Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Consolidation, Subsidiary, Effects of Changes

. The following table reflects a summary of all such adjustments:

	Shareholders' Equity				Net Income (Loss)
	December 31,				Years Ended December 31,
	2020		2019		2020		2019		2018
Statutory totals of insurance
company subsidiaries (a):
General	$	4,244.0	$	4,263.5	$	285.0	$	332.2	$	290.5
Title	648.3		599.0		182.6		145.1		110.5
RFIG Run-off	118.5		120.7		1.9		(62.8)		44.9
Life & Accident	50.3		46.8		3.3		3.9		.9
Sub-total	5,061.1		5,030.0		472.8		418.4		446.8
GAAP totals of non-insurance company
subsidiaries and consolidation adjustments	753.1		844.9		28.4		153.2		8.8
Unadjusted totals	5,814.2		5,875.0		501.0		571.6		455.6
Adjustments to conform to GAAP statements:
Deferred policy acquisition costs	211.7		204.3		7.4		9.4		17.2
Investment adjustments	589.7		258.1		4.5		466.3		(198.2)
Non-admitted assets	139.0		116.3		—		—		—
Deferred income taxes	(203.0)		(121.8)		23.6		(5.8)		38.7
Mortgage contingency reserves	316.7		352.5		—		—		—
Title insurance premium reserves	625.6		571.7		53.9		25.8		23.3
Loss reserves	(474.8)		(449.3)		(24.8)		(7.9)		38.3
Surplus notes	(841.5)		(808.0)		—		—		—
Sundry adjustments	8.8		.7		(7.3)		(3.2)		(4.4)
Total adjustments	372.2		124.7		57.5		484.5		(85.0)
Consolidated GAAP totals	$	6,186.6	$	6,000.1	$	558.6	$	1,056.4	$	370.5

__________

(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.

Amortized Cost and Estimated Fair Values Of Fixed Maturities

	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	$	1,967.1	$	96.4	$	.3	$	2,063.2
Tax-exempt	997.1		66.3		—		1,063.5
Corporate	6,933.3		440.1		3.4		7,370.0
	$	9,897.6	$	602.9	$	3.8	$	10,496.8
December 31, 2019:
Available for sale:
U.S. & Canadian Governments	$	1,842.3	$	36.9	$	.4	$	1,878.8
Corporate	6,694.9		225.5		2.8		6,917.6
	$	8,537.3	$	262.5	$	3.3	$	8,796.5
Held to maturity:
Tax-exempt	$	1,021.7	$	36.5	$	—	$	1,058.2

Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities

	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	$	971.5	$	981.6
Due after one year through five years	5,641.5		5,968.4
Due after five years through ten years	3,108.0		3,366.5
Due after ten years	176.5		180.2
	$	9,897.6	$	10,496.8

Equity Securities Reflecting Reported Adjusted Cost, Net Of OTTI

	Equity Securities
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2020	$	3,269.7	$	1,028.1	$	243.0	$	4,054.8
December 31, 2019	$	3,089.1	$	968.0	$	26.6	$	4,030.5

Gross Unrealized Losses and Fair Value, Aggregated

	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	$	416.4	$	.3	$	—	$	—	$	416.4	$	.3
Corporate	333.6		3.4		—		—		333.6		3.4
	$	750.0	$	3.8	$	—	$	—	$	750.0	$	3.8
Number of available for sale
securities in unrealized
loss position			74				3				77
December 31, 2019:
Fixed Maturity Securities:
Available for sale:
U.S. & Canadian Governments	$	217.2	$	.3	$	53.0	$	.1	$	270.3	$	.4
Corporate	176.4		1.9		54.3		.8		230.7		2.8
	$	393.7	$	2.3	$	107.4	$	1.0	$	501.1	$	3.3
Number of available for sale
securities in unrealized
loss position			54				47				101
Held to maturity:
Tax-exempt	$	—	$	—	$	21.7	$	—	$	21.7	$	—
Number of held to maturity
securities in unrealized
loss position			—				8				8

