includes "other" business) (b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TX | FL | GA | IL | CA | NC | PA | MD | NJ | NY | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 10.4 | % | 10.6 | % | 8.1 | % | 9.2 | % | 6.8 | % | 9.7 | % | 12.0 | % | 10.7 | % | 15.3 | % | 21.3 | % | |||||||||||||||||||||||||||||||||||||||
2019 | 12.4 | 8.8 | 8.6 | 9.0 | 6.5 | 9.6 | 12.4 | 10.4 | 12.4 | 20.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 18.7 | % | 13.1 | % | 12.7 | % | 13.8 | % | 9.9 | % | 13.2 | % | 15.7 | % | 15.2 | % | 18.2 | % | 25.5 | % |
Expenses: Underwriting Acquisition and Other Expenses |
RFIG | |||||||||||||||||||||||
General | Title (*) | Run-off | Consolidated (*) | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2018 | 25.0 | % | 90.9 | % | 21.5 | % | 53.5 | % | |||||||||||||||
2019 | 25.7 | 90.5 | 25.0 | 54.1 | |||||||||||||||||||
2020 | 25.6 | % | 88.4 | % | 30.2 | % | 56.3 | % |
Expenses: Total |
RFIG | |||||||||||||||||||||||
General | Title (*) | Run-off | Consolidated (*) | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2018 | 97.2 | % | 92.8 | % | 60.9 | % | 94.9 | % | |||||||||||||||
2019 | 97.5 | 93.0 | 78.5 | 95.3 | |||||||||||||||||||
2020 | 95.5 | % | 90.7 | % | 111.9 | % | 93.3 | % |
Expenses: Income Taxes |
OTHER INFORMATION |
Item 7A - Quantitative and Qualitative Disclosure About Market Risk ($ in Millions) |
Estimated Fair Value | Hypothetical Change in Interest Rates or S&P 500 | Estimated Fair Value After Hypothetical Change in Interest Rates or S&P 500 | ||||||||||||||||||
Interest Rate Risk: | ||||||||||||||||||||
Fixed Maturities | $ | 10,496.8 | 100 | basis point rate increase | $ | 10,094.8 | ||||||||||||||
200 | basis point rate increase | 9,692.7 | ||||||||||||||||||
100 | basis point rate decrease | 10,898.8 | ||||||||||||||||||
200 | basis point rate decrease | $ | 11,300.9 | |||||||||||||||||
Equity Price Risk: | ||||||||||||||||||||
Equity Securities | $ | 4,054.8 | 10 | % | increase in the S&P 500 | $ | 4,464.3 | |||||||||||||
20 | % | increase in the S&P 500 | 4,873.9 | |||||||||||||||||
10 | % | decline in the S&P 500 | 3,645.3 | |||||||||||||||||
20 | % | decline in the S&P 500 | $ | 3,235.7 |
Item 8 - Financial Statements and Supplementary Data |
Page No. | |||||
Consolidated Balance Sheets | 61 | ||||
Consolidated Statements of Income | 62 | ||||
Consolidated Statements of Comprehensive Income | 63 | ||||
Consolidated Statements of Preferred Stock and Common Shareholders' Equity | 64 | ||||
Consolidated Statements of Cash Flows | 65 | ||||
Notes to Consolidated Financial Statements | 66 - 95 | ||||
Report of Independent Registered Public Accounting Firm | 96 - 97 |
Old Republic International Corporation and Subsidiaries | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in Millions, Except Share Data) | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Available for sale: | |||||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | $ | $ | |||||||||
Short-term investments (at fair value which approximates cost) | |||||||||||
Total | |||||||||||
Held to maturity: | |||||||||||
Fixed maturity securities (at amortized cost) (fair value: $- and $1,058.2) | |||||||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Other Assets: | |||||||||||
Cash | |||||||||||
Accrued investment income | |||||||||||
Accounts and notes receivable | |||||||||||
Federal income tax recoverable: Current | |||||||||||
Reinsurance balances and funds held | |||||||||||
Reinsurance recoverable: Paid losses | |||||||||||
Policy and claim reserves | |||||||||||
Deferred policy acquisition costs | |||||||||||
Sundry assets | |||||||||||
Total Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities, Preferred Stock, and Common Shareholders' Equity | |||||||||||
Liabilities: | |||||||||||
Losses, claims, and settlement expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Other policyholders' benefits and funds | |||||||||||
Total policy liabilities and accruals | |||||||||||
Commissions, expenses, fees, and taxes | |||||||||||
Reinsurance balances and funds | |||||||||||
Federal income tax payable: Current | |||||||||||
Deferred | |||||||||||
Debt | |||||||||||
Sundry liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Total Liabilities | |||||||||||
Preferred Stock (1) | |||||||||||
Common Shareholders' Equity: | |||||||||||
Common stock (1) | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Unallocated ESSOP shares (at cost) | ( | ( | |||||||||
Total Common Shareholders' Equity | |||||||||||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ | $ |
Old Republic International Corporation and Subsidiaries | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
($ in Millions, Except Share Data) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Net premiums earned | $ | $ | $ | ||||||||||||||
Title, escrow, and other fees | |||||||||||||||||
Total premiums and fees | |||||||||||||||||
Net investment income | |||||||||||||||||
Other income | |||||||||||||||||
Total operating revenues | |||||||||||||||||
Investment gains (losses): | |||||||||||||||||
Realized from actual transactions | |||||||||||||||||
Realized from impairments | ( | ||||||||||||||||
Unrealized from changes in fair value of equity securities | ( | ( | |||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | |||||||||||||||
Total revenues | |||||||||||||||||
Benefits, Claims and Expenses: | |||||||||||||||||
Benefits, claims and settlement expenses | |||||||||||||||||
Dividends to policyholders | |||||||||||||||||
Underwriting, acquisition, and other expenses | |||||||||||||||||
Interest and other charges | |||||||||||||||||
Total expenses | |||||||||||||||||
Income (loss) before income taxes (credits) | |||||||||||||||||
Income Taxes (Credits): | |||||||||||||||||
Current | |||||||||||||||||
Deferred | ( | ( | |||||||||||||||
Total | |||||||||||||||||
Net Income (Loss) | $ | $ | $ | ||||||||||||||
Net Income (Loss) Per Share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Average shares outstanding: Basic | |||||||||||||||||
Diluted |
Old Republic International Corporation and Subsidiaries | |||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||
($ in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net Income (Loss) As Reported | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized gains (losses) on securities: | |||||||||||||||||
Unrealized gains (losses) before reclassifications, not | |||||||||||||||||
included in the statements of income | ( | ||||||||||||||||
Amounts reclassified as realized investment (gains) | |||||||||||||||||
losses in the statements of income | |||||||||||||||||
Pretax unrealized gains (losses) on securities | ( | ||||||||||||||||
Deferred income taxes (credits) | ( | ||||||||||||||||
Net unrealized gains (losses) on securities, net of tax | ( | ||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||
Net pension adjustment before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified as underwriting, acquisition, | |||||||||||||||||
and other expenses in the statements of income | |||||||||||||||||
Pretax net adjustment related to defined benefit | |||||||||||||||||
pension plans | ( | ( | |||||||||||||||
Deferred income taxes (credits) | ( | ( | |||||||||||||||
Net adjustment related to defined benefit pension | |||||||||||||||||
plans, net of tax | ( | ( | |||||||||||||||
Foreign currency translation and other adjustments | ( | ||||||||||||||||
Total other comprehensive income (loss) | ( | ||||||||||||||||
Comprehensive Income (Loss) | $ | $ | $ |
Old Republic International Corporation and Subsidiaries | |||||||||||||||||
Consolidated Statements of Preferred Stock | |||||||||||||||||
and Common Shareholders' Equity | |||||||||||||||||
($ in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Convertible Preferred Stock: | |||||||||||||||||
Balance, beginning and end of year | $ | $ | $ | ||||||||||||||
Common Stock: | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Dividend reinvestment plan | |||||||||||||||||
Net issuance of shares under stock based compensation plans | |||||||||||||||||
Conversion of senior debentures | |||||||||||||||||
Balance, end of year | $ | $ | $ | ||||||||||||||
Additional Paid-in Capital: | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Dividend reinvestment plan | |||||||||||||||||
Net issuance of shares under stock based compensation plans | |||||||||||||||||
Conversion of senior debentures | |||||||||||||||||
Stock based compensation | |||||||||||||||||
ESSOP shares released | |||||||||||||||||
Other | ( | ||||||||||||||||
Balance, end of year | $ | $ | $ | ||||||||||||||
Retained Earnings: | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Adoption of new accounting principle (1) | ( | ||||||||||||||||
Balance, beginning of year, as adjusted | |||||||||||||||||
Net income (loss) | |||||||||||||||||
Dividends on common shares ($1.84, $1.80 and $.78 per common share) | ( | ( | ( | ||||||||||||||
Balance, end of year | $ | $ | $ | ||||||||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||||||||
Balance, beginning of year | $ | $ | ( | $ | |||||||||||||
Adoption of new accounting principle (1) | ( | ||||||||||||||||
Balance, beginning of year, as adjusted | ( | ( | |||||||||||||||
Net unrealized gains (losses) on securities, net of tax | ( | ||||||||||||||||
Net adjustment related to defined benefit pension plans, | |||||||||||||||||
net of tax | ( | ( | |||||||||||||||
Foreign currency translation and other adjustments | ( | ||||||||||||||||
Balance, end of year | $ | $ | $ | ( | |||||||||||||
Unallocated ESSOP Shares: | |||||||||||||||||
Balance, beginning of year | $ | ( | $ | ( | $ | ( | |||||||||||
ESSOP shares released | |||||||||||||||||
Purchase of unallocated ESSOP shares | ( | ( | |||||||||||||||
Balance, end of year | $ | ( | $ | ( | $ | ( | |||||||||||
Old Republic International Corporation and Subsidiaries | |||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||
($ in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income (loss) to | |||||||||||||||||
net cash provided by operating activities: | |||||||||||||||||
Deferred policy acquisition costs | ( | ( | ( | ||||||||||||||
Premiums and other receivables | ( | ( | |||||||||||||||
Unpaid claims and related items | |||||||||||||||||
Unearned premiums and other policyholders' liabilities | |||||||||||||||||
Income taxes | ( | ( | |||||||||||||||
Prepaid federal income taxes | ( | ||||||||||||||||
Reinsurance balances and funds | ( | ||||||||||||||||
Realized investment (gains) losses from actual transactions | |||||||||||||||||
and impairments | ( | ( | ( | ||||||||||||||
Unrealized investment (gains) losses from changes in fair value | |||||||||||||||||
of equity securities | ( | ||||||||||||||||
Accounts payable, accrued expenses and other | |||||||||||||||||
Total | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
Available for sale: | |||||||||||||||||
Maturities and early calls | |||||||||||||||||
Sales | |||||||||||||||||
Sales of: | |||||||||||||||||
Equity securities | |||||||||||||||||
Other - net | |||||||||||||||||
Purchases of: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
Available for sale | ( | ( | ( | ||||||||||||||
Equity securities | ( | ( | ( | ||||||||||||||
Other - net | ( | ( | ( | ||||||||||||||
Purchase of a business | ( | ( | |||||||||||||||
Net decrease (increase) in short-term investments | ( | ( | |||||||||||||||
Other - net | ( | ||||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Issuance of common shares | |||||||||||||||||
Redemption of debentures and notes | ( | ( | ( | ||||||||||||||
Purchase of unallocated ESSOP shares | ( | ( | |||||||||||||||
Dividends on common shares (including a special dividend paid in | |||||||||||||||||
September 2019 of $303.4 and a special dividend declared | |||||||||||||||||
in December 2017 and paid in January 2018 of $269.2) | ( | ( | ( | ||||||||||||||
Other - net | ( | ||||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Increase (decrease) in cash: | ( | ( | |||||||||||||||
Cash, beginning of year | |||||||||||||||||
Cash, end of year | $ | $ | $ | ||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash paid (received) during the period for: Interest | $ | $ | $ | ||||||||||||||
Income taxes | $ | $ | $ |
Old Republic International Corporation and Subsidiaries | ||
Notes to Consolidated Financial Statements | ||
($ in Millions, Except as Otherwise Indicated) |
Shareholders' Equity | Net Income (Loss) | ||||||||||||||||||||||||||||
December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Statutory totals of insurance | |||||||||||||||||||||||||||||
company subsidiaries (a): | |||||||||||||||||||||||||||||
General | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Title | |||||||||||||||||||||||||||||
RFIG Run-off | ( | ||||||||||||||||||||||||||||
Life & Accident | |||||||||||||||||||||||||||||
Sub-total | |||||||||||||||||||||||||||||
GAAP totals of non-insurance company | |||||||||||||||||||||||||||||
subsidiaries and consolidation adjustments | |||||||||||||||||||||||||||||
Unadjusted totals | |||||||||||||||||||||||||||||
Adjustments to conform to GAAP statements: | |||||||||||||||||||||||||||||
Deferred policy acquisition costs | |||||||||||||||||||||||||||||
Investment adjustments | ( | ||||||||||||||||||||||||||||
Non-admitted assets | |||||||||||||||||||||||||||||
Deferred income taxes | ( | ( | ( | ||||||||||||||||||||||||||
Mortgage contingency reserves | |||||||||||||||||||||||||||||
Title insurance premium reserves | |||||||||||||||||||||||||||||
Loss reserves | ( | ( | ( | ( | |||||||||||||||||||||||||
Surplus notes | ( | ( | |||||||||||||||||||||||||||
Sundry adjustments | ( | ( | ( | ||||||||||||||||||||||||||
Total adjustments | ( | ||||||||||||||||||||||||||||
Consolidated GAAP totals | $ | $ | $ | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cost and Fair Value of Fixed Maturity Securities by Type: | |||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
December 31, 2019: | |||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||
Tax-exempt | $ | $ | $ | $ | |||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Fixed Maturity Securities Stratified by Contractual Maturity at December 31, 2020: | |||||||||||
Available for sale: | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
$ | $ |
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Number of available for sale | |||||||||||||||||||||||||||||||||||
securities in unrealized | |||||||||||||||||||||||||||||||||||
loss position | |||||||||||||||||||||||||||||||||||
December 31, 2019: | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Number of available for sale | |||||||||||||||||||||||||||||||||||
securities in unrealized | |||||||||||||||||||||||||||||||||||
loss position | |||||||||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||||||
Tax-exempt | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Number of held to maturity | |||||||||||||||||||||||||||||||||||
securities in unrealized | |||||||||||||||||||||||||||||||||||
loss position |
Equity Securities | |||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ |
Fair Value Measurements | ||||||||||||||||||||||||||
As of December 31, 2020: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Investment income from: | ||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | |||||||||||||||||
Equity securities | ||||||||||||||||||||
Short-term investments | ||||||||||||||||||||
Other sources | ||||||||||||||||||||
Gross investment income | ||||||||||||||||||||
Investment expenses (a) | ||||||||||||||||||||
Net investment income | $ | $ | $ | |||||||||||||||||
Investment gains (losses): | ||||||||||||||||||||
From actual transactions: | ||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||
Gains | $ | $ | $ | |||||||||||||||||
Losses | ( | ( | ( | |||||||||||||||||
Net | ( | ( | ( | |||||||||||||||||
Equity securities: | ||||||||||||||||||||
Gains | ||||||||||||||||||||
Losses | ( | ( | ( | |||||||||||||||||
Net | ||||||||||||||||||||
Other long-term investments, net | ( | |||||||||||||||||||
Total from actual transactions | ||||||||||||||||||||
From impairments | ( | |||||||||||||||||||
From unrealized changes in fair value of equity securities | ( | ( | ||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | ||||||||||||||||||
Current and deferred income taxes (credits) | ( | ( | ||||||||||||||||||
Net of tax realized and unrealized investment gains (losses) | $ | ( | $ | $ | ( | |||||||||||||||
Changes in unrealized investment gains (losses) | ||||||||||||||||||||
reflected directly in shareholders' equity on: | ||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | ( | ||||||||||||||||
Less: Deferred income taxes (credits) | ( | |||||||||||||||||||
( | ||||||||||||||||||||
Other long-term investments | ( | |||||||||||||||||||
Less: Deferred income taxes (credits) | ( | |||||||||||||||||||
( | ||||||||||||||||||||
Net changes in unrealized investment gains (losses), net of tax | $ | $ | $ | ( |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Deferred, beginning of year | $ | $ | $ | |||||||||||||||||
Acquisition costs deferred: | ||||||||||||||||||||
Commissions - net of reinsurance | ||||||||||||||||||||
Premium taxes | ||||||||||||||||||||
Salaries and other underwriting expenses | ||||||||||||||||||||
Sub-total | ||||||||||||||||||||
Amortization charged to income | ( | ( | ( | |||||||||||||||||
Change for the year | ||||||||||||||||||||
Deferred, end of year | $ | $ | $ |
As of December 31: | 2020 | 2019 | ||||||||||||
General Insurance Group | $ | $ | ||||||||||||
RFIG Run-off Business | ||||||||||||||
Total | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Estimated reduction in beginning reserve | $ | $ | $ | ||||||||||||||
Total incurred claims and settlement expenses reduced | |||||||||||||||||
(increased) by changes in estimated rescissions: | |||||||||||||||||
Current year | |||||||||||||||||
Prior year | ( | ( | |||||||||||||||
Sub-total | ( | ( | |||||||||||||||
Estimated rescission reduction in paid claims | ( | ( | ( | ||||||||||||||
Estimated reduction in ending reserve | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||
Gross reserves at beginning of year | $ | $ | $ | ||||||||||||||
Less: reinsurance losses recoverable | |||||||||||||||||
Net reserves at beginning of year: | |||||||||||||||||
General Insurance | |||||||||||||||||
Title Insurance | |||||||||||||||||
RFIG Run-off | |||||||||||||||||
Other | |||||||||||||||||
Sub-total | |||||||||||||||||
Incurred claims and claim adjustment expenses: | |||||||||||||||||
Provisions for insured events of the current year: | |||||||||||||||||
General Insurance | |||||||||||||||||
Title Insurance | |||||||||||||||||
RFIG Run-off (a) | |||||||||||||||||
Other | |||||||||||||||||
Sub-total | |||||||||||||||||
Change in provision for insured events of prior years: | |||||||||||||||||
General Insurance | ( | ( | |||||||||||||||
Title Insurance | ( | ( | ( | ||||||||||||||
RFIG Run-off (a) | ( | ( | ( | ||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Sub-total | ( | ( | ( | ||||||||||||||
Total incurred claims and claim adjustment expenses (a) | |||||||||||||||||
Payments: | |||||||||||||||||
Claims and claim adjustment expenses attributable to | |||||||||||||||||
insured events of the current year: | |||||||||||||||||
General Insurance | |||||||||||||||||
Title Insurance | |||||||||||||||||
RFIG Run-off | |||||||||||||||||
Other | |||||||||||||||||
Sub-total | |||||||||||||||||
Claims and claim adjustment expenses attributable to | |||||||||||||||||
insured events of prior years: | |||||||||||||||||
General Insurance | |||||||||||||||||
Title Insurance | |||||||||||||||||
RFIG Run-off | |||||||||||||||||
Other | |||||||||||||||||
Sub-total | |||||||||||||||||
Total payments | |||||||||||||||||
Amount of reserves for unpaid claims and claim adjustment expenses | |||||||||||||||||
at the end of each year, net of reinsurance losses recoverable: | |||||||||||||||||
General Insurance | |||||||||||||||||
Title Insurance | |||||||||||||||||
RFIG Run-off | |||||||||||||||||
Other | |||||||||||||||||
Sub-total | |||||||||||||||||
Reinsurance losses recoverable | |||||||||||||||||
Gross reserves at end of year | $ | $ | $ |
Workers' Compensation | |||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | Cumulative Number of Reported Claims* | ||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | (A) | |||||||||||||||||||||||||||||||||||||||
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available. |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | (B) | |||||||||||||||||||||||||||||||||||||||
Net incurred claims and allocated claim adjustment expenses (A) | $ | ||||||||||||||||||||||||||||||||||||||||
Less: net paid claims and allocated claim adjustment expenses (B) | |||||||||||||||||||||||||||||||||||||||||
Sub-total | |||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2011, net of reinsurance | |||||||||||||||||||||||||||||||||||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | $ |
General Liability | |||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | Cumulative Number of Reported Claims* | ||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
$ | (A) | ||||||||||||||||||||||||||||||||||||||||
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available. The increases beginning in 2016 are due to the addition of a national account with higher frequency yet lower severity than the existing book of business for accident years 2016 through 2019. |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
$ | (B) | ||||||||||||||||||||||||||||||||||||||||
Net incurred claims and allocated claim adjustment expenses (A) | $ | ||||||||||||||||||||||||||||||||||||||||
Less: net paid claims and allocated claim adjustment expenses (B) | |||||||||||||||||||||||||||||||||||||||||
Sub-total | |||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2011, net of reinsurance | |||||||||||||||||||||||||||||||||||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | $ |
Commercial Automobile | |||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | Cumulative Number of Reported Claims* | ||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
$ | (A) | ||||||||||||||||||||||||||||||||||||||||
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available. |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Accident | Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||
2011 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
$ | (B) | ||||||||||||||||||||||||||||||||||||||||
Net incurred claims and allocated claim adjustment expenses (A) | $ | ||||||||||||||||||||||||||||||||||||||||
Less: net paid claims and allocated claim adjustment expenses (B) | |||||||||||||||||||||||||||||||||||||||||
Sub-total | |||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2011, net of reinsurance | |||||||||||||||||||||||||||||||||||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | $ |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Net claim and allocated loss adjustment expense reserves: | |||||||||||
Workers' compensation (a) | $ | $ | |||||||||
General liability | |||||||||||
Commercial automobile | |||||||||||
Three above coverages combined | |||||||||||
Other short-duration insurance coverages | |||||||||||
Subtotal | |||||||||||
Reinsurance recoverable on claim reserves: | |||||||||||
Workers' compensation | |||||||||||
General liability | |||||||||||
Commercial automobile | |||||||||||
Three above coverages combined | |||||||||||
Other short-duration insurance coverages | |||||||||||
Subtotal | |||||||||||
Insurance coverages other than short-duration | |||||||||||
Unallocated loss adjustment expense reserves | |||||||||||
Gross claim and loss adjustment expense reserves | $ | $ |
Supplementary Information (Unaudited) | ||||||||||||||||||||||||||||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||||||||||||||||||||
Workers' compensation | % | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||
General liability | % | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||
Commercial automobile | % | % | % | % | % | % | % | ( | % | % | % |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Statutory tax rate (credit) | % | % | % | |||||||||||||||||
Tax rate increases (decreases): | ||||||||||||||||||||
Tax-exempt interest | ( | ( | ( | |||||||||||||||||
Dividends received exclusion | ( | ( | ( | |||||||||||||||||
Meals & entertainment | ||||||||||||||||||||
Prior year adjustments | ( | |||||||||||||||||||
Other items - net | ( | |||||||||||||||||||
Effective tax rate (credit) | % | % | % |
December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Deferred Tax Assets: | ||||||||||||||||||||
Losses, claims, and settlement expenses | $ | $ | $ | |||||||||||||||||
Pension and deferred compensation plans | ||||||||||||||||||||
Net operating loss carryforward | ||||||||||||||||||||
AMT credit carryforward | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Other temporary differences | ||||||||||||||||||||
Total deferred tax assets | ||||||||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||||||||
Unearned premium reserves | ||||||||||||||||||||
Deferred policy acquisition costs | ||||||||||||||||||||
Mortgage guaranty insurers' contingency reserves | ||||||||||||||||||||
Amortization of fixed maturity securities | ||||||||||||||||||||
Net unrealized investment gains | ||||||||||||||||||||
Title plants and records | ||||||||||||||||||||
Tax reform transition adjustment on unpaid losses, claims and | ||||||||||||||||||||
settlement expenses | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Other temporary differences | ||||||||||||||||||||
Total deferred tax liabilities | ||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | ( | $ | ( | $ | ( |
General | Title | Other | Total | ||||||||||||||||||||
January 1, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Acquisitions | |||||||||||||||||||||||
Impairments | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||
Impairments | |||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | $ | $ | |||||||||||||||||
Increases (decreases) during the year attributable to: | ||||||||||||||||||||
Interest cost | ||||||||||||||||||||
Actuarial (gains) losses | ( | |||||||||||||||||||
Benefits paid | ( | ( | ( | |||||||||||||||||
Net increase (decrease) for the year | ( | |||||||||||||||||||
Projected benefit obligation at end of year | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Fair value of net assets available for plan benefits | ||||||||||||||||||||
At beginning of the year | $ | $ | $ | |||||||||||||||||
Increases (decreases) during the year attributable to: | ||||||||||||||||||||
Actual return on plan assets | ( | |||||||||||||||||||
Sponsor contributions | ||||||||||||||||||||
Benefits paid | ( | ( | ( | |||||||||||||||||
Net increase (decrease) for year | ( | ( | ||||||||||||||||||
Fair value of net assets available for plan benefits | ||||||||||||||||||||
At end of the year | $ | $ | $ |
Funded Status | $ | ( | $ | ( | $ | ( | ||||||||||||||
Amounts recognized in accumulated other comprehensive income | $ | ( | $ | ( | $ | ( |
Projected Benefit Obligation | Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||
As of December 31: | 2020 | 2019 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Settlement discount rates | % | % | % | % | % | |||||||||||||||||||||||||||
Long-term rates of return on plans' assets | N/A | N/A | % | % | % |
Investment Policy Asset Allocation % Range Target | ||||||||||||||||||||
As of December 31: | 2020 | 2019 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Common shares of Company stock | % | % | ||||||||||||||||||
Other | ||||||||||||||||||||
Sub-total | 40% to 80% | |||||||||||||||||||
Fixed maturity securities | 15% to 60% | |||||||||||||||||||
Other | 1% to 10% | |||||||||||||||||||
Total | % | % |
Fair Value Measurements | ||||||||||||||||||||||||||
As of December 31, 2020: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common shares of Company stock | $ | $ | $ | $ | ||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Sub-total | ||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total at fair value | $ | $ | $ | |||||||||||||||||||||||
Securities at net asset value | ||||||||||||||||||||||||||
Total | $ | |||||||||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common shares of Company stock | $ | $ | $ | $ | ||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Sub-total | ||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total at fair value | $ | $ | $ | |||||||||||||||||||||||
Securities at net asset value | ||||||||||||||||||||||||||
Total | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
ESSOP | $ | $ | $ | |||||||||||||||||
Other profit sharing plans | ||||||||||||||||||||
Cash and deferred incentive compensation | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Numerator: | ||||||||||||||||||||
Basic earnings per share - | ||||||||||||||||||||
income (loss) available to common stockholders | $ | $ | $ | |||||||||||||||||
Adjustment for interest expense incurred on | ||||||||||||||||||||
assumed conversion of convertible notes | ||||||||||||||||||||
Diluted earnings per share - | ||||||||||||||||||||
income (loss) available to common stockholders | ||||||||||||||||||||
after assumed conversion of convertible notes | $ | $ | $ | |||||||||||||||||
Denominator: | ||||||||||||||||||||
Basic earnings per share - | ||||||||||||||||||||
weighted-average shares (a) | ||||||||||||||||||||
Effect of dilutive securities - stock based compensation awards | ||||||||||||||||||||
Effect of dilutive securities - convertible notes | ||||||||||||||||||||
Diluted earnings per share - | ||||||||||||||||||||
adjusted weighted-average shares (a) | ||||||||||||||||||||
Earnings per share: Basic | $ | $ | $ | |||||||||||||||||
Diluted | $ | $ | $ | |||||||||||||||||
Anti-dilutive common stock equivalents | ||||||||||||||||||||
excluded from earning per share computations: | ||||||||||||||||||||
Stock based compensation awards |
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
Stock based compensation expense | $ | $ | $ | |||||||||||||||||
Income tax benefit | $ | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Expected volatility | |||||||||||||||||
Expected dividends | % | % | % | ||||||||||||||
Expected term (in years) | |||||||||||||||||
Risk-free rate | % | % | % |
As of and for the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||||||||||||||||
Outstanding at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Exercised | |||||||||||||||||||||||||||||||||||
Forfeited and expired | |||||||||||||||||||||||||||||||||||
Outstanding at end of year | |||||||||||||||||||||||||||||||||||
Exercisable at end of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Weighted average fair value of | |||||||||||||||||||||||||||||||||||
options granted during the year (a) | $ | per share | $ | per share | $ | per share |
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||||
Weighted - Average | Weighted Average Exercise Price | |||||||||||||||||||||||||||||||||||||||||||
Exercise Prices | Year of Grant | Number Outstanding | Remaining Contractual Life | Exercise Price | Number Exercisable | |||||||||||||||||||||||||||||||||||||||
$12.33 | 2011 | $ | $ | |||||||||||||||||||||||||||||||||||||||||
$10.80 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
$12.57 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
$16.06 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
$15.26 | 2015 | |||||||||||||||||||||||||||||||||||||||||||
$18.14 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
$19.98 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
$20.98 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
$21.12 | to | $21.99 | 2019 | |||||||||||||||||||||||||||||||||||||||||
$16.17 | to | $22.72 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Cash received from stock option exercise | $ | $ | $ | ||||||||||||||
Intrinsic value of stock options exercised | |||||||||||||||||
Actual tax benefit realized for tax deductions from stock options exercised | $ | $ | $ |
December 31: | 2020 | 2019 | ||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
4.875% Senior Notes due 2024 | $ | $ | $ | $ | ||||||||||||||||||||||
3.875% Senior Notes due 2026 | ||||||||||||||||||||||||||
Other miscellaneous debt | ||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Carrying | Fair | |||||||||||||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ | $ |
Years Ended December 31: | 2020 | 2019 | 2018 | ||||||||||||||||||||
General Insurance Group | |||||||||||||||||||||||
Written premiums: | Direct | $ | $ | $ | |||||||||||||||||||
Assumed | |||||||||||||||||||||||
Ceded | $ | $ | $ | ||||||||||||||||||||
Earned premiums: | Direct | $ | $ | $ | |||||||||||||||||||
Assumed | |||||||||||||||||||||||
Ceded | $ | $ | $ | ||||||||||||||||||||
Claims ceded | $ | $ | $ | ||||||||||||||||||||
RFIG Run-off Business | |||||||||||||||||||||||
Written premiums: | Direct | $ | $ | $ | |||||||||||||||||||
Assumed | |||||||||||||||||||||||
Ceded | $ | $ | $ | ||||||||||||||||||||
Earned premiums: | Direct | $ | $ | $ | |||||||||||||||||||
Assumed | |||||||||||||||||||||||
Ceded | $ | $ | $ | ||||||||||||||||||||
Claims ceded | $ | $ | $ | ||||||||||||||||||||
Mortgage Guaranty Insurance in force as of December 31: | |||||||||||||||||||||||
Direct | $ | $ | $ | ||||||||||||||||||||
Assumed | |||||||||||||||||||||||
Ceded | $ | $ | $ |
Lease | |||||||||||||||||||||||||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Thereafter | Total | Discount | Liability | |||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | $ |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||
Year Ended December 31, 2020: | |||||||||||||||||||||||
Operating Summary: | |||||||||||||||||||||||
Net premiums, fees, and other income (a) | $ | $ | $ | $ | |||||||||||||||||||
Net investment income and investment gains (losses) | ( | ||||||||||||||||||||||
Total revenues (a) | |||||||||||||||||||||||
Benefits, claims, and expenses (a) | |||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ||||||||||||||||||
Net income (loss) per share: Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Year Ended December 31, 2019: | |||||||||||||||||||||||
Operating Summary: | |||||||||||||||||||||||
Net premiums, fees, and other income (a) | $ | $ | $ | $ | |||||||||||||||||||
Net investment income and investment gains (losses) | |||||||||||||||||||||||
Total revenues (a) | |||||||||||||||||||||||
Benefits, claims, and expenses (a) | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Net income (loss) per share: Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Segmented and Consolidated Results | ||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | |||||||||||||||||
General Insurance (a): | ||||||||||||||||||||
Net premiums earned | $ | $ | $ | |||||||||||||||||
Net investment income and other income | ||||||||||||||||||||
Total revenues excluding investment gains (losses) | $ | $ | $ | |||||||||||||||||
Segment pretax operating income (loss) (b) | $ | $ | $ | |||||||||||||||||
Income tax expense (credits) on above | $ | $ | $ | |||||||||||||||||
Title Insurance: | ||||||||||||||||||||
Net premiums earned (d) | $ | $ | $ | |||||||||||||||||
Title, escrow and other fees (d) | ||||||||||||||||||||
Sub-total (d) | ||||||||||||||||||||
Net investment income and other income | ||||||||||||||||||||
Total revenues excluding investment gains (losses)(d) | $ | $ | $ | |||||||||||||||||
Segment pretax operating income (loss) (b) | $ | $ | $ | |||||||||||||||||
Income tax expense (credits) on above | $ | $ | $ | |||||||||||||||||
RFIG Run-off Business (a): | ||||||||||||||||||||
Net premiums earned | $ | $ | $ | |||||||||||||||||
Net investment income and other income | ||||||||||||||||||||
Total revenues excluding investment gains (losses) | $ | $ | $ | |||||||||||||||||
Segment pretax operating income (loss) | $ | $ | $ | |||||||||||||||||
Income tax expense (credits) on above | $ | $ | $ | |||||||||||||||||
Consolidated Revenues: | ||||||||||||||||||||
Total revenues of Company segments (d) | $ | $ | $ | |||||||||||||||||
Other sources (c) | ||||||||||||||||||||
Consolidated investment gains (losses): | ||||||||||||||||||||
Realized from actual transactions and impairments | ||||||||||||||||||||
Unrealized from changes in fair value of equity securities | ( | ( | ||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | ||||||||||||||||||
Consolidation elimination adjustments | ( | ( | ( | |||||||||||||||||
Consolidated revenues (d) | $ | $ | $ | |||||||||||||||||
Consolidated Pretax Income (Loss): | ||||||||||||||||||||
Total segment pretax operating income (loss) of | ||||||||||||||||||||
Company segments | $ | $ | $ | |||||||||||||||||
Other sources - net (c) | ||||||||||||||||||||
Consolidated investment gains (losses): | ||||||||||||||||||||
Realized from actual transactions and impairments | ||||||||||||||||||||
Unrealized from changes in fair value of equity securities | ( | ( | ||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | ||||||||||||||||||
Consolidated income (loss) before income taxes (credits) | $ | $ | $ | |||||||||||||||||
Consolidated Income Tax Expense (Credits): | ||||||||||||||||||||
Total income tax expense (credits) of Company segments | $ | $ | $ | |||||||||||||||||
Other sources - net (c) | ( | |||||||||||||||||||
Income tax expense (credits) on consolidated realized | ||||||||||||||||||||
and unrealized investment gains (losses) | ( | ( | ||||||||||||||||||
Consolidated income tax expense (credits) | $ | $ | $ |
December 31: | 2020 | 2019 | ||||||||||||||||||
Consolidated Assets: | ||||||||||||||||||||
General Insurance | $ | $ | ||||||||||||||||||
Title Insurance | ||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||
Total assets of company segments | ||||||||||||||||||||
Other assets (c) | ||||||||||||||||||||
Consolidation elimination adjustments | ( | ( | ||||||||||||||||||
Consolidated assets | $ | $ |
Assumed from Old Republic | Ceded to Old Republic | |||||||||||||||||||||||||||||||||||||
Years Ended December 31: | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Premiums earned | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commissions and fees | ||||||||||||||||||||||||||||||||||||||
