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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Components of Net Investment Income
The components of net investment income for the following periods were as follows:
($ in millions)Year Ended December 31,
202220212020
Fixed maturity securities$247.2 $235.6 $232.9 
Equity securities9.0 5.3 4.7 
Limited partnership interests40.5 79.0 20.9 
Short-term and other investments11.2 11.6 11.4 
Investment expenses(10.5)(10.1)(9.6)
Net investment income - investment portfolio297.4 321.4 260.3 
Investment income - deposit asset on reinsurance103.5 101.1 97.3 
Total net investment income$400.9 $422.5 $357.6 
Schedule of Net Investment Losses
Net investment losses for the following periods were as follows:
($ in millions)Year Ended December 31,
202220212020
Fixed maturity securities$(29.1)$(7.7)$9.4 
Equity securities(32.6)(0.8)1.8 
Short-term investments and other5.2 (2.5)(13.5)
Net investment losses$(56.5)$(11.0)$(2.3)
The following table reconciles net investment gains (losses) by transaction type:
($ in millions)Year Ended December 31,
202220212020
Credit loss impairments$(3.1)$(8.1)$— 
Intent-to-sell impairments(7.6)(2.3)(5.3)
Total impairments(10.7)(10.4)(5.3)
Sales and other, net(17.8)4.3 15.0 
Change in fair value - equity securities(33.2)(2.3)(0.2)
Change in fair value and losses realized
on settlements - derivatives
5.2 (2.6)(11.8)
Net investment losses$(56.5)$(11.0)$(2.3)
Schedule of Financing Receivable, Allowance for Credit Loss
The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments):
($ in millions)Year Ended December 31,
202220212020
Beginning balance$7.7 $— $— 
Credit losses on fixed maturity securities for which credit losses were not previously reported— 8.1 — 
Net increases (decreases) related to credit losses previously reported3.1 — — 
Reduction of credit allowances related to sales(9.2)— — 
Write-offs(0.4)(0.4)— 
Ending balance$1.2 $7.7 $— 
Schedule of Unrealized Gains and Losses on Fixed Maturities and Equity Securities Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:(1)
Mortgage-backed securities
$638.2 $1.3 $69.1 $570.4 
Other, including U.S. Treasury securities
410.0 0.5 67.8 342.7 
Municipal bonds
1,380.9 16.9 128.1 1,269.7 
Foreign government bonds
35.1 — 1.6 33.5 
Corporate bonds
2,161.2 12.7 272.2 1,901.7 
Other asset-backed securities1,131.5 3.6 68.1 1,067.0 
Totals
$5,756.9 $35.0 $606.9 $5,185.0 
December 31, 2021
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:(1)
Mortgage-backed securities
$612.1 $51.9 $1.5 $662.5 
Other, including U.S. Treasury securities
342.5 27.7 4.3 365.9 
Municipal bonds
1,519.7 184.4 0.7 1,703.4 
Foreign government bonds
40.2 3.4 — 43.6 
Corporate bonds
2,217.7 176.2 5.2 2,388.7 
Other asset-backed securities1,065.5 16.6 6.9 1,075.2 
Totals
$5,797.7 $460.2 $18.6 $6,239.3 
(1)    Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $330.8 million and $376.7 million; Federal Home Loan Mortgage Corporation (FHLMC) of $273.3 million and $326.5 million; and Government National Mortgage Association (GNMA) of $86.2 million and $112.1 million as of December 31, 2022 and 2021, respectively.
Summary of Fair Value and Gross Unrealized Losses of Fixed Maturity Securities and Equity Securities in an Unrealized Loss Position
The following table presents the fair value and gross unrealized losses for fixed maturity securities in an unrealized loss position as of December 31, 2022 and 2021. The Company views the decrease in fair value of all fixed maturity securities with unrealized losses as of December 31, 2022 — which was driven largely by increasing interest rates, spread widening, financial market illiquidity and/or market volatility from the date of acquisition — as temporary. As of December 31, 2022, the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell the fixed maturity securities with unrealized losses before anticipated recovery in value. There has been a significant increase in interest rates since December 31, 2021, driven mostly by increases in U.S. Treasury rates, though credit spreads also widened. The 10-year U.S. Treasury yield increased 236 basis points for the year ended December 31, 2022, rising from 1.51% as of December 31, 2021 to 3.87% as of December 31, 2022. Additionally, credit spreads widened during the same time period, with investment grade and high yield wider by 40 and 171 basis points, respectively. These upward movements in rates caused market yields in the Company's portfolios to rise sharply, with downward pressure on prices. Investment grade and high yield total returns for the year ended December 31, 2022 were down 15.4% and 11.2%, respectively. The Bloomberg Barclays Index Yield-to-Worst for Investment Grade rose 3.1% for the year ended December 31, 2022, ending at 5.4%, while the High Yield Index rose 4.8% to 9.0%. The Company's portfolios generated sizable unrealized losses as a result of sharp increases in interest rates. Therefore, it was determined that the unrealized losses on the fixed maturity securities presented in the table below were not indicative of any credit loss impairments as of December 31, 2022.