Fair Value, Assets Measured on Recurring Basis

	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	$	1,262.2	$	801.0	$	—	$	2,063.2
Tax-exempt	—		1,063.5		—		1,063.5
Corporate	—		7,359.5		10.5		7,370.0
Short-term investments	749.6		—		—		749.6
Equity securities	$	4,052.9	$	—	$	1.8	$	4,054.8
As of December 31, 2019:
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,068.1	$	810.7	$	—	$	1,878.8
Corporate	—		6,907.1		10.5		6,917.6
Short-term investments	484.3		—		—		484.3
Held to maturity:
Fixed maturity securities:
Tax-exempt	—		1,058.2		—		1,058.2
Equity securities	$	4,028.7	$	—	$	1.7	$	4,030.5

Investment Income

Years Ended December 31:	2020		2019		2018
Investment income from:
Fixed maturity securities	$	289.8	$	300.3	$	299.2
Equity securities	149.8		141.3		124.0
Short-term investments	2.2		10.1		9.8
Other sources	3.5		5.8		4.9
Gross investment income	445.6		457.7		438.1
Investment expenses (a)	6.6		6.9		6.2
Net investment income	$	438.9	$	450.7	$	431.8
Investment gains (losses):
From actual transactions:
Fixed maturity securities:
Gains	$	10.9	$	9.7	$	2.4
Losses	(18.4)		(11.7)		(7.2)
Net	(7.4)		(1.9)		(4.8)
Equity securities:
Gains	22.5		153.1		71.9
Losses	(1.2)		(109.9)		(10.4)
Net	21.3		43.2		61.4
Other long-term investments, net	.3		(2.5)		1.6
Total from actual transactions	14.2		38.6		58.2
From impairments	—		(2.0)		—
From unrealized 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)
Current and deferred income taxes (credits)	(29.8)		133.8		(49.6)
Net of tax realized and unrealized investment gains (losses)	$	(112.1)	$	502.2	$	(185.9)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity on:
Fixed maturity securities	$	339.4	$	362.6	$	(221.9)
Less: Deferred income taxes (credits)	71.6		76.3		(46.6)
	267.7		286.2		(175.2)
Other long-term investments	3.2		1.2		(1.3)
Less: Deferred income taxes (credits)	.6		.2		(0.2)
	2.5		1.0		(1.0)
Net changes in unrealized investment gains (losses), net of tax	$	270.3	$	287.2	$	(176.3)

__________

(a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.

Capitalization of Deferred Policy Acquisition Costs

Years Ended December 31:	2020		2019		2018
Deferred, beginning of year	$	325.4	$	316.3	$	297.8
Acquisition costs deferred:
Commissions - net of reinsurance	326.0		360.8		332.2
Premium taxes	127.4		130.2		123.5
Salaries and other underwriting expenses	50.7		50.3		52.3
Sub-total	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

Unearned Premiums

At December 31, 2020 and 2019, unearned premiums consisted of the following:

As of December 31:	2020		2019
General Insurance Group	$	2,396.7	$	2,223.4
RFIG Run-off Business	.4		1.3
Total	$	2,397.1	$	2,224.7

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.

	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

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.