Losses and loss expenses | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Loss and loss expense reserves | ||||||||||||||||||||||||||||||||||||||
Unearned premiums | $ | $ | $ | $ | $ | $ |
Report of Independent Registered Public Accounting Firm |
Name | Age | Position | ||||||
W. Todd Gray | 53 | Senior Vice President and Treasurer since June 1, 2018; Senior Vice President - Operations & Finance - Old Republic General Insurance Companies since September 2015. Prior to that, Mr. Gray was a senior executive at Oak Street Funding. | ||||||
John R. Heitkamp, Jr. | 66 | Senior Vice President, Secretary and General Counsel since July 2014. | ||||||
Karl W. Mueller | 61 | Senior Vice President and Chief Financial Officer since October 2004. | ||||||
Stephen J. Oberst | 53 | Executive Vice President since October 2019; President and CEO at Old Republic Risk Management, Inc. which he joined in 1999. | ||||||
Craig R. Smiddy | 56 | President and Chief Executive Officer since June 2018 and October 2019, respectively; President and Chief Operating Officer of Old Republic General Insurance Companies since August 2015 and August 2013, respectively. Prior to joining Old Republic, Mr. Smiddy was President of the Specialty Markets Division of Munich Reinsurance America, Inc. | ||||||
Rande K. Yeager | 72 | Senior Vice President - Title Insurance since March 2003; Chairman and Chief Executive Officer of Old Republic Title Insurance Companies since July 2010 and March 2002 respectively. |
By: | /s/ Craig R. Smiddy | 02/26/2021 | ||||||
Craig R. Smiddy, President, Chief Executive Officer and Director | Date | |||||||
By: | /s/ Karl W. Mueller | 02/26/2021 | ||||||
Karl W. Mueller, Senior Vice President, | Date | |||||||
Chief Financial Officer, and | ||||||||
Principal Accounting Officer |
/s/ Steven J. Bateman | /s/ Peter B. McNitt | |||||||
Steven J. Bateman, Director* | Peter B. McNitt, Director* | |||||||
/s/ Harrington Bischof | /s/ Glenn W. Reed | |||||||
Harrington Bischof, Director* | Glenn W. Reed, Director* | |||||||
/s/ Jimmy A. Dew | /s/ Arnold L. Steiner | |||||||
Jimmy A. Dew, Director* | Arnold L. Steiner, Director* | |||||||
/s/ John M. Dixon | /s/ Fredricka Taubitz | |||||||
John M. Dixon, Director* | Fredricka Taubitz, Director* | |||||||
/s/ Michael D. Kennedy | /s/ Steven Walker | |||||||
Michael D. Kennedy, Director* | Steven Walker, Director* | |||||||
/s/ Charles J. Kovaleski | /s/ Aldo C. Zucaro | |||||||
Charles J. Kovaleski, Director* | Aldo C. Zucaro, Director* | |||||||
/s/ Spencer LeRoy, III | ||||||||
Spencer LeRoy, III, Director* |
INDEX TO FINANCIAL STATEMENT SCHEDULES | ||||||||
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||||||||
Schedule | I - | Summary of Investments - Other than Investments in Related Parties as of December 31, 2020 | ||||||
Schedule | II - | Condensed Financial Information of Registrant as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 | ||||||
Schedule | III - | Supplementary Insurance Information for the years ended December 31, 2020, 2019 and 2018 | ||||||
Schedule | IV - | Reinsurance for the years ended December 31, 2020, 2019 and 2018 | ||||||
Schedule | V - | Valuation and Qualifying Accounts for the years ended December 31, 2020, 2019 and 2018 | ||||||
Schedule | VI - | Supplemental Information Concerning Property - Casualty Insurance Operations for the years ended December 31, 2020, 2019 and 2018 | ||||||
Schedules other than those listed are omitted for the reason that they are not required, are not applicable or that equivalent information has been included in the financial statements, notes thereto, or elsewhere herein. |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | ||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||
Column A | Column B | Column C | Column D | |||||||||||||||||
Type of investment | Cost (1) | Fair Value | Amount at which shown in balance sheet | |||||||||||||||||
Available for sale: | ||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||
United States Government and | ||||||||||||||||||||
government agencies and authorities | $ | $ | $ | |||||||||||||||||
States, municipalities and political subdivisions | ||||||||||||||||||||
Foreign government | ||||||||||||||||||||
Corporate, industrial and all other | ||||||||||||||||||||
$ | ||||||||||||||||||||
Short-term investments | ||||||||||||||||||||
Total | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Non-redeemable preferred stocks | $ | |||||||||||||||||||
Common stocks: | ||||||||||||||||||||
Banks, trusts and insurance companies | ||||||||||||||||||||
Industrial, miscellaneous and all other | ||||||||||||||||||||
Indexed mutual funds | ||||||||||||||||||||
$ | ||||||||||||||||||||
Other investments | ||||||||||||||||||||
Total Investments | $ | $ |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | |||||||||||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||
BALANCE SHEETS | |||||||||||
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) | |||||||||||
($ in Millions) | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets: | |||||||||||
Bonds and notes | $ | $ | |||||||||
Short-term investments | |||||||||||
Cash | |||||||||||
Investments in, and indebtedness of related parties | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Common Shareholders' Equity: | |||||||||||
Liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Debt and debt equivalents | |||||||||||
Indebtedness to affiliates and subsidiaries | |||||||||||
Commitments and contingent liabilities | |||||||||||
Total Liabilities | |||||||||||
Common Shareholders' Equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Unallocated ESSOP shares (at cost) | ( | ( | |||||||||
Total Common Shareholders' Equity | |||||||||||
Total Liabilities and Common Shareholders' Equity | $ | $ |
See accompanying Notes to Condensed Financial Statements. |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||||
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) | |||||||||||||||||
($ in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Investment income from subsidiaries | $ | $ | $ | ||||||||||||||
Real estate and other income | |||||||||||||||||
Other investment income | |||||||||||||||||
Realized investment gains (losses) | ( | ||||||||||||||||
Total revenues | |||||||||||||||||
Expenses: | |||||||||||||||||
Interest - subsidiaries | |||||||||||||||||
Interest - other | |||||||||||||||||
Real estate and other expenses | |||||||||||||||||
General expenses, taxes and fees | |||||||||||||||||
Total expenses | |||||||||||||||||
Revenues, net of expenses | |||||||||||||||||
Federal income taxes (credits) | |||||||||||||||||
Income (loss) before equity in earnings (losses) of subsidiaries | |||||||||||||||||
Equity in Earnings (Losses) of Subsidiaries: | |||||||||||||||||
Dividends received | |||||||||||||||||
Earnings (losses) in excess of dividends | ( | ||||||||||||||||
Net Income (Loss) | $ | $ | $ |
See accompanying Notes to Condensed Financial Statements. |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||||||
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) | |||||||||||||||||
($ in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income (loss) to | |||||||||||||||||
net cash provided by operating activities: | |||||||||||||||||
Accounts receivable | ( | ||||||||||||||||
Income taxes - net | ( | ||||||||||||||||
Excess of equity in net (income) loss | |||||||||||||||||
of subsidiaries over cash dividends received | ( | ( | |||||||||||||||
Realized investment (gains) losses | |||||||||||||||||
Accounts payable, accrued expenses and other | ( | ||||||||||||||||
Total | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Sale of fixed assets for company use | |||||||||||||||||
Purchase of fixed assets for company use | ( | ||||||||||||||||
Net repayment (issuance) of notes to related parties | ( | ( | |||||||||||||||
Net decrease (increase) in short-term investments | ( | ( | |||||||||||||||
Investment in, and indebtedness of related parties-net | ( | ||||||||||||||||
Total | ( | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Net receipt (repayment) of notes and loans from related parties | ( | ||||||||||||||||
Issuance of common shares | |||||||||||||||||
Redemption of debentures and notes | ( | ( | ( | ||||||||||||||
Purchase of unallocated ESSOP shares | ( | ( | |||||||||||||||
Dividends on common shares | ( | ( | ( | ||||||||||||||
Other - net | ( | ||||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Increase (decrease) in cash | ( | ( | |||||||||||||||
Cash, beginning of year | |||||||||||||||||
Cash, end of year | $ | $ | $ |
See accompanying Notes to Condensed Financial Statements. |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||
NOTES TO CONDENSED FINANCIAL STATEMENTS | ||
($ in Millions) |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||||||||
For the Years Ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | |||||||||||||||||||||||||||
Segment | Deferred Policy Acquisition Costs | Losses, Claims and Settlement Expenses | Unearned Premiums | Other Policyholders' Benefits and Funds | Premium Revenue | |||||||||||||||||||||||||||
Year Ended December 31, 2020: | ||||||||||||||||||||||||||||||||
Insurance Underwriting: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ||||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2019: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group (3) | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ||||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated (3) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2018: | ||||||||||||||||||||||||||||||||
Insurance Underwriting: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group (3) | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ||||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated (3) | $ | $ | $ | $ | $ |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||||||||
For the Years Ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||||||||||
Column A | Column G | Column H | Column I | Column J | Column K | |||||||||||||||||||||||||||
Segment | Net Investment Income | Benefits, Claims, Losses and Settlement Expenses | Amortization of Deferred Policy Acquisition Costs | Other Operating Expenses | Premiums Written | |||||||||||||||||||||||||||
Year Ended December 31, 2020: | ||||||||||||||||||||||||||||||||
Insurance Underwriting: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ( | |||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2019: | ||||||||||||||||||||||||||||||||
Insurance Underwriting: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group (3) | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ( | |||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated (3) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2018: | ||||||||||||||||||||||||||||||||
Insurance Underwriting: | ||||||||||||||||||||||||||||||||
General Insurance Group | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Title Insurance Group (3) | ||||||||||||||||||||||||||||||||
RFIG Run-off Business | ||||||||||||||||||||||||||||||||
Corporate & Other (1) | ( | |||||||||||||||||||||||||||||||
Reinsurance Recoverable (2) | ||||||||||||||||||||||||||||||||
Consolidated (3) | $ | $ | $ | $ | $ |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
SCHEDULE IV - REINSURANCE | |||||||||||||||||||||||||||||
For the years ended December 31, 2020, 2019 and 2018 | |||||||||||||||||||||||||||||
($ in Millions) | |||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | ||||||||||||||||||||||||
Gross amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount assumed to net | |||||||||||||||||||||||||
Year Ended December 31, 2020: | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premium Revenues: | |||||||||||||||||||||||||||||
General Insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Title Insurance | |||||||||||||||||||||||||||||
RFIG Run-off | |||||||||||||||||||||||||||||
Life and Health Insurance: | |||||||||||||||||||||||||||||
Life insurance | |||||||||||||||||||||||||||||
Accident and health insurance | |||||||||||||||||||||||||||||
Total Life & Health Insurance | |||||||||||||||||||||||||||||
Consolidating adjustments | ( | ( | |||||||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||||||||
Year Ended December 31, 2019: | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premium Revenues: | |||||||||||||||||||||||||||||
General Insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Title Insurance (1) | |||||||||||||||||||||||||||||
RFIG Run-off | |||||||||||||||||||||||||||||
Life and Health Insurance: | |||||||||||||||||||||||||||||
Life insurance | |||||||||||||||||||||||||||||
Accident and health insurance | |||||||||||||||||||||||||||||
Total Life & Health Insurance | |||||||||||||||||||||||||||||
Consolidating adjustments | ( | ( | |||||||||||||||||||||||||||
Consolidated (1) | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Year Ended December 31, 2018: | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premium Revenues: | |||||||||||||||||||||||||||||
General Insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Title Insurance (1) | |||||||||||||||||||||||||||||
RFIG Run-off | |||||||||||||||||||||||||||||
Life and Health Insurance: | |||||||||||||||||||||||||||||
Life insurance | |||||||||||||||||||||||||||||
Accident and health insurance | |||||||||||||||||||||||||||||
Total Life & Health Insurance | |||||||||||||||||||||||||||||
Consolidating adjustments | ( | ( | |||||||||||||||||||||||||||
Consolidated (1) | $ | $ | $ | $ | % |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts - Describe (1) | Deductions - Describe | Balance at End of Period | |||||||||||||||||||||||||||
Year Ended December 31, 2020: | ||||||||||||||||||||||||||||||||
Deducted from Asset Accounts: | ||||||||||||||||||||||||||||||||
Reserve for credit losses | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2019: | ||||||||||||||||||||||||||||||||
Deducted from Asset Accounts: | ||||||||||||||||||||||||||||||||
Reserve for unrecoverable | ||||||||||||||||||||||||||||||||
reinsurance | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, 2018: | ||||||||||||||||||||||||||||||||
Deducted from Asset Accounts: | ||||||||||||||||||||||||||||||||
Reserve for unrecoverable | ||||||||||||||||||||||||||||||||
reinsurance | $ | $ | $ | $ | ( | $ |
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES | ||
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING | ||
PROPERTY-CASUALTY INSURANCE OPERATIONS | ||
For the years ended December 31, 2020, 2019 and 2018 | ||
($ in Millions) |
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||||||||
Affiliation With Registrant (1) | Deferred Policy Acquisition Costs | Reserves for Unpaid Claims and Claim Adjustment Expenses (2) | Discount, If Any, Deducted in Column C | Unearned Premiums (2) | ||||||||||||||||||||||
Year Ended December 31: | ||||||||||||||||||||||||||
2020 | $ | $ | $ | $ | ||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||
Column A | Column F | Column G | Column H | |||||||||||||||||||||||
Net Investment Income | Claims and Claim Adjustment Expenses Incurred Related to | |||||||||||||||||||||||||
Affiliation With Registrant (1) | Earned Premiums | Current Year | Prior Years | |||||||||||||||||||||||
Year Ended December 31: | ||||||||||||||||||||||||||
2020 | $ | $ | $ | $ | ( | |||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
2018 | ( | |||||||||||||||||||||||||
Column A | Column I | Column J | Column K | |||||||||||||||||||||||
Affiliation With Registrant (1) | Amortization of Deferred Policy Acquisition Costs | Paid Claims and Claim Adjustment Expenses | Premiums Written | |||||||||||||||||||||||
Year Ended December 31: | ||||||||||||||||||||||||||
2020 | $ | $ | $ | |||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
2018 |
EXHIBIT INDEX | |||||||||||
An index of exhibits required by Item 601 of Regulation S-K follows: | |||||||||||
(3) | Articles of incorporation and by-laws. | ||||||||||
(A) | * | ||||||||||
(B) | * | ||||||||||
(4) | Instruments defining the rights of security holders, including indentures. | ||||||||||
(A) | * | ||||||||||
(B) | * | Agreement to furnish certain long-term debt instruments to the Securities & Exchange Commission upon request. (Exhibit 4(D) to Registrant's Form 8 dated August 28, 1987). | |||||||||
(C) | * | ||||||||||
(D) | * | ||||||||||
(E) | * | ||||||||||
(F) | * | ||||||||||
(G) | * | ||||||||||
(H) | * | ||||||||||
(10) | Material contracts. | ||||||||||
** | (A) | * | |||||||||
** | (B) | * | |||||||||
** | (C) | * | |||||||||
** | (D) | * | |||||||||
** | (E) | * | |||||||||
** | (F) | * | |||||||||
(H) | * | ||||||||||
(21) |
(23.1) | |||||||||||
(24) | |||||||||||
(31.1) | |||||||||||
(31.2) | |||||||||||
(32.1) | |||||||||||
(32.2) | |||||||||||
(101.INS) | XBRL Instance Document - The instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
(101.SCH) | XBRL Taxonomy Extension Schema | ||||||||||
(101.CAL) | XBRL Taxonomy Extension Calculation Linkbase | ||||||||||
(101.DEF) | XBRL Taxonomy Extension Definition Linkbase | ||||||||||
(101.LAB) | XBRL Taxonomy Extension Label Linkbase | ||||||||||
(101.PRE) | XBRL Taxonomy Extension Presentation Linkbase |
Exhibit (21) | ||||||||||||||
Subsidiaries of the registrant (As of December 31, 2020) | ||||||||||||||
Percentage | ||||||||||||||
of Voting | ||||||||||||||
Securities | ||||||||||||||
Owned by | ||||||||||||||
State of | Immediate | |||||||||||||
Name | Organization | Parent | ||||||||||||
OLD REPUBLIC INTERNATIONAL CORPORATION | Delaware | --- | ||||||||||||
Old Republic General Insurance Group, Inc. | Delaware | 100% | ||||||||||||
BITCO Corporation | Delaware | 100% | ||||||||||||
BITCO General Insurance Corporation | Illinois | 100% | ||||||||||||
BITCO National Insurance Company | Illinois | 100% | ||||||||||||
Brummel Brothers, Inc. | Illinois | 100% | ||||||||||||
Employers General Insurance Group, Inc. | Delaware | 100% | ||||||||||||
National General Agency, Inc. | Texas | 100% | ||||||||||||
Inter West Assurance, Ltd. | North Carolina | 100% | ||||||||||||
Old Republic Aerospace, Inc. | Delaware | 100% | ||||||||||||
ORI Great West Holding, Inc. | Delaware | 100% | ||||||||||||
Great West Casualty Company | Nebraska | 100% | ||||||||||||
Joe Morton & Sons, Inc. | Nebraska | 100% | ||||||||||||
Old Republic Allied Management Company | Delaware | 100% | ||||||||||||
Old Republic Contractors Insurance Group, Inc. | Delaware | 100% | ||||||||||||
Old Republic Contractors Insurance Agency, Inc. | California | 100% | ||||||||||||
Old Republic Contractors Insurance Agency of New York, Inc. | New York | 100% | ||||||||||||
Old Republic Security Assurance Company | Illinois | 100% | ||||||||||||
Old Republic General Insurance Corporation | Illinois | 100% | ||||||||||||
ORHP Management Company | Illinois | 100% | ||||||||||||
Old Republic Home Protection Company, Inc. | California | 100% | ||||||||||||
Old Republic Home Protection Services, Inc. | Illinois | 100% | ||||||||||||
Old Republic Insurance Company | Pennsylvania | 100% | ||||||||||||
Old Republic Lloyds of Texas | Texas | 100% | ||||||||||||
Old Republic Mercantile Insurance Company | Vermont | 100% | ||||||||||||
Old Republic Professional Liability, Inc. | Delaware | 100% | ||||||||||||
Old Republic Residual Market Services, Inc. | Delaware | 100% | ||||||||||||
Old Republic Residual Market Insurance Company | North Carolina | 100% | ||||||||||||
Old Republic Risk Management, Inc. | Delaware | 100% | ||||||||||||
Old Republic Security Holdings, Inc. | Delaware | 100% | ||||||||||||
Old Republic Insured Automotive Services, Inc. | Oklahoma | 100% | ||||||||||||
Minnehoma Automobile Association, Inc. | Florida | 100% | ||||||||||||
Old Republic Specialty Insurance Underwriters, Inc. | Delaware | 94% | ||||||||||||
Old Republic Specialty Insurance Company, IC | Vermont | 100% | ||||||||||||
Old Republic Surety Group, Inc. | Delaware | 100% | ||||||||||||
Old Republic Surety Company | Wisconsin | 100% | ||||||||||||
Old Republic Union Insurance Company | Illinois | 100% | ||||||||||||
PMA Companies, Inc. | Pennsylvania | 100% | ||||||||||||
Pennsylvania Manufacturers Association Insurance Company | Pennsylvania | 100% | ||||||||||||
Pennsylvania Manufacturers Indemnity Company | Pennsylvania | 100% | ||||||||||||
Manufacturers Alliance Insurance Company | Pennsylvania | 100% | ||||||||||||
PMA Holdings, Ltd. | Bermuda | 100% | ||||||||||||
Pennsylvania Manufacturers International Insurance, Ltd. | Bermuda | 100% | ||||||||||||
Mid Atlantic States Investment Company | Delaware | 100% | ||||||||||||
PMA Insurance SPC | Cayman Islands | 100% | ||||||||||||
PMA Management Corp. | Pennsylvania | 100% | ||||||||||||
PMA Management Corp. of New England, Inc. | Connecticut | 100% |
Exhibit (21) | ||||||||||||||
Subsidiaries of the registrant (As of December 31, 2020) | ||||||||||||||
Percentage | ||||||||||||||
of Voting | ||||||||||||||
Securities | ||||||||||||||
Owned by | ||||||||||||||
State of | Immediate | |||||||||||||
Name | Organization | Parent | ||||||||||||
Old Republic General Insurance Group, Inc. (continued) | ||||||||||||||
Reliable Canadian Holdings, Ltd. | Federal (Canada) | 100% | ||||||||||||
D.I.S.C.C. Enterprise, Ltd. | British Columbia (Canada) | 100% | ||||||||||||
Reliable Life Insurance Company | Federal (Canada) | 100% | ||||||||||||
Old Republic Insurance Company of Canada | Federal (Canada) | 100% | ||||||||||||
Republic Credit Indemnity Companies, Inc. | Delaware | 100% | ||||||||||||
Republic Credit Indemnity Company | Illinois | 100% | ||||||||||||
Republic Equity Credit Services, Inc. | Illinois | 100% | ||||||||||||
Republic Insured Credit Services, Inc. | Delaware | 100% | ||||||||||||
Old Republic Title Insurance Group, Inc. | Delaware | 100% | ||||||||||||
Old Republic National Title Holding Company | Delaware | 100% | ||||||||||||
Old Republic Title Insurance Companies, Inc. | Delaware | 100% | ||||||||||||
American Guaranty Title Insurance Company | Oklahoma | 100% | ||||||||||||
Mississippi Valley Title Insurance Company | Mississippi | 100% | ||||||||||||
Old Republic National Title Insurance Company | Florida | 100% | ||||||||||||
Old Republic Title Companies, Inc. | Delaware | 100% | ||||||||||||
Old Republic Eastern Title, Inc. | Delaware | 100% | ||||||||||||
Compass Abstract, Inc. | Pennsylvania | 100% | ||||||||||||
Genesis Abstract, LLC | Pennsylvania | 32% | ||||||||||||
Mississippi Valley Title Services Company | Mississippi | 100% | ||||||||||||
Old Republic Title Company of Tennessee | Tennessee | 100% | ||||||||||||
Sentry Abstract Company | Pennsylvania | 100% | ||||||||||||
The Title Company of North Carolina | North Carolina | 100% | ||||||||||||
Troon Management Corporation | Pennsylvania | 100% | ||||||||||||
Old Republic National Commercial Title Services, Inc. | Delaware | 100% | ||||||||||||
L.T. Service Corp. | New York | 100% | ||||||||||||
Lex Terrae, Ltd. | New York | 100% | ||||||||||||
Lex Terrae National Title Services, Inc. | New Jersey | 100% | ||||||||||||
Old Republic Central Title, Inc. | Delaware | 100% | ||||||||||||
American First Title & Trust Company | Oklahoma | 100% | ||||||||||||
Lenders Inspection Company | Oklahoma | 80% | ||||||||||||
Old Republic Title Company of Conroe | Texas | 100% | ||||||||||||
Old Republic Title Company of Indiana | Indiana | 100% | ||||||||||||
Old Republic Title Company of Oklahoma | Oklahoma | 100% | ||||||||||||
Old Republic Title Company of St. Louis, Inc. | Missouri | 100% | ||||||||||||
Old Republic Western Title, Inc. | Delaware | 100% | ||||||||||||
Old Republic Title Holding Company, Inc. | California | 100% | ||||||||||||
Mara Escrow Company | California | 100% | ||||||||||||
Old Republic Escrow of Vancouver, Inc. | Washington | 100% | ||||||||||||
Old Republic Title and Escrow of Hawaii, Ltd. | Hawaii | 100% | ||||||||||||
Old Republic Title Company | California | 100% | ||||||||||||
Old Republic Title Company of Nevada | Nevada | 100% |
Old Republic Title Company of Oregon | Oregon | 100% | ||||||||||||
Old Republic Title Information Concepts | California | 100% | ||||||||||||
Old Republic Title Insurance Agency, Inc. | Arizona | 100% | ||||||||||||
Old Republic Title, Ltd. | Delaware | 100% | ||||||||||||
Exhibit (21) | ||||||||||||||
Subsidiaries of the registrant (As of December 31, 2020) | ||||||||||||||
Percentage | ||||||||||||||
of Voting | ||||||||||||||
Securities | ||||||||||||||
Owned by | ||||||||||||||
State of | Immediate | |||||||||||||
Name | Organization | Parent | ||||||||||||
Old Republic Title Insurance Group, Inc. (continued) | ||||||||||||||
Old Republic National Title Services, Inc. | Delaware | 100% | ||||||||||||
Old Republic Diversified Services, Inc. | Minnesota | 100% | ||||||||||||
Old Republic Exchange Company | California | 100% | ||||||||||||
Attorneys’ Title Fund Services, LLC | Florida | 100% | ||||||||||||
National Title Agent’s Services Company | Minnesota | 100% | ||||||||||||
Old Republic Title Tech Companies, Inc. | Delaware | 100% | ||||||||||||
eRecording Partners Network, LLC | Minnesota | 80% | ||||||||||||
iMarc, Inc. | New Hampshire | 100% | ||||||||||||
RQ Holdings, Inc. | Texas | 100% | ||||||||||||
RamQuest Software, Inc. | Texas | 100% | ||||||||||||
Guardian Consumer Services, Inc. | Texas | 80% | ||||||||||||
Republic Financial Indemnity Group, Inc. | Delaware | 100% | ||||||||||||
RMIC Companies, Inc. | Delaware | 100% | ||||||||||||
Republic Mortgage Insurance Company | North Carolina | 100% | ||||||||||||
Republic Mortgage Assurance Company | Florida | 100% | ||||||||||||
Republic Mortgage Guaranty Insurance Corporation | North Carolina | 100% | ||||||||||||
RMIC Corporation | North Carolina | 100% | ||||||||||||
Old Republic Life Insurance Group, Inc. | Delaware | 100% | ||||||||||||
Old Republic Life Insurance Company | Illinois | 100% | ||||||||||||
Old Republic National Services Group, Inc. | Illinois | 100% | ||||||||||||
Owns minor subsidiaries & affiliates | Various | 100% | ||||||||||||
American Business & Mercantile Insurance Mutual, Inc. | Delaware | * | ||||||||||||
Inter Capital Group, Inc. | Delaware | 100% | ||||||||||||
Inter Capital Company of Chicago | Delaware | 100% | ||||||||||||
Inter Capital Realty Corporation | Delaware | 100% | ||||||||||||
* Owned by its policyholders |
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Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Available for sale: | ||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | $ 10,496.8 | $ 8,796.5 | ||
Short-term investments (at fair value which approximates cost) | 749.6 | 484.3 | ||
Total | 11,246.4 | 9,280.9 | ||
Held-to-maturity | ||||
Fixed maturity securities (at amortized cost) (fair value: $- and $1,058.2) | 0.0 | 1,021.7 | ||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 4,054.8 | 4,030.5 | ||
Other investments | 28.8 | 26.0 | ||
Total investments | 15,330.1 | 14,359.2 | ||
Other Assets: | ||||
Cash | 118.7 | 78.8 | ||
Accrued investment income | 86.4 | 89.3 | ||
Accounts and notes receivable | 1,593.9 | 1,466.7 | ||
Federal income tax recoverable: Current | 0.0 | 5.7 | ||
Reinsurance balances and funds held | 205.0 | 178.4 | ||
Reinsurance recoverable: Paid losses | 67.6 | 68.5 | ||
Reinsurance recoverable: Policy and claim reserves | 4,295.1 | 3,755.3 | ||
Deferred policy acquisition costs | 328.0 | 325.4 | ||
Sundry assets | 790.0 | 748.5 | ||
Total Other Assets | 7,485.0 | 6,717.1 | ||
Total Assets | 22,815.2 | 21,076.3 | ||
Liabilities: | ||||
Losses, claims, and settlement expenses | 10,671.0 | 9,929.5 | ||
Unearned premiums | 2,397.1 | 2,224.7 | ||
Other policyholders' benefits and funds | 195.9 | 194.4 | ||
Total policy liabilities and accruals | 13,264.2 | 12,348.7 | ||
Commissions, expenses, fees, and taxes | 663.5 | 550.9 | ||
Reinsurance balances and funds | 725.4 | 616.0 | ||
Taxes Payable, Current | 4.2 | 0.0 | ||
Deferred Tax Liabilities, Net | 137.3 | 112.2 | ||
Debt | 966.4 | 974.0 | ||
Sundry liabilities | 867.3 | 474.1 | ||
Commitments and contingent liabilities | ||||
Total Liabilities | 16,628.5 | 15,076.1 | ||
Preferred Stock | [1] | 0.0 | 0.0 | |
Common Shareholders' Equity: | ||||
Common stock | 304.1 | 303.6 | ||
Additional paid-in capital | 1,306.9 | 1,297.5 | ||
Retained earnings | 4,394.8 | 4,386.0 | ||
Accumulated other comprehensive income (loss) | 284.0 | 77.7 | ||
Unallocated ESSOP shares (at cost) | (103.2) | (64.8) | ||
Total Common Shareholders' Equity | 6,186.6 | 6,000.1 | ||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ 22,815.2 | $ 21,076.3 | ||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities, Available-for-sale, Amortized Cost | $ 9,897.6 | $ 8,537.3 |
Available-for-sale Equity Securities, Amortized Cost Basis | 3,269.7 | 3,089.1 |
Debt Securities, Held-to-maturity, Fair Value | $ 0.0 | $ 1,058.2 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 304,122,180 | 303,652,553 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 0 | 0 |
Consolidated Statements of Income - USD ($) $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||||
Revenues: | |||||||||||
Net premiums earned | $ 6,345.8 | $ 5,919.9 | [1] | $ 5,651.1 | [1] | ||||||
Title, escrow, and other fees | 391.9 | 321.1 | 289.8 | ||||||||
Total premiums and fees | 6,737.8 | 6,241.1 | 5,940.9 | ||||||||
Net investment income | 438.9 | 450.7 | 431.8 | ||||||||
Other income | 131.2 | 132.6 | 121.6 | ||||||||
Total operating revenues | 7,308.0 | 6,824.4 | 6,494.4 | ||||||||
Investment gains (losses): | |||||||||||
Realized from actual transactions | 14.2 | 38.6 | 58.2 | ||||||||
Realized from impairments | 0.0 | (2.0) | 0.0 | ||||||||
Unrealized from changes in fair value of equity securities | (156.2) | 599.5 | (293.8) | ||||||||
Total realized and unrealized investment gains (losses) | (142.0) | 636.1 | (235.6) | ||||||||
Total revenues | [2] | 7,166.0 | 7,460.5 | 6,258.8 | |||||||
Benefits, Claims and Expenses: | |||||||||||
Benefits, claims and settlement expenses | 2,472.5 | 2,545.3 | 2,440.9 | ||||||||
Dividends to policyholders | 18.9 | 27.3 | 19.8 | ||||||||
Underwriting, acquisition, and other expenses | 3,942.4 | 3,525.4 | 3,317.7 | ||||||||
Interest and other charges | 43.7 | 40.0 | 42.2 | ||||||||
Total expenses | 6,477.5 | 6,138.1 | 5,820.7 | ||||||||
Income (loss) before income taxes (credits) | 688.4 | 1,322.4 | 438.1 | ||||||||
Income Taxes (Credits): | |||||||||||
Current | 156.9 | 238.4 | 114.1 | ||||||||
Deferred | (27.1) | 27.4 | (46.5) | ||||||||
Total | 129.7 | 265.9 | 67.5 | ||||||||
Net Income (Loss) | $ 558.6 | $ 1,056.4 | $ 370.5 | ||||||||
Net Income (Loss) Per Share: | |||||||||||
Net income (loss) per share: basic (in dollars per share) | $ 1.87 | $ 3.52 | $ 1.26 | ||||||||
Net income (loss) per share: diluted (in dollars per share) | $ 1.87 | $ 3.51 | $ 1.24 | ||||||||
weighted average number of shares outstanding, basic | 298,407,921 | 299,885,468 | 294,248,871 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | [3] | 298,898,673 | 301,227,715 | 301,016,076 | |||||||
|
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($) $ in Millions |
Total |
Convertible Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
|
[1] |
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance
|
AOCI Attributable to Parent [Member] |
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment
|
[1] |
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Unallocated ESSOP Shares [Member] |
||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2017 | $ 0.0 | $ 269.2 | $ 815.2 | $ 3,206.9 | $ 502.1 | $ 3,708.9 | $ 474.2 | $ (502.1) | $ (27.9) | $ (32.4) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividend reinvestment plan | 0.0 | 1.7 | |||||||||||||
Net issuance of shares under stock based compensation plans | 1.1 | 15.7 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 32.2 | 438.1 | |||||||||||||
Stock based compensation | 4.1 | ||||||||||||||
ESSOP shares released | 2.6 | 8.4 | |||||||||||||
Adjustments to Additional Paid in Capital, Other | 0.0 | ||||||||||||||
Net income (loss) | $ 370.5 | 370.5 | |||||||||||||
Dividends on common shares ($1.84, $1.80 and $.78 per common share) | (229.6) | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.78 | ||||||||||||||
Net unrealized gains (losses) on securities, net of tax | $ (176.3) | (176.3) | |||||||||||||
Net adjustment related to defined benefit pension plans, net of tax | 5.4 | 5.4 | |||||||||||||
Foreign currency translation and other adjustments | (11.1) | (11.1) | |||||||||||||
Origination of Loans to Employee Stock Ownership Plans | 50.0 | (50.0) | |||||||||||||
Ending Balance at Dec. 31, 2018 | 0.0 | 302.7 | 1,277.6 | 3,849.8 | 18.4 | 3,868.3 | (210.0) | 0.0 | (210.0) | (73.9) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividend reinvestment plan | 0.0 | 1.7 | |||||||||||||
Net issuance of shares under stock based compensation plans | 0.8 | 11.0 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0.0 | 0.0 | |||||||||||||
Stock based compensation | 4.0 | ||||||||||||||
ESSOP shares released | 3.0 | 9.1 | |||||||||||||
Adjustments to Additional Paid in Capital, Other | 0.0 | ||||||||||||||
Net income (loss) | $ 1,056.4 | 1,056.4 | |||||||||||||
Dividends on common shares ($1.84, $1.80 and $.78 per common share) | (538.7) | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.80 | ||||||||||||||
Net unrealized gains (losses) on securities, net of tax | $ 287.2 | 287.2 | |||||||||||||
Net adjustment related to defined benefit pension plans, net of tax | (5.4) | (5.4) | |||||||||||||
Foreign currency translation and other adjustments | 5.9 | 5.9 | |||||||||||||
Origination of Loans to Employee Stock Ownership Plans | 0.0 | 0.0 | |||||||||||||
Ending Balance at Dec. 31, 2019 | 6,000.1 | 0.0 | 303.6 | 1,297.5 | 4,386.0 | $ (2.3) | $ 4,383.6 | 77.7 | $ 0.0 | $ 77.7 | (64.8) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividend reinvestment plan | 0.0 | 0.9 | |||||||||||||
Net issuance of shares under stock based compensation plans | 0.4 | 5.2 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0.0 | 0.0 | |||||||||||||
Stock based compensation | 2.4 | ||||||||||||||
ESSOP shares released | 0.9 | 11.5 | |||||||||||||
Adjustments to Additional Paid in Capital, Other | (0.2) | ||||||||||||||
Net income (loss) | $ 558.6 | 558.6 | |||||||||||||
Dividends on common shares ($1.84, $1.80 and $.78 per common share) | (547.5) | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.84 | ||||||||||||||
Net unrealized gains (losses) on securities, net of tax | $ 270.3 | 270.3 | |||||||||||||
Net adjustment related to defined benefit pension plans, net of tax | (67.0) | (67.0) | |||||||||||||
Foreign currency translation and other adjustments | 2.9 | 2.9 | |||||||||||||
Origination of Loans to Employee Stock Ownership Plans | 50.0 | (50.0) | |||||||||||||
Ending Balance at Dec. 31, 2020 | $ 6,186.6 | $ 0.0 | $ 304.1 | $ 1,306.9 | $ 4,394.8 | $ 284.0 | $ (103.2) | ||||||||
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Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Cash flows from operating activities: | |||
Net income (loss) | $ 558.6 | $ 1,056.4 | $ 370.5 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred policy acquisition costs | (2.5) | (8.9) | (18.4) |
Premiums and other receivables | (123.4) | 32.5 | (29.3) |
Unpaid claims and related items | 340.7 | 214.6 | 148.4 |
Unearned premiums and other policyholders' liabilities | 34.6 | 32.2 | 95.1 |
Income taxes | (18.3) | 37.2 | (69.5) |
Prepaid federal income taxes | 0.0 | 129.8 | (15.5) |
Reinsurance balances and funds | 77.0 | (9.7) | 13.5 |
Realized Investment Gains (Losses) | (14.2) | (36.6) | (58.2) |
Unrealized from changes in fair value of equity securities | 156.2 | (599.5) | 293.8 |
Accounts payable, accrued expenses and other | 176.2 | 88.0 | 30.0 |
Total | 1,185.0 | 936.2 | 760.5 |
Fixed maturity securities: | |||
Maturities and early calls | 1,280.1 | 779.0 | 964.0 |
Sales | 399.5 | 663.1 | 299.1 |
Sales of: | |||
Equity securities | 162.3 | 809.9 | 402.6 |
Other - net | 8.8 | 33.0 | 19.4 |
Purchases of: | |||
Fixed maturity securities: | (2,059.3) | (1,702.1) | (1,421.9) |
Equity securities | (321.0) | (815.6) | (752.5) |
Other - net | (50.2) | (60.9) | (51.6) |
Purchase of a business | 0.0 | (1.2) | (13.1) |
Net decrease (increase) in short-term investments | (265.0) | (129.7) | 314.2 |
Other - net | (0.3) | 0.0 | 0.1 |
Total | (845.2) | (424.6) | (239.5) |
Cash flows from financing activities: | |||
Issuance of common shares | 6.7 | 13.8 | 13.1 |
Redemption of debentures and notes | (8.6) | (8.4) | (4.7) |
Origination of Loans to Employee Stock Ownership Plans | (50.0) | 0.0 | (50.0) |
Dividends on common shares (including a special dividend paid in September 2019 of $303.4 and a special dividend declared in December 2017 and paid in January 2018 of $269.2) | (250.1) | (538.7) | (498.8) |
Other - net | 2.0 | 0.2 | (6.0) |
Total | (300.0) | (533.1) | (546.5) |
Increase (decrease) in cash: | 39.8 | (21.4) | (25.6) |
Cash, beginning of year | 78.8 | 100.3 | 125.9 |
Cash, end of year | 118.7 | 78.8 | 100.3 |
Supplemental cash flow information: | |||
Cash paid (received) during the period for: Interest | 41.4 | 42.1 | 50.8 |
Cash paid (received) during the period for: Income taxes | $ 149.3 | $ 229.4 | $ 137.2 |
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) As Reported | $ 558.6 | $ 1,056.4 | $ 370.5 |
Unrealized gains (loses) before reclassifications, not included in the statements of income | 335.5 | 357.2 | (226.4) |
Amounts reclassified as realized investment (gains) losses in the statements of income | 7.1 | 6.5 | 3.1 |
Pretax unrealized gains (losses) on securities | 342.7 | 363.8 | (223.2) |
Deferred income taxes (credits) | 72.3 | 76.6 | (46.9) |
Net unrealized gains (losses) on securities, net of tax | 270.3 | 287.2 | (176.3) |
Net pension adjustment before reclassifications | (88.4) | (11.0) | 3.6 |
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income | 3.6 | 4.1 | 3.2 |
Net adjustment related to defined benefit pension plans | (84.8) | (6.8) | 6.9 |
Deferred income taxes (credits) | (17.8) | (1.4) | 1.4 |
Net adjustment related to defined benefit pension plans, net of tax | (67.0) | (5.4) | 5.4 |
Foreign currency translation and other adjustments | 2.9 | 5.9 | (11.1) |
