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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Components of net investment
The components of net investment income for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturity securities$65.2 $62.0 $132.9 $120.6 
Equity securities0.7 4.0 3.4 5.3 
Limited partnership interests15.7 13.2 20.1 26.2 
Short-term and other investments3.5 2.7 7.0 5.4 
Investment expenses(2.6)(2.5)(6.2)(5.1)
Net investment income - investment portfolio
82.5 79.4 157.2 152.4 
Investment income - deposit asset on reinsurance26.0 25.8 51.7 50.7 
Total net investment income
$108.5 $105.2 $208.9 $203.1 
Schedule of net investment gains (losses)
Net investment gains (losses) for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturity securities$(14.7)$(2.9)$(17.1)$(5.2)
Equity securities(3.5)(12.6)(4.5)(28.1)
Short-term investments and other0.8 — 0.3 2.3 
Net investment losses$(17.4)$(15.5)$(21.3)$(31.0)
The breakdown of net investment gains (losses) by transaction type for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Credit loss impairments$(0.5)$(1.3)$(0.5)$(2.2)
Intent-to-sell impairments(6.1)(0.5)(6.1)(1.4)
Total impairments(6.6)(1.8)(6.6)(3.6)
Sales and other, net(19.3)(1.1)(21.7)— 
Change in fair value - equity securities7.7 (12.6)6.7 (29.7)
Change in fair value and gains (losses) realized
on settlements - derivatives
0.8 — 0.3 2.3 
Net investment losses$(17.4)$(15.5)$(21.3)$(31.0)
Schedule of allowance for credit loss impairments on fixed maturity securities
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)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Beginning balance$1.2 $8.3 $1.2 $7.7 
Credit losses on fixed maturity securities for which credit losses were not previously reported0.5 — 0.5 — 
Net increase related to credit losses previously reported— 1.3 — 2.2 
Reduction of credit allowances related to sales— — — — 
Write-offs(0.5)(0.1)(0.5)(0.4)
Ending balance$1.2 $9.5 $1.2 $9.5 
Schedule of available-for-sale securities reconciliation Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
June 30, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:(1)
Mortgage-backed securities
$650.4 $0.8 $68.1 $583.1 
Other, including U.S. Treasury securities
432.4 0.3 63.6 369.1 
Municipal bonds1,342.3 20.2 110.0 1,252.5 
Foreign government bonds26.1 — 1.3 24.8 
Corporate bonds2,053.8 12.6 238.0 1,828.4 
Other asset-backed securities1,207.7 2.7 56.4 1,154.0 
Totals$5,712.7 $36.6 $537.4 $5,211.9 
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 securities410.0 0.5 67.8 342.7 
Municipal bonds1,380.9 16.9 128.1 1,269.7 
Foreign government bonds35.1 — 1.6 33.5 
Corporate bonds2,161.2 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 
(1)    Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $330.3 million and $330.8 million; Federal Home Loan Mortgage Corporation (FHLMC) of $293.2 million and $273.3 million; and Government National Mortgage Association (GNMA) of $82.4 million and $86.2 million as of June 30, 2023 and December 31, 2022, respectively.
Summary of fair value and gross unrealized losses of fixed maturity securities and equity securities in an unrealized loss position Therefore, it was determined that the unrealized losses on the fixed maturity securities presented in the table below were not indicative of any credit loss impairments as of June 30, 2023.
($ in millions)12 Months or LessMore than 12 MonthsTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
June 30, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$211.9 $12.1 $327.6 $56.0 $539.5 $68.1 
Other
147.6 6.6 203.8 57.0 351.4 63.6 
Municipal bonds302.8 8.9 634.9 101.1 937.7 110.0 
Foreign government bonds
21.8 0.7 2.9 0.6 24.7 1.3 
Corporate bonds
186.5 11.0 1,119.2 227.0 1,305.7 238.0 
Other asset-backed securities
214.8 5.3 804.0 51.1 1,018.8 56.4 
Total
$1,085.4 $44.6 $3,092.4 $492.8 $4,177.8 $537.4 
Number of positions with a
   gross unrealized loss
742 2,227 2,969 
Fair value as a percentage of total fixed
   maturity securities at fair value
20.8 %59.3 %80.1 %
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 bonds911.6 113.7 42.2 14.4 953.8 128.1 
Foreign government bonds32.7 1.4 0.4 0.2 33.1 1.6 
Corporate bonds1,345.0 221.1 148.9 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 $606.9 
Number of positions with a
   gross unrealized loss
2,515 587 3,102 
Fair value as a percentage of total fixed
   maturity securities at fair value
68.2 %14.2 %82.4 %
Distribution of the company's fixed maturity portfolio by estimated expected maturity
With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings were as follows:
Number of Positions
June 30, 2023December 31, 2022
Credit Rating
AAA229 67 
AA835 217 
A399 94 
BBB436 93 
BB183 68 
B85 31 
CCC or lower 5 2 
Not rated 55 15 
Totals:2,227 587 
The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.
($ in millions)Percent of Total Fair ValueJune 30, 2023
June 30, 2023December 31, 2022Fair
Value		Amortized
Cost, net
Estimated expected maturity:
Due in 1 year or less4.9 %4.4 %$253.5 $261.6 
Due after 1 year through 5 years26.7 26.3 1,390.7 1,448.0 
Due after 5 years through 10 years27.5 27.9 1,431.8 1,520.5 
Due after 10 years through 20 years24.6 25.0 1,286.9 1,444.5 
Due after 20 years16.3 16.4 849.0 1,038.1 
Total100.0 %100.0 %$5,211.9 $5,712.7 
Average option-adjusted duration, in years6.26.4
Proceeds received from sales of fixed maturities and equity securities
Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturity securities
Proceeds received
$143.5 $197.0 $206.2 $365.3 
Gross gains realized
0.3 1.2 0.6 3.6 
Gross losses realized
(8.4)(2.3)(11.1)(5.2)
Equity securities
Proceeds received
$9.8 $— $9.8 $5.8 
Gross gains realized
— — — 1.7 
Gross losses realized
(11.3)— (11.3)(0.1)
Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities
The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net unrealized investment gains (losses)
   on fixed maturity securities, net of tax
Beginning of period$(356.4)$13.0 $(449.6)$347.1 
Change in net unrealized investment gains
   (losses) on fixed maturity securities		(48.9)(297.1)42.4 (633.0)
Reclassification of net investment losses
   on fixed maturity securities to net income		11.6 2.3 13.5 4.1 
End of period$(393.7)$(281.8)$(393.7)$(281.8)
Schedule of carrying amounts of equity method limited partnership interests The carrying amounts of EMA limited partnership interests were as follows:
($ in millions)
June 30, 2023December 31, 2022
Commercial mortgage loan funds$642.7 $593.6 
Private equity funds80.6 76.3 
Infrastructure equity funds72.4 72.0 
Real estate equity funds 86.8 71.3 
Infrastructure debt funds62.8 60.0 
Other funds(1)
128.5 110.5 
Total$1,073.8 $983.7 
(1)Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital and private credit funds.
Offsetting assets and liability The following table presents instruments that were subject to a master netting arrangement for the Company.
($ 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
June 30, 2023
Asset derivatives:
Free-standing derivatives$12.7 $— $12.7 $— $12.0 $0.7 
December 31, 2022
Asset derivatives:
Free-standing derivatives$6.8 $— $6.8 $— $5.9 $0.9