Years Ended December 31:	2020		2019		2018
Gross reserves at beginning of year	$	9,929.5	$	9,471.2	$	9,237.6
Less: reinsurance losses recoverable	3,249.7		3,006.3		2,921.1
Net reserves at beginning of year:
General Insurance	6,021.3		5,766.1		5,471.5
Title Insurance	530.9		533.4		559.7
RFIG Run-off	118.9		154.5		271.7
Other	8.4		10.8		13.5
Sub-total	6,679.7		6,464.9		6,316.4
Incurred claims and claim adjustment expenses:
Provisions for insured events of the current year:
General Insurance	2,380.5		2,422.7		2,346.2
Title Insurance	117.2		99.5		96.1
RFIG Run-off (a)	48.8		41.1		56.2
Other	11.2		14.1		22.1
Sub-total	2,557.8		2,577.6		2,520.7
Change in provision for insured events of prior years:
General Insurance	(27.4)		14.5		(.2)
Title Insurance	(41.8)		(32.1)		(47.7)
RFIG Run-off (a)	(11.9)		(9.4)		(26.2)
Other	(2.5)		(3.9)		(3.5)
Sub-total	(83.8)		(30.9)		(77.8)
Total incurred claims and claim adjustment expenses (a)	2,474.0		2,546.6		2,442.9
Payments:
Claims and claim adjustment expenses attributable to
insured events of the current year:
General Insurance	783.2		835.4		813.2
Title Insurance	4.6		3.6		9.1
RFIG Run-off	1.1		3.3		3.7
Other	6.4		9.1		16.0
Sub-total	795.5		851.5		842.2
Claims and claim adjustment expenses attributable to
insured events of prior years:
General Insurance	1,263.1		1,346.6		1,238.1
Title Insurance	45.4		66.2		65.4
RFIG Run-off	27.0		64.0		143.3
Other	2.0		3.3		5.2
Sub-total	1,337.7		1,480.2		1,452.2
Total payments	2,133.2		2,331.7		2,294.5
Amount of reserves for unpaid claims and claim adjustment expenses
at the end of each year, net of reinsurance losses recoverable:
General Insurance	6,328.0		6,021.3		5,766.1
Title Insurance	556.1		530.9		533.4
RFIG Run-off	127.6		118.9		154.5
Other	8.6		8.4		10.8
Sub-total	7,020.4		6,679.7		6,464.9
Reinsurance losses recoverable	3,650.5		3,249.7		3,006.3
Gross reserves at end of year	$	10,671.0	$	9,929.5	$	9,471.2

__________

(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.

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.