Total other comprehensive income (loss) | 206.3 | 287.7 | (182.0) |
Comprehensive Income (Loss) | $ 765.0 | $ 1,344.2 | $ 188.5 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2018 |
Sep. 30, 2019 |
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Statement of Cash Flows [Abstract] | ||
Special dividend declared in December 2017 and paid in January 2018 | $ 269.2 | |
Special dividend paid in September 2019 | $ 303.4 |
Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Summary of Significant Accounting Policies - The significant accounting policies employed by Old Republic International Corporation and its subsidiaries are set forth in the following summary.(a) Accounting Principles - The Company's insurance subsidiaries are managed pursuant to the laws and regulations of the various states in which they operate. As a result, the subsidiaries operate their business in the context of such laws and regulation, and maintain their accounts in conformity with accounting practices prescribed or permitted by various states' insurance regulatory authorities. Federal income taxes and dividends to shareholders are based on financial statements and reports complying with such practices. The statutory accounting requirements vary from the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP") in the following major respects: (1) the costs of selling insurance policies are charged to operations immediately, while the related premiums are recognized as income over the terms of the policies; (2) investments in fixed maturity securities designated as available for sale are generally carried at amortized cost rather than their estimated fair value; (3) changes in the fair value of equity securities are recorded directly in earned surplus and not through the income statement as required under GAAP unless such securities are determined to be other-than-temporarily impaired for statutory reporting purposes; (4) certain assets classified as "non-admitted assets" are excluded from the balance sheet through a direct charge to earned surplus; (5) changes in deferred income tax assets or liabilities are recorded directly in earned surplus and not through the income statement; (6) mortgage guaranty contingency reserves intended to provide for future catastrophic losses are established as a liability through a charge to earned surplus whereas, GAAP does not allow provisions for future catastrophic losses; (7) title insurance premium reserves, which are intended to cover losses that will be reported at a future date are based on statutory formulas, and changes therein are charged in the income statement against each year's premiums written; (8) certain required formula-derived reserves for general insurance in particular are established for claim reserves in excess of amounts considered adequate by the Company as well as for credits taken relative to reinsurance placed with other insurance companies not licensed in the respective states, all of which are charged directly against earned surplus; and (9) surplus notes are classified as surplus rather than a liability. In consolidating the statutory financial statements of its insurance subsidiaries, the Company has therefore made necessary adjustments to conform their accounts with GAAP. The following table reflects a summary of all such adjustments:
__________ (a) The insurance laws of the respective states in which the Company’s insurance subsidiaries are incorporated prescribe minimum capital and surplus requirements for the lines of business they are licensed to write. For domestic property and casualty and life and accident insurance companies the National Association of Insurance Commissioners also prescribes risk-based capital ("RBC") requirements. The RBC is a measure of statutory capital in relationship to a formula-driven definition of risk relative to a company’s balance sheet and mix of business. The combined RBC ratio of our primary General insurance subsidiaries was 625% and 658% of the company action level RBC at December 31, 2020 and 2019, respectively. The minimum capital requirements for the Company’s Title Insurance subsidiaries are established by statute in the respective states of domicile. The minimum regulatory capital requirements are not significant in relationship to the recorded statutory capital of the Company’s Title and Life & Accident insurance subsidiaries. At December 31, 2020 and 2019 each of the Company’s General, Title, RFIG and Life and Accident insurance subsidiaries exceeded the minimum statutory capital and surplus requirements. Refer to Note 1(s) - Regulatory Matters for a discussion regarding the RFIG Run-off group. The preparation of financial statements in conformity with either statutory practices or GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.(b) Consolidation Practices - The consolidated financial statements include the accounts of the Company and those of all of its majority owned insurance underwriting and service subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.(c) Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications - Necessary reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. Immaterial Adjustment - The Company recorded immaterial adjustments to present revenues gross of the applicable commission expense in the 2019 and 2018 consolidated statements of income and comprehensive income by: increasing net premiums earned by $421.5 and $397.7, respectively; decreasing title, escrow and other fees by $174.7 and $160.6, respectively, and; increasing underwriting, acquisition, and other expenses by $246.8 and $237.0, respectively. These immaterial adjustments were made to conform all prior periods to the presentation adopted in 2020 and had no impact on net income (loss), comprehensive income (loss) or shareholders' equity in any period presented. (d) Investments - The Company classifies its fixed maturity securities in terms of those assets relative to which it either (1) has the positive intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, cumulative net of tax unrealized gains of $48.5 were recognized in other comprehensive income as of that date. The Company's entire fixed maturity portfolio is now classified as available for sale. Fixed maturity securities classified as available for sale are included at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Fixed maturity securities classified as held to maturity are carried at amortized cost. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services. The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year, and estimates of other-than-temporary impairments ("OTTI") and resulting allowances for credit losses in the portfolio's value are evaluated and established at each quarterly balance sheet date. In reviewing investments for OTTI, the Company, in addition to a security's market price history, considers the totality of such factors as the issuer's operating results, financial condition and liquidity, its ability to access capital markets, credit rating trends, most current audited financial statements, industry and securities markets conditions, and analyst expectations to reach its conclusions. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. In the event the Company's estimate of OTTI is insufficient at any point in time, future periods' net income (loss) would be adversely affected by the recognition of additional impairment losses, but its financial position would not necessarily be affected adversely inasmuch as such losses, or a portion of them, could have been recognized previously as unrealized losses in shareholders' equity. The Company recognized no OTTI adjustments or allowances for credit losses for the year ended December 31, 2020. OTTI adjustments of $2.0 and $— were recorded during the years ended December 31, 2019 and 2018, respectively. The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Bonds and other investments with a statutory carrying value of $929.3 as of December 31, 2020 were on deposit with governmental authorities by the Company's insurance subsidiaries to comply with insurance laws. The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale and held to maturity fixed maturity securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:
In the above tables the unrealized losses on fixed maturity securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of other-than-temporary impairments, the Company considers its intent to continue to hold the securities, and the likelihood that it will not be required to sell investment securities in an unrealized loss position until cost recovery, principally in consideration of its asset and liability maturity matching objectives. The following table shows cost and fair value information for equity securities:
Effective January 1, 2018, the Company adopted a new accounting standard which requires the recognition of changes in fair value of equity securities in net income. The effect is shown in the accompanying consolidated financial statements. The cumulative-effect adjustment resulting from the adoption of the new standard was to reclassify $502.1 from accumulated other comprehensive income to retained earnings; total shareholders' equity remained unchanged. During 2020, 2019 and 2018, the Company recognized pretax unrealized investment gains (losses) of $(156.2), $599.5 and $(293.8), respectively, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at December 31, 2020, 2019 and 2018 were $(130.9), $586.9 and $(244.8), for the years ended December 31, 2020, 2019 and 2018, respectively. As described in Note 1(t), the Company adopted the FASB's accounting guidance on current expected credit losses ("CECL") effective January 1, 2020. The allowance for credit losses for the Company's held to maturity fixed maturity securities was evaluated using a probability-of-default methodology and due to the high credit quality of the portfolio, the resulting allowance established was not material upon adoption. As previously noted, the Company no longer classifies these fixed maturity securities as held to maturity and accordingly the allowance was released. Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value. The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of December 31, 2020 and December 31, 2019. The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
There were no transfers between Levels 1, 2 or 3 during 2020 or 2019. Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. Investment gains and losses, which result from sales or write-downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized value at date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Unrealized gains and (losses) from changes in fair value of equity securities are recorded as investment gains (losses) in the income statement. Unrealized investment gains (losses) on fixed maturity securities, net of any deferred income taxes, are recorded directly as a component of accumulated other comprehensive income in shareholders' equity. At December 31, 2020, the Company and its subsidiaries did not have significant amounts of non-income producing fixed maturity or equity securities. The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the years shown.
__________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees. (e) Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related benefits, claims, and expenses. Earned but unbilled premiums are generally taken into income on the billing date, while adjustments for retrospective premiums, commissions and similar charges or credits are accrued on the basis of periodic evaluations of current underwriting experience and contractual obligations. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent 25% of 2020, 25% of 2019 and 24% of 2018 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents and underwritten title companies. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and claim reserve provisions. The Company's mortgage guaranty premiums primarily stem from monthly installments paid on long-duration, guaranteed renewable insurance policies. Such premiums are written and earned in the month coverage is effective. With respect to relatively few annual or single premium policies, earned premiums are largely recognized on a pro-rata basis over the terms of the policies. Recognition of normal or catastrophic claim costs, however, occurs only upon an instance of default, defined as the occurrence of two or more consecutively missed monthly payments. Accordingly, GAAP revenue recognition for insured loans is not appropriately matched to the risk exposure and the consequent recognition of both normal and most significantly, future catastrophic loss occurrences for which current reserve provisions are not permitted. As a result, mortgage guaranty GAAP earnings for any individual year or series of years may be materially adversely affected, particularly by cyclical catastrophic loss events such as the mortgage insurance industry experienced between 2007 and 2012. Reported GAAP earnings and financial condition form, in part, the basis for significant judgments and strategic evaluations made by management, analysts, investors, and other users of the financial statements issued by mortgage guaranty companies. The risk exists that such judgments and evaluations are at least partially based on GAAP financial information that does not match revenues and expenses and is therefore not reflective of the long-term normal and catastrophic risk exposures assumed by mortgage guaranty insurers at any point in time. The Company recognized total contract revenue from customers of $192.2, $184.3 and $166.8 during 2020, 2019 and 2018, respectively. Of these amounts, approximately $114.1 (59.4%), $115.9 (62.9%) and $105.4 (63.2%) were generated from claims handling and related ancillary services (i.e. risk control services) provided to customers within the Company’s General Insurance segment. Claims handling revenues are recognized on a straight-line basis over the contract period (generally one year) which is commensurate with the entity’s efforts relative to claims adjudication. The related ancillary services revenues are recognized as services are provided and invoiced to the customer. Additionally, revenues from contracts with customers generated from the Company’s Title Insurance segment, consisting primarily of valuation and default title services, and software licensing arrangements totaled $72.0 (37.5%), $62.2 (33.7%) and $55.8 (33.5%) for the years ended December 31, 2020, 2019 and 2018, respectively. Such revenues are generally recognized at a point in time upon completion and invoicing of the services, or in the case of software maintenance agreements, on a straight-line basis over the life of the contract (generally one year). (f) Deferred Policy Acquisition Costs - Various insurance subsidiaries of the Company defer direct costs related to the successful production of business. Deferred costs consist principally of commissions, premium taxes and policy issuance expenses. With respect to most coverages, deferred acquisition costs are amortized on the same basis as the related premiums are earned or, alternatively, over the periods during which premiums will be paid. To the extent that future revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers investment income when evaluating the recoverability of deferred acquisition costs. The following table shows a reconciliation of deferred acquisition costs between succeeding balance sheet dates.
(g) Unearned Premiums - Unearned premium reserves are generally calculated by application of pro-rata factors to premiums in force. At December 31, 2020 and 2019, unearned premiums consisted of the following:
General Insurance reserves are established to provide for the ultimate expected cost of settling unpaid losses and claims reported at each balance sheet date. Such reserves are based on continually evolving assessments of the facts available to the Company during the settlement process which may stretch over long periods of time. Long-term disability or pension type workers' compensation reserves are discounted to present value based on interest rates generally ranging from 3.0% to 4.0%. The amount of discount reflected in the year-end net reserves totaled $196.9, $209.6, and $216.5 as of December 31, 2020, 2019, and 2018, respectively. Interest accretion of $35.7, $34.5 and $49.0 for the years ended December 31, 2020, 2019, and 2018, respectively, was recognized as unfavorable development of prior year reserves within benefits, claims and settlement expenses in the consolidated statements of income. Losses and claims incurred but not reported ("IBNR"), as well as expenses required to settle losses and claims are established on the basis of a large number of formulas that take into account various criteria, including historical cost experience and anticipated costs of servicing reinsured and other risks. As applicable, estimates of possible recoveries from salvage or subrogation opportunities are considered in the establishment of such reserves. Overall claim and claim expense reserves incorporate amounts covering net estimates of unusual claims such as those emanating from asbestosis and environmental ("A&E") exposures as discussed below. Such reserves can affect claim costs and related claim ratios for such insurance coverages as general liability, commercial automobile (truck), workers' compensation, and property. Early in 2001, the Federal Department of Labor revised the Federal Black Lung Program regulations. The revisions basically require a reevaluation of previously settled, denied, or new occupational disease claims in the context of newly devised, more lenient standards when such claims are resubmitted. Following a number of challenges and appeals by the insurance and coal mining industries, the revised regulations were, for the most part, upheld in June, 2002 and are to be applied prospectively. Since the final quarter of 2001 black lung claims filed or refiled pursuant to these revised regulations have increased, though the volume of new claim reports has abated in recent years. In March 2010, federal regulations were revised once again as part of the Patient Protection and Affordability Act that reinstates two provisions that can potentially benefit claimants. In response to this most recent legislation and the above noted 2001 change, black lung claims filed or refiled have risen once increased. The vast majority of claims filed to date against Old Republic pertain to business underwritten through loss sensitive programs that permit the charge of additional or refund of return premiums to wholly or partially offset changes in estimated claim costs, or to business underwritten as a service carrier on behalf of various industry-wide involuntary market (i.e. assigned risk) pools. A much smaller portion pertains to business produced on a traditional risk transfer basis. The Company has established applicable reserves for claims as they have been reported and for claims not as yet reported on the basis of its historical experience as well as assumptions relative to the effect of the revised regulations. Old Republic's reserve estimates also include provisions for indemnity and settlement costs for various asbestosis and environmental impairment ("A&E") claims that have been filed in the normal course of business against a number of its insurance subsidiaries. Many such claims relate to policies incepting prior to 1985, including many issued during a short period between 1981 and 1982 pursuant to an agency agreement canceled in 1982. Over the years, the Company's property and liability insurance subsidiaries have typically issued general liability insurance policies with face amounts ranging between $1.0 and $2.0 and rarely exceeding $10.0. Such policies have, in turn, been subject to reinsurance cessions which have typically reduced the subsidiaries' net retentions to $.5 or less as to each claim. Old Republic's exposure to A&E claims cannot, however, be calculated by conventional insurance reserving methods for a variety of reasons, including: a) the absence of statistically valid data inasmuch as such claims generally involve long reporting delays and very often uncertainty as to the number and identity of insureds against whom such claims have arisen or will arise; and b) the litigation history of such or similar claims for insurance industry members which has produced inconsistent court decisions with regard to such questions as when an alleged loss occurred, which policies provide coverage, how a loss is to be allocated among potentially responsible insureds and/or their insurance carriers, how policy coverage exclusions are to be interpreted, what types of environmental impairment or toxic tort claims are covered, when the insurer's duty to defend is triggered, how policy limits are to be calculated, and whether clean-up costs constitute property damage. Over time, the Executive Branch and/or the Congress of the United States have proposed or considered changes in the legislation and rules affecting the determination of liability for environmental and asbestosis claims. As of December 31, 2020, however, there is no solid evidence to suggest that possible future changes might mitigate or reduce some or all of these claim exposures. Because of the above issues and uncertainties, estimation of reserves for losses and allocated loss adjustment expenses for A&E claims in particular is much more difficult or impossible to quantify with a high degree of precision. Accordingly, no representation can be made that the Company's reserves for such claims and related costs will not prove to be overstated or understated in the future. At December 31, 2020 and 2019, Old Republic's aggregate indemnity and loss adjustment expense reserves specifically identified with A&E exposures amounted to $127.6 and $126.8 gross, respectively, and $82.4 and $83.3 net of reinsurance, respectively. Old Republic's average five year paid loss survival ratios stood at 6.3 years (gross) and 7.1 years (net of reinsurance) as of December 31, 2020 and 6.3 years (gross) and 7.2 years (net of reinsurance) as of December 31, 2019. Fluctuations in this ratio between years can be caused by the inconsistent pay out patterns associated with these types of claims. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates.Title insurance and related escrow services loss and loss adjustment expense reserves are established as point estimates to cover the projected settlement costs of known as well as IBNR losses related to premium and escrow service revenues of each reporting period. Reserves for known claims are based on an assessment of the facts available to the Company during the settlement process. The point estimates covering all claim reserves take into account IBNR claims based on past experience and evaluations of such variables as changing trends in the types of policies issued, changes in real estate markets and interest rate environments, and changing levels of loan refinancing, all of which can have a bearing on the emergence, number, and ultimate cost of claims.RFIG Run-off insurance reserves for unpaid claims and claim adjustment expenses are recognized only upon an instance of default, defined as an insured mortgage loan for which two or more consecutive monthly payments have been missed. Loss reserves are based on statistical calculations that take into account the number of reported insured mortgage loan defaults as of each balance sheet date, as well as experience-based estimates of loan defaults that have occurred but have not as yet been reported. Further, the loss reserve estimating process takes into account a large number of variables including trends in claim severity, potential salvage recoveries, expected cure rates for reported loan delinquencies at various stages of default, the level of coverage rescissions and claims denials due to material misrepresentation in key underwriting information or non-compliance with prescribed underwriting guidelines, and management judgments relative to future employment levels, housing market activity, and mortgage loan interest costs, demand, and extensions. The Company has the legal right to rescind mortgage insurance coverage unilaterally as expressly stated in its policy. Moreover, two federal courts that have considered that policy wording have each affirmed that right (See First Tennessee Bank N.A. v. Republic Mortg. Ins. Co., Case No. 2:10-cv-02513-JPM-cgc (W.D. Tenn., Feb. 25, 2011) and JPMorgan Chase Bank N.A. v. Republic Mortg. Ins. Co., Civil Action No. 10-06141 (SRC) (D. NJ, May 4, 2011), each decision citing supporting state law legal precedent). Republic Mortgage Insurance Company's ("RMIC") mortgage insurance policy provides that the insured represents that all statements made and information provided to it in an application for coverage for a loan, without regard to who made the statements or provided the information, have been made and presented for and on behalf of the insured; and that such statements and information are neither false nor misleading in any material respect, nor omit any fact necessary to make such statements and information not false or misleading in any material respect. According to the policy, if any of those representations are materially false or misleading with respect to a loan, the Company has the right to cancel or rescind coverage for that loan retroactively to commencement of the coverage. Whenever the Company determines that an application contains a material misrepresentation, it either advises the insured in writing of its findings prior to rescinding coverage or exercises its unilateral right to rescind coverage for that loan, stating the reasons for that action in writing and returning the applicable premium. The rescission of coverage in instances of materially faulty representations or warranties provided in applications for insurance is a necessary and prevailing practice throughout the insurance industry. In the case of mortgage guaranty insurance, rescissions have occurred regularly over the years but have been generally immaterial. During the period of the great recession, the Company experienced a much greater incidence of rescissions due to increased levels of observed fraud and misrepresentations in insurance applications pertaining to business underwritten between 2004 and the first half of 2008. As a result, the Company has incorporated certain assumptions regarding the expected levels of coverage rescissions and claim denials in its reserving methodology since 2008. Such estimates, which are evaluated at each balance sheet date, take into account observed as well as historical trends in rescission and denial rates. The table below shows the estimated effects of coverage rescissions and claim denials on loss reserves and settled and incurred losses.
As above-noted, the estimated reduction in ending loss reserves reflects, in large measure, a variety of judgments relative to the level of expected coverage rescissions and claim denials on loans that are in default as of each balance sheet date. The provision for insured events of the current year resulted from actual and anticipated rescissions and claim denials attributable to newly reported delinquencies in each respective year. The provision for insured events of prior years resulted from actual rescission and claim denial activity, reinstatement of previously rescinded or denied claims, or revisions in assumptions regarding expected rescission or claim denial rates on outstanding prior year delinquencies. The trends since 2010 reflect a continuing reduction in the level of actual and anticipated rescission and claim denial rates on total outstanding delinquencies. Claims not paid by virtue of rescission or denial represent the Company's estimated contractual risk, before consideration of the impacts of any reinsurance and deductibles or aggregate loss limits, on cases that are settled by the issuance of a rescission or denial notification. Variances between the estimated rescission and actual claim denial rate are reflected in the periods during which they occur. Although the insured has no right under the policy to appeal a Company claim decision, the insured may, at any time, contest in writing the Company's findings or action with respect to a loan or a claim. In such cases, the Company considers any additional information supplied by the insured. This consideration may lead to further investigation, retraction or confirmation of the initial determination. If the Company concludes that it will reinstate coverage, it advises the insured in writing that it will do so immediately upon receipt of the premium previously returned. Reserves are not adjusted for potential reversals of rescissions or adverse rulings for loans under dispute since such reversals of claim rescissions and denials have historically been immaterial to the reserve estimation process. In addition to the above reserve elements, the Company establishes reserves for loss settlement costs that are not directly related to individual claims. Such reserves are based on prior years' cost experience and trends, and are intended to cover the unallocated costs of claim departments' administration of known and IBNR claims. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the years shown.
__________ (a)In common with all other insurance coverages, RFIG Run-off settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements. For the three most recent calendar years, the above table indicates that the one-year development of consolidated reserves at the beginning of each year produced favorable developments of 1.3%, .5%, and 1.2% for 2020, 2019 and 2018, respectively, with average favorable annual developments of 1.0%. The Company believes that the factors most responsible, in varying and continually changing degrees, for favorable or unfavorable reserve developments include, as to many general insurance coverages, the effect of reserve discounts applicable to workers' compensation claims, changes in severity of litigated claims in particular, governmental or judicially imposed retroactive conditions in the settlement of claims such as noted above in regard to black lung disease claims, changes in inflation rates applicable to repairs and the medical portion of claims in particular, and changes in claims incurred but not reported due to the slower and highly volatile emergence patterns applicable to certain types of claims such as those stemming from litigated, assumed reinsurance, or the A&E types of claims noted above. Title claim costs were lower in the face of declining claims activity since the Great Recession years. As to mortgage guaranty and the CCI coverage, changes in favorable or unfavorable reserve development result from differences in originally estimated salvage and subrogation recoveries, sales and prices of homes that can impact claim costs upon the disposition of foreclosed properties, changes in regional or local economic conditions and employment levels, the number of coverage rescissions and claims denials due to material misrepresentation in key underwriting information or non-compliance with prescribed underwriting guidelines, the extent of loan refinancing activity that can reduce the period of time over which a policy remains at risk, and lower than expected frequencies of claims incurred but not reported. The following represents the Company's incurred and paid loss development tables for the major types of insurance coverages as of December 31, 2020. The information about incurred and paid claims development for the years ended December 31, 2011 to 2019 is presented as supplementary information.
The following represents a reconciliation of the incurred and paid loss development tables to total claim and loss adjustment expense reserves as reported in the consolidated balance sheet.
__________ (a) The amount of discount reflected in the year-end net reserves totaled $196.9 and $209.6 as of December 31, 2020 and 2019, respectively. The table below is supplementary information and presents the historical average annual percentage payout of incurred claims by age, net of reinsurance.
(j) Income Taxes - The Company and most of its subsidiaries file a consolidated tax return and provide for income taxes payable currently. Deferred income taxes included in the accompanying consolidated financial statements will not necessarily become payable or recoverable in the future. The Company uses the asset and liability method of calculating deferred income taxes. This method results in the establishment of deferred tax assets and liabilities, calculated at currently enacted tax rates that are applied to the cumulative temporary differences between the financial statement and tax bases of assets and liabilities. The provision for combined current and deferred income taxes (credits) reflected in the consolidated statements of income does not bear the usual relationship to income before income taxes (credits) as the result of permanent and other differences between pretax income or loss and taxable income or loss determined under existing tax regulations. The more significant differences, their effect on the statutory income tax rate (credit), and the resulting effective income tax rates (credits) are summarized below:
The tax effects of temporary differences that give rise to significant portions of the Company's net deferred tax assets (liabilities) are as follows at the dates shown:
At December 31, 2020, the Company had available net operating loss ("NOL") carryforwards of $56.0 which will expire in years 2023 through 2029, and a $9.0 alternative minimum tax ("AMT") credit carryforward. The NOL carryforward is subject to the limitations set by Section 382 of the Internal Revenue Code and is available to reduce future years' taxable income by a maximum of $9.8 each year until expiration. In valuing the deferred tax assets, the Company considered certain factors including primarily the scheduled reversals of certain deferred tax liabilities, estimates of future taxable income, the impact of available carryback and carryforward periods, as well as the availability of certain tax planning strategies. The Company estimates that all gross deferred tax assets at year-end 2020 will more likely than not be fully realized. Insurance regulations require mortgage guaranty insurance companies to establish a statutory contingency reserve designed to protect policyholders against extraordinary volumes of claims. Pursuant to special provisions of the Internal Revenue Code a mortgage guaranty insurance company may, at its discretion, take a current deduction for amounts added to the statutory contingency reserve in an amount not to exceed taxable income in any given tax year or, cumulatively, the total amount of contingency reserves carried under the aforementioned insurance regulations. The deduction is allowed only to the extent that U.S. government non-interest bearing tax and loss bonds are purchased and held in an amount equal to the tax benefit attributable to such deduction. For Federal income tax purposes, amounts deducted from the contingency reserve are taken into gross statutory taxable income in the period in which they are released. During 2019, the Company released $412.2 from the tax basis contingency reserve account and redeemed all outstanding U.S. Treasury Tax and Loss Bonds. Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. Such differences relate principally to the timing of deductions for loss and premium reserves. As in prior examinations, the Internal Revenue Service (IRS) could assert that claim reserve deductions were overstated thereby reducing the Company's statutory taxable income in any particular year. The Company believes that it establishes its reserves fairly and consistently at each balance sheet date, and that it would succeed in defending its tax position in these regards. Because of the impact of deferred tax accounting, the possible accelerated payment of tax to the IRS would not necessarily affect the annual effective tax rate. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2017 and subsequent tax years remain open.(k) Property and Equipment - Property and equipment is generally depreciated or amortized over the estimated useful lives of the assets, (2 to 27 years), substantially by the straight-line method. Depreciation and amortization expenses related to property and equipment were $26.9, $26.8 and $27.6 in 2020, 2019, and 2018, respectively. Expenditures for maintenance and repairs are charged to income as incurred, and expenditures for major renewals and additions are capitalized.(l) Title Plants and Records - Title plants and records are carried at original cost or appraised value at the date of purchase. Such values represent the cost of producing or acquiring interests in title records and indexes and the appraised value of purchased subsidiaries' title records and indexes at dates of acquisition. The cost of maintaining, updating, and operating title records is charged to income as incurred. Title records and indexes are ordinarily not amortized unless events or circumstances indicate that the carrying amount of the capitalized costs may not be recoverable.(m) Goodwill and Intangible Assets - The following table presents the components of the Company's goodwill balance which is included as part of sundry assets in the consolidated balance sheets:
(n) Employee Benefit Plans - The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013. The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan was closed to new participants and benefits were frozen as of December 31, 2013. As a result, eligible employees retain all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. The funded status of a pension plan is measured as of December 31 of each year, as the difference between the fair value of plan assets and the projected benefit obligation. The underfunded status of the Plan is recognized as a net pension liability; offsetting entries are reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The effects of these measurements and the resulting funded status of the Plan are reflected below.
