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Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Investments
The amortized cost and estimated fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Fixed Income Securities by Type:
December 31, 2023:
Government & Agency
$1,920.3 $3.2 $64.6 $1,858.9 
Municipal
774.5 0.2 7.1 767.6 
Corporate9,568.1 135.5 190.3 9,513.3 
$12,263.0 $139.0 $262.0 $12,139.9 
December 31, 2022:
Government & Agency
$2,300.0 $— $114.8 $2,185.2 
Municipal
896.9 0.1 15.5 881.5 
Corporate9,139.3 20.3 479.6 8,680.0 
$12,336.3 $20.5 $610.1 $11,746.7 
Amortized
Cost		Estimated
Fair
Value
Fixed Income Securities Stratified by Contractual Maturity at December 31, 2023:
Due in one year or less$1,604.0 $1,587.7 
Due after one year through five years6,119.3 5,999.4 
Due after five years through ten years4,455.6 4,467.7 
Due after ten years83.9 84.9 
$12,263.0 $12,139.9 

Bonds and other investments with a carrying value of $946.0 as of December 31, 2023 were on deposit with governmental authorities by the Company's insurance subsidiaries to comply with state insurance laws.

The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.
Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
December 31, 2023:
Fixed Income Securities:
Government & Agency
$461.0 $2.7 $1,179.3 $61.8 $1,640.4 $64.6 
Municipal
173.1 0.8 554.7 6.2 727.9 7.1 
Corporate853.3 8.2 4,270.9 182.0 5,124.3 190.3 
$1,487.6 $11.8 $6,005.1 $250.2 $7,492.7 $262.0 
December 31, 2022:
Fixed Income Securities:
Government & Agency
$1,769.6 $71.0 $403.8 $43.8 $2,173.4 $114.8 
Municipal
845.6 13.0 9.8 2.5 855.5 15.5 
Corporate6,796.7 355.0 1,043.7 124.6 7,840.4 479.6 
$9,412.0 $439.1 $1,457.4 $170.9 $10,869.5 $610.1 
In the above tables the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. Net realized investment gains (losses) for 2023 included impairment charges of $6.2 primarily related to the Company's intent to sell and subsequent disposal of fixed income securities to facilitate certain structural changes to a deferred compensation plan, as well as a small credit loss. Net realized investment gains (losses) for the year ended December 31, 2022 included $123.5 of impairment losses on fixed income securities, also related to management's assessment of its intent to sell, primarily driven by tax planning considerations. No such losses were recognized during 2021. The Company's allowance for credit losses was $1.6 as of December 31, 2023. The Company recorded no allowance for credit losses as of December 31, 2022.

The following table shows cost and fair value information for equity securities:
Equity Securities

Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
December 31, 2023$1,511.9 $1,164.7 $15.7 $2,660.8 
December 31, 2022$1,948.1 $1,291.5 $18.6 $3,220.9 

During 2023, 2022, and 2021, the Company recognized pretax unrealized investment gains (losses) of $(123.9), $(263.4), and $751.1, 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, 2023, 2022, and 2021 were $28.2, $42.3, and $711.0, respectively, for the years then ended.

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;
•Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions.

The 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 income 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, 2023 and 2022.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
Fair Value Measurements
As of December 31, 2023:Level 1Level 2Level 3Total
Fixed income securities:
Government & Agency
$1,379.8 $479.1 $— $1,858.9 
Municipal
— 767.6 — 767.6 
Corporate— 9,493.7 19.5 9,513.3 
Short-term investments1,032.6 — — 1,032.6 
Equity securities$2,653.8 $— $7.0 $2,660.8 
As of December 31, 2022:
Fixed income securities:
Government & Agency
$1,598.8 $586.3 $— $2,185.2 
Municipal
— 881.5 — 881.5 
Corporate— 8,659.2 20.8 8,680.0 
Short-term investments860.8 — — 860.8 
Equity securities$3,219.1 $— $1.7 $3,220.9 

There were no transfers between Levels 1, 2 or 3 during 2023 or 2022.

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.
Years Ended December 31:202320222021
Investment income from:
Fixed income securities$438.8 $314.4 $280.6 
Equity securities92.1 132.5 157.5 
Short-term investments50.9 17.9 0.1 
Other investments (a)
17.0 4.3 2.1 
Gross investment income598.9 469.3 440.4 
Investment expenses (a)
20.6 9.7 6.1 
Net investment income$578.3 $459.5 $434.3 
Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains$1.2 $2.6 $3.4 
Losses(181.9)(190.2)(1.9)
Net(180.7)(187.6)1.5 
Equity securities:
Gains214.5 486.5 68.0 
Losses(51.4)(111.9)(62.8)
Net163.0 374.5 5.1 
Other investments, net2.4 (1.2)0.2 
Total realized from actual transactions(15.2)185.7 6.9 
From impairments (b)
(51.8)(123.5)— 
From unrealized changes in fair value of equity securities(123.9)(263.4)751.1 
Total realized and unrealized investment gains (losses)(190.9)(201.1)758.0 
Current and deferred income taxes (credits)(40.0)(42.5)159.6 
Net of tax realized and unrealized investment gains (losses)$(150.8)$(158.6)$598.4 
Changes in unrealized investment gains (losses)
 reflected directly in shareholders' equity on:
Fixed income securities$464.1 $(824.7)$(361.2)
Less: Deferred income taxes (credits)97.7 (174.1)(76.2)
366.3 (650.5)(284.9)
Other investments
5.7 (8.5)(2.5)
Less: Deferred income taxes (credits)1.1 (1.8)(0.5)
4.5 (6.7)(2.0)
Net changes in unrealized investment gains (losses), net of tax$370.8 $(657.3)$(287.0)
_________

(a)     Includes interest on funds held.
(b) Includes expected loss on the pending sale of RMICC. See Note 2 for further discussion.