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	$	558.6	$	567.3	$	595.3	$	622.5	$	643.0	$	641.7	$	649.3	$	634.9	$	626.9	$	627.6	$	39.7	53,348
2012			629.3		647.2		670.6		678.1		676.4		671.1		660.5		654.7		651.1		64.8		49,922
2013					700.9		705.3		716.9		722.7		726.3		717.2		689.7		691.0		76.8		49,017
2014							780.9		792.8		786.4		784.9		777.0		763.3		724.4		105.7		54,145
2015									794.3		792.6		787.3		785.5		769.1		742.4		193.6		55,180
2016											756.1		752.9		745.7		730.5		712.6		235.3		52,419
2017													727.0		713.9		700.3		683.4		195.1		51,674
2018															698.6		691.5		681.0		232.9		52,145
2019																	664.6		657.4		243.7		51,102
2020																			560.9		310.1		33,301
																	Total		$	6,732.1	(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	$	112.6	$	266.7	$	361.4	$	424.0	$	469.8	$	503.4	$	526.4	$	539.7	$	550.0	$	557.7
2012			113.1		265.8		361.8		426.7		469.5		496.6		518.4		531.5		539.5
2013					107.6		274.3		381.2		449.8		501.9		526.8		547.0		558.3
2014							116.9		293.7		397.1		466.0		499.5		524.8		544.9
2015									109.0		274.9		379.3		435.1		466.7		484.7
2016											102.5		253.5		334.4		383.5		408.4
2017													99.6		244.6		334.8		383.1
2018															94.8		240.6		320.5
2019																	102.9		239.8
2020																			84.3
																	Total		$	4,121.7	(B)
Net incurred claims and allocated claim adjustment expenses (A)																			$	6,732.1
Less: net paid claims and allocated claim adjustment expenses (B)																			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
	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	$	72.5	$	71.5	$	72.9	$	80.0	$	95.8	$	96.0	$	94.6	$	94.4	$	91.1	$	91.9	$	7.8	4,747
2012			95.0		91.2		89.2		100.9		107.3		109.6		108.2		105.6		105.0		8.2		5,283
2013					95.7		96.7		96.5		107.8		106.7		106.0		101.4		102.2		9.4		5,533
2014							107.0		110.4		109.4		111.0		117.0		117.1		112.3		11.3		6,012
2015									96.0		96.3		99.2		102.3		104.8		105.8		22.0		5,577
2016											92.4		96.7		98.8		100.3		101.0		27.3		83,224
2017													111.2		121.4		129.6		132.8		22.0		460,409
2018															120.5		119.7		125.1		28.8		461,673
2019																	133.5		131.9		61.5		375,183
2020																			112.4		83.3		4,093
																			$	1,120.8	(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	$	2.5	$	12.1	$	26.0	$	43.6	$	58.7	$	68.9	$	75.3	$	80.7	$	79.7	$	79.8
2012			5.5		18.8		36.0		50.8		67.4		75.8		86.4		90.8		93.2
2013					4.0		13.6		34.4		58.5		76.1		85.1		86.9		88.1
2014							5.8		15.8		32.0		52.8		73.5		82.8		88.9
2015									6.3		16.0		29.5		47.4		64.5		70.7
2016											7.1		18.5		34.8		47.7		58.0
2017													5.7		25.9		50.1		76.9
2018															6.9		28.8		48.9
2019																	6.4		29.5
2020																			4.2
																			$	638.5	(B)
Net incurred claims and allocated claim adjustment expenses (A)																			$	1,120.8
Less: net paid claims and allocated claim adjustment expenses (B)																			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
	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	$	591.6	$	599.9	$	584.4	$	582.3	$	549.9	$	549.0	$	539.3	$	537.2	$	534.3	$	533.2	$	.9	96,794
2012			622.5		619.6		603.9		575.0		573.1		558.6		558.0		552.1		551.4		2.7		98,048
2013					661.5		665.4		668.5		669.6		659.7		646.4		633.4		632.5		7.0		96,993
2014							687.8		689.2		691.7		688.0		688.6		687.8		683.8		13.6		103,227
2015									712.4		710.5		729.7		721.4		720.7		703.4		8.7		104,791
2016											755.9		768.9		786.0		780.8		779.3		31.3		110,110
2017													788.7		819.1		869.2		874.4		39.3		116,378
2018															883.2		947.9		989.9		46.3		127,772
2019																	931.1		959.7		66.6		136,389
2020																			941.1		142.1		97,067
																			$	7,649.1	(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	$	223.1	$	352.7	$	436.2	$	483.2	$	511.6	$	523.0	$	525.0	$	526.6	$	528.8	$	529.4
2012			229.0		351.4		442.9		498.6		525.9		539.1		543.9		545.3		545.5
2013					248.3		398.1		511.0		578.1		611.5		622.9		626.3		619.5
2014							267.4		430.5		536.9		605.4		640.3		664.9		658.4
2015									265.1		438.9		541.8		626.2		669.7		680.6
2016											290.2		469.6		585.1		677.8		710.8
2017													307.9		512.0		657.1		746.5
2018															330.0		557.5		730.4
2019																	330.4		549.0
2020																			290.1
																			$	6,060.7	(B)
Net incurred claims and allocated claim adjustment expenses (A)																			$	7,649.1
Less: net paid claims and allocated claim adjustment expenses (B)																			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

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.

	December 31,
	2020		2019
Net claim and allocated loss adjustment expense reserves:
Workers' compensation (a)	$	3,044.1	$	3,079.1
General liability	641.5		610.9
Commercial automobile	1,591.5		1,403.0
Three above coverages combined	5,277.2		5,093.1
Other short-duration insurance coverages	782.4		673.5
Subtotal	6,059.7		5,766.7
Reinsurance recoverable on claim reserves:
Workers' compensation	1,885.0		1,808.5
General liability	667.9		643.7
Commercial automobile	788.3		545.1
Three above coverages combined	3,341.3		2,997.4
Other short-duration insurance coverages	303.8		245.3
Subtotal	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
	966.2		919.9
Gross claim and loss adjustment expense reserves	$	10,671.0	$	9,929.5

__________

(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.

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.