Funding of the plan is dependent on a number of factors including actual performance versus actuarial assumptions made at the time of the actuarial valuation, as well as the maintenance of certain funding levels relative to regulatory requirements. The Company currently does not expect to make cash contributions in calendar year 2021 based on minimum funding requirements. Net periodic pension expense (income) recognized during 2020, 2019 and 2018 was $(11.0), $(3.0), and $(6.6), respectively. The projected benefit obligation and net periodic benefit cost for the Plan were determined using the following weighted-average assumptions:
The assumed settlement discount rates were determined by matching the current estimate of the Plan's projected cash outflows against spot rate yields on a portfolio of high quality bonds as of the measurement date. To develop the expected long-term rate of return on assets assumption, historical returns and the future return expectations for each asset class, as well as the target asset allocation of the pension portfolio were considered. The investment policy of the Plan takes into account the matching of assets and liabilities, appropriate risk aversion, liquidity needs, the preservation of capital, and the attainment of modest growth. The weighted-average asset allocations of the Plan were as follows:
Quoted values and other data provided by the respective investment custodians are used as inputs for determining fair value of the Plan's debt and equity securities. The custodians are understood to obtain market quotations and actual transaction prices for securities that have quoted prices in active markets and use their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the investment custodian uses observable inputs, including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. The following tables present a summary of the Plan's assets segregated among the various input levels described in Note 1(d).
Level 1 assets include U.S. Treasury notes, publicly traded common stocks, mutual funds and short-term investments. Level 2 assets generally include corporate and government agency bonds. Level 3 assets primarily consist of an immediate participation guaranteed fund. The benefits expected to be paid as of December 31, 2020 for the next 10 years are as follows: 2021: $31.1; 2022: $31.8; 2023: $32.7; 2024 $33.3; 2025: $33.6 and for the five years after 2025: $170.1. The Company has a number of profit sharing and other incentive compensation programs for the benefit of a substantial number of its employees. The costs related to such programs are summarized below:
A majority of the Company's employees participate in the ESSOP. Company contributions are provided in the form of Old Republic common stock. Dividends on shares are allocated to participants as earnings, and likewise invested in Company stock; dividends on unallocated shares are used to pay debt service costs. The Company's annual contributions are based on a formula that takes the growth in net operating income per share over consecutive five year periods into account. During 2015, the ESSOP purchased 2,200,000 shares of Old Republic common stock for $34.0. The purchases were financed by a loan from the Company. During 2018, the ESSOP purchased 2,383,625 shares of Old Republic common stock for $50.0 and during 2020, the ESSOP purchased 3,337,000 shares of Old Republic common stock for $50.0. These purchases were financed by loans to the ESSOP from participating subsidiaries. As of December 31, 2020, there were 18,084,861 Old Republic common shares owned by the ESSOP, of which 11,342,050 were allocated to employees' account balances. There are no repurchase obligations in existence. See Note 3(b). (o) Escrow Funds - Segregated cash deposit accounts and the offsetting liabilities for escrow deposits in connection with Title Insurance Group real estate transactions in the same amounts ($1,718.1 and $1,743.0 at December 31, 2020 and 2019, respectively) are not included as assets or liabilities in the accompanying consolidated balance sheets as the escrow funds are not available for regular operations.(p) Net Income Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the year. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
__________ (a) In calculating earnings per share, accounting standards require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are as yet unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all other common shares. (q) Concentration of Credit Risk - The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.(r) Stock Based Compensation - As periodically amended, the Company has had a stock based compensation plan in effect for certain eligible key employees since 1978. Under the 2016 Incentive Compensation Plan (the "Plan"), 15.0 million shares became available for future awards. The maximum number of options available as of December 31, 2020 for future issuance under this amended plan was approximately 6.9 million shares. The exercise price of stock options is equal to the closing market price of the Company's common stock on the date of grant, and the contractual life of the grant is generally ten years from the date of the grant. Options granted may be exercised to the extent of 10% of the number of shares covered thereby as of December 31st of the year of the grant and, cumulatively, to the extent of an additional 15%, 20%, 25% and 30% on and after the second through fifth calendar years, respectively. Options granted to employees who meet certain retirement eligibility provisions are fully vested on the date of grant. The following table presents the stock based compensation expense and income tax benefit recognized in the financial statements:
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes-Merton Model. The following table presents the key assumptions used to value the awards granted during the periods presented. Expected volatilities are based on the historical experience of Old Republic's common stock. The expected term of stock options represents the period of time that stock options granted are assumed to be outstanding. The Company uses historical data to estimate the effect of stock option exercise and employee departure behavior; groups of employees that have similar historical behavior are considered separately for valuation purposes. The risk-free rate of return for periods within the contractual term of the share option is based on the U.S. Treasury rate in effect at the time of the grant.
A summary of stock option activity under the plan as of December 31, 2020, 2019 and 2018, and changes in outstanding options during the years then ended is presented below:
__________ (a) Based on the Black-Scholes-Merton option pricing model and the assumptions outlined above. A summary of stock options outstanding and exercisable at December 31, 2020 follows:
As of December 31, 2020, there was $2.7 of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of approximately 3 years. The cash received from stock option exercises, the total intrinsic value of stock options exercised, and the actual tax benefit realized for the tax deductions from option exercises are as follows:
(s) Regulatory Matters - The material increases in mortgage guaranty insurance claims and loss payments that began in 2007 gradually depleted RMIC's statutory capital base and forced it to discontinue writing new business in 2011. The insurance laws of 16 jurisdictions, including RMIC's and its sister company, Republic Mortgage Guaranty Insurance Corporation ("RMGIC’s") domiciliary state of North Carolina, require a mortgage insurer to maintain a minimum amount of statutory capital relative to risk in force (or a similar measure) in order to continue to write new business. The formulations currently allow for a maximum risk-to-capital ratio of 25 to 1, or alternatively stated, a “minimum policyholder position” (“MPP”) of one-twenty-fifth of the total risk in force. The failure to maintain the prescribed minimum capital level in a particular state generally requires a mortgage insurer to immediately stop writing new business until it reestablishes the required level of capital or receives a waiver of the requirement from a state's insurance regulatory authority. RMIC breached the minimum capital requirement during the third quarter of 2010. RMIC and its sister company RMGIC were placed under administrative supervision by the North Carolina Department of Insurance ("NCDOI") in 2012 and ultimately ordered to defer the payment of 40% of all settled claims as a deferred payment obligation ("DPO"). On July 1, 2014, the NCDOI issued a Final Order approving an Amended and Restated Corrective Plan (the "Amended Plan") submitted jointly on April 16, 2014, by RMIC and RMGIC. Under the Amended Plan, RMIC and RMGIC were authorized to pay 100% of their DPOs accrued as of June 30, 2014, and to settle all subsequent valid claims entirely in cash, without establishing any DPOs. In anticipation of receiving this Final Order, ORI invested $125.0 in cash and securities in RMIC in June 2014. In mid-July 2014, in furtherance of the Final Order, RMIC and RMGIC processed payments of their accumulated DPO balances of approximately $657.0 relating to fully settled claims charged to periods extending between January 19, 2012 and June 30, 2014. The NCDOI subsequently terminated the summary orders which placed RMIC and RMGIC under administrative supervision effective December 8, 2017, thereby releasing both companies from its supervision as they were eminently solvent. As of December 31, 2020, RFIG's mortgage insurance subsidiaries had total statutory capital, inclusive of a $316.7 contingency reserve, of $435.2, which was $363.7 above the required MPP of $71.5.(t) Credit Losses - Effective January 1, 2020, the Company adopted CECL which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, including the Company’s reinsurance recoverables, held to maturity securities and its accounts and notes receivable. CECL replaced the incurred loss impairment model that recognizes losses when a probability threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheet. The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s total credit loss allowance relating to financial assets increased from $30.1 as of January 1, 2020 to $36.5 at December 31, 2020. The December 31, 2020 allowance was comprised of $16.0 related to reinsurance recoverables and $20.5 related to accounts and notes receivable. At adoption, the allowance included $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities. The Company performs an ongoing evaluation of reinsurance balances outstanding and uses a probability-of-default methodology to estimate the credit allowance for uncollectible amounts. Allowances for uncollectible accounts and notes receivable are established based on a review of amounts outstanding, historical charge off activity, and current and forecasted economic conditions. The guidance also modifies the impairment model for available for sale fixed maturity securities by requiring the recognition of impairments relating to credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position no longer impacts the determination as to whether an impairment exists. The revised impairment guidance for available for sale fixed maturity securities was adopted on a prospective basis. The Company's OTTI policy and the related disclosures summarizing this standard's impact on the Company's investment portfolio are included in Note 1(d)
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Debt |
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Debt | Debt - Consolidated debt of Old Republic and its subsidiaries is summarized below:
On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026. On September 23, 2014, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 4.875% per year and mature on October 1, 2024. Scheduled maturities of the above debt at the respective year ends are as follows: 2021: $21.7; 2022: $0; 2023: $0; 2024: $400.0; 2025 and after: $550.0. During 2020, 2019 and 2018, $42.5, $43.2 and $47.2, respectively, of interest expense on debt was charged to consolidated operations. Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company uses an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that are classified within Level 3. The following table shows a summary of financial liabilities disclosed, but not carried, at fair value, segregated among the various input levels described in Note 1(d) above:
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Shareholders' Equity |
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Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity(a) Preferred Stock - At December 31, 2020, there were 75,000,000 shares of preferred stock authorized. The Company has designated one series of preferred stock: 10,000,000 shares of Series A Junior Participating Preferred Stock (Series A). No shares have been issued or are outstanding. The Series A Stock, if and when issued, shall pay a dividend of the greater of $1.00 or 100 times (subject to adjustment) the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of common stock declared on the common stock of the Company. Each share of Series A stock shall have 100 votes on each matter submitted to a vote of the shareholders. (b) Common Stock - At December 31, 2020, there were 500,000,000 shares of common stock authorized. At the same date, there were 100,000,000 shares of Class "B" common stock authorized, though none were issued or outstanding. Class "B" common shares have the same rights as common shares except for being entitled to 1/10th of a vote per share. Common stock held by the ESSOP is classified as a charge to the common shareholders' equity account until it is allocated to participating employees' accounts contemporaneously with the repayment of the ESSOP debt incurred for its acquisition. Such unallocated shares are not considered outstanding for purposes of calculating earnings per share. Dividends on unallocated shares are used to pay debt service costs. (c) Cash Dividend Restrictions - The payment of cash dividends by the Company is principally dependent upon the amount of its insurance subsidiaries' statutory policyholders' surplus available for dividend distribution. The insurance subsidiaries' ability to pay cash dividends to the Company is in turn generally restricted by law or subject to approval of the insurance regulatory authorities. These authorities recognize only statutory accounting practices for determining financial position, results of operations, and the ability of an insurer to pay dividends to its shareholders. Based on year-end 2020 data, the maximum amount of dividends payable to the Company by its insurance and a small number of non-insurance company subsidiaries during 2021 without the prior approval of appropriate regulatory authorities is approximately $699.3. Cash dividends declared during 2020, 2019 and 2018 to the Company by its subsidiaries amounted to $472.4, $399.5 and $412.3, respectively.(d) Cash Dividends - In December 2020, the Board declared a special cash dividend of $1.00 per share payable on January 15, 2021. In September 2019, the Company paid a special cash dividend of $1.00 per share. In late December 2017 the Board declared a special cash dividend of $1.00 per share which was paid on January 31, 2018.
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Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities (a) Reinsurance and Retention Limits - In order to maintain premium production within their capacity and to limit maximum losses for which they might become liable under its policies, Old Republic's insurance subsidiaries, as is the common practice in the insurance industry, may cede all or a portion of their premiums and related liabilities on certain classes of insurance, individual policies, or blocks of business to other insurers and reinsurers. Although the ceding of insurance does not ordinarily discharge an insurer from its direct liability to a policyholder, it is industry practice to establish the reinsured part of risks as the liability of the reinsurer. Old Republic also employs retrospective premium and a large variety of risk-sharing procedures and arrangements for parts of its business in order to reduce underwriting losses for which it might become liable under insurance policies it issues. To the extent that any reinsurance companies, retrospective related risks, or producers might be unable to meet their obligations under existing reinsurance, retrospective insurance and production agreements, Old Republic would be liable for the defaulted amounts. In these regards, however, the Company generally protects itself by withholding funds, by securing indemnity agreements, by obtaining surety bonds, or by otherwise collateralizing such obligations through irrevocable letters of credit, cash or securities. Except as noted in the following paragraph, reinsurance protection on property and liability coverages generally limits the net loss on most individual claims to a maximum of: $5.2 for workers' compensation; $6.4 for commercial automobile (trucking) liability; $6.4 for general liability; $12.0 for executive protection (directors & officers and errors & omissions); $2.0 for aviation; and $5.0 for property coverages. Title insurance risk assumptions are generally limited to a maximum of $500.0 as to any one policy. The vast majority of title policies issued, however, carry exposures of less than $1.0. The average direct primary mortgage guaranty exposure is (in whole dollars) $37,000 per insured loan. Since January 1, 2005, the Company has had maximum treaty reinsurance coverage of up to $200.0 for its workers' compensation exposures. Pursuant to regulatory requirements, however, all workers' compensation primary insurers such as the Company remain liable for unlimited amounts in excess of reinsured limits. Other than the substantial concentration of workers' compensation losses caused by the September 11, 2001 terrorist attack on America, to the best of the Company's knowledge there had not been a similar accumulation of claims in a single location from a single occurrence prior to that event. Nevertheless, the possibility continues to exist that non-reinsured losses could, depending on a wide range of severity and frequency assumptions, aggregate several hundred million dollars to an insurer such as the Company. Such aggregation of losses could occur in the event of a catastrophe such as an earthquake that could lead to the death or injury of a large number of persons concentrated in a single facility such as a high rise building. As a result of the September 11, 2001 terrorist attack on America, the reinsurance industry eliminated coverage from substantially all contracts for claims arising from acts of terrorism. Primary insurers like the Company thus became fully exposed to such claims. Late in 2002, the Terrorism Risk Insurance Act of 2002 (the "TRIA") was signed into law, immediately establishing a temporary federal reinsurance program administered by the Secretary of the Treasury. The program applied to insured commercial property and casualty losses resulting from an act of terrorism, as defined in the TRIA. Congress extended and modified the program in late 2005 through the Terrorism Risk Insurance Revision and Extension Act of 2005 (the "TRIREA"). TRIREA expired on December 31, 2007. Congress enacted a revised program in December 2007 through the Terrorism Risk Insurance Program Reauthorization Act (the "TRIPRA") of 2007. The TRIPRA has been extended on several occasions, most recently on December 20, 2019 for seven years. The TRIA automatically voided all policy exclusions which were in effect for terrorism related losses and obligated insurers to offer terrorism coverage with most commercial property and casualty insurance lines. The TRIREA revised the definition of "property and casualty insurance" to exclude commercial automobile, burglary and theft, surety, professional liability and farm owners multi-peril insurance. TRIPRA did not make any further changes to the definition of property and casualty insurance, however, it did include domestic acts of terrorism within the scope of the program. Although insurers are permitted to charge an additional premium for terrorism coverage, insureds may reject the coverage. Under TRIPRA, the program's protection is not triggered for losses arising from an act of terrorism until the industry first suffers losses in excess of a prescribed aggregate deductible during any one year. The program deductible trigger was $200 for 2020. Once the program trigger is met, the program will be responsible for a fixed percentage of the Company's terrorism losses that exceed its deductible which ranges from 85% in 2015 and declines by one percentage point per year until it reached 80% in 2020. The Company's deductible amounts to 20% of direct earned premium on eligible property and casualty insurance coverages. The Company currently reinsures limits on a treaty basis of $195.0 in excess of $5.0 for claims arising from certain acts of terrorism for casualty clash and catastrophe workers' compensation liability insurance coverages. The Company also purchases facultative reinsurance on certain accounts in excess of $200.0 to manage the Company's net exposure. Reinsurance ceded by the Company's insurance subsidiaries in the ordinary course of business is typically placed on an excess of loss basis. Under excess of loss reinsurance agreements, the companies are generally reimbursed for losses exceeding contractually agreed‑upon levels. Quota share reinsurance is most often effected between the Company's insurance subsidiaries and industry-wide assigned risk plans or captive insurers owned by assureds. Under quota share reinsurance, the Company remits to the assuming entity an agreed-upon percentage of premiums written and is reimbursed for underwriting expenses and proportionately related claims costs. Reinsurance recoverable asset balances represent amounts due from or credited by assuming reinsurers for paid and unpaid claims and premium reserves. Such reinsurance balances are recoverable from non-admitted foreign and certain other reinsurers such as captive insurance companies owned by assureds, as well as similar balances or credits arising from policies that are retrospectively rated or subject to assureds' high deductible retentions, are substantially collateralized by letters of credit, securities, and other financial instruments. Old Republic evaluates on a regular basis the financial condition of its assuming reinsurers and assureds who purchase its retrospectively rated or self-insured deductible policies. Estimates of credit losses are included in the Company's net claim and claim expense reserves since reinsurance, retrospectively rated, and self-insured deductible policies and contracts do not relieve Old Republic from its direct obligations to assureds or their beneficiaries. See Note 1(t). At December 31, 2020, the Company's General Insurance Group's ten largest reinsurers represented approximately 56% of the total consolidated reinsurance recoverable on paid and unpaid losses, with Archway Insurance, Ltd. the largest reinsurer representing 10.5% of the total recoverable balance. Of the balances due from these ten reinsurers, 57.4% was recoverable from A or better rated reinsurance companies, 25.4% from foreign unrated companies, and 17.2% from domestic unrated companies. The following information relates to reinsurance and related data for the General Insurance and RFIG Run-off Groups for the three years ended December 31, 2020. Reinsurance transactions of the Title Insurance Group and small life and accident insurance operation are not material.
(b) Leases - Several of the Company's subsidiaries maintain their offices in leased premises. A number of these leases provide for the payment of real estate taxes, insurance, and other operating expenses. In addition, many of the subsidiaries also lease equipment for use in their businesses. Substantially all of the Company's leases are classified as operating leases. Effective January 1, 2019, the Company adopted new lease accounting guidance issued by the FASB which requires the balance sheet recognition of all leases with a term greater than 12 months. The Company’s adoption of this standard resulted in the establishment of a right of use asset ($226.9) and corresponding lease liability ($241.4) equal to the present value of future lease payments, reflected within sundry assets and liabilities in the consolidated balance sheet. Furthermore, the Company recognized $18.4, net of tax, in previously deferred gains associated with sale leaseback transactions as an adjustment to beginning retained earnings. The Company has made certain elections available under the guidance, primarily regarding lease classification and the treatment of certain lease executory costs resulting in an immaterial effect on the Company’s consolidated financial statements. In determining the lease liability, the Company estimated the discount rate (weighted average 5.37%) for each lease based upon the type of underlying asset and remaining term (weighted average 7.6 years). Total lease costs were $73.9, $73.0 and $69.0 in 2020, 2019 and 2018, respectively. Fixed lease payments for 2020 and 2019 were $64.0 and $64.9, respectively. The following table presents a summary of future undiscounted lease payments as of the dates shown.
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Consolidated Quarterly Results - Unaudited |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Quarterly Results - Unaudited | Consolidated Quarterly Results - Unaudited - Old Republic's consolidated quarterly operating results for the two years ended December 31, 2020 is presented below. In management's opinion, however, quarterly operating results for insurance enterprises such as the Company are not indicative of results to be achieved in succeeding quarters or years. The long-term nature of the insurance business, seasonal and cyclical factors affecting premium production, the fortuitous nature and, at times, delayed emergence of claims, and changes in yields on invested assets are some of the factors necessitating a review of operating results, changes in shareholders' equity, and cash flows for periods of several years to obtain a proper indicator of performance trends. The information below should be read in conjunction with the "Management Analysis of Financial Position and Results of Operations". In management's opinion, normal recurring adjustments necessary for a fair statement of quarterly results have been reflected in the information which follows.
__________ (a)Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the presentation adopted in the fourth quarter 2020. See Note 1(c).
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Information About Segments of Business |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Segments of Business | Information About Segments of Business - The Company is engaged in the single business of insurance underwriting and related services. It conducts its' operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its' General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group Run-off Business. The results of a small life and accident insurance business are included with those of the parent holding company and its internal corporate services subsidiaries. Each of the Company's segments underwrites and services only those insurance coverages which may be written by it pursuant to state insurance regulations and corporate charter provisions. The Company does not derive over 10% of its consolidated revenues from any one customer. Revenues and assets connected with foreign operations are not significant in relation to consolidated totals. The General Insurance Group provides property and liability insurance primarily to commercial clients. Old Republic does not have a meaningful participation in personal insurance coverages. Commercial automobile (trucking) and workers' compensation are the largest types of coverages underwritten by the General Insurance Group, accounting for 37.7% and 25.0%, respectively, of the Group's direct premiums written in 2020. The remaining premiums written by the General Insurance Group are derived largely from a wide variety of coverages, including general liability, general aviation, directors and officers indemnity, fidelity and surety indemnities, and home and auto warranties. The title insurance business consists primarily of the issuance of policies to real estate purchasers and investors based upon searches of the public records which contain information concerning interests in real property. The policy insures against losses arising out of defects, loans and encumbrances affecting the insured title and not excluded or excepted from the coverage of the policy. Private mortgage insurance produced by the RFIG Run-off Business protects mortgage lenders and investors from default related losses on residential mortgage loans made primarily to homebuyers who make down payments of less than 20% of the home's purchase price. The RFIG Run-off mortgage guaranty operations insures only first mortgage loans, primarily on residential properties having one-to-four family dwelling units. The accounting policies of the segments parallel those described in the summary of significant accounting policies pertinent thereto.
__________ In the above tables, net premiums earned on a GAAP basis differ slightly from statutory amounts due to certain differences in calculations of unearned premium reserves under each accounting method. (a) Results for the Consumer Credit Indemnity ("CCI") run-off business are expected to be immaterial in the remaining run-off periods. Effective July 1, 2019, these results have been reclassified to the General Insurance segment for all future periods. Previously these results were reflected as part of the RFIG Run-off Business. (b) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $63.0, $71.5 and $68.0 for the years ended December 31, 2020, 2019, and 2018, respectively; Title - $2.8, $5.5 and $6.1 for the years ended December 31, 2020, 2019, and 2018, respectively. (c) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. (d) Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the presentation adopted in 2020. See Note 1(c).
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Transactions with Affiliates |
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Transactions with Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates | Transactions with Affiliates: The Company is affiliated with a policyholder owned mutual insurer, American Business & Mercantile Insurance Mutual, Inc. ("AB&M" or "the Mutual") whose formation it sponsored in 1981. The Mutual is managed through a service agreement with several Old Republic subsidiaries. AB&M's underwriting operations are limited to certain types of coverages not provided by Old Republic, and to a small amount of intercompany reinsurance placements. The following table shows certain unaudited information reflective of such business:
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Schedule I - Summary of Investments - Other Than Investments in Related Parties |
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Schedule I - Summary of Investments - Other Than Investments in Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule I - Summary of Investments, Other than Investments in Related Parties |
__________ (1) Represents original cost of equity securities, and as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premium or accrual of discount.
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Schedule II - Condensed Financial Information of Registrant |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Registrant |
Note 1 - Summary of Significant Accounting Policies Old Republic International Corporation's ("the Company" or "Old Republic") condensed financial statements are presented in accordance with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP") and should be read in conjunction with the consolidated financial statements and notes thereto of Old Republic International Corporation and Subsidiaries included in its Annual Report on Form 10-K. Note 2 - Investments in Consolidated Subsidiaries Old Republic International Corporation's investments in consolidated subsidiaries are reflected in the condensed financial statements in accordance with the equity method of accounting. Undistributed earnings in excess of dividends received are recorded as separate line items in the condensed statements of income. Note 3 - Debt On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026. On September 23, 2014, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 4.875% per year and mature on October 1, 2024.
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Schedule IV - Reinsurance |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule IV - Reinsurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule IV - Reinsurance |
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Schedule V - Valuation and Qualifying Accounts |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule V - Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule V - Valuation and Qualifying Accounts |
__________ (1)Relates to the Company's adoption of the FASB's current expected credit loss standard effective January 1, 2020.
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Schedule VI - Supplemental Information Concerning Property-Casualty Insurance Operations |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule VI - Supplemental Information Concerning Property-Casualty Insurance Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule VI - Supplemental Information Concerning Property-Casualty Insurance Operations |
__________ (1) Includes consolidated property-casualty entities. The amounts relating to the Company's unconsolidated property-casualty subsidiaries and the proportionate share of the registrant's and its subsidiaries' 50%-or-less owned property-casualty equity investees are immaterial and have, therefore, been omitted from this schedule. (2) See note (2) to Schedule III.
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Principles | Accounting Principles - The Company's insurance subsidiaries are managed pursuant to the laws and regulations of the various states in which they operate. As a result, the subsidiaries operate their business in the context of such laws and regulation, and maintain their accounts in conformity with accounting practices prescribed or permitted by various states' insurance regulatory authorities. Federal income taxes and dividends to shareholders are based on financial statements and reports complying with such practices. The statutory accounting requirements vary from the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP") in the following major respects: (1) the costs of selling insurance policies are charged to operations immediately, while the related premiums are recognized as income over the terms of the policies; (2) investments in fixed maturity securities designated as available for sale are generally carried at amortized cost rather than their estimated fair value; (3) changes in the fair value of equity securities are recorded directly in earned surplus and not through the income statement as required under GAAP unless such securities are determined to be other-than-temporarily impaired for statutory reporting purposes; (4) certain assets classified as "non-admitted assets" are excluded from the balance sheet through a direct charge to earned surplus; (5) changes in deferred income tax assets or liabilities are recorded directly in earned surplus and not through the income statement; (6) mortgage guaranty contingency reserves intended to provide for future catastrophic losses are established as a liability through a charge to earned surplus whereas, GAAP does not allow provisions for future catastrophic losses; (7) title insurance premium reserves, which are intended to cover losses that will be reported at a future date are based on statutory formulas, and changes therein are charged in the income statement against each year's premiums written; (8) certain required formula-derived reserves for general insurance in particular are established for claim reserves in excess of amounts considered adequate by the Company as well as for credits taken relative to reinsurance placed with other insurance companies not licensed in the respective states, all of which are charged directly against earned surplus; and (9) surplus notes are classified as surplus rather than a liability. In consolidating the statutory financial statements of its insurance subsidiaries, the Company has therefore made necessary adjustments to conform their accounts with GAAP. The following table reflects a summary of all such adjustments:
__________ (a) The insurance laws of the respective states in which the Company’s insurance subsidiaries are incorporated prescribe minimum capital and surplus requirements for the lines of business they are licensed to write. For domestic property and casualty and life and accident insurance companies the National Association of Insurance Commissioners also prescribes risk-based capital ("RBC") requirements. The RBC is a measure of statutory capital in relationship to a formula-driven definition of risk relative to a company’s balance sheet and mix of business. The combined RBC ratio of our primary General insurance subsidiaries was 625% and 658% of the company action level RBC at December 31, 2020 and 2019, respectively. The minimum capital requirements for the Company’s Title Insurance subsidiaries are established by statute in the respective states of domicile. The minimum regulatory capital requirements are not significant in relationship to the recorded statutory capital of the Company’s Title and Life & Accident insurance subsidiaries. At December 31, 2020 and 2019 each of the Company’s General, Title, RFIG and Life and Accident insurance subsidiaries exceeded the minimum statutory capital and surplus requirements. Refer to Note 1(s) - Regulatory Matters for a discussion regarding the RFIG Run-off group. The preparation of financial statements in conformity with either statutory practices or GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
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Consolidation Practices | Consolidation Practices - The consolidated financial statements include the accounts of the Company and those of all of its majority owned insurance underwriting and service subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement Presentation | Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications - Necessary reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. Immaterial Adjustment - The Company recorded immaterial adjustments to present revenues gross of the applicable commission expense in the 2019 and 2018 consolidated statements of income and comprehensive income by: increasing net premiums earned by $421.5 and $397.7, respectively; decreasing title, escrow and other fees by $174.7 and $160.6, respectively, and; increasing underwriting, acquisition, and other expenses by $246.8 and $237.0, respectively. These immaterial adjustments were made to conform all prior periods to the presentation adopted in 2020 and had no impact on net income (loss), comprehensive income (loss) or shareholders' equity in any period presented.
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Investments | Investments - The Company classifies its fixed maturity securities in terms of those assets relative to which it either (1) has the positive intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, cumulative net of tax unrealized gains of $48.5 were recognized in other comprehensive income as of that date. The Company's entire fixed maturity portfolio is now classified as available for sale. Fixed maturity securities classified as available for sale are included at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Fixed maturity securities classified as held to maturity are carried at amortized cost. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services. The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year, and estimates of other-than-temporary impairments ("OTTI") and resulting allowances for credit losses in the portfolio's value are evaluated and established at each quarterly balance sheet date. In reviewing investments for OTTI, the Company, in addition to a security's market price history, considers the totality of such factors as the issuer's operating results, financial condition and liquidity, its ability to access capital markets, credit rating trends, most current audited financial statements, industry and securities markets conditions, and analyst expectations to reach its conclusions. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. In the event the Company's estimate of OTTI is insufficient at any point in time, future periods' net income (loss) would be adversely affected by the recognition of additional impairment losses, but its financial position would not necessarily be affected adversely inasmuch as such losses, or a portion of them, could have been recognized previously as unrealized losses in shareholders' equity. The Company recognized no OTTI adjustments or allowances for credit losses for the year ended December 31, 2020. OTTI adjustments of $2.0 and $— were recorded during the years ended December 31, 2019 and 2018, respectively. The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Bonds and other investments with a statutory carrying value of $929.3 as of December 31, 2020 were on deposit with governmental authorities by the Company's insurance subsidiaries to comply with insurance laws. The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale and held to maturity fixed maturity securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:
In the above tables the unrealized losses on fixed maturity securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of other-than-temporary impairments, the Company considers its intent to continue to hold the securities, and the likelihood that it will not be required to sell investment securities in an unrealized loss position until cost recovery, principally in consideration of its asset and liability maturity matching objectives. The following table shows cost and fair value information for equity securities:
Effective January 1, 2018, the Company adopted a new accounting standard which requires the recognition of changes in fair value of equity securities in net income. The effect is shown in the accompanying consolidated financial statements. The cumulative-effect adjustment resulting from the adoption of the new standard was to reclassify $502.1 from accumulated other comprehensive income to retained earnings; total shareholders' equity remained unchanged. During 2020, 2019 and 2018, the Company recognized pretax unrealized investment gains (losses) of $(156.2), $599.5 and $(293.8), respectively, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at December 31, 2020, 2019 and 2018 were $(130.9), $586.9 and $(244.8), for the years ended December 31, 2020, 2019 and 2018, respectively. As described in Note 1(t), the Company adopted the FASB's accounting guidance on current expected credit losses ("CECL") effective January 1, 2020. The allowance for credit losses for the Company's held to maturity fixed maturity securities was evaluated using a probability-of-default methodology and due to the high credit quality of the portfolio, the resulting allowance established was not material upon adoption. As previously noted, the Company no longer classifies these fixed maturity securities as held to maturity and accordingly the allowance was released. Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value. The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of December 31, 2020 and December 31, 2019. The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
There were no transfers between Levels 1, 2 or 3 during 2020 or 2019. Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. Investment gains and losses, which result from sales or write-downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized value at date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Unrealized gains and (losses) from changes in fair value of equity securities are recorded as investment gains (losses) in the income statement. Unrealized investment gains (losses) on fixed maturity securities, net of any deferred income taxes, are recorded directly as a component of accumulated other comprehensive income in shareholders' equity. At December 31, 2020, the Company and its subsidiaries did not have significant amounts of non-income producing fixed maturity or equity securities. The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the years shown.