($ in millions)12 months or lessMore than 12 monthsTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
December 31, 2022
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$458.3 $54.4 $52.6 $14.7 $510.9 $69.1 
Other242.7 34.1 65.8 33.7 308.5 67.8 
Municipal bonds
911.6 113.7 42.2 14.4 953.8 128.1 
Foreign government bonds
32.7 1.4 0.4 0.2 33.1 1.6 
Corporate bonds
1,345.0 221.1 148.9 51.1 1,493.9 272.2 
Other asset-backed securities543.4 37.1 424.3 31.0 967.7 68.1 
Total
$3,533.7 $461.8 $734.2 $145.1 $4,267.9 $606.9 
Number of positions with a
gross unrealized loss
2,515 587 3,102 
Fair value as a percentage of total fixed
maturities securities fair value
68.2 %14.2 %82.4 %
December 31, 2021
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$67.4 $1.3 $3.9 $0.2 $71.3 $1.5 
Other59.5 1.7 35.1 2.6 94.6 4.3 
Municipal bonds
56.8 0.7 0.6 — 57.4 0.7 
Foreign government bonds
— — — — — — 
Corporate bonds
220.7 3.8 44.1 1.4 264.8 5.2 
Other asset-backed securities379.0 3.8 128.2 3.1 507.2 6.9 
Total$783.4 $11.3 $211.9 $7.3 $995.3 $18.6 
Number of positions with a
gross unrealized loss
516 122 638 
Fair value as a percentage of total fixed
maturities securities fair value
12.6 %3.4 %16.0 %
Schedule of Distribution of the Company's Fixed Maturity Portfolio by Estimated Expected Maturity
With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings was as follows:
Number of Positions
December 31,
20222021
Credit Rating
AAA67 24 
AA217 38 
A94 3 
BBB93 14 
BB68 13 
B31 8 
CCC or lower 2 — 
Not rated 15 22 
Totals:587 122 
The following table presents the distribution of the Company's fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.
($ in millions)December 31, 2022
Amortized
Cost, net		Fair
Value		Percent of
Total Fair
Value
Estimated expected maturity:
Due in 1 year or less
$235.4 $226.7 4.4 %
Due after 1 year through 5 years
1,423.3 1,362.4 26.3 %
Due after 5 years through 10 years
1,558.5 1,448.0 27.9 %
Due after 10 years through 20 years
1,477.9 1,296.2 25.0 %
Due after 20 years
1,061.8 851.7 16.4 %
Total
$5,756.9 $5,185.0 100.0 %
Average option-adjusted duration, in years6.4
Schedule of Proceeds Received from Sales of Fixed Maturities and Equity Securities
Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each year were as follows:
($ in millions)Year Ended December 31,
202220212020
Fixed maturity securities
Proceeds received
$752.0 $578.2 $472.9 
Gross gains realized
5.5 10.5 20.5 
Gross losses realized
(23.7)(7.7)(6.1)
Equity securities
Proceeds received
$10.8 $4.7 $12.7 
Gross gains realized
1.7 1.5 2.2 
Gross losses realized
(1.0)(0.1)(1.9)
Schedule of Reconciliation of Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities and Equity Securities
The following table reconciles the net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI, before the impact on DAC:
($ in millions)Year Ended December 31,
202220212020
Net unrealized investment gains (losses)
on fixed maturity securities, net of tax
Beginning of period
$348.9 $439.8 $264.4 
Change in net unrealized investment gains
(losses) on fixed maturity securities
(849.4)(97.6)184.2 
Reclassification of net investment (gains) losses
on fixed maturity securities to net income
48.7 6.7 (8.8)
End of period
$(451.8)$348.9 $439.8 
Schedule of Equity Method Limited Partnership of Carrying Amount The carrying amounts of equity method limited partnership interests were as follows:
($ in millions)December 31,
20222021
Commercial mortgage loan funds$593.6 $346.8 
Private equity funds76.3 74.0 
Infrastructure equity funds72.0 58.3 
Real estate equity funds71.3 46.3 
Infrastructure debt funds60.0 62.4 
Other funds(1)
110.5 125.0 
Total$983.7 $712.8 
(1) Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital, and private credit funds.
Investment in Entities Exceeding 10% of Shareholders' Equity
Schedule of Offsetting Assets and Liability
The following table presents the instruments that were subject to a master netting arrangement for the Company.
($ in millions)Gross
Amounts
Offset in the Consolidated
Balance
Sheets		Net Amounts
of Assets/
Liabilities
Presented
in the Consolidated
Balance
Sheets		Gross Amounts Not Offset
in the Consolidated
Balance Sheets
Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
December 31, 2022
Asset derivatives
Free-standing derivatives$6.8 $— $6.8 $— $5.9 $0.9 
December 31, 2021
Asset derivatives
Free-standing derivatives$10.7 $— $10.7 $4.5 $6.4 $(0.2)