	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	15.5	%	22.6	%	13.7	%	8.7	%	5.6	%	3.8	%	3.2	%	1.9	%	1.4	%	1.2	%
General liability	4.9	%	12.5	%	16.2	%	17.9	%	15.7	%	8.4	%	6.1	%	3.7	%	.6	%	—	%
Commercial automobile	37.0	%	23.4	%	16.1	%	10.5	%	5.2	%	2.3	%	.2	%	(.2)	%	.2	%	.1	%

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:

Years Ended December 31:	2020		2019		2018
Statutory tax rate (credit)	21.0	%	21.0	%	21.0	%
Tax rate increases (decreases):
Tax-exempt interest	(.5)		(.2)		(.8)
Dividends received exclusion	(1.8)		(.9)		(2.4)
Meals & entertainment	.1		.2		.5
Prior year adjustments	—		—		(2.4)
Other items - net	.1		—		(.5)
Effective tax rate (credit)	18.9	%	20.1	%	15.4	%

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:

December 31:	2020		2019		2018
Deferred Tax Assets:
Losses, claims, and settlement expenses	$	201.6	$	195.2	$	189.8
Pension and deferred compensation plans	63.0		48.3		47.8
Net operating loss carryforward	11.7		13.8		15.8
AMT credit carryforward	9.0		9.0		9.0
Operating leases	52.0		49.9		—
Other temporary differences	15.7		15.0		18.0
Total deferred tax assets	353.2		331.4		280.8
Deferred Tax Liabilities:
Unearned premium reserves	41.6		34.5		33.4
Deferred policy acquisition costs	65.0		63.7		62.6
Mortgage guaranty insurers' contingency reserves	—		—		86.5
Amortization of fixed maturity securities	4.4		3.4		2.6
Net unrealized investment gains	295.9		257.8		57.4
Title plants and records	2.8		2.9		2.9
Tax reform transition adjustment on unpaid losses, claims and
settlement expenses	17.2		19.5		32.0
Operating leases	48.4		46.8		—
Other temporary differences	14.9		14.7		13.4
Total deferred tax liabilities	490.6		443.5		291.0
Net deferred tax assets (liabilities)	$	(137.3)	$	(112.2)	$	(10.3)

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:

	General		Title		Other		Total
January 1, 2019	$	116.2	$	57.5	$	.1	$	174.0
Acquisitions	—		1.1		—		1.1
Impairments	—		—		—		—
December 31, 2019	116.2		58.7		.1		175.1
Acquisitions	—		—		—		—
Impairments	—		—		—		—
December 31, 2020	$	116.2	$	58.7	$	.1	$	175.1

Schedule of Accumulated and Projected Benefit Obligations

The effects of these measurements and the resulting funded status of the Plan are reflected below.

Years Ended December 31:	2020		2019		2018
Projected benefit obligation at beginning of year	$	586.4	$	530.1	$	579.2
Increases (decreases) during the year attributable to:
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

Schedule of Changes in Fair Value of Plan Assets

Years Ended December 31:	2020		2019		2018
Fair value of net assets available for plan benefits
At beginning of the year	$	492.8	$	430.2	$	453.7
Increases (decreases) during the year attributable to:
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 the year	$	479.6	$	492.8	$	430.2

Schedule of Net Funded Status [Table Text Block]

Funded Status	$	(160.1)	$	(93.6)	$	(99.8)
Amounts recognized in accumulated other comprehensive income	$	(224.8)	$	(140.5)	$	(137.1)

Schedule of Assumptions Used

The projected benefit obligation and net periodic benefit cost for the Plan were determined using the following weighted-average assumptions:

	Projected Benefit Obligation				Net Periodic Benefit Cost
As of December 31:	2020		2019		2020		2019		2018
Settlement discount rates	2.45	%	3.35	%	3.35	%	4.40	%	3.70	%
Long-term rates of return on plans' assets	N/A		N/A		7.00	%	7.00	%	7.00	%

Schedule of Weighted Average Asset Allocations Of Benefit Plans

The weighted-average asset allocations of the Plan were as follows:

					Investment Policy Asset Allocation % Range Target
As of December 31:	2020		2019
Equity securities:
Common shares of Company stock	11.7	%	12.9	%
Other	74.0		71.2
Sub-total	85.7		84.1		40% to 80%
Fixed maturity securities	10.6		12.4		15% to 60%
Other	3.7		3.5		1% to 10%
Total	100.0	%	100.0	%

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).