__________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees.
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Revenue Recognition | Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related benefits, claims, and expenses. Earned but unbilled premiums are generally taken into income on the billing date, while adjustments for retrospective premiums, commissions and similar charges or credits are accrued on the basis of periodic evaluations of current underwriting experience and contractual obligations. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent 25% of 2020, 25% of 2019 and 24% of 2018 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents and underwritten title companies. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and claim reserve provisions. The Company's mortgage guaranty premiums primarily stem from monthly installments paid on long-duration, guaranteed renewable insurance policies. Such premiums are written and earned in the month coverage is effective. With respect to relatively few annual or single premium policies, earned premiums are largely recognized on a pro-rata basis over the terms of the policies. Recognition of normal or catastrophic claim costs, however, occurs only upon an instance of default, defined as the occurrence of two or more consecutively missed monthly payments. Accordingly, GAAP revenue recognition for insured loans is not appropriately matched to the risk exposure and the consequent recognition of both normal and most significantly, future catastrophic loss occurrences for which current reserve provisions are not permitted. As a result, mortgage guaranty GAAP earnings for any individual year or series of years may be materially adversely affected, particularly by cyclical catastrophic loss events such as the mortgage insurance industry experienced between 2007 and 2012. Reported GAAP earnings and financial condition form, in part, the basis for significant judgments and strategic evaluations made by management, analysts, investors, and other users of the financial statements issued by mortgage guaranty companies. The risk exists that such judgments and evaluations are at least partially based on GAAP financial information that does not match revenues and expenses and is therefore not reflective of the long-term normal and catastrophic risk exposures assumed by mortgage guaranty insurers at any point in time. The Company recognized total contract revenue from customers of $192.2, $184.3 and $166.8 during 2020, 2019 and 2018, respectively. Of these amounts, approximately $114.1 (59.4%), $115.9 (62.9%) and $105.4 (63.2%) were generated from claims handling and related ancillary services (i.e. risk control services) provided to customers within the Company’s General Insurance segment. Claims handling revenues are recognized on a straight-line basis over the contract period (generally one year) which is commensurate with the entity’s efforts relative to claims adjudication. The related ancillary services revenues are recognized as services are provided and invoiced to the customer. Additionally, revenues from contracts with customers generated from the Company’s Title Insurance segment, consisting primarily of valuation and default title services, and software licensing arrangements totaled $72.0 (37.5%), $62.2 (33.7%) and $55.8 (33.5%) for the years ended December 31, 2020, 2019 and 2018, respectively. Such revenues are generally recognized at a point in time upon completion and invoicing of the services, or in the case of software maintenance agreements, on a straight-line basis over the life of the contract (generally one year).
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Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs - Various insurance subsidiaries of the Company defer direct costs related to the successful production of business. Deferred costs consist principally of commissions, premium taxes and policy issuance expenses. With respect to most coverages, deferred acquisition costs are amortized on the same basis as the related premiums are earned or, alternatively, over the periods during which premiums will be paid. To the extent that future revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers investment income when evaluating the recoverability of deferred acquisition costs. The following table shows a reconciliation of deferred acquisition costs between succeeding balance sheet dates.
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Unearned Premiums | Unearned Premiums - Unearned premium reserves are generally calculated by application of pro-rata factors to premiums in force. At December 31, 2020 and 2019, unearned premiums consisted of the following:
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Losses, Claims and Settlement Expenses | Losses, Claims and Settlement Expenses - The establishment of claim reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work‑related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the incurrence of possibly higher or lower than anticipated claim costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts. All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging claim experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of claims in future years, may offset, in whole or in part, favorable or unfavorable claim developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates. General Insurance reserves are established to provide for the ultimate expected cost of settling unpaid losses and claims reported at each balance sheet date. Such reserves are based on continually evolving assessments of the facts available to the Company during the settlement process which may stretch over long periods of time. Long-term disability or pension type workers' compensation reserves are discounted to present value based on interest rates generally ranging from 3.0% to 4.0%. The amount of discount reflected in the year-end net reserves totaled $196.9, $209.6, and $216.5 as of December 31, 2020, 2019, and 2018, respectively. Interest accretion of $35.7, $34.5 and $49.0 for the years ended December 31, 2020, 2019, and 2018, respectively, was recognized as unfavorable development of prior year reserves within benefits, claims and settlement expenses in the consolidated statements of income. Losses and claims incurred but not reported ("IBNR"), as well as expenses required to settle losses and claims are established on the basis of a large number of formulas that take into account various criteria, including historical cost experience and anticipated costs of servicing reinsured and other risks. As applicable, estimates of possible recoveries from salvage or subrogation opportunities are considered in the establishment of such reserves. Overall claim and claim expense reserves incorporate amounts covering net estimates of unusual claims such as those emanating from asbestosis and environmental ("A&E") exposures as discussed below. Such reserves can affect claim costs and related claim ratios for such insurance coverages as general liability, commercial automobile (truck), workers' compensation, and property. Early in 2001, the Federal Department of Labor revised the Federal Black Lung Program regulations. The revisions basically require a reevaluation of previously settled, denied, or new occupational disease claims in the context of newly devised, more lenient standards when such claims are resubmitted. Following a number of challenges and appeals by the insurance and coal mining industries, the revised regulations were, for the most part, upheld in June, 2002 and are to be applied prospectively. Since the final quarter of 2001 black lung claims filed or refiled pursuant to these revised regulations have increased, though the volume of new claim reports has abated in recent years. In March 2010, federal regulations were revised once again as part of the Patient Protection and Affordability Act that reinstates two provisions that can potentially benefit claimants. In response to this most recent legislation and the above noted 2001 change, black lung claims filed or refiled have risen once increased. The vast majority of claims filed to date against Old Republic pertain to business underwritten through loss sensitive programs that permit the charge of additional or refund of return premiums to wholly or partially offset changes in estimated claim costs, or to business underwritten as a service carrier on behalf of various industry-wide involuntary market (i.e. assigned risk) pools. A much smaller portion pertains to business produced on a traditional risk transfer basis. The Company has established applicable reserves for claims as they have been reported and for claims not as yet reported on the basis of its historical experience as well as assumptions relative to the effect of the revised regulations. Old Republic's reserve estimates also include provisions for indemnity and settlement costs for various asbestosis and environmental impairment ("A&E") claims that have been filed in the normal course of business against a number of its insurance subsidiaries. Many such claims relate to policies incepting prior to 1985, including many issued during a short period between 1981 and 1982 pursuant to an agency agreement canceled in 1982. Over the years, the Company's property and liability insurance subsidiaries have typically issued general liability insurance policies with face amounts ranging between $1.0 and $2.0 and rarely exceeding $10.0. Such policies have, in turn, been subject to reinsurance cessions which have typically reduced the subsidiaries' net retentions to $.5 or less as to each claim. Old Republic's exposure to A&E claims cannot, however, be calculated by conventional insurance reserving methods for a variety of reasons, including: a) the absence of statistically valid data inasmuch as such claims generally involve long reporting delays and very often uncertainty as to the number and identity of insureds against whom such claims have arisen or will arise; and b) the litigation history of such or similar claims for insurance industry members which has produced inconsistent court decisions with regard to such questions as when an alleged loss occurred, which policies provide coverage, how a loss is to be allocated among potentially responsible insureds and/or their insurance carriers, how policy coverage exclusions are to be interpreted, what types of environmental impairment or toxic tort claims are covered, when the insurer's duty to defend is triggered, how policy limits are to be calculated, and whether clean-up costs constitute property damage. Over time, the Executive Branch and/or the Congress of the United States have proposed or considered changes in the legislation and rules affecting the determination of liability for environmental and asbestosis claims. As of December 31, 2020, however, there is no solid evidence to suggest that possible future changes might mitigate or reduce some or all of these claim exposures. Because of the above issues and uncertainties, estimation of reserves for losses and allocated loss adjustment expenses for A&E claims in particular is much more difficult or impossible to quantify with a high degree of precision. Accordingly, no representation can be made that the Company's reserves for such claims and related costs will not prove to be overstated or understated in the future. At December 31, 2020 and 2019, Old Republic's aggregate indemnity and loss adjustment expense reserves specifically identified with A&E exposures amounted to $127.6 and $126.8 gross, respectively, and $82.4 and $83.3 net of reinsurance, respectively. Old Republic's average five year paid loss survival ratios stood at 6.3 years (gross) and 7.1 years (net of reinsurance) as of December 31, 2020 and 6.3 years (gross) and 7.2 years (net of reinsurance) as of December 31, 2019. Fluctuations in this ratio between years can be caused by the inconsistent pay out patterns associated with these types of claims. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates.Title insurance and related escrow services loss and loss adjustment expense reserves are established as point estimates to cover the projected settlement costs of known as well as IBNR losses related to premium and escrow service revenues of each reporting period. Reserves for known claims are based on an assessment of the facts available to the Company during the settlement process. The point estimates covering all claim reserves take into account IBNR claims based on past experience and evaluations of such variables as changing trends in the types of policies issued, changes in real estate markets and interest rate environments, and changing levels of loan refinancing, all of which can have a bearing on the emergence, number, and ultimate cost of claims.RFIG Run-off insurance reserves for unpaid claims and claim adjustment expenses are recognized only upon an instance of default, defined as an insured mortgage loan for which two or more consecutive monthly payments have been missed. Loss reserves are based on statistical calculations that take into account the number of reported insured mortgage loan defaults as of each balance sheet date, as well as experience-based estimates of loan defaults that have occurred but have not as yet been reported. Further, the loss reserve estimating process takes into account a large number of variables including trends in claim severity, potential salvage recoveries, expected cure rates for reported loan delinquencies at various stages of default, the level of coverage rescissions and claims denials due to material misrepresentation in key underwriting information or non-compliance with prescribed underwriting guidelines, and management judgments relative to future employment levels, housing market activity, and mortgage loan interest costs, demand, and extensions. The Company has the legal right to rescind mortgage insurance coverage unilaterally as expressly stated in its policy. Moreover, two federal courts that have considered that policy wording have each affirmed that right (See First Tennessee Bank N.A. v. Republic Mortg. Ins. Co., Case No. 2:10-cv-02513-JPM-cgc (W.D. Tenn., Feb. 25, 2011) and JPMorgan Chase Bank N.A. v. Republic Mortg. Ins. Co., Civil Action No. 10-06141 (SRC) (D. NJ, May 4, 2011), each decision citing supporting state law legal precedent). Republic Mortgage Insurance Company's ("RMIC") mortgage insurance policy provides that the insured represents that all statements made and information provided to it in an application for coverage for a loan, without regard to who made the statements or provided the information, have been made and presented for and on behalf of the insured; and that such statements and information are neither false nor misleading in any material respect, nor omit any fact necessary to make such statements and information not false or misleading in any material respect. According to the policy, if any of those representations are materially false or misleading with respect to a loan, the Company has the right to cancel or rescind coverage for that loan retroactively to commencement of the coverage. Whenever the Company determines that an application contains a material misrepresentation, it either advises the insured in writing of its findings prior to rescinding coverage or exercises its unilateral right to rescind coverage for that loan, stating the reasons for that action in writing and returning the applicable premium. The rescission of coverage in instances of materially faulty representations or warranties provided in applications for insurance is a necessary and prevailing practice throughout the insurance industry. In the case of mortgage guaranty insurance, rescissions have occurred regularly over the years but have been generally immaterial. During the period of the great recession, the Company experienced a much greater incidence of rescissions due to increased levels of observed fraud and misrepresentations in insurance applications pertaining to business underwritten between 2004 and the first half of 2008. As a result, the Company has incorporated certain assumptions regarding the expected levels of coverage rescissions and claim denials in its reserving methodology since 2008. Such estimates, which are evaluated at each balance sheet date, take into account observed as well as historical trends in rescission and denial rates. The table below shows the estimated effects of coverage rescissions and claim denials on loss reserves and settled and incurred losses.
As above-noted, the estimated reduction in ending loss reserves reflects, in large measure, a variety of judgments relative to the level of expected coverage rescissions and claim denials on loans that are in default as of each balance sheet date. The provision for insured events of the current year resulted from actual and anticipated rescissions and claim denials attributable to newly reported delinquencies in each respective year. The provision for insured events of prior years resulted from actual rescission and claim denial activity, reinstatement of previously rescinded or denied claims, or revisions in assumptions regarding expected rescission or claim denial rates on outstanding prior year delinquencies. The trends since 2010 reflect a continuing reduction in the level of actual and anticipated rescission and claim denial rates on total outstanding delinquencies. Claims not paid by virtue of rescission or denial represent the Company's estimated contractual risk, before consideration of the impacts of any reinsurance and deductibles or aggregate loss limits, on cases that are settled by the issuance of a rescission or denial notification. Variances between the estimated rescission and actual claim denial rate are reflected in the periods during which they occur. Although the insured has no right under the policy to appeal a Company claim decision, the insured may, at any time, contest in writing the Company's findings or action with respect to a loan or a claim. In such cases, the Company considers any additional information supplied by the insured. This consideration may lead to further investigation, retraction or confirmation of the initial determination. If the Company concludes that it will reinstate coverage, it advises the insured in writing that it will do so immediately upon receipt of the premium previously returned. Reserves are not adjusted for potential reversals of rescissions or adverse rulings for loans under dispute since such reversals of claim rescissions and denials have historically been immaterial to the reserve estimation process. In addition to the above reserve elements, the Company establishes reserves for loss settlement costs that are not directly related to individual claims. Such reserves are based on prior years' cost experience and trends, and are intended to cover the unallocated costs of claim departments' administration of known and IBNR claims. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the years shown.
__________ (a)In common with all other insurance coverages, RFIG Run-off settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements. For the three most recent calendar years, the above table indicates that the one-year development of consolidated reserves at the beginning of each year produced favorable developments of 1.3%, .5%, and 1.2% for 2020, 2019 and 2018, respectively, with average favorable annual developments of 1.0%. The Company believes that the factors most responsible, in varying and continually changing degrees, for favorable or unfavorable reserve developments include, as to many general insurance coverages, the effect of reserve discounts applicable to workers' compensation claims, changes in severity of litigated claims in particular, governmental or judicially imposed retroactive conditions in the settlement of claims such as noted above in regard to black lung disease claims, changes in inflation rates applicable to repairs and the medical portion of claims in particular, and changes in claims incurred but not reported due to the slower and highly volatile emergence patterns applicable to certain types of claims such as those stemming from litigated, assumed reinsurance, or the A&E types of claims noted above. Title claim costs were lower in the face of declining claims activity since the Great Recession years. As to mortgage guaranty and the CCI coverage, changes in favorable or unfavorable reserve development result from differences in originally estimated salvage and subrogation recoveries, sales and prices of homes that can impact claim costs upon the disposition of foreclosed properties, changes in regional or local economic conditions and employment levels, the number of coverage rescissions and claims denials due to material misrepresentation in key underwriting information or non-compliance with prescribed underwriting guidelines, the extent of loan refinancing activity that can reduce the period of time over which a policy remains at risk, and lower than expected frequencies of claims incurred but not reported. The following represents the Company's incurred and paid loss development tables for the major types of insurance coverages as of December 31, 2020. The information about incurred and paid claims development for the years ended December 31, 2011 to 2019 is presented as supplementary information.
The following represents a reconciliation of the incurred and paid loss development tables to total claim and loss adjustment expense reserves as reported in the consolidated balance sheet.
__________ (a) The amount of discount reflected in the year-end net reserves totaled $196.9 and $209.6 as of December 31, 2020 and 2019, respectively. The table below is supplementary information and presents the historical average annual percentage payout of incurred claims by age, net of reinsurance.
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Reinsurance | Reinsurance - The cost of reinsurance is recognized over the terms of reinsurance contracts. Amounts recoverable from reinsurers for loss and loss adjustment expenses are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers on a regular basis. Allowances are established for estimated credit losses and are included in the Company's net claim and claim expense reserves. See Note 1(t) - Credit Losses for further discussion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes - The Company and most of its subsidiaries file a consolidated tax return and provide for income taxes payable currently. Deferred income taxes included in the accompanying consolidated financial statements will not necessarily become payable or recoverable in the future. The Company uses the asset and liability method of calculating deferred income taxes. This method results in the establishment of deferred tax assets and liabilities, calculated at currently enacted tax rates that are applied to the cumulative temporary differences between the financial statement and tax bases of assets and liabilities. The provision for combined current and deferred income taxes (credits) reflected in the consolidated statements of income does not bear the usual relationship to income before income taxes (credits) as the result of permanent and other differences between pretax income or loss and taxable income or loss determined under existing tax regulations. The more significant differences, their effect on the statutory income tax rate (credit), and the resulting effective income tax rates (credits) are summarized below:
The tax effects of temporary differences that give rise to significant portions of the Company's net deferred tax assets (liabilities) are as follows at the dates shown:
At December 31, 2020, the Company had available net operating loss ("NOL") carryforwards of $56.0 which will expire in years 2023 through 2029, and a $9.0 alternative minimum tax ("AMT") credit carryforward. The NOL carryforward is subject to the limitations set by Section 382 of the Internal Revenue Code and is available to reduce future years' taxable income by a maximum of $9.8 each year until expiration. In valuing the deferred tax assets, the Company considered certain factors including primarily the scheduled reversals of certain deferred tax liabilities, estimates of future taxable income, the impact of available carryback and carryforward periods, as well as the availability of certain tax planning strategies. The Company estimates that all gross deferred tax assets at year-end 2020 will more likely than not be fully realized. Insurance regulations require mortgage guaranty insurance companies to establish a statutory contingency reserve designed to protect policyholders against extraordinary volumes of claims. Pursuant to special provisions of the Internal Revenue Code a mortgage guaranty insurance company may, at its discretion, take a current deduction for amounts added to the statutory contingency reserve in an amount not to exceed taxable income in any given tax year or, cumulatively, the total amount of contingency reserves carried under the aforementioned insurance regulations. The deduction is allowed only to the extent that U.S. government non-interest bearing tax and loss bonds are purchased and held in an amount equal to the tax benefit attributable to such deduction. For Federal income tax purposes, amounts deducted from the contingency reserve are taken into gross statutory taxable income in the period in which they are released. During 2019, the Company released $412.2 from the tax basis contingency reserve account and redeemed all outstanding U.S. Treasury Tax and Loss Bonds. Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. Such differences relate principally to the timing of deductions for loss and premium reserves. As in prior examinations, the Internal Revenue Service (IRS) could assert that claim reserve deductions were overstated thereby reducing the Company's statutory taxable income in any particular year. The Company believes that it establishes its reserves fairly and consistently at each balance sheet date, and that it would succeed in defending its tax position in these regards. Because of the impact of deferred tax accounting, the possible accelerated payment of tax to the IRS would not necessarily affect the annual effective tax rate. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2017 and subsequent tax years remain open.
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Property And Equipment | Property and Equipment - Property and equipment is generally depreciated or amortized over the estimated useful lives of the assets, (2 to 27 years), substantially by the straight-line method. Depreciation and amortization expenses related to property and equipment were $26.9, $26.8 and $27.6 in 2020, 2019, and 2018, respectively. Expenditures for maintenance and repairs are charged to income as incurred, and expenditures for major renewals and additions are capitalized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title Plants and Records | Title Plants and Records - Title plants and records are carried at original cost or appraised value at the date of purchase. Such values represent the cost of producing or acquiring interests in title records and indexes and the appraised value of purchased subsidiaries' title records and indexes at dates of acquisition. The cost of maintaining, updating, and operating title records is charged to income as incurred. Title records and indexes are ordinarily not amortized unless events or circumstances indicate that the carrying amount of the capitalized costs may not be recoverable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets - The following table presents the components of the Company's goodwill balance which is included as part of sundry assets in the consolidated balance sheets:
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Employee Benefit Plans | Employee Benefit Plans - The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013. The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan was closed to new participants and benefits were frozen as of December 31, 2013. As a result, eligible employees retain all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. The funded status of a pension plan is measured as of December 31 of each year, as the difference between the fair value of plan assets and the projected benefit obligation. The underfunded status of the Plan is recognized as a net pension liability; offsetting entries are reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The effects of these measurements and the resulting funded status of the Plan are reflected below.
Funding of the plan is dependent on a number of factors including actual performance versus actuarial assumptions made at the time of the actuarial valuation, as well as the maintenance of certain funding levels relative to regulatory requirements. The Company currently does not expect to make cash contributions in calendar year 2021 based on minimum funding requirements. Net periodic pension expense (income) recognized during 2020, 2019 and 2018 was $(11.0), $(3.0), and $(6.6), respectively. The projected benefit obligation and net periodic benefit cost for the Plan were determined using the following weighted-average assumptions:
The assumed settlement discount rates were determined by matching the current estimate of the Plan's projected cash outflows against spot rate yields on a portfolio of high quality bonds as of the measurement date. To develop the expected long-term rate of return on assets assumption, historical returns and the future return expectations for each asset class, as well as the target asset allocation of the pension portfolio were considered. The investment policy of the Plan takes into account the matching of assets and liabilities, appropriate risk aversion, liquidity needs, the preservation of capital, and the attainment of modest growth. The weighted-average asset allocations of the Plan were as follows:
Quoted values and other data provided by the respective investment custodians are used as inputs for determining fair value of the Plan's debt and equity securities. The custodians are understood to obtain market quotations and actual transaction prices for securities that have quoted prices in active markets and use their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the investment custodian uses observable inputs, including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. The following tables present a summary of the Plan's assets segregated among the various input levels described in Note 1(d).
Level 1 assets include U.S. Treasury notes, publicly traded common stocks, mutual funds and short-term investments. Level 2 assets generally include corporate and government agency bonds. Level 3 assets primarily consist of an immediate participation guaranteed fund. The benefits expected to be paid as of December 31, 2020 for the next 10 years are as follows: 2021: $31.1; 2022: $31.8; 2023: $32.7; 2024 $33.3; 2025: $33.6 and for the five years after 2025: $170.1. The Company has a number of profit sharing and other incentive compensation programs for the benefit of a substantial number of its employees. The costs related to such programs are summarized below:
A majority of the Company's employees participate in the ESSOP. Company contributions are provided in the form of Old Republic common stock. Dividends on shares are allocated to participants as earnings, and likewise invested in Company stock; dividends on unallocated shares are used to pay debt service costs. The Company's annual contributions are based on a formula that takes the growth in net operating income per share over consecutive five year periods into account. During 2015, the ESSOP purchased 2,200,000 shares of Old Republic common stock for $34.0. The purchases were financed by a loan from the Company. During 2018, the ESSOP purchased 2,383,625 shares of Old Republic common stock for $50.0 and during 2020, the ESSOP purchased 3,337,000 shares of Old Republic common stock for $50.0. These purchases were financed by loans to the ESSOP from participating subsidiaries. As of December 31, 2020, there were 18,084,861 Old Republic common shares owned by the ESSOP, of which 11,342,050 were allocated to employees' account balances. There are no repurchase obligations in existence. See Note 3(b).
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Escrow Funds | Escrow Funds - Segregated cash deposit accounts and the offsetting liabilities for escrow deposits in connection with Title Insurance Group real estate transactions in the same amounts ($1,718.1 and $1,743.0 at December 31, 2020 and 2019, respectively) are not included as assets or liabilities in the accompanying consolidated balance sheets as the escrow funds are not available for regular operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the year. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
__________ (a) In calculating earnings per share, accounting standards require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are as yet unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all other common shares.
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Concentration of credit risk | Concentration of Credit Risk - The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation - As periodically amended, the Company has had a stock based compensation plan in effect for certain eligible key employees since 1978. Under the 2016 Incentive Compensation Plan (the "Plan"), 15.0 million shares became available for future awards. The maximum number of options available as of December 31, 2020 for future issuance under this amended plan was approximately 6.9 million shares. The exercise price of stock options is equal to the closing market price of the Company's common stock on the date of grant, and the contractual life of the grant is generally ten years from the date of the grant. Options granted may be exercised to the extent of 10% of the number of shares covered thereby as of December 31st of the year of the grant and, cumulatively, to the extent of an additional 15%, 20%, 25% and 30% on and after the second through fifth calendar years, respectively. Options granted to employees who meet certain retirement eligibility provisions are fully vested on the date of grant. The following table presents the stock based compensation expense and income tax benefit recognized in the financial statements:
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes-Merton Model. The following table presents the key assumptions used to value the awards granted during the periods presented. Expected volatilities are based on the historical experience of Old Republic's common stock. The expected term of stock options represents the period of time that stock options granted are assumed to be outstanding. The Company uses historical data to estimate the effect of stock option exercise and employee departure behavior; groups of employees that have similar historical behavior are considered separately for valuation purposes. The risk-free rate of return for periods within the contractual term of the share option is based on the U.S. Treasury rate in effect at the time of the grant.
A summary of stock option activity under the plan as of December 31, 2020, 2019 and 2018, and changes in outstanding options during the years then ended is presented below:
__________ (a) Based on the Black-Scholes-Merton option pricing model and the assumptions outlined above. A summary of stock options outstanding and exercisable at December 31, 2020 follows:
As of December 31, 2020, there was $2.7 of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of approximately 3 years. The cash received from stock option exercises, the total intrinsic value of stock options exercised, and the actual tax benefit realized for the tax deductions from option exercises are as follows:
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Regulatory Matters | Regulatory Matters - The material increases in mortgage guaranty insurance claims and loss payments that began in 2007 gradually depleted RMIC's statutory capital base and forced it to discontinue writing new business in 2011. The insurance laws of 16 jurisdictions, including RMIC's and its sister company, Republic Mortgage Guaranty Insurance Corporation ("RMGIC’s") domiciliary state of North Carolina, require a mortgage insurer to maintain a minimum amount of statutory capital relative to risk in force (or a similar measure) in order to continue to write new business. The formulations currently allow for a maximum risk-to-capital ratio of 25 to 1, or alternatively stated, a “minimum policyholder position” (“MPP”) of one-twenty-fifth of the total risk in force. The failure to maintain the prescribed minimum capital level in a particular state generally requires a mortgage insurer to immediately stop writing new business until it reestablishes the required level of capital or receives a waiver of the requirement from a state's insurance regulatory authority. RMIC breached the minimum capital requirement during the third quarter of 2010. RMIC and its sister company RMGIC were placed under administrative supervision by the North Carolina Department of Insurance ("NCDOI") in 2012 and ultimately ordered to defer the payment of 40% of all settled claims as a deferred payment obligation ("DPO"). On July 1, 2014, the NCDOI issued a Final Order approving an Amended and Restated Corrective Plan (the "Amended Plan") submitted jointly on April 16, 2014, by RMIC and RMGIC. Under the Amended Plan, RMIC and RMGIC were authorized to pay 100% of their DPOs accrued as of June 30, 2014, and to settle all subsequent valid claims entirely in cash, without establishing any DPOs. In anticipation of receiving this Final Order, ORI invested $125.0 in cash and securities in RMIC in June 2014. In mid-July 2014, in furtherance of the Final Order, RMIC and RMGIC processed payments of their accumulated DPO balances of approximately $657.0 relating to fully settled claims charged to periods extending between January 19, 2012 and June 30, 2014. The NCDOI subsequently terminated the summary orders which placed RMIC and RMGIC under administrative supervision effective December 8, 2017, thereby releasing both companies from its supervision as they were eminently solvent.As of December 31, 2020, RFIG's mortgage insurance subsidiaries had total statutory capital, inclusive of a $316.7 contingency reserve, of $435.2, which was $363.7 above the required MPP of $71.5. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Losses | Effective January 1, 2020, the Company adopted CECL which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, including the Company’s reinsurance recoverables, held to maturity securities and its accounts and notes receivable. CECL replaced the incurred loss impairment model that recognizes losses when a probability threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheet. The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s total credit loss allowance relating to financial assets increased from $30.1 as of January 1, 2020 to $36.5 at December 31, 2020. The December 31, 2020 allowance was comprised of $16.0 related to reinsurance recoverables and $20.5 related to accounts and notes receivable. At adoption, the allowance included $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities. The Company performs an ongoing evaluation of reinsurance balances outstanding and uses a probability-of-default methodology to estimate the credit allowance for uncollectible amounts. Allowances for uncollectible accounts and notes receivable are established based on a review of amounts outstanding, historical charge off activity, and current and forecasted economic conditions. The guidance also modifies the impairment model for available for sale fixed maturity securities by requiring the recognition of impairments relating to credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position no longer impacts the determination as to whether an impairment exists. The revised impairment guidance for available for sale fixed maturity securities was adopted on a prospective basis. The Company's OTTI policy and the related disclosures summarizing this standard's impact on the Company's investment portfolio are included in Note 1(d).
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Subsidiary, Effects of Changes | . The following table reflects a summary of all such adjustments:
__________ (a) The insurance laws of the respective states in which the Company’s insurance subsidiaries are incorporated prescribe minimum capital and surplus requirements for the lines of business they are licensed to write. For domestic property and casualty and life and accident insurance companies the National Association of Insurance Commissioners also prescribes risk-based capital ("RBC") requirements. The RBC is a measure of statutory capital in relationship to a formula-driven definition of risk relative to a company’s balance sheet and mix of business. The combined RBC ratio of our primary General insurance subsidiaries was 625% and 658% of the company action level RBC at December 31, 2020 and 2019, respectively. The minimum capital requirements for the Company’s Title Insurance subsidiaries are established by statute in the respective states of domicile. The minimum regulatory capital requirements are not significant in relationship to the recorded statutory capital of the Company’s Title and Life & Accident insurance subsidiaries. At December 31, 2020 and 2019 each of the Company’s General, Title, RFIG and Life and Accident insurance subsidiaries exceeded the minimum statutory capital and surplus requirements. Refer to Note 1(s) - Regulatory Matters for a discussion regarding the RFIG Run-off group.
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Amortized Cost and Estimated Fair Values Of Fixed Maturities |
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Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities |
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Equity Securities Reflecting Reported Adjusted Cost, Net Of OTTI |
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Gross Unrealized Losses and Fair Value, Aggregated |
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Fair Value, Assets Measured on Recurring Basis |
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Investment Income |
__________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees.
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Capitalization of Deferred Policy Acquisition Costs |
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Unearned Premiums | At December 31, 2020 and 2019, unearned premiums consisted of the following:
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Schedule of Effects of Coverage Rescissions and Claim Denials on Loss Reserves | The table below shows the estimated effects of coverage rescissions and claim denials on loss reserves and settled and incurred losses.
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Schedule of Changes in Aggregate Reserves for the Company's Losses, Claims and Settlement Expenses | In addition to the above reserve elements, the Company establishes reserves for loss settlement costs that are not directly related to individual claims. Such reserves are based on prior years' cost experience and trends, and are intended to cover the unallocated costs of claim departments' administration of known and IBNR claims. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the years shown.
__________ (a)In common with all other insurance coverages, RFIG Run-off settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements.
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Schedule of Incurred and Paid Loss Development Tables for Major Types of Insurance Coverages | The following represents the Company's incurred and paid loss development tables for the major types of insurance coverages as of December 31, 2020. The information about incurred and paid claims development for the years ended December 31, 2011 to 2019 is presented as supplementary information.
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Reconciliation of Incurred and Paid Loss Development Tables to Total Claim and Loss Adjustment Expense Reserves | The following represents a reconciliation of the incurred and paid loss development tables to total claim and loss adjustment expense reserves as reported in the consolidated balance sheet.
__________ (a) The amount of discount reflected in the year-end net reserves totaled $196.9 and $209.6 as of December 31, 2020 and 2019, respectively.
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Historical Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | The table below is supplementary information and presents the historical average annual percentage payout of incurred claims by age, net of reinsurance.
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Schedule of Effective Income Tax Rate Reconciliation | The provision for combined current and deferred income taxes (credits) reflected in the consolidated statements of income does not bear the usual relationship to income before income taxes (credits) as the result of permanent and other differences between pretax income or loss and taxable income or loss determined under existing tax regulations. The more significant differences, their effect on the statutory income tax rate (credit), and the resulting effective income tax rates (credits) are summarized below:
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company's net deferred tax assets (liabilities) are as follows at the dates shown:
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Schedule of Goodwill | The following table presents the components of the Company's goodwill balance which is included as part of sundry assets in the consolidated balance sheets:
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Schedule of Accumulated and Projected Benefit Obligations | The effects of these measurements and the resulting funded status of the Plan are reflected below.
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Schedule of Changes in Fair Value of Plan Assets |
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Schedule of Net Funded Status [Table Text Block] |
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Schedule of Assumptions Used | The projected benefit obligation and net periodic benefit cost for the Plan were determined using the following weighted-average assumptions:
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Schedule of Weighted Average Asset Allocations Of Benefit Plans | The weighted-average asset allocations of the Plan were as follows:
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Schedule of Allocation of Plan Assets | The following tables present a summary of the Plan's assets segregated among the various input levels described in Note 1(d).
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Schedule of Profit Sharing and Other Incentive Compensation Programs | The Company has a number of profit sharing and other incentive compensation programs for the benefit of a substantial number of its employees. The costs related to such programs are summarized below:
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Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
__________ (a) In calculating earnings per share, accounting standards require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are as yet unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all other common shares.
