Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Consolidation, Subsidiary, Effects of Changes

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


	Shareholders' Equity				Net Income
	December 31,				Years Ended December 31,
	2023		2022		2023		2022		2021
Statutory totals of insurance
company subsidiaries:
General Insurance	$	4,607.8	$	4,763.4	$	594.3	$	549.2	$	496.8
Title Insurance	673.9		742.7		152.3		224.9		285.7
RFIG Run-off	131.1		141.8		9.8		70.5		27.3
Life and Accident	56.6		57.4		5.2		5.0		3.6
Subtotal	5,469.4		5,705.3		761.6		849.6		813.4
GAAP totals of non-insurance company
subsidiaries and consolidation adjustments	1,058.6		1,023.7		(77.2)		11.3		177.0
Unadjusted totals	6,527.9		6,729.0		684.3		860.8		990.4
Adjustments to conform to GAAP statements:
Deferred policy acquisition costs	286.7		252.9		34.9		26.3		9.4
Investment adjustments	(102.6)		(537.6)		(109.1)		(252.4)		606.6
Nonadmitted assets	207.3		173.9		—		—		—
Deferred income taxes	(95.1)		4.0		26.2		35.4		(135.3)
Mortgage contingency reserves	38.4		127.7		—		—		—
Title insurance premium reserves	733.7		777.5		(43.7)		42.5		109.4
Loss and loss adjustment expenses	(535.8)		(548.8)		17.1		(25.2)		(48.7)
Surplus notes	(696.5)		(844.5)		—		—		—
Other adjustments	46.4		38.9		(11.2)		(0.7)		2.4
Total adjustments	(117.5)		(556.2)		(85.7)		(174.4)		543.6
Consolidated GAAP totals	$	6,410.7	$	6,173.2	$	598.6	$	686.4	$	1,534.3

__________

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. 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 the primary General Insurance subsidiaries was 609% and 654% of the company action level RBC at December 31, 2023 and 2022, 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 and Accident insurance subsidiaries. At December 31, 2023 and 2022 each of the Company’s General, Title, RFIG Run-off, and Life and Accident insurance subsidiaries exceeded the minimum statutory capital and surplus requirements.

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

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