	Fair Value Measurements
As of December 31, 2020:	Level 1		Level 2		Level 3		Total
Equity securities:
Common shares of Company stock	$	55.7	$	—	$	—	$	55.7
Other	341.7		—		—		341.7
Sub-total	397.4		—		—		397.4
Fixed maturity securities	2.0		49.0		—		51.0
Other	9.6		—		4.5		14.2
Total at fair value	$	409.1	$	49.0	$	4.5	462.7
Securities at net asset value							16.8
Total							$	479.6
As of December 31, 2019:
Equity securities:
Common shares of Company stock	$	63.2	$	—	$	—	$	63.2
Other	330.7		—		—		330.7
Sub-total	394.0		—		—		394.0
Fixed maturity securities	4.1		57.0		—		61.1
Other	8.6		—		7.2		15.9
Total at fair value	$	406.8	$	57.0	$	7.2	471.1
Securities at net asset value							21.6
Total							$	492.8

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:

Years Ended December 31:	2020		2019		2018
ESSOP	$	30.6	$	21.7	$	12.9
Other profit sharing plans	24.0		18.4		20.7
Cash and deferred incentive compensation	$	53.7	$	48.3	$	46.7

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.

Years Ended December 31:	2020		2019		2018
Numerator:
Basic earnings per share -
income (loss) available to common stockholders	$	558.6	$	1,056.4	$	370.5
Adjustment for interest expense incurred on
assumed conversion of convertible notes	—		—		3.1
Diluted earnings per share -
income (loss) available to common stockholders
after assumed conversion of convertible notes	$	558.6	$	1,056.4	$	373.6
Denominator:
Basic earnings per share -
weighted-average shares (a)	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 notes	—		—		5,368,876
Diluted earnings per share -
adjusted weighted-average shares (a)	298,898,673		301,227,715		301,016,076
Earnings per share: Basic	$	1.87	$	3.52	$	1.26
Diluted	$	1.87	$	3.51	$	1.24
Anti-dilutive common stock equivalents
excluded from earning per share computations:
Stock based compensation awards	5,853,469		1,200,250		—

__________

(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.

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:

Years Ended December 31:	2020		2019		2018
Stock based compensation expense	$	2.1	$	3.7	$	3.8
Income tax benefit	$	.4	$	.7	$	.8

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

	2020		2019		2018
Expected volatility	.17		.18		.20
Expected dividends	5.72	%	4.10	%	4.03	%
Expected term (in years)	7		7		7
Risk-free rate	.72	%	2.54	%	2.81	%

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:

	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	8,009,237		$	18.43	7,163,567		$	17.24	6,565,019		$	15.76
Granted	1,901,100		17.24		1,777,500		21.14		1,539,500		20.98
Exercised	397,653		14.44		848,923		14.14		881,917		12.86
Forfeited and expired	18,033		16.72		82,907		17.05		59,035		16.54
Outstanding at end of year	9,494,651		18.36		8,009,237		18.43		7,163,567		17.24
Exercisable at end of year	6,138,602		$	17.81	5,100,009		$	17.18	4,556,350		$	15.83
Weighted average fair value of
options granted during the year (a)	$	.88	per share		$	2.35	per share		$	2.71	per share

__________

(a) Based on the Black-Scholes-Merton option pricing model and the assumptions outlined above.

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:

				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	154,620	0.25	$	12.33	154,620	$	12.33
$10.80			2012	272,441	1.25	10.80		272,441	10.80
$12.57			2013	357,700	2.25	12.57		357,700	12.57
$16.06			2014	614,442	3.25	16.06		614,442	16.06
$15.26			2015	658,479	4.25	15.26		658,479	15.26
$18.14			2016	1,004,277	5.25	18.14		1,004,277	18.14
$19.98			2017	1,272,599	6.25	19.98		990,510	19.98
$20.98			2018	1,500,338	7.25	20.98		864,707	20.98
$21.12	to	$21.99	2019	1,761,255	8.25	21.14		738,395	21.13
$16.17	to	$22.72	2020	1,898,500	9.25	17.24		483,031	17.19
Total				9,494,651		$	18.36	6,138,602	$	17.81

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:

	2020		2019		2018
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	$	.5	$	1.4	$	1.5