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Schedule of Stock Based Compensation and Tax Benefit | The following table presents the stock based compensation expense and income tax benefit recognized in the financial statements:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
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Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the plan as of December 31, 2020, 2019 and 2018, and changes in outstanding options during the years then ended is presented below:
__________ (a) Based on the Black-Scholes-Merton option pricing model and the assumptions outlined above.
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Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | A summary of stock options outstanding and exercisable at December 31, 2020 follows:
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Schedule of Cash Proceeds Received from Share-based Payment Awards | The cash received from stock option exercises, the total intrinsic value of stock options exercised, and the actual tax benefit realized for the tax deductions from option exercises are as follows:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | Consolidated debt of Old Republic and its subsidiaries is summarized below:
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Fair Value, Debt Measured on Recurring Basis | The following table shows a summary of financial liabilities disclosed, but not carried, at fair value, segregated among the various input levels described in Note 1(d) above:
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Commitments and Contingent Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Ceded and Other Related Data |
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table presents a summary of future undiscounted lease payments as of the dates shown.
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Consolidated Quarterly Results - Unaudited (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | In management's opinion, normal recurring adjustments necessary for a fair statement of quarterly results have been reflected in the information which follows.
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Information About Segments of Business (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting | The accounting policies of the segments parallel those described in the summary of significant accounting policies pertinent thereto.
__________ In the above tables, net premiums earned on a GAAP basis differ slightly from statutory amounts due to certain differences in calculations of unearned premium reserves under each accounting method. (a) Results for the Consumer Credit Indemnity ("CCI") run-off business are expected to be immaterial in the remaining run-off periods. Effective July 1, 2019, these results have been reclassified to the General Insurance segment for all future periods. Previously these results were reflected as part of the RFIG Run-off Business. (b) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $63.0, $71.5 and $68.0 for the years ended December 31, 2020, 2019, and 2018, respectively; Title - $2.8, $5.5 and $6.1 for the years ended December 31, 2020, 2019, and 2018, respectively. (c) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. (d) Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the presentation adopted in 2020. See Note 1(c).
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Transactions with Affiliates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates |
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Summary of Significant Accounting Policies Accounting Principles (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
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Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 01, 2020 |
|||||||||||
Total Common Shareholders' Equity | $ 6,186.6 | $ 6,000.1 | $ 6,186.6 | $ 6,000.1 | ||||||||||||||||||
Net Income (Loss) | 519.7 | $ 246.0 | $ 397.7 | $ (604.8) | 275.8 | $ 202.8 | $ 165.5 | $ 412.2 | 558.6 | 1,056.4 | $ 370.5 | |||||||||||
Retained earnings | $ 4,394.8 | $ 4,386.0 | 4,394.8 | 4,386.0 | ||||||||||||||||||
Net premiums earned | 6,345.8 | 5,919.9 | [1] | 5,651.1 | [1] | |||||||||||||||||
Title, escrow, and other fees | 391.9 | 321.1 | 289.8 | |||||||||||||||||||
Underwriting Acquisition And Other Expenses | $ 3,942.4 | 3,525.4 | 3,317.7 | |||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accounting Standards Update 2016-13 | ||||||||||||||||||||||
Retained earnings | $ 2.3 | |||||||||||||||||||||
Revision of Prior Period, Adjustment | ||||||||||||||||||||||
Net premiums earned | 421.5 | 397.7 | ||||||||||||||||||||
Title, escrow, and other fees | 174.7 | 160.6 | ||||||||||||||||||||
Underwriting Acquisition And Other Expenses | $ 246.8 | 237.0 | ||||||||||||||||||||
General Insurance Segment [Member] | ||||||||||||||||||||||
Risk based capital | 625.00% | 658.00% | 625.00% | 658.00% | ||||||||||||||||||
Title Insurance Group [Member] | ||||||||||||||||||||||
Net premiums earned | [2] | $ 2,894.4 | $ 2,414.8 | 2,283.3 | ||||||||||||||||||
Title, escrow, and other fees | [2] | 391.9 | 321.1 | 289.8 | ||||||||||||||||||
RFIG Run-off Business [Member] | ||||||||||||||||||||||
Net premiums earned | [3] | 45.1 | 59.2 | 75.9 | ||||||||||||||||||
Costs and Expenses [Member] | Significant Reconciling Items [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | 501.0 | 571.6 | 455.6 | |||||||||||||||||||
Costs and Expenses [Member] | Deferred Policy Acquisition Costs [Member] | ||||||||||||||||||||||
Statutory net income amount | 7.4 | 9.4 | 17.2 | |||||||||||||||||||
Costs and Expenses [Member] | Investment adjustment [Member] | ||||||||||||||||||||||
Statutory net income amount | 4.5 | 466.3 | (198.2) | |||||||||||||||||||
Costs and Expenses [Member] | Non-admitted Assets [Member] | ||||||||||||||||||||||
Statutory net income amount | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Costs and Expenses [Member] | Deferred Income Taxes [Member] | ||||||||||||||||||||||
Statutory net income amount | 23.6 | (5.8) | 38.7 | |||||||||||||||||||
Costs and Expenses [Member] | Mortgage Contingency Reserves [Member] | ||||||||||||||||||||||
Statutory net income amount | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Costs and Expenses [Member] | Title Unearned Premiums [Member] | ||||||||||||||||||||||
Statutory net income amount | 53.9 | 25.8 | 23.3 | |||||||||||||||||||
Costs and Expenses [Member] | Loss Reserves [Member] | ||||||||||||||||||||||
Statutory net income amount | (24.8) | (7.9) | 38.3 | |||||||||||||||||||
Costs and Expenses [Member] | Surplus Notes [Member] | ||||||||||||||||||||||
Statutory net income amount | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Costs and Expenses [Member] | Sundry Adjustments [Member] | ||||||||||||||||||||||
Statutory net income amount | (7.3) | (3.2) | (4.4) | |||||||||||||||||||
Costs and Expenses [Member] | Adjustment to US-GAAP | ||||||||||||||||||||||
Statutory net income amount | 57.5 | 484.5 | (85.0) | |||||||||||||||||||
Stockholders Equity [Member] | Significant Reconciling Items [Member] | ||||||||||||||||||||||
Total statutory capital | $ 5,814.2 | $ 5,875.0 | 5,814.2 | 5,875.0 | ||||||||||||||||||
Stockholders Equity [Member] | Deferred Policy Acquisition Costs [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 211.7 | 204.3 | 211.7 | 204.3 | ||||||||||||||||||
Stockholders Equity [Member] | Investment adjustment [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 589.7 | 258.1 | 589.7 | 258.1 | ||||||||||||||||||
Stockholders Equity [Member] | Non-admitted Assets [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 139.0 | 116.3 | 139.0 | 116.3 | ||||||||||||||||||
Stockholders Equity [Member] | Deferred Income Taxes [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | (203.0) | (121.8) | (203.0) | (121.8) | ||||||||||||||||||
Stockholders Equity [Member] | Mortgage Contingency Reserves [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 316.7 | 352.5 | 316.7 | 352.5 | ||||||||||||||||||
Stockholders Equity [Member] | Title Unearned Premiums [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 625.6 | 571.7 | 625.6 | 571.7 | ||||||||||||||||||
Stockholders Equity [Member] | Loss Reserves [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | (474.8) | (449.3) | (474.8) | (449.3) | ||||||||||||||||||
Stockholders Equity [Member] | Surplus Notes [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | (841.5) | (808.0) | (841.5) | (808.0) | ||||||||||||||||||
Stockholders Equity [Member] | Sundry Adjustments [Member] | ||||||||||||||||||||||
Statutory capital and surplus, balance | 8.8 | 0.7 | 8.8 | 0.7 | ||||||||||||||||||
Stockholders Equity [Member] | Adjustment to US-GAAP | ||||||||||||||||||||||
Statutory capital and surplus, balance | 372.2 | 124.7 | 372.2 | 124.7 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Costs and Expenses [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | [4] | 472.8 | 418.4 | 446.8 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Costs and Expenses [Member] | General Insurance Segment [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | [4] | 285.0 | 332.2 | 290.5 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Costs and Expenses [Member] | Title Insurance Group [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | [4] | 182.6 | 145.1 | 110.5 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Costs and Expenses [Member] | RFIG Run-off Business [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | [4] | 1.9 | (62.8) | 44.9 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Costs and Expenses [Member] | Life & Health Insurance [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | [4] | 3.3 | 3.9 | 0.9 | ||||||||||||||||||
Insurance Subsidiaries [Member] | Stockholders Equity [Member] | ||||||||||||||||||||||
Total statutory capital | [4] | 5,061.1 | 5,030.0 | 5,061.1 | 5,030.0 | |||||||||||||||||
Insurance Subsidiaries [Member] | Stockholders Equity [Member] | General Insurance Segment [Member] | ||||||||||||||||||||||
Total statutory capital | [4] | 4,244.0 | 4,263.5 | 4,244.0 | 4,263.5 | |||||||||||||||||
Insurance Subsidiaries [Member] | Stockholders Equity [Member] | Title Insurance Group [Member] | ||||||||||||||||||||||
Total statutory capital | [4] | 648.3 | 599.0 | 648.3 | 599.0 | |||||||||||||||||
Insurance Subsidiaries [Member] | Stockholders Equity [Member] | RFIG Run-off Business [Member] | ||||||||||||||||||||||
Total statutory capital | [4] | 118.5 | 120.7 | 118.5 | 120.7 | |||||||||||||||||
Insurance Subsidiaries [Member] | Stockholders Equity [Member] | Life & Health Insurance [Member] | ||||||||||||||||||||||
Total statutory capital | [4] | 50.3 | 46.8 | 50.3 | 46.8 | |||||||||||||||||
NonInsurance Subsidiaries [Member] | Costs and Expenses [Member] | Significant Reconciling Items [Member] | ||||||||||||||||||||||
Total statutory net income (loss) | 28.4 | 153.2 | $ 8.8 | |||||||||||||||||||
NonInsurance Subsidiaries [Member] | Stockholders Equity [Member] | Significant Reconciling Items [Member] | ||||||||||||||||||||||
Total statutory capital | $ 753.1 | $ 844.9 | $ 753.1 | $ 844.9 | ||||||||||||||||||
|
Summary of Significant Accounting Policies Investments (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities, amortized cost | $ 9,897.6 | $ 8,537.3 | |||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 10,496.8 | 8,796.5 | |||||||
Debt Securities, Held-to-maturity | 0.0 | 1,021.7 | |||||||
Debt Securities, Held-to-maturity, Fair Value | 0.0 | 1,058.2 | |||||||
Fixed maturity securities, due in one year or less, amortized cost | 971.5 | ||||||||
Fixed maturity securities, due after one year through five years, amortized cost | 5,641.5 | ||||||||
Fixed maturity securities, due after five years through ten years, amortized cost | 3,108.0 | ||||||||
Fixed maturity securities, due after ten years, amortized cost | 176.5 | ||||||||
Fixed maturity securities, due in one year or less, estimated fair value | 981.6 | ||||||||
Fixed maturity securities, due after one year through five years, estimated fair value | 5,968.4 | ||||||||
Fixed maturity securities, due after five years through ten years, estimated fair value | 3,366.5 | ||||||||
Fixed maturity securities, due after ten years, estimated fair value | 180.2 | ||||||||
Bonds on deposit with Governmental Authorities | 929.3 | ||||||||
Other than temporary impairment losses, Available-for-sale Securities | 0.0 | $ 0.0 | |||||||
Equity securities, adjusted cost | 3,269.7 | 3,089.1 | |||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 4,054.8 | 4,030.5 | |||||||
Unrealized from changes in fair value of equity securities | (156.2) | 599.5 | (293.8) | ||||||
Gain (Loss) on Investments | (142.0) | 636.1 | (235.6) | ||||||
Short-term investments | 749.6 | 484.3 | |||||||
Gross investment income | 445.6 | 457.7 | 438.1 | ||||||
Investment expenses | [1] | 6.6 | 6.9 | 6.2 | |||||
Net investment income | 438.9 | 450.7 | 431.8 | ||||||
Net realized gains (losses) | (112.1) | 502.2 | (185.9) | ||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 14.2 | 38.6 | 58.2 | ||||||
Total realized and unrealized investment gains (losses) | 14.2 | 36.6 | 58.2 | ||||||
Other than Temporary Impairment Losses, Investments | 0.0 | (2.0) | 0.0 | ||||||
Income taxes (credits) | (29.8) | 133.8 | (49.6) | ||||||
Changes in unrealized investment gains (losses) on fixed maturity securities: | 342.7 | 363.8 | (223.2) | ||||||
Deferred income taxes (credits) | 72.3 | 76.6 | (46.9) | ||||||
Net changes in unrealized investment gains (losses) | 270.3 | 287.2 | (176.3) | ||||||
Net unrealized gains (losses) on securities, net of tax | 270.3 | 287.2 | (176.3) | ||||||
Realized from impairments | 0.0 | (2.0) | 0.0 | ||||||
Total Common Shareholders' Equity | 6,186.6 | 6,000.1 | |||||||
Retained Earnings [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Total Common Shareholders' Equity | 4,394.8 | 4,386.0 | 3,849.8 | $ 3,206.9 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Total Common Shareholders' Equity | [2] | (2.3) | 18.4 | $ 502.1 | |||||
Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Gross investment income | 289.8 | 300.3 | 299.2 | ||||||
Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Gross investment income | 149.8 | 141.3 | 124.0 | ||||||
Short-term Investments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Gross investment income | 2.2 | 10.1 | 9.8 | ||||||
Investments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Gross investment income | $ 3.5 | $ 5.8 | 4.9 | ||||||
Available-for-sale Securities | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Number of securities in continuous unrealized loss position for less than 12 months | 74 | 54 | |||||||
Securities in unrealized loss positions, number of positions | 77 | 101 | |||||||
Number of securities in continuous unrealized loss position for 12 months or greater | 3 | 47 | |||||||
Fixed Maturity Securities, U S Canadian Governments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities, amortized cost | $ 1,967.1 | $ 1,842.3 | |||||||
Fixed maturity securities, gross unrealized gains | 96.4 | 36.9 | |||||||
Fixed maturity securities, gross unrealized losses | 0.3 | 0.4 | |||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 2,063.2 | 1,878.8 | |||||||
Fixed maturity securities and equity, less than twelve months, fair value | 416.4 | 217.2 | |||||||
Fixed maturity securities and equity, less than 12 months, unrealized losses | 0.3 | 0.3 | |||||||
Fixed maturity securities and equity, 12 months or greater, fair value | 0.0 | 53.0 | |||||||
Fixed maturity securities and equity, 12 months or greater, unrealized losses | 0.0 | 0.1 | |||||||
Fixed maturity securities and equity, total, fair value | 416.4 | 270.3 | |||||||
Fixed maturity securities and equity, total, unrealized losses | 0.3 | 0.4 | |||||||
US States and Political Subdivisions Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities, amortized cost | 997.1 | ||||||||
Fixed maturity securities, gross unrealized gains | 66.3 | ||||||||
Fixed maturity securities, gross unrealized losses | 0.0 | ||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 1,063.5 | ||||||||
Debt Securities, Held-to-maturity | 1,021.7 | ||||||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 36.5 | ||||||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0.0 | ||||||||
Debt Securities, Held-to-maturity, Fair Value | 1,058.2 | ||||||||
Fixed maturity securities and equity, less than twelve months, fair value | 0.0 | ||||||||
Fixed maturity securities and equity, less than 12 months, unrealized losses | 0.0 | ||||||||
Fixed maturity securities and equity, 12 months or greater, fair value | 21.7 | ||||||||
Fixed maturity securities and equity, 12 months or greater, unrealized losses | 0.0 | ||||||||
Fixed maturity securities and equity, total, fair value | 21.7 | ||||||||
Fixed maturity securities and equity, total, unrealized losses | $ 0.0 | ||||||||
Net unrealized gains (losses) on securities, net of tax | $ 48.5 | ||||||||
Held-to-maturity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Number of securities in continuous unrealized loss position for less than 12 months | 0 | ||||||||
Securities in unrealized loss positions, number of positions | 8 | ||||||||
Number of securities in continuous unrealized loss position for 12 months or greater | 8 | ||||||||
Corporate Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities, amortized cost | 6,933.3 | $ 6,694.9 | |||||||
Fixed maturity securities, gross unrealized gains | 440.1 | 225.5 | |||||||
Fixed maturity securities, gross unrealized losses | 3.4 | 2.8 | |||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 7,370.0 | 6,917.6 | |||||||
Fixed maturity securities and equity, less than twelve months, fair value | 333.6 | 176.4 | |||||||
Fixed maturity securities and equity, less than 12 months, unrealized losses | 3.4 | 1.9 | |||||||
Fixed maturity securities and equity, 12 months or greater, fair value | 0.0 | 54.3 | |||||||
Fixed maturity securities and equity, 12 months or greater, unrealized losses | 0.0 | 0.8 | |||||||
Fixed maturity securities and equity, total, fair value | 333.6 | 230.7 | |||||||
Fixed maturity securities and equity, total, unrealized losses | 3.4 | 2.8 | |||||||
Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities, amortized cost | 9,897.6 | 8,537.3 | |||||||
Fixed maturity securities, gross unrealized gains | 602.9 | 262.5 | |||||||
Fixed maturity securities, gross unrealized losses | 3.8 | 3.3 | |||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 10,496.8 | 8,796.5 | |||||||
Fixed maturity securities and equity, less than twelve months, fair value | 750.0 | 393.7 | |||||||
Fixed maturity securities and equity, less than 12 months, unrealized losses | 3.8 | 2.3 | |||||||
Fixed maturity securities and equity, 12 months or greater, fair value | 0.0 | 107.4 | |||||||
Fixed maturity securities and equity, 12 months or greater, unrealized losses | 0.0 | 1.0 | |||||||
Fixed maturity securities and equity, total, fair value | 750.0 | 501.1 | |||||||
Fixed maturity securities and equity, total, unrealized losses | 3.8 | 3.3 | |||||||
Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held | (130.9) | 586.9 | (244.8) | ||||||
Equity securities, adjusted cost | 3,269.7 | 3,089.1 | |||||||
Equity securities, gross unrealized gains | 1,028.1 | 968.0 | |||||||
Equity securities, gross unrealized losses | (243.0) | (26.6) | |||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 4,054.8 | 4,030.5 | |||||||
Fair Value, Inputs, Level 1 [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Short-term investments | 749.6 | 484.3 | |||||||
Fair Value, Inputs, Level 1 [Member] | Fixed Maturity Securities, U S Canadian Governments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 1,262.2 | 1,068.1 | |||||||
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 0.0 | ||||||||
Debt Securities, Held-to-maturity | 0.0 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 0.0 | 0.0 | |||||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 4,052.9 | 4,028.7 | |||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Short-term investments | 0.0 | 0.0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Fixed Maturity Securities, U S Canadian Governments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 801.0 | 810.7 | |||||||
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 1,063.5 | ||||||||
Debt Securities, Held-to-maturity | 1,058.2 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 7,359.5 | 6,907.1 | |||||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 0.0 | 0.0 | |||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Short-term investments | 0.0 | 0.0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Fixed Maturity Securities, U S Canadian Governments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 0.0 | 0.0 | |||||||
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 0.0 | ||||||||
Debt Securities, Held-to-maturity | 0.0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Fixed maturity securities (at fair value) (amortized cost: $9,897.6 and $8,537.3) | 10.5 | 10.5 | |||||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Equity securities (at fair value) (cost: $3,269.7 and $3,089.1) | 1.8 | 1.7 | |||||||
Other Long-term Investments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Net realized gains (losses) | 0.3 | (2.5) | 1.6 | ||||||
Equity Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Realized gains on securities | 22.5 | 153.1 | 71.9 | ||||||
Realized losses on securities | (1.2) | (109.9) | (10.4) | ||||||
Net realized gains (losses) | 21.3 | 43.2 | 61.4 | ||||||
Equity securities & other long-term investments [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Changes in unrealized investment gains (losses) on fixed maturity securities: | 3.2 | 1.2 | (1.3) | ||||||
Deferred income taxes (credits) | 0.6 | 0.2 | (0.2) | ||||||
Net changes in unrealized investment gains (losses) | 2.5 | 1.0 | (1.0) | ||||||
Debt Securities [Member] | |||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||
Realized gains on securities | 10.9 | 9.7 | 2.4 | ||||||
Realized losses on securities | (18.4) | (11.7) | (7.2) | ||||||
Net realized gains (losses) | (7.4) | (1.9) | (4.8) | ||||||
Changes in unrealized investment gains (losses) on fixed maturity securities: | 339.4 | 362.6 | (221.9) | ||||||
Deferred income taxes (credits) | 71.6 | 76.3 | (46.6) | ||||||
Net changes in unrealized investment gains (losses) | $ 267.7 | $ 286.2 | $ (175.2) | ||||||
|
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Title Premium And Fee Revenues Stemming From Direct Operations | 25.00% | 25.00% | 24.00% |
Non-insurance Contract Revenue | $ 192.2 | $ 184.3 | $ 166.8 |
General Insurance Group [Member] | |||
Contract Revenue - Claims Handling and Related Ancillary Services | $ 114.1 | $ 115.9 | $ 105.4 |
percentage of total contract revenue | 59.40% | 62.90% | 63.20% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Title Insurance Group [Member] | |||
percentage of total contract revenue | 37.50% | 33.70% | 33.50% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Non-insurance Contract Title Services | $ 72.0 | $ 62.2 | $ 55.8 |
Summary of Significant Accounting Policies Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | |||
Deferred beginning of year | $ 325.4 | $ 316.3 | $ 297.8 |
Acquisition costs deferred; additions | 504.2 | 541.4 | 508.1 |
Amortization charged to income | (501.5) | (532.2) | (489.6) |
Change for the year | 2.6 | 9.1 | 18.5 |
Deferred end of year | 328.0 | 325.4 | 316.3 |
Commissions, net of reinsurance [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition costs deferred; additions | 326.0 | 360.8 | 332.2 |
Premium taxes [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition costs deferred; additions | 127.4 | 130.2 | 123.5 |
Salaries and other marketing expenses [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition costs deferred; additions | $ 50.7 | $ 50.3 | $ 52.3 |
Summary of Significant Accounting Policies Unearned Premiums (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Unearned premiums | $ 2,397.1 | $ 2,224.7 |
General Insurance Group [Member] | ||
Unearned premiums | 2,396.7 | 2,223.4 |
RFIG Run-off Business [Member] | ||
Unearned premiums | $ 0.4 | $ 1.3 |
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - General (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Supplementary Insurance Information, by Segment | |||
Workers' Compensation Discount, Amount | $ 196,900,000 | $ 209,600,000 | $ 216,500,000 |
Interest Accretion Amount | 35,700,000 | 34,500,000 | $ 49,000,000.0 |
General liability insurance face amount | 10,000,000.0 | ||
Retention payable | 500,000 | ||
Losses, claims, and settlement expenses, gross | 127,600,000 | 126,800,000 | |
Losses, claims, and settlement expenses | $ 82,400,000 | $ 83,300,000 | |
Average five year survival ratio, gross | 6 years 3 months 18 days | 6 years 3 months 18 days | |
Average five year survival ratio, net | 7.1 | 7.2 | |
Minimum [Member] | |||
Supplementary Insurance Information, by Segment | |||
Workers' compensation discount, percent | 3.00% | ||
General liability insurance face amount | $ 1,000,000.0 | ||
Maximum [Member] | |||
Supplementary Insurance Information, by Segment | |||
Workers' compensation discount, percent | 4.00% | ||
General liability insurance face amount | $ 2,000,000.0 |
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - RFIG Run-off (Details) - RFIG Run-off Business [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Supplementary Insurance Information, by Segment | |||
Total incurred claims and settlement expenses reduced (increased) by changes in estimated rescissions, Current year | $ 0.4 | $ 0.6 | $ 0.9 |
Total incurred claims and settlement expenses reduced (increased) by changes in estimated rescissions, Prior year | 0.0 | (0.9) | (12.3) |
Total incurred claims and settlement expenses reduced (increased) by changes in estimated rescissions, Sub-total | 0.3 | (0.3) | (11.4) |
Estimated rescission reduction in settled claims | $ (0.7) | $ (1.3) | $ (4.4) |
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2014 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
Supplementary Insurance Information, by Segment | |||||||
Losses, claims, and settlement expenses | $ 10,671.0 | $ 9,929.5 | $ 9,471.2 | $ 9,237.6 | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 6,679.7 | 6,464.9 | 6,316.4 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | 2,557.8 | 2,577.6 | 2,520.7 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | (83.8) | (30.9) | (77.8) | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | [1] | 2,474.0 | 2,546.6 | 2,442.9 | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 795.5 | 851.5 | 842.2 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 1,337.7 | 1,480.2 | 1,452.2 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, excluding the reclassification of Consumer Credit Indemnity coverage | 2,133.2 | 2,331.7 | 2,294.5 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable | $ 7,020.4 | $ 6,679.7 | $ 6,464.9 | ||||
One year development of consolidated reserves | 1.30% | 0.50% | 1.20% | ||||
Three year average annual development of consolidated reserves | 1.00% | ||||||
General Insurance Segment [Member] | |||||||
Supplementary Insurance Information, by Segment | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 6,021.3 | $ 5,766.1 | 5,471.5 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | $ 2,380.5 | 2,422.7 | 2,346.2 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | (27.4) | 14.5 | (0.2) | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 783.2 | 835.4 | 813.2 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 1,263.1 | 1,346.6 | 1,238.1 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable | 6,328.0 | 6,021.3 | 5,766.1 | ||||
RFIG Run-off Business [Member] | |||||||
Supplementary Insurance Information, by Segment | |||||||
Losses, claims, and settlement expenses | 1.2 | 1.6 | 3.2 | 19.0 | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 118.9 | 154.5 | 271.7 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | [1] | 48.8 | 41.1 | 56.2 | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | [1] | (11.9) | (9.4) | (26.2) | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 1.1 | 3.3 | 3.7 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 27.0 | 64.0 | 143.3 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable | 127.6 | 118.9 | 154.5 | ||||
Increase (Decrease) in Loss and Loss Adjustment Expense Reserve, Current Year | (0.4) | (0.6) | (0.9) | ||||
Increase (Decrease) in Loss and Loss Adjustment Expense Reserve, Prior Year | 0.0 | 0.9 | 12.3 | ||||
Deferred Payment Obligation | $ 657.0 | ||||||
Title Insurance Group [Member] | |||||||
Supplementary Insurance Information, by Segment | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 530.9 | 533.4 | 559.7 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | 117.2 | 99.5 | 96.1 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | (41.8) | (32.1) | (47.7) | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 4.6 | 3.6 | 9.1 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 45.4 | 66.2 | 65.4 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable | 556.1 | 530.9 | 533.4 | ||||
Corporate & Other [Member] | |||||||
Supplementary Insurance Information, by Segment | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 8.4 | 10.8 | 13.5 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | 11.2 | 14.1 | 22.1 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | (2.5) | (3.9) | (3.5) | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 6.4 | 9.1 | 16.0 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 2.0 | 3.3 | 5.2 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable | 8.6 | 8.4 | 10.8 | ||||
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||||
Supplementary Insurance Information, by Segment | |||||||
Reinsurance Recoverables | $ 3,650.5 | $ 3,249.7 | $ 3,006.3 | $ 2,921.1 | |||
|
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - Consolidated - Incurred and Paid Loss Development Tables (Details) $ in Millions |
Dec. 31, 2020
USD ($)
claim
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Dec. 31, 2019
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Dec. 31, 2018
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Dec. 31, 2017
USD ($)
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Dec. 31, 2016
USD ($)
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|---|---|---|---|---|---|---|---|
Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | $ 6,732.1 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,121.7 | |||||||||
Sub-total | 2,610.4 | |||||||||
All outstanding liabilities before 2011, net of reinsurance | 630.7 | |||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | 3,241.1 | |||||||||
General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 1,120.8 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 638.5 | |||||||||
Sub-total | 482.2 | |||||||||
All outstanding liabilities before 2011, net of reinsurance | 159.2 | |||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | 641.5 | |||||||||
Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 7,649.1 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 6,060.7 | |||||||||
Sub-total | 1,588.4 | |||||||||
All outstanding liabilities before 2011, net of reinsurance | 3.0 | |||||||||
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance | 1,591.5 | |||||||||
Accident Year 2011 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 627.6 | $ 626.9 | $ 634.9 | $ 649.3 | $ 641.7 | $ 643.0 | $ 622.5 | $ 595.3 | $ 567.3 | $ 558.6 |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 39.7 | |||||||||
Cumulative Number of Reported Claims* | claim | 53,348 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 557.7 | 550.0 | 539.7 | 526.4 | 503.4 | 469.8 | 424.0 | 361.4 | 266.7 | 112.6 |
Accident Year 2011 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 91.9 | 91.1 | 94.4 | 94.6 | 96.0 | 95.8 | 80.0 | 72.9 | 71.5 | 72.5 |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 7.8 | |||||||||
Cumulative Number of Reported Claims* | claim | 4,747 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 79.8 | 79.7 | 80.7 | 75.3 | 68.9 | 58.7 | 43.6 | 26.0 | 12.1 | 2.5 |
Accident Year 2011 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 533.2 | 534.3 | 537.2 | 539.3 | 549.0 | 549.9 | 582.3 | 584.4 | 599.9 | 591.6 |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 0.9 | |||||||||
Cumulative Number of Reported Claims* | claim | 96,794 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 529.4 | 528.8 | 526.6 | 525.0 | 523.0 | 511.6 | 483.2 | 436.2 | 352.7 | $ 223.1 |
Accident Year 2012 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 651.1 | 654.7 | 660.5 | 671.1 | 676.4 | 678.1 | 670.6 | 647.2 | 629.3 | |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 64.8 | |||||||||
Cumulative Number of Reported Claims* | claim | 49,922 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 539.5 | 531.5 | 518.4 | 496.6 | 469.5 | 426.7 | 361.8 | 265.8 | 113.1 | |
Accident Year 2012 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 105.0 | 105.6 | 108.2 | 109.6 | 107.3 | 100.9 | 89.2 | 91.2 | 95.0 | |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 8.2 | |||||||||
Cumulative Number of Reported Claims* | claim | 5,283 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 93.2 | 90.8 | 86.4 | 75.8 | 67.4 | 50.8 | 36.0 | 18.8 | 5.5 | |
Accident Year 2012 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 551.4 | 552.1 | 558.0 | 558.6 | 573.1 | 575.0 | 603.9 | 619.6 | 622.5 | |
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 2.7 | |||||||||
Cumulative Number of Reported Claims* | claim | 98,048 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 545.5 | 545.3 | 543.9 | 539.1 | 525.9 | 498.6 | 442.9 | 351.4 | $ 229.0 | |
Accident Year 2013 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 691.0 | 689.7 | 717.2 | 726.3 | 722.7 | 716.9 | 705.3 | 700.9 | ||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 76.8 | |||||||||
Cumulative Number of Reported Claims* | claim | 49,017 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 558.3 | 547.0 | 526.8 | 501.9 | 449.8 | 381.2 | 274.3 | 107.6 | ||
Accident Year 2013 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 102.2 | 101.4 | 106.0 | 106.7 | 107.8 | 96.5 | 96.7 | 95.7 | ||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 9.4 | |||||||||
Cumulative Number of Reported Claims* | claim | 5,533 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 88.1 | 86.9 | 85.1 | 76.1 | 58.5 | 34.4 | 13.6 | 4.0 | ||
Accident Year 2013 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 632.5 | 633.4 | 646.4 | 659.7 | 669.6 | 668.5 | 665.4 | 661.5 | ||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 7.0 | |||||||||
Cumulative Number of Reported Claims* | claim | 96,993 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 619.5 | 626.3 | 622.9 | 611.5 | 578.1 | 511.0 | 398.1 | $ 248.3 | ||
Accident Year 2014 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 724.4 | 763.3 | 777.0 | 784.9 | 786.4 | 792.8 | 780.9 | |||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 105.7 | |||||||||
Cumulative Number of Reported Claims* | claim | 54,145 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 544.9 | 524.8 | 499.5 | 466.0 | 397.1 | 293.7 | 116.9 | |||
Accident Year 2014 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 112.3 | 117.1 | 117.0 | 111.0 | 109.4 | 110.4 | 107.0 | |||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 11.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 6,012 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 88.9 | 82.8 | 73.5 | 52.8 | 32.0 | 15.8 | 5.8 | |||
Accident Year 2014 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 683.8 | 687.8 | 688.6 | 688.0 | 691.7 | 689.2 | 687.8 | |||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 13.6 | |||||||||
Cumulative Number of Reported Claims* | claim | 103,227 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 658.4 | 664.9 | 640.3 | 605.4 | 536.9 | 430.5 | $ 267.4 | |||
Accident Year 2015 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 742.4 | 769.1 | 785.5 | 787.3 | 792.6 | 794.3 | ||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 193.6 | |||||||||
Cumulative Number of Reported Claims* | claim | 55,180 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 484.7 | 466.7 | 435.1 | 379.3 | 274.9 | 109.0 | ||||
Accident Year 2015 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 105.8 | 104.8 | 102.3 | 99.2 | 96.3 | 96.0 | ||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 22.0 | |||||||||
Cumulative Number of Reported Claims* | claim | 5,577 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 70.7 | 64.5 | 47.4 | 29.5 | 16.0 | 6.3 | ||||
Accident Year 2015 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 703.4 | 720.7 | 721.4 | 729.7 | 710.5 | 712.4 | ||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 8.7 | |||||||||
Cumulative Number of Reported Claims* | claim | 104,791 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 680.6 | 669.7 | 626.2 | 541.8 | 438.9 | $ 265.1 | ||||
Accident Year 2016 [Member] | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 712.6 | 730.5 | 745.7 | 752.9 | 756.1 | |||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 235.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 52,419 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 408.4 | 383.5 | 334.4 | 253.5 | 102.5 | |||||
Accident Year 2016 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 101.0 | 100.3 | 98.8 | 96.7 | 92.4 | |||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 27.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 83,224 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 58.0 | 47.7 | 34.8 | 18.5 | 7.1 | |||||
Accident Year 2016 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 779.3 | 780.8 | 786.0 | 768.9 | 755.9 | |||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 31.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 110,110 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 710.8 | 677.8 | 585.1 | 469.6 | $ 290.2 | |||||
Short-Duration Insurance Contract, Accident Year 2020 | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 560.9 | |||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 310.1 | |||||||||
Cumulative Number of Reported Claims* | claim | 33,301 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 84.3 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 112.4 | |||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 83.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 4,093 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 4.2 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 941.1 | |||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 142.1 | |||||||||
Cumulative Number of Reported Claims* | claim | 97,067 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 290.1 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 657.4 | 664.6 | ||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 243.7 | |||||||||
Cumulative Number of Reported Claims* | claim | 51,102 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 239.8 | 102.9 | ||||||||
Short-Duration Insurance Contract, Accident Year 2019 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 131.9 | 133.5 | ||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 61.5 | |||||||||
Cumulative Number of Reported Claims* | claim | 375,183 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 29.5 | 6.4 | ||||||||
Short-Duration Insurance Contract, Accident Year 2019 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 959.7 | 931.1 | ||||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 66.6 | |||||||||
Cumulative Number of Reported Claims* | claim | 136,389 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 549.0 | 330.4 | ||||||||
Short-duration Insurance Contracts, Accident Year 2018 | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 681.0 | 691.5 | 698.6 | |||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 232.9 | |||||||||
Cumulative Number of Reported Claims* | claim | 52,145 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 320.5 | 240.6 | 94.8 | |||||||
Short-duration Insurance Contracts, Accident Year 2018 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 125.1 | 119.7 | 120.5 | |||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 28.8 | |||||||||
Cumulative Number of Reported Claims* | claim | 461,673 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 48.9 | 28.8 | 6.9 | |||||||
Short-duration Insurance Contracts, Accident Year 2018 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 989.9 | 947.9 | 883.2 | |||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 46.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 127,772 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 730.4 | 557.5 | 330.0 | |||||||
Short-duration Insurance Contracts, Accident Year 2017 | Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 683.4 | 700.3 | 713.9 | 727.0 | ||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 195.1 | |||||||||
Cumulative Number of Reported Claims* | claim | 51,674 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 383.1 | 334.8 | 244.6 | 99.6 | ||||||
Short-duration Insurance Contracts, Accident Year 2017 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 132.8 | 129.6 | 121.4 | 111.2 | ||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 22.0 | |||||||||
Cumulative Number of Reported Claims* | claim | 460,409 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 76.9 | 50.1 | 25.9 | 5.7 | ||||||
Short-duration Insurance Contracts, Accident Year 2017 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted) | 874.4 | 869.2 | 819.1 | 788.7 | ||||||
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 39.3 | |||||||||
Cumulative Number of Reported Claims* | claim | 116,378 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 746.5 | $ 657.1 | $ 512.0 | $ 307.9 |
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - Consolidated - Reconciliation of Claims Development to Liability (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|---|---|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | $ 6,059.7 | $ 5,766.7 | ||||
Reinsurance recoverable on claim reserves | 3,645.1 | 3,242.8 | ||||
Insurance coverages other than short-duration | 654.5 | 621.5 | ||||
Unallocated loss adjustment expense reserves | 311.6 | 298.3 | ||||
Insurance lines other than short-duration and unallocated loss adjustment expense reserves | 966.2 | 919.9 | ||||
Losses, claims, and settlement expenses | 10,671.0 | 9,929.5 | $ 9,471.2 | $ 9,237.6 | ||
Workers' compensation discount, amount | 196.9 | 209.6 | $ 216.5 | |||
Three above coverages combined [Member] | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | 5,277.2 | 5,093.1 | ||||
Reinsurance recoverable on claim reserves | 3,341.3 | 2,997.4 | ||||
Workers' Compensation [Member] | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | [1] | 3,044.1 | 3,079.1 | |||
Reinsurance recoverable on claim reserves | 1,885.0 | 1,808.5 | ||||
General Liability [Member] | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | 641.5 | 610.9 | ||||
Reinsurance recoverable on claim reserves | 667.9 | 643.7 | ||||
Commercial Automobile [Member] | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | 1,591.5 | 1,403.0 | ||||
Reinsurance recoverable on claim reserves | 788.3 | 545.1 | ||||
Other short-duration insurance lines [Member] | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Net claim and allocated loss adjustment expense reserves | 782.4 | 673.5 | ||||
Reinsurance recoverable on claim reserves | $ 303.8 | $ 245.3 | ||||
|
Summary of Significant Accounting Policies Losses, Claims and Settlement Expenses - Consolidated - Historical Average Annual Payout of Incurred Claims (Details) |
Dec. 31, 2020 |
---|---|
Workers' compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 15.50% |
Year 2 | 22.60% |
Year 3 | 13.70% |
Year 4 | 8.70% |
Year 5 | 5.60% |
Year 6 | 3.80% |
Year 7 | 3.20% |
Year 8 | 1.90% |
Year 9 | 1.40% |
Year 10 | 1.20% |
General liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 4.90% |
Year 2 | 12.50% |
Year 3 | 16.20% |
Year 4 | 17.90% |
Year 5 | 15.70% |
Year 6 | 8.40% |
Year 7 | 6.10% |
Year 8 | 3.70% |
Year 9 | 0.60% |
Year 10 | 0.00% |
Commercial automobile [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 37.00% |
Year 2 | 23.40% |
Year 3 | 16.10% |
Year 4 | 10.50% |
Year 5 | 5.20% |
Year 6 | 2.30% |
Year 7 | 0.20% |
Year 8 | (0.20%) |
Year 9 | 0.20% |
Year 10 | 0.10% |
Summary of Significant Accounting Policies Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Effective Tax Rate Reconciliation [Line Items] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Tax-Exempt interest | (0.50%) | (0.20%) | (0.80%) |
Dividends received exclusion | (1.80%) | (0.90%) | (2.40%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Meals and Entertainment, Percent | 0.10% | 0.20% | 0.50% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.00% | (2.40%) |
Other items - net | 0.10% | 0.00% | (0.50%) |
Effective tax rates (credit) | 18.90% | 20.10% | 15.40% |
Deferred Tax Assets [Abstract] | |||
Deferred Tax Assets, losses, claims, and settlement expenses | $ 201.6 | $ 195.2 | $ 189.8 |
Deferred Tax Assets, Pension and deferred compensation plans | 63.0 | 48.3 | 47.8 |
Deferred Tax Assets, Net operating loss carryforward | 11.7 | 13.8 | 15.8 |
Deferred Tax Assets, AMT credit carryforward | 9.0 | 9.0 | 9.0 |
Deferred Tax Asset - Operating Lease Right of Use Asset | 52.0 | 49.9 | 0.0 |
Deferred Tax Assets, Other temporary differences | 15.7 | 15.0 | 18.0 |
Total deferred tax assets | 353.2 | 331.4 | 280.8 |
Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilties, Unearned premium reserves | 41.6 | 34.5 | 33.4 |
Deferred Tax Liabilities, Deferred policy acquisition costs | 65.0 | 63.7 | 62.6 |
Deferred Tax Liabilities, Mortgage Guaranty Insurers’ Contingency Reserve | 0.0 | 0.0 | 86.5 |
Deferred Tax Liabilities, Amortization of fixed maturity securities | 4.4 | 3.4 | 2.6 |
Deferred Tax Liabilities, Net unrealized investment gains | 295.9 | 257.8 | 57.4 |
Deferred Tax Liabilities, Title plants and records | 2.8 | 2.9 | 2.9 |
Deferred tax Liabilities - TCJA Discounted reserves transition adjustment | 17.2 | 19.5 | 32.0 |
Deferred Tax Liability - Operating Lease Liability | 48.4 | 46.8 | 0.0 |
Deferred Tax Liabilities, Other temporary differences | 14.9 | 14.7 | 13.4 |
Deferred Tax Liabilities, Gross | 490.6 | 443.5 | 291.0 |
Deferred Tax Liabilities, Net | (137.3) | (112.2) | $ (10.3) |
Operating loss carryforwards | 56.0 | ||
Contingency reserve deduction | $ (412.2) | ||
Maximum [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards | $ 9.8 |
Summary of Significant Accounting Policies Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 26.9 | $ 26.8 | $ 27.6 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of the assets | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of the assets | 27 years |
Summary of Significant Accounting Policies Goodwill and Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill [Roll Forward] | ||
Goodwill | $ 175.1 | $ 174.0 |
Acquisitions | 0.0 | 1.1 |
Impairments | 0.0 | 0.0 |
Goodwill | 175.1 | 175.1 |
General Insurance Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 116.2 | 116.2 |
Acquisitions | 0.0 | 0.0 |
Impairments | 0.0 | 0.0 |
Goodwill | 116.2 | 116.2 |
Title Insurance Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 58.7 | 57.5 |
Acquisitions | 0.0 | 1.1 |
Impairments | 0.0 | 0.0 |
Goodwill | 58.7 | 58.7 |
Corporate & Other [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 0.1 | 0.1 |
Acquisitions | 0.0 | 0.0 |
Impairments | 0.0 | 0.0 |
Goodwill | $ 0.1 | $ 0.1 |
Summary of Significant Accounting Policies Employee Benefit Plans (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015
USD ($)
shares
|
Dec. 31, 2020
USD ($)
plan
shares
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
shares
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Securities at Net Asset Value | $ 16.8 | $ 21.6 | ||
stock acquired during period value employee stock ownership plan | $ 34.0 | 50.0 | $ 50.0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 471.1 | |||
Fair value of net assets available for plan benefits at end of year | 462.7 | 471.1 | ||
Net pretax amount recognized | 84.8 | 6.8 | (6.9) | |
Estimated future cash contributions next year | $ 0.0 | |||
Employee savings and stock ownership plan, number of allocated shares | shares | 18,084,861 | |||
Employee savings and stock ownership plan, number of allocated shares to employees | shares | 11,342,050 | |||
Employees Savings and Stock Ownership Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined contribution plan, cost recognized | $ 30.6 | 21.7 | 12.9 | |
Other profit sharing plans [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined contribution plan, cost recognized | 24.0 | 18.4 | 20.7 | |
Cash and deferred incentive compensation [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined contribution plan, cost recognized | 53.7 | 48.3 | 46.7 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 406.8 | |||
Fair value of net assets available for plan benefits at end of year | 409.1 | 406.8 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 57.0 | |||
Fair value of net assets available for plan benefits at end of year | 49.0 | 57.0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 7.2 | |||
Fair value of net assets available for plan benefits at end of year | $ 4.5 | 7.2 | ||
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of benefit plans | plan | 1 | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | $ 586.4 | 530.1 | 579.2 | |
Interest cost | 19.1 | 22.6 | 20.8 | |
Actuarial (gains) losses | 60.8 | 59.8 | (44.4) | |
Benefits paid | (26.6) | (26.0) | (25.4) | |
Net increase (decrease) for the year | 53.3 | 56.3 | (49.1) | |
Projected benefit obligation at end of year | 639.7 | 586.4 | 530.1 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 492.8 | 430.2 | 453.7 | |
Actual return on plan assets | 6.8 | 82.1 | (12.0) | |
Sponsor contributions | 6.6 | 6.5 | 14.0 | |
Benefits paid | (26.6) | (26.0) | (25.4) | |
Net increase (decrease) for year | (13.1) | 62.5 | (23.5) | |
Fair value of net assets available for plan benefits at end of year | 479.6 | 492.8 | 430.2 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (160.1) | (93.6) | (99.8) | |
Net cost | (11.0) | (3.0) | (6.6) | |
Net recognized loss | $ (224.8) | $ (140.5) | $ (137.1) | |
Settlement discount rates | 2.45% | 3.35% | ||
Settlement discount rates | 3.35% | 4.40% | 3.70% | |
Long-term rates of return on plans' assets | 7.00% | 7.00% | 7.00% | |
Expected future benefit payments in year one | $ 31.1 | |||
Expected future benefit payments in year two | 31.8 | |||
Expected future benefit payments in year three | 32.7 | |||
Expected future benefit payments in year four | 33.3 | |||
Expected future benefit payments in year five | 33.6 | |||
Expected future benefit payments in five fiscal years thereafter | $ 170.1 | |||
Total investments | 100.00% | 100.00% | ||
Pension Plans, Defined Benefit [Member] | Common shares of Company stock [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 63.2 | |||
Fair value of net assets available for plan benefits at end of year | $ 55.7 | $ 63.2 | ||
Total investments | 11.70% | 12.90% | ||
Pension Plans, Defined Benefit [Member] | Common shares of Company stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 63.2 | |||
Fair value of net assets available for plan benefits at end of year | 55.7 | $ 63.2 | ||
Pension Plans, Defined Benefit [Member] | Common shares of Company stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Common shares of Company stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Equity securities, other [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 330.7 | |||
Fair value of net assets available for plan benefits at end of year | $ 341.7 | $ 330.7 | ||
Total investments | 74.00% | 71.20% | ||
Pension Plans, Defined Benefit [Member] | Equity securities, other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 330.7 | |||
Fair value of net assets available for plan benefits at end of year | 341.7 | $ 330.7 | ||
Pension Plans, Defined Benefit [Member] | Equity securities, other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Equity securities, other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 394.0 | |||
Fair value of net assets available for plan benefits at end of year | $ 397.4 | $ 394.0 | ||
Total investments | 85.70% | 84.10% | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 394.0 | |||
Fair value of net assets available for plan benefits at end of year | 397.4 | $ 394.0 | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 61.1 | |||
Fair value of net assets available for plan benefits at end of year | $ 51.0 | $ 61.1 | ||
Total investments | 10.60% | 12.40% | ||
Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 4.1 | |||
Fair value of net assets available for plan benefits at end of year | 2.0 | $ 4.1 | ||
Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 57.0 | |||
Fair value of net assets available for plan benefits at end of year | 49.0 | 57.0 | ||
Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 15.9 | |||
Fair value of net assets available for plan benefits at end of year | $ 14.2 | $ 15.9 | ||
Total investments | 3.70% | 3.50% | ||
Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | $ 8.6 | |||
Fair value of net assets available for plan benefits at end of year | 9.6 | $ 8.6 | ||
Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 0.0 | |||
Fair value of net assets available for plan benefits at end of year | 0.0 | 0.0 | ||
Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of net assets available for plan benefits at beginning of year | 7.2 | |||
Fair value of net assets available for plan benefits at end of year | $ 4.5 | $ 7.2 | ||
Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
stock acquired during period shares employee stock ownership plan | shares | 2,200,000 | 3,337,000 | 2,383,625 | |
Minimum [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 40.00% | |||
Minimum [Member] | Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 15.00% | |||
Minimum [Member] | Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 1.00% | |||
Maximum [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 80.00% | |||
Maximum [Member] | Pension Plans, Defined Benefit [Member] | Fixed maturity securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 60.00% | |||
Maximum [Member] | Pension Plans, Defined Benefit [Member] | Benefit plan assets, Other [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Investment Policy Asset Allocation % Range Target | 10.00% |
Summary of Significant Accounting Policies Escrow Funds (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Liabilties Related to Escrow | $ 1,718.1 | $ 1,743.0 |
Title Insurance Group [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Escrow Deposit | $ 1,718.1 | $ 1,743.0 |
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Net income (loss) | $ 519.7 | $ 246.0 | $ 397.7 | $ (604.8) | $ 275.8 | $ 202.8 | $ 165.5 | $ 412.2 | $ 558.6 | $ 1,056.4 | $ 370.5 | |||||
Net Income (Loss) Available to Common Stockholders, Basic | 558.6 | 1,056.4 | 370.5 | |||||||||||||
Adjustment for interest expense incurred on assumed conversions of convertible notes | 0.0 | 0.0 | 3.1 | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 558.6 | $ 1,056.4 | $ 373.6 | |||||||||||||
Weighted Average Number of Shares Issued, Basic | [1] | 298,407,921 | 299,885,468 | 294,248,871 | ||||||||||||
Effect of dilutive securities - stock based compensation awards | 490,752 | 1,342,247 | 1,398,329 | |||||||||||||
Effect of dilutive securities - convertible senior notes | 0 | 0 | 5,368,876 | |||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 298,474,209 | 297,990,822 | 297,776,315 | 300,280,398 | 301,557,866 | 301,384,364 | 300,752,992 | 300,172,853 | 298,898,673 | [1] | 301,227,715 | [1] | 301,016,076 | [1] | ||
Net income (loss) per share: basic (in dollars per share) | $ 1.74 | $ 0.83 | $ 1.34 | $ (2.01) | $ 0.92 | $ 0.68 | $ 0.55 | $ 1.38 | $ 1.87 | $ 3.52 | $ 1.26 | |||||
Earnings Per Share, Diluted (in dollars per share) | $ 1.74 | $ 0.83 | $ 1.34 | $ (2.01) | $ 0.91 | $ 0.67 | $ 0.55 | $ 1.37 | $ 1.87 | $ 3.51 | $ 1.24 | |||||
Stockbased compensation awards [Member] | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Total anti-dulitive common share equivalents excluded from earnings per share computations (in shares) | 5,853,469 | 1,200,250 | 0 | |||||||||||||
|
Summary of Significant Accounting Policies Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share contractual period | 10 years | |||||
Number of shares available for future issuances | 6,900,000 | |||||
Maximum Number of Common Stock Shares Available Under 2016 Stock Option Plan | 15,000,000.0 | |||||
Award vesting rate, within one year of grant date | 10.00% | |||||
Award vesting rate, between year one and year two | 15.00% | |||||
Award vesting rate, between year two and year three | 20.00% | |||||
Award vesting rate, between year three and year four | 25.00% | |||||
Award vesting rate, between year four and year five | 30.00% | |||||
Expected volatility | 17.00% | 18.00% | 20.00% | |||
Share-based compensation expense | $ 2.1 | $ 3.7 | $ 3.8 | |||
Income tax benefit | $ 0.4 | $ 0.7 | $ 0.8 | |||
Expected dividends | 5.72% | 4.10% | 4.03% | |||
Expected term (in years) | 7 years | 7 years | 7 years | |||
Risk-free rate | 0.72% | 2.54% | 2.81% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at beginning of year | 8,009,237 | 7,163,567 | 6,565,019 | |||
Granted | 1,901,100 | 1,777,500 | 1,539,500 | |||
Exercised | 397,653 | 848,923 | 881,917 | |||
Forfeited and canceled | 18,033 | 82,907 | 59,035 | |||
Options, outstanding at end of year | 9,494,651 | 8,009,237 | 7,163,567 | |||
Exercisable at end of year | 6,138,602 | 5,100,009 | 4,556,350 | |||
Options, outstanding, weighted average exercise price | $ 18.36 | $ 18.43 | $ 17.24 | $ 15.76 | ||
Granted, Weighted Average Exercise Price | 17.24 | 21.14 | 20.98 | |||
Exercised, Weighted Average Exercise Price | 14.44 | 14.14 | 12.86 | |||
Forfeited and canceled, Weighted Average Exercise Price | 16.72 | 17.05 | 16.54 | |||
Exercisable at end of year, Weighted Average Exercise Price | 17.81 | 17.18 | 15.83 | |||
Weighted average fair value of options granted during the year | [1] | $ 0.88 | $ 2.35 | $ 2.71 | ||
Total unrecognized compensation cost | $ 2.7 | |||||
Unrecognized stock compensation costs, weighted average remaining contractual term | 3 years | |||||
Cash received from stock option exercise | $ 5.7 | $ 12.0 | $ 11.3 | |||
Intrinsic value of stock options exercised | 2.8 | 6.8 | 7.5 | |||
Actual tax benefit realized for tax deductions from stock options exercised | $ 0.5 | $ 1.4 | $ 1.5 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Restricted common stock vesting period | 3 years | |||||
Range of Exercise Prices, $12.33 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 154,620 | |||||
Exercisable at end of year | 154,620 | |||||
Options, outstanding, weighted average exercise price | $ 12.33 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 12.33 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 3 months | |||||
Range of Exercise Prices, $10.80 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 272,441 | |||||
Exercisable at end of year | 272,441 | |||||
Options, outstanding, weighted average exercise price | $ 10.80 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 10.80 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 1 year 3 months | |||||
Range of Exercise Prices, $12.57 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 357,700 | |||||
Exercisable at end of year | 357,700 | |||||
Options, outstanding, weighted average exercise price | $ 12.57 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 12.57 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 2 years 3 months | |||||
Range of Exercise Prices, $16.06 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 614,442 | |||||
Exercisable at end of year | 614,442 | |||||
Options, outstanding, weighted average exercise price | $ 16.06 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 16.06 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 3 years 3 months | |||||
Range of Exercise Prices, $15.26 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 658,479 | |||||
Exercisable at end of year | 658,479 | |||||
Options, outstanding, weighted average exercise price | $ 15.26 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 15.26 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months | |||||
Range of Exercise Prices, $18.14 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 1,004,277 | |||||
Exercisable at end of year | 1,004,277 | |||||
Options, outstanding, weighted average exercise price | $ 18.14 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 18.14 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 5 years 3 months | |||||
Range of Exercise Prices, $19.98 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 1,272,599 | |||||
Exercisable at end of year | 990,510 | |||||
Options, outstanding, weighted average exercise price | $ 19.98 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 19.98 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 6 years 3 months | |||||
Range of Exercise Prices, $20.98 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 1,500,338 | |||||
Exercisable at end of year | 864,707 | |||||
Options, outstanding, weighted average exercise price | $ 20.98 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 20.98 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 7 years 3 months | |||||
Range of Exercise Prices, $21.12 to $21.99 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 1,761,255 | |||||
Exercisable at end of year | 738,395 | |||||
Options, outstanding, weighted average exercise price | $ 21.14 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 21.13 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 8 years 3 months | |||||
Range of Exercise Prices, $16.17 to $22.72 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Options, outstanding at end of year | 1,898,500 | |||||
Exercisable at end of year | 483,031 | |||||
Options, outstanding, weighted average exercise price | $ 17.24 | |||||
Exercisable at end of year, Weighted Average Exercise Price | $ 17.19 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Life | 9 years 3 months | |||||
|
Summary of Significant Accounting Policies Regulatory Matters (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2014
USD ($)
|
Dec. 31, 2020
USD ($)
jurisdiction
|
Dec. 31, 2014
USD ($)
|
Jun. 30, 2014 |
Jun. 30, 2012 |
|
Loss Contingencies [Line Items] | |||||
Number of Jurisdictions | jurisdiction | 16 | ||||
Mortgage Guaranty Insurers' Contingency Reserves | $ 316.7 | ||||
RFIG Run-off Business [Member] | |||||
Loss Contingencies [Line Items] | |||||
Risk to Capital Ratio | 25 | ||||
Percentage of Claims To Be Paid In Cash | 100.00% | ||||
Proceeds from Contributions from Parent | $ 125.0 | ||||
Deferred Payment Obligation, Percentage | 40.00% | ||||
Deferred Payment Obligation | $ 657.0 | ||||
Statutory Capital | $ 435.2 | ||||
Amount Above Minimum Policyholder Position | 363.7 | ||||
Minimum Policyholder Position | $ 71.5 |
Summary of Significant Accounting Policies Credit Losses (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Retained earnings | $ 4,394.8 | $ 4,386.0 | |
Accounting Standards Update 2016-13 | |||
total credit loss allowance relating to financial assets | 36.5 | $ 30.1 | |
Reinsurance Recoverable, Allowance for Credit Loss | 16.0 | 14.5 | |
Accounts Receivable, Allowance for Credit Loss | $ 20.5 | 15.5 | |
Accounting Standards Update 2016-13 | Revision of Prior Period, Accounting Standards Update, Adjustment | |||
Retained earnings | $ 2.3 |
Summary of Significant Accounting Policies Statement Presentation (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net premiums earned | $ 6,345.8 | $ 5,919.9 | [1] | $ 5,651.1 | [1] | ||
Title, escrow, and other fees | 391.9 | 321.1 | 289.8 | ||||
Underwriting Acquisition And Other Expenses | $ 3,942.4 | 3,525.4 | 3,317.7 | ||||
Revision of Prior Period, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net premiums earned | 421.5 | 397.7 | |||||
Title, escrow, and other fees | 174.7 | 160.6 | |||||
Underwriting Acquisition And Other Expenses | $ 246.8 | $ 237.0 | |||||
|
Debt (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | |||
Fair value | $ 1,113.6 | $ 1,050.0 | |
Debt and Lease Obligation | 966.4 | 974.0 | |
2020 | 21.7 | ||
2021 | 0.0 | ||
2022 | 0.0 | ||
2023 | 400.0 | ||
2024 and after | 550.0 | ||
Interest Expense, Debt | 42.5 | $ 43.2 | $ 47.2 |
Senior Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400.0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |
Fair value | $ 457.7 | $ 439.5 | |
Debt and Lease Obligation | $ 397.9 | $ 397.3 | |
Maturity date of debt | Oct. 01, 2024 | Oct. 01, 2024 | |
Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 550.0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% | |
Fair value | $ 634.1 | $ 580.0 | |
Debt and Lease Obligation | $ 546.8 | $ 546.2 | |
Maturity date of debt | Aug. 26, 2026 | Aug. 26, 2026 | |
Other Miscellaneous Debt [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Fair value | $ 21.7 | $ 30.4 | |
Debt and Lease Obligation | $ 21.7 | $ 30.4 |
Debt Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | $ 966.4 | $ 974.0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | 0.0 | 0.0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | 1,091.9 | 1,019.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | 21.7 | 30.4 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | 1,113.6 | 1,050.0 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Lease Obligation | $ 966.4 | $ 974.0 |
Shareholders' Equity Preferred Stock (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020
series
vote
$ / shares
shares
|
Dec. 31, 2019
shares
|
|
Class of Stock | ||
Preferred Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares, Issued | 0 | 0 |
Series A Preferred Stock [Member] | ||
Class of Stock | ||
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, Number of Designated Series | series | 1 | |
Preferred stock, dividend rate, per dollar-amount | $ / shares | $ 1.00 | |
Multiple of Aggregate Share Amount | 100 | |
Preferred Stock Rights to Vote | vote | 100 |
Shareholders' Equity Common Stock (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2020 |
Dec. 31, 2018 |
Dec. 31, 2019 |
|
Class of Stock | ||||
Common Stock, Voting Rights | 1 | |||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Shares, Issued | 304,122,180 | 303,652,553 | ||
stock acquired during period value employee stock ownership plan | $ 34.0 | $ 50.0 | $ 50.0 | |
Common Class B [Member] | ||||
Class of Stock | ||||
Common Stock, Voting Rights | 0.1 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Shares, Issued | 0 | 0 | ||
Common Stock, shares outstanding | 0 | 0 | ||
Common Stock [Member] | ||||
Class of Stock | ||||
Common Stock, Shares Authorized | 500,000,000 | |||
stock acquired during period shares employee stock ownership plan | 2,200,000 | 3,337,000 | 2,383,625 |
Shareholders' Equity Cash Dividend Restrictions (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
C Cash Dividend Restrictions [Abstract] | |||
Amount available for dividend distribution without prior approval from regulatory agency | $ 699.3 | ||
Dividends declared to the Company by it subsidiaries | $ 472.4 | $ 399.5 | $ 412.3 |
Shareholders' Equity Cash Dividends (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2017 |
|
Equity [Abstract] | |||
Special dividend declared in December 2017 and paid in January 2018 | $ 1.00 | ||
Special dividend declared in December 2020 and paid in January 2021 | $ 1.00 | ||
Special Dividend, Per Share, Paid | $ 1.00 |
Commitments and Contingent Liabilities Reinsurance and Retention Limits (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Reinsurance Unrecoverable Amount | $ 0 | $ 0 | |||||
Direct Premiums Earned | 7,993,200,000 | 7,358,200,000 | [1] | $ 6,926,100,000 | [1] | ||
Assumed Premiums Earned | 71,500,000 | 57,400,000 | [1] | 54,600,000 | [1] | ||
Ceded Premiums Earned | 1,718,900,000 | 1,495,800,000 | [1] | 1,329,700,000 | [1] | ||
General Insurance Group [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Workers Compensation Insurance, Maximum Coverage Limit | 5,200,000 | ||||||
Commercial Auto Liability Compensation Insurance, Maximum Coverage Limit | 6,400,000 | ||||||
General Liabiltity Insurance, Maximum Coverage Limit | 6,400,000 | ||||||
Executive Protection Insurance, Maximum Coverage Limit | 12,000,000.0 | ||||||
Aviation Insurance, Maximum Coverage Limit | 2,000,000.0 | ||||||
Property Coverages Insurance, Maximum Coverage Limit | 5,000,000.0 | ||||||
Workers Compensation, Coverage Limit | 200,000,000.0 | ||||||
Reinsurance Limits | 195,000,000.0 | ||||||
Reinsurance Limits for Acts of Terrorism | 5,000,000.0 | ||||||
Facultative reinsurance limit | $ 200,000,000.0 | ||||||
Reinsurance Recoverable, Concentration Risk Ten Largest Insurers, Percentage | 56.00% | ||||||
Reinsurance Recoverable, Concentration Risk Largest Insurer, Percentage | 10.50% | ||||||
Reinsurance Recoverable, Concentration Risk Ten Largest Insurers, Percentage of A Rating or Better | 57.40% | ||||||
Reinsurance Recoverable, Concentration Risk Ten Largest Insurers, Percentage From Foreign Unrated Companies | 25.40% | ||||||
Reinsurance Recoverable, Concentration Risk Ten Largest Insurers, Percentage From Domestic Unrated Companies | 17.20% | ||||||
Direct Premiums Written | $ 5,206,900,000 | 4,966,400,000 | 4,673,400,000 | ||||
Assumed Premiums Written | 70,600,000 | 66,900,000 | 58,100,000 | ||||
Ceded Premiums Written | 1,846,200,000 | 1,564,300,000 | 1,351,100,000 | ||||
Direct Premiums Earned | 5,030,200,000 | 4,857,000,000.0 | 4,534,800,000 | ||||
Assumed Premiums Earned | 70,300,000 | 56,400,000 | 55,800,000 | ||||
Ceded Premiums Earned | 1,706,300,000 | 1,481,100,000 | 1,313,500,000 | ||||
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded | 1,100,700,000 | 910,200,000 | 745,000,000.0 | ||||
RFIG Run-off Business [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Average Direct Primary Mortgage Guaranty Exposure, Per Insured Loan | 37,000 | ||||||
Direct Premiums Written | 44,300,000 | 57,500,000 | 73,900,000 | ||||
Assumed Premiums Written | 0 | 0 | 0 | ||||
Ceded Premiums Written | 0 | 0 | 0 | ||||
Direct Premiums Earned | 45,100,000 | 59,200,000 | 75,900,000 | ||||
Assumed Premiums Earned | 0 | 0 | 0 | ||||
Ceded Premiums Earned | 0 | 0 | 0 | ||||
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded | 0 | 0 | 0 | ||||
Insurance in force, direct | 7,883,200,000 | 10,156,800,000 | 13,100,500,000 | ||||
Insurance in force, assumed | 0 | 0 | 0 | ||||
Insurance in force, ceded | 0 | 0 | 0 | ||||
Title Insurance Group [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Title Insurance Risk, Per Policy | 500,000,000.0 | ||||||
Title Insurance Risk Exposure, Per Policy | 1,000,000.0 | ||||||
Direct Premiums Earned | 2,892,800,000 | 2,412,800,000 | [1] | 2,281,000,000.0 | [1] | ||
Assumed Premiums Earned | 1,600,000 | 1,900,000 | [1] | 2,300,000 | [1] | ||
Ceded Premiums Earned | $ 100,000 | $ 0 | [1] | $ 0 | [1] | ||
|
Commitments and Contingent Liabilities Textuals (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 01, 2019 |
|
Loss Contingencies [Line Items] | ||||
Rental expense for leased premises | $ 73.9 | $ 73.0 | $ 69.0 | |
Operating Leases, Rent Expense | 64.0 | 64.9 | ||
Operating Leases, Future Minimum Payments Due, Current | 61.3 | 59.0 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 54.0 | 50.6 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 43.7 | 42.9 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 34.0 | 33.5 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 27.1 | 24.4 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 96.4 | 100.9 | ||
Operating Lease, Liability | $ 247.6 | 238.0 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.37% | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 7 months 6 days | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 69.3 | 73.6 | ||
Operating Leases, Future Minimum Payments Due | 316.8 | 311.6 | ||
Retained earnings | 4,394.8 | $ 4,386.0 | ||
Affiliated Entity [Member] | Financial Guarantee [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Current Carrying Value | $ 12.5 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 226.9 | |||
Operating Lease, Liability | 241.4 | |||
Retained earnings | $ 18.4 |
Consolidated Quarterly Results - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||
Net premiums, fees, and other income | [1] | $ 1,938.8 | $ 1,764.6 | $ 1,571.5 | $ 1,594.0 | $ 1,721.6 | $ 1,667.6 | $ 1,550.0 | $ 1,434.2 | |||||||||||||||||||
Net investment income and realized gains (losses) | 484.3 | 187.1 | 455.4 | (830.0) | 280.2 | 176.3 | 150.0 | 480.1 | ||||||||||||||||||||
Total revenues | 2,423.2 | [1] | 1,951.7 | [1] | 2,027.0 | [1] | 764.0 | [1] | 2,001.9 | [1] | 1,844.0 | [1] | 1,700.0 | [1] | 1,914.4 | [1] | $ 7,166.0 | [2] | $ 7,460.5 | [2] | $ 6,258.8 | [2] | ||||||
Benefits, claims, and expenses | 1,770.9 | [1] | 1,644.7 | [1] | 1,527.8 | [1] | 1,534.0 | [1] | 1,655.9 | [1] | 1,591.6 | [1] | 1,494.6 | [1] | 1,395.9 | [1] | 6,477.5 | 6,138.1 | 5,820.7 | |||||||||
Net income (loss) | $ 519.7 | $ 246.0 | $ 397.7 | $ (604.8) | $ 275.8 | $ 202.8 | $ 165.5 | $ 412.2 | $ 558.6 | $ 1,056.4 | $ 370.5 | |||||||||||||||||
Net income (loss) per share: basic (in dollars per share) | $ 1.74 | $ 0.83 | $ 1.34 | $ (2.01) | $ 0.92 | $ 0.68 | $ 0.55 | $ 1.38 | $ 1.87 | $ 3.52 | $ 1.26 | |||||||||||||||||
Net income (loss) per share: diluted (in dollars per share) | $ 1.74 | $ 0.83 | $ 1.34 | $ (2.01) | $ 0.91 | $ 0.67 | $ 0.55 | $ 1.37 | $ 1.87 | $ 3.51 | $ 1.24 | |||||||||||||||||
weighted average number of shares outstanding, basic | 297,960,133 | 297,729,418 | 297,523,559 | 300,280,398 | 300,138,720 | 299,894,995 | 299,418,182 | 299,020,956 | 298,407,921 | 299,885,468 | 294,248,871 | |||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 298,474,209 | 297,990,822 | 297,776,315 | 300,280,398 | 301,557,866 | 301,384,364 | 300,752,992 | 300,172,853 | 298,898,673 | [3] | 301,227,715 | [3] | 301,016,076 | [3] | ||||||||||||||
|
Information About Segments of Business Textuals (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020
segment
| |
Segment Reporting Information | |
Number of major segments | 3 |
Concentration Risk, Percentage | 10.00% |
Revenue, major customer, number | 1 |
Hombuyers down payment percentage | 20.00% |
General Insurance Group [Member] | Commercial Automobile [Member] | |
Segment Reporting Information | |
Largest types of Coverages - percentage of direct premiums | 37.70% |
General Insurance Group [Member] | Workers' Compensation [Member] | |
Segment Reporting Information | |
Largest types of Coverages - percentage of direct premiums | 25.00% |
Information About Segments of Business (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
[2] | Jun. 30, 2020 |
[2] | Mar. 31, 2020 |
[2] | Dec. 31, 2019 |
Sep. 30, 2019 |
[2] | Jun. 30, 2019 |
[2] | Mar. 31, 2019 |
[2] | Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||
Segment Reporting Information | ||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 10.00% | |||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Net premiums earned | $ 6,345.8 | $ 5,919.9 | [1] | $ 5,651.1 | [1] | |||||||||||||||||||||||||||||
Title, escrow and other fees | 391.9 | 321.1 | 289.8 | |||||||||||||||||||||||||||||||
Sub-total | 6,737.8 | 6,241.1 | 5,940.9 | |||||||||||||||||||||||||||||||
Total operating revenues | 7,308.0 | 6,824.4 | 6,494.4 | |||||||||||||||||||||||||||||||
Consolidated net realized investment gains (losses) | 14.2 | 36.6 | 58.2 | |||||||||||||||||||||||||||||||
Consolidated revenues | $ 2,423.2 | [2] | $ 1,951.7 | $ 2,027.0 | $ 764.0 | $ 2,001.9 | [2] | $ 1,844.0 | $ 1,700.0 | $ 1,914.4 | 7,166.0 | [3] | 7,460.5 | [3] | 6,258.8 | [3] | ||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Consolidated net realized investment gains (losses) | 14.2 | 36.6 | 58.2 | |||||||||||||||||||||||||||||||
Consolidated income (loss) before income taxes (credits) | 688.4 | 1,322.4 | 438.1 | |||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | 129.7 | 265.9 | 67.5 | |||||||||||||||||||||||||||||||
Income tax expense (credits) on consolidated net realized investment gains (losses) | (29.8) | 133.8 | (49.6) | |||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | 22,815.2 | 21,076.3 | 22,815.2 | 21,076.3 | ||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (156.2) | 599.5 | (293.8) | |||||||||||||||||||||||||||||||
Gain (Loss) on Investments | (142.0) | 636.1 | (235.6) | |||||||||||||||||||||||||||||||
General Insurance Group [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Net premiums earned | [4] | 3,394.2 | 3,432.4 | 3,277.1 | ||||||||||||||||||||||||||||||
Net investment income and other income | [4] | 482.6 | 488.4 | 462.3 | ||||||||||||||||||||||||||||||
Total operating revenues | [4] | 3,876.8 | 3,920.8 | 3,739.4 | ||||||||||||||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | [4],[5] | 439.8 | 370.2 | 363.9 | ||||||||||||||||||||||||||||||
Interest charges on intercompany financing arrangements | 63.0 | 71.5 | 68.0 | |||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | [4] | 82.6 | 69.9 | 62.6 | ||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | 19,226.1 | 17,870.0 | 19,226.1 | 17,870.0 | ||||||||||||||||||||||||||||||
Title Insurance Group [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Net premiums earned | [3] | 2,894.4 | 2,414.8 | 2,283.3 | ||||||||||||||||||||||||||||||
Title, escrow and other fees | [3] | 391.9 | 321.1 | 289.8 | ||||||||||||||||||||||||||||||
Sub-total | [3] | 3,286.3 | 2,736.0 | 2,573.1 | ||||||||||||||||||||||||||||||
Net investment income and other income | 42.9 | 42.1 | 39.2 | |||||||||||||||||||||||||||||||
Total operating revenues | [3] | 3,329.3 | 2,778.1 | 2,612.4 | ||||||||||||||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | [5] | 344.0 | 230.8 | 219.3 | ||||||||||||||||||||||||||||||
Interest charges on intercompany financing arrangements | 2.8 | 5.5 | 6.1 | |||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | 72.0 | 49.5 | 46.2 | |||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | 1,920.9 | 1,695.0 | 1,920.9 | 1,695.0 | ||||||||||||||||||||||||||||||
RFIG Run-off Business [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Net premiums earned | [4] | 45.1 | 59.2 | 75.9 | ||||||||||||||||||||||||||||||
Net investment income and other income | [4] | 15.2 | 17.6 | 20.1 | ||||||||||||||||||||||||||||||
Total operating revenues | [4] | 60.4 | 76.8 | 96.1 | ||||||||||||||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | [4] | 9.8 | 30.3 | 49.9 | ||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | [4] | 1.5 | 5.8 | 10.1 | ||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | 582.9 | 615.1 | 582.9 | 615.1 | ||||||||||||||||||||||||||||||
Total of major segments [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Consolidated revenues | [3] | 7,266.6 | 6,775.9 | 6,448.1 | ||||||||||||||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Consolidated income (loss) before income taxes (credits) | 793.7 | 631.4 | 633.2 | |||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | 156.2 | 125.3 | 119.0 | |||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | 21,730.0 | 20,180.2 | 21,730.0 | 20,180.2 | ||||||||||||||||||||||||||||||
Other sources - net [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Consolidated revenues | [6] | 149.6 | 170.0 | 169.1 | ||||||||||||||||||||||||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Consolidated income (loss) before income taxes (credits) | [6] | 36.7 | 54.8 | 40.4 | ||||||||||||||||||||||||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||||||||||||||||||||||||
Income tax expense (credits) | [6] | 3.4 | 6.6 | (1.8) | ||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | [6] | 1,318.2 | 1,095.4 | 1,318.2 | 1,095.4 | |||||||||||||||||||||||||||||
Consolidation elimination adjustments [Member] | ||||||||||||||||||||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||||||||||||||||||||
Net premiums earned | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||
Consolidated revenues | (108.2) | (121.4) | $ (122.7) | |||||||||||||||||||||||||||||||
Consolidated assets [Abstract] | ||||||||||||||||||||||||||||||||||
Assets | $ (233.0) | $ (199.3) | $ (233.0) | $ (199.3) | ||||||||||||||||||||||||||||||
|
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Segment Reporting, Asset Reconciling Item | ||||
Assets | $ 22,815.2 | $ 21,076.3 | ||
General Insurance Group [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 19,226.1 | 17,870.0 | ||
Title Insurance Group [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 1,920.9 | 1,695.0 | ||
RFIG Run-off Business [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 582.9 | 615.1 | ||
Total of major segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 21,730.0 | 20,180.2 | ||
All Other Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | [1] | 1,318.2 | 1,095.4 | |
Business Intersegment, Eliminations [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | $ (233.0) | $ (199.3) | ||
|
Transactions with Affiliates (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
Transactions with Affiliates | |||||||
Premiums earned, Assumed from Old Republic | $ 71.5 | $ 57.4 | [1] | $ 54.6 | [1] | ||
Premiums earned, Ceded to Old Republic | 1,718.9 | 1,495.8 | [1] | 1,329.7 | [1] | ||
American Business & Mercantile Insurance Mutual [Member] | |||||||
Transactions with Affiliates | |||||||
Premiums earned, Assumed from Old Republic | 3.6 | 3.2 | 2.3 | ||||
Premiums earned, Ceded to Old Republic | 0.3 | 0.4 | 0.4 | ||||
Commission and fees, Assumed from Old Republic | 1.1 | 1.0 | 0.7 | ||||
Commissions and fees, Ceded to Old Republic | 0.0 | 0.0 | 0.0 | ||||
Losses and loss expenses, Assumed from Old Republic | 2.4 | (0.5) | (2.3) | ||||
Losses and loss expenses, Ceded to Old Republic | 0.8 | (0.2) | (0.5) | ||||
Loss and loss expense reserves, Assumed from Old Republic | 8.7 | 10.5 | 11.9 | ||||
Loss and loss expense reserves, Ceded to Old Republic | 3.9 | 3.4 | 4.0 | ||||
Unearned premiums, Assumed from Old Republic | 0.0 | 0.0 | 0.0 | ||||
Unearned premiums, Ceded to Old Republic | 0.0 | 0.0 | $ 0.0 | ||||
Mutual's statutory capital included surplus notes due to Old Republic | 10.5 | 10.5 | |||||
Total statutory capital | $ 44.3 | $ 46.4 | |||||
|
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Available-for-sale Securities, Amortized Cost Basis | $ 10,647.3 | |||
Available-for-sale Securities | 11,246.4 | $ 9,280.9 | ||
Investment Owned, at Cost | [1] | 13,945.9 | ||
Investments | 15,330.1 | $ 14,359.2 | ||
Short-term Investments [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 749.6 | ||
Amount at which shown in balance sheet | 749.6 | |||
Other investments [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 28.8 | ||
Amount at which shown in balance sheet | 28.8 | |||
Fixed maturity securities [Member] | United States Government and government agencies and authorities [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 1,801.5 | ||
Fair Value | 1,891.4 | |||
Amount at which shown in balance sheet | 1,891.4 | |||
Fixed maturity securities [Member] | States, municipalities and political subdivisions [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 997.1 | ||
Fair Value | 1,063.5 | |||
Amount at which shown in balance sheet | 1,063.5 | |||
Fixed maturity securities [Member] | Foreign government [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 165.5 | ||
Fair Value | 171.8 | |||
Amount at which shown in balance sheet | 171.8 | |||
Fixed maturity securities [Member] | Corporate, industrial and all other [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 6,933.3 | ||
Fair Value | 7,370.0 | |||
Amount at which shown in balance sheet | 7,370.0 | |||
Fixed maturity securities [Member] | Fixed Maturities [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 9,897.6 | ||
Fair Value | 10,496.8 | |||
Amount at which shown in balance sheet | 10,496.8 | |||
Equity Securities [Member] | Non-redeemable preferred stock [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 0.6 | ||
Fair Value | 1.2 | |||
Amount at which shown in balance sheet | 1.2 | |||
Equity Securities [Member] | Banks, trust and insurance companies [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 111.0 | ||
Fair Value | 184.6 | |||
Amount at which shown in balance sheet | 184.6 | |||
Equity Securities [Member] | Industrial, miscellaneous, and all others [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 3,108.2 | ||
Fair Value | 3,814.2 | |||
Amount at which shown in balance sheet | 3,814.2 | |||
Equity Securities [Member] | Indexed mutual funds [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 49.8 | ||
Fair Value | 54.6 | |||
Amount at which shown in balance sheet | 54.6 | |||
Equity Securities [Member] | Equity Securities [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data | ||||
Cost | [1] | 3,269.7 | ||
Fair Value | 4,054.8 | |||
Amount at which shown in balance sheet | $ 4,054.8 | |||
|
Schedule II - Condensed Financial Information of Registrant Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Assets: | ||
Short-term investments | $ 749.6 | $ 484.3 |
Other assets | 790.0 | 748.5 |
Total Assets | 22,815.2 | 21,076.3 |
Liabilities: | ||
Debt | 966.4 | 974.0 |
Commitments and contingent liabilities | ||
Total Liabilities | 16,628.5 | 15,076.1 |
Common Shareholders' Equity: | ||
Common stock | 304.1 | 303.6 |
Additional paid-in capital | 1,306.9 | 1,297.5 |
Retained earnings | 4,394.8 | 4,386.0 |
Accumulated other comprehensive income (loss) | 284.0 | 77.7 |
Unallocated ESSOP shares (at cost) | (103.2) | (64.8) |
Total Common Shareholders' Equity | 6,186.6 | 6,000.1 |
Liabilities and Common Shareholders' Equity: | ||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | 22,815.2 | 21,076.3 |
Parent Company [Member] | ||
Assets: | ||
Bond and notes | 10.5 | 10.5 |
Short-term investments | 32.7 | 17.1 |
Cash | 1.9 | 1.9 |
Investments in, and indebtedness of related parties | 7,668.0 | 7,131.8 |
Other assets | 113.9 | 93.2 |
Total Assets | 7,827.1 | 7,254.7 |
Liabilities: | ||
Accounts payable and accrued expenses | 530.3 | 154.1 |
Debt | 964.2 | 969.6 |
Indebtedness to affiliates and subsidiaries | 145.7 | 130.8 |
Commitments and contingent liabilities | ||
Total Liabilities | 1,640.4 | 1,254.5 |
Common Shareholders' Equity: | ||
Common stock | 304.1 | 303.6 |
Additional paid-in capital | 1,306.9 | 1,297.5 |
Retained earnings | 4,394.8 | 4,386.0 |
Accumulated other comprehensive income (loss) | 284.0 | 77.7 |
Unallocated ESSOP shares (at cost) | (103.2) | (64.8) |
Total Common Shareholders' Equity | 6,186.6 | 6,000.1 |
Liabilities and Common Shareholders' Equity: | ||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ 7,827.1 | $ 7,254.7 |
Schedule II - Condensed Financial Information of Registrant Statements of Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Investment income from subsidiaries | $ 438.9 | $ 450.7 | $ 431.8 | |||||||||||||||||||||||
Realized Investment Gains Losses From Sales | 14.2 | 38.6 | 58.2 | |||||||||||||||||||||||
Total revenues | $ 2,423.2 | [1] | $ 1,951.7 | [1] | $ 2,027.0 | [1] | $ 764.0 | [1] | $ 2,001.9 | [1] | $ 1,844.0 | [1] | $ 1,700.0 | [1] | $ 1,914.4 | [1] | 7,166.0 | [2] | 7,460.5 | [2] | 6,258.8 | [2] | ||||
Expenses: | ||||||||||||||||||||||||||
Federal income taxes (credits) | 129.7 | 265.9 | 67.5 | |||||||||||||||||||||||
Net Income (Loss) | $ 519.7 | $ 246.0 | $ 397.7 | $ (604.8) | $ 275.8 | $ 202.8 | $ 165.5 | $ 412.2 | 558.6 | 1,056.4 | 370.5 | |||||||||||||||
Parent Company [Member] | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Investment income from subsidiaries | 89.5 | 105.1 | 101.7 | |||||||||||||||||||||||
Real estate and other income | 4.6 | 5.0 | 5.0 | |||||||||||||||||||||||
Other investment income | 0.4 | 0.9 | 2.0 | |||||||||||||||||||||||
Realized Investment Gains Losses From Sales | 0.0 | (0.2) | 0.0 | |||||||||||||||||||||||
Total revenues | 94.7 | 110.9 | 108.9 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Interest - subsidiaries | 3.8 | 3.1 | 2.1 | |||||||||||||||||||||||
Interest - other | 42.3 | 42.9 | 47.0 | |||||||||||||||||||||||
Real estate and other expenses | 4.8 | 4.7 | 4.6 | |||||||||||||||||||||||
General expenses, taxes and fees | 14.6 | 13.4 | 15.3 | |||||||||||||||||||||||
Total expenses | 65.7 | 64.3 | 69.1 | |||||||||||||||||||||||
Revenues, net of expenses | 29.0 | 46.6 | 39.7 | |||||||||||||||||||||||
Federal income taxes (credits) | 5.0 | 8.8 | 1.5 | |||||||||||||||||||||||
Income (loss) before equity in earnings (losses) of subsidiaries | 23.9 | 37.7 | 38.2 | |||||||||||||||||||||||
Dividends received | 472.4 | 411.8 | 412.3 | |||||||||||||||||||||||
Earnings (losses) in excess of dividends | 62.3 | 606.9 | (80.0) | |||||||||||||||||||||||
Net Income (Loss) | $ 558.6 | $ 1,056.4 | $ 370.5 | |||||||||||||||||||||||
|
Schedule II - Condensed Financial Information of Registrant Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ 519.7 | $ 246.0 | $ 397.7 | $ (604.8) | $ 275.8 | $ 202.8 | $ 165.5 | $ 412.2 | $ 558.6 | $ 1,056.4 | $ 370.5 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Income taxes - net | (18.3) | 37.2 | (69.5) | ||||||||
Realized Investment Gains Losses From Sales | (14.2) | (38.6) | (58.2) | ||||||||
Accounts payable, accrued expenses and other | 176.2 | 88.0 | 30.0 | ||||||||
Total | 1,185.0 | 936.2 | 760.5 | ||||||||
Cash flows from investing activities: | |||||||||||
Maturities and early calls | 1,280.1 | 779.0 | 964.0 | ||||||||
Net decrease (increase) in short-term investments | (265.0) | (129.7) | 314.2 | ||||||||
Total | (845.2) | (424.6) | (239.5) | ||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common shares | 6.7 | 13.8 | 13.1 | ||||||||
Redemption of debentures and notes | (8.6) | (8.4) | (4.7) | ||||||||
Origination of Loans to Employee Stock Ownership Plans | (50.0) | 0.0 | (50.0) | ||||||||
Dividends on common shares | (250.1) | (538.7) | (498.8) | ||||||||
Other - net | 2.0 | 0.2 | (6.0) | ||||||||
Total | (300.0) | (533.1) | (546.5) | ||||||||
Increase (decrease) in cash: | 39.8 | (21.4) | (25.6) | ||||||||
Cash, beginning of year | 78.8 | 100.3 | 78.8 | 100.3 | 125.9 | ||||||
Cash, end of year | 118.7 | 78.8 | 118.7 | 78.8 | 100.3 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | 558.6 | 1,056.4 | 370.5 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Accounts receivable | 0.3 | (0.7) | 0.2 | ||||||||
Income taxes - net | 4.4 | 0.4 | (23.4) | ||||||||
Excess of equity in net (income) loss of subsidiaries over cash dividends received | (62.3) | (620.0) | 80.0 | ||||||||
Realized Investment Gains Losses From Sales | 0.0 | 0.2 | 0.0 | ||||||||
Accounts payable, accrued expenses and other | 4.6 | (1.0) | 2.2 | ||||||||
Total | 505.7 | 435.3 | 429.6 | ||||||||
Cash flows from investing activities: | |||||||||||
Sale of fixed assets for company use | 0.0 | 0.4 | 0.0 | ||||||||
Purchase of fixed assets for company use | (3.2) | 0.0 | 0.0 | ||||||||
Net repayment (issuance) of notes to related parties | (275.0) | 102.5 | (114.2) | ||||||||
Net decrease (increase) in short-term investments | (15.6) | (10.8) | 266.6 | ||||||||
Investment In,And Indebtedness Of Related Parties, Net | 37.7 | 10.9 | (104.0) | ||||||||
Total | (256.1) | 103.0 | 48.3 | ||||||||
Cash flows from financing activities: | |||||||||||
Net receipt (repayment) of notes and loans from related parties | 48.4 | (10.3) | 50.7 | ||||||||
Issuance of common shares | 6.7 | 13.8 | 13.1 | ||||||||
Redemption of debentures and notes | (6.5) | (6.5) | (4.7) | ||||||||
Origination of Loans to Employee Stock Ownership Plans | (50.0) | 0.0 | (50.0) | ||||||||
Dividends on common shares | (250.1) | (538.7) | (498.8) | ||||||||
Other - net | 1.8 | 0.2 | (3.1) | ||||||||
Total | (249.6) | (541.5) | (492.8) | ||||||||
Increase (decrease) in cash: | 0.0 | (3.1) | (14.9) | ||||||||
Cash, beginning of year | $ 1.9 | $ 5.0 | 1.9 | 5.0 | 20.0 | ||||||
Cash, end of year | $ 1.9 | $ 1.9 | $ 1.9 | $ 1.9 | $ 5.0 |
Schedule II - Condensed Financial Information of Registrant Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||
Debt and Lease Obligation | $ 966.4 | $ 974.0 |
Senior Notes Due 2026 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt and Lease Obligation | $ 546.8 | $ 546.2 |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% |
Debt Instrument, Face Amount | $ 550.0 | |
Senior Notes Due 2024 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt and Lease Obligation | $ 397.9 | $ 397.3 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% |
Debt Instrument, Face Amount | $ 400.0 |
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | $ 328.0 | $ 325.4 | [1] | $ 316.3 | [1] | ||||||||
Losses, Claims and Settlement Expenses | 10,671.0 | 9,929.5 | [1] | 9,471.2 | [1] | ||||||||
Unearned Premiums | 2,397.1 | 2,224.7 | [1] | 2,104.9 | [1] | ||||||||
Other Policyholders' Benefits and Funds | 195.9 | 194.4 | [1] | 198.6 | [1] | ||||||||
Premium Revenue | 6,345.8 | 5,919.9 | [1] | 5,651.1 | [1] | ||||||||
Net Investment Income | 438.9 | 450.7 | [1] | 431.8 | [1] | ||||||||
Benefits, Claims, Losses and Settlement Expenses | 2,491.4 | 2,572.7 | [1] | 2,460.7 | [1] | ||||||||
Amortization of Deferred Policy Acquisition Costs | 501.5 | 532.2 | [1] | 489.6 | [1] | ||||||||
Other Operating Expenses | 3,484.5 | 3,033.1 | [1] | 2,870.2 | [1] | ||||||||
Premiums Written | 6,382.1 | 5,954.8 | [1] | 5,752.4 | [1] | ||||||||
Reinsurance Recoverables Policy And Claim Reserves | 4,295.1 | 3,755.3 | 3,428.6 | ||||||||||
General Insurance Segment [Member] | |||||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | 327.2 | 324.0 | 314.1 | ||||||||||
Losses, Claims and Settlement Expenses | 6,328.0 | 6,021.3 | 5,766.1 | ||||||||||
Unearned Premiums | 1,765.2 | 1,733.0 | 1,696.4 | ||||||||||
Other Policyholders' Benefits and Funds | 133.8 | 129.1 | 130.8 | ||||||||||
Premium Revenue | 3,394.2 | 3,432.4 | 3,277.1 | ||||||||||
Net Investment Income | 352.2 | 356.4 | 341.0 | ||||||||||
Benefits, Claims, Losses and Settlement Expenses | 2,372.0 | 2,464.6 | 2,365.8 | ||||||||||
Amortization of Deferred Policy Acquisition Costs | 500.9 | 531.5 | 488.4 | ||||||||||
Other Operating Expenses | 564.0 | 554.3 | 521.2 | ||||||||||
Premiums Written | 3,431.3 | 3,469.0 | 3,380.4 | ||||||||||
Title Insurance Group [Member] | |||||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | 0.0 | 0.0 | [1] | 0.0 | [1] | ||||||||
Losses, Claims and Settlement Expenses | 556.1 | 530.9 | [1] | 533.4 | [1] | ||||||||
Unearned Premiums | 0.0 | 0.0 | [1] | 0.0 | [1] | ||||||||
Other Policyholders' Benefits and Funds | 6.5 | 6.0 | [1] | 6.3 | [1] | ||||||||
Premium Revenue | 2,894.4 | 2,414.8 | [1] | 2,283.3 | [1] | ||||||||
Net Investment Income | 42.0 | 41.4 | [1] | 38.8 | [1] | ||||||||
Benefits, Claims, Losses and Settlement Expenses | 75.3 | 67.4 | [1] | 48.3 | [1] | ||||||||
Amortization of Deferred Policy Acquisition Costs | 0.0 | 0.0 | [1] | 0.0 | [1] | ||||||||
Other Operating Expenses | 2,909.9 | 2,479.8 | [1] | 2,344.7 | [1] | ||||||||
Premiums Written | 2,894.4 | 2,414.8 | [1] | 2,283.3 | [1] | ||||||||
RFIG Run-off Business [Member] | |||||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | 0.0 | 0.0 | 0.0 | ||||||||||
Losses, Claims and Settlement Expenses | 127.6 | 118.9 | 154.5 | ||||||||||
Unearned Premiums | 0.4 | 1.3 | 3.0 | ||||||||||
Other Policyholders' Benefits and Funds | 0.0 | 0.0 | 0.0 | ||||||||||
Premium Revenue | 45.1 | 59.2 | 75.9 | ||||||||||
Net Investment Income | 15.2 | 17.6 | 20.1 | ||||||||||
Benefits, Claims, Losses and Settlement Expenses | 36.9 | 31.7 | 29.9 | ||||||||||
Amortization of Deferred Policy Acquisition Costs | 0.0 | 0.0 | 0.0 | ||||||||||
Other Operating Expenses | 13.6 | 14.8 | 16.3 | ||||||||||
Premiums Written | 44.3 | 57.5 | 73.9 | ||||||||||
Corporate & Other [Member] | |||||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | [2] | 0.8 | 1.4 | 2.2 | |||||||||
Losses, Claims and Settlement Expenses | [2] | 8.6 | 8.4 | 10.8 | |||||||||
Unearned Premiums | [2] | 0.0 | 0.0 | 0.0 | |||||||||
Other Policyholders' Benefits and Funds | [2] | 42.4 | 44.0 | 44.6 | |||||||||
Premium Revenue | [2] | 12.0 | 13.4 | 14.6 | |||||||||
Net Investment Income | [3] | 29.4 | 35.1 | 31.7 | |||||||||
Benefits, Claims, Losses and Settlement Expenses | [3] | 7.1 | 8.8 | 16.7 | |||||||||
Amortization of Deferred Policy Acquisition Costs | [3] | 0.5 | 0.7 | 1.2 | |||||||||
Other Operating Expenses | [3] | (3.1) | (15.9) | (12.0) | |||||||||
Premiums Written | [3] | 12.0 | 13.3 | 14.6 | |||||||||
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||||||||||
Supplementary Insurance Information, by Segment | |||||||||||||
Deferred Policy Acquisition Costs | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Losses, Claims and Settlement Expenses | [4] | 3,650.5 | 3,249.7 | 3,006.3 | |||||||||
Unearned Premiums | [4] | 631.4 | 490.4 | 405.4 | |||||||||
Other Policyholders' Benefits and Funds | [4] | 13.1 | 15.1 | 16.8 | |||||||||
Premium Revenue | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Net Investment Income | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Benefits, Claims, Losses and Settlement Expenses | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Amortization of Deferred Policy Acquisition Costs | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Other Operating Expenses | [4] | 0.0 | 0.0 | 0.0 | |||||||||
Premiums Written | [4] | $ 0.0 | $ 0.0 | $ 0.0 | |||||||||
|
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 7,993.2 | $ 7,358.2 | [1] | $ 6,926.1 | [1] | ||
Ceded Premiums Earned | 1,718.9 | 1,495.8 | [1] | 1,329.7 | [1] | ||
Assumed Premiums Earned | 71.5 | 57.4 | [1] | 54.6 | [1] | ||
Net premiums earned | $ 6,345.8 | $ 5,919.9 | [1] | $ 5,651.1 | [1] | ||
Percentage of amount assumed to net | 1.10% | 1.00% | [1] | 1.00% | [1] | ||
Life Insurance in Force [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 1,665.7 | $ 2,119.0 | $ 3,383.2 | ||||
Ceded Premiums Earned | 936.8 | 1,135.9 | 1,865.4 | ||||
Assumed Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Net premiums earned | $ 728.8 | $ 983.0 | $ 1,517.7 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
Life Insurance [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 7.8 | $ 9.5 | $ 11.9 | ||||
Ceded Premiums Earned | 2.4 | 3.8 | 5.0 | ||||
Assumed Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Net premiums earned | $ 5.3 | $ 5.7 | $ 6.8 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
General Insurance [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 5,030.2 | $ 4,857.0 | $ 4,534.8 | ||||
Ceded Premiums Earned | 1,706.3 | 1,481.1 | 1,313.5 | ||||
Assumed Premiums Earned | 70.3 | 56.4 | 55.8 | ||||
Net premiums earned | $ 3,394.2 | $ 3,432.4 | $ 3,277.1 | ||||
Percentage of amount assumed to net | 2.10% | 1.60% | 1.70% | ||||
Title Insurance Group [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 2,892.8 | $ 2,412.8 | [1] | $ 2,281.0 | [1] | ||
Ceded Premiums Earned | 0.1 | 0.0 | [1] | 0.0 | [1] | ||
Assumed Premiums Earned | 1.6 | 1.9 | [1] | 2.3 | [1] | ||
Net premiums earned | $ 2,894.4 | $ 2,414.8 | [1] | $ 2,283.3 | [1] | ||
Percentage of amount assumed to net | 0.10% | 0.10% | [1] | 0.10% | [1] | ||
RFIG Run-off Business [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 45.1 | $ 59.2 | $ 75.9 | ||||
Ceded Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Assumed Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Net premiums earned | $ 45.1 | $ 59.2 | $ 75.9 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
Accident and health Insurance [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 17.1 | $ 19.5 | $ 22.3 | ||||
Ceded Premiums Earned | 10.4 | 11.8 | 14.5 | ||||
Assumed Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Net premiums earned | $ 6.6 | $ 7.6 | $ 7.8 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
Life & Health Insurance [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 24.9 | $ 29.0 | $ 34.3 | ||||
Ceded Premiums Earned | 12.9 | 15.6 | 19.6 | ||||
Assumed Premiums Earned | 0.0 | 0.0 | 0.0 | ||||
Net premiums earned | $ 12.0 | $ 13.4 | $ 14.6 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
Business Intersegment, Eliminations [Member] | |||||||
Reinsurance Premiums for Insurance Companies, by Product Segment | |||||||
Gross amount | $ 0.0 | $ 0.0 | $ 0.0 | ||||
Ceded Premiums Earned | (0.4) | (0.9) | (3.4) | ||||
Assumed Premiums Earned | (0.4) | (0.9) | (3.4) | ||||
Net premiums earned | $ 0.0 | $ 0.0 | $ 0.0 | ||||
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||
|
Schedule V - Valuation and Qualifying Accounts (Details) - Reserve for unrecoverable reinsurance [Member] - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $ 0.0 | $ 0.0 | $ 15.9 | |||
Charged to Cost and Expenses | 6.4 | 0.0 | 0.0 | |||
Charged to Other Accounts - Describe | 30.1 | [1] | 0.0 | 0.0 | ||
Deductions - Describe | 0.0 | 0.0 | (15.9) | |||
Balance at End of Period | $ 36.5 | $ 0.0 | $ 0.0 | |||
|
Schedule VI - Supplemental Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
Supplemental Information for Property, Casualty Insurance Underwriters | |||||||
Current Year Claims and Claims Adjustment Expenses | $ 2,557.8 | $ 2,577.6 | $ 2,520.7 | ||||
Prior Year Claims and Claims Adjustment Expenses | (83.8) | (30.9) | (77.8) | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters, Consolidated Property and Casualty Insurance Entity [Member] | |||||||
Supplemental Information for Property, Casualty Insurance Underwriters | |||||||
Deferred Policy Acquisition Costs | [1] | 327.2 | 324.0 | 314.1 | |||
Reserves for Unpaid Claims and Claims Adjustment Expenses | [1],[2] | 6,328.0 | 6,021.3 | 5,756.0 | |||
Discount If Any Deducted From Reserves | [1] | 196.9 | 209.6 | 216.5 | |||
Unearned Premiums | [1],[2] | 1,765.2 | 1,733.0 | 1,696.4 | |||
Earned Premiums | [1] | 3,394.2 | 3,433.3 | 3,278.6 | |||
Net Investment Income | [1] | 352.2 | 356.7 | 341.9 | |||
Current Year Claims and Claims Adjustment Expenses | [1] | 2,380.5 | 2,424.1 | 2,350.2 | |||
Prior Year Claims and Claims Adjustment Expenses | [1] | (27.4) | 12.4 | (6.4) | |||
Amortization of Deferred Policy Acquisition Costs | [1] | 500.9 | 531.5 | 488.4 | |||
Paid Claims and Claims Adjustment Expenses | [1] | 2,046.3 | 2,171.3 | 2,083.0 | |||
Premiums Written | [1] | $ 3,431.3 | $ 3,469.3 | $ 3,382.0 | |||
|
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