Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at June 30, 2014 is summarized below.

	Fair Value Measurements
(Dollars in Millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	122.3	$	233.0	$	—	$	355.3
States and Political Subdivisions	—		1,389.2		—		1,389.2
Corporate Securities:
Bonds and Notes	—		2,488.6		384.8		2,873.4
Redeemable Preferred Stocks	—		—		7.1		7.1
Collateralized Loan Obligations	—		—		49.5		49.5
Other Mortgage and Asset-backed	—		1.6		3.9		5.5
Total Investments in Fixed Maturities	122.3		4,112.4		445.3		4,680.0
Equity Securities:
Preferred Stocks:
Finance, Insurance and Real Estate	—		85.0		5.1		90.1
Other Industries	—		10.9		15.6		26.5
Common Stocks:
Manufacturing	100.4		7.8		1.6		109.8
Other Industries	78.1		2.4		14.0		94.5
Other Equity Interests:
Exchange Traded Funds	130.9		—		—		130.9
Limited Liability Companies and Limited Partnerships	—		—		194.4		194.4
Total Investments in Equity Securities	309.4		106.1		230.7		646.2
Fair Value Option Investments:
Limited Liability Companies and Limited Partnerships	—		—		40.3		40.3
Other Investments:
Trading Securities	5.1		—		—		5.1
Total	$	436.8	$	4,218.5	$	716.3	$	5,371.6

The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at December 31, 2013 is summarized below.

	Fair Value Measurements
(Dollars in Millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	121.2	$	241.0	$	—	$	362.2
States and Political Subdivisions	—		1,361.0		—		1,361.0
Corporate Securities:
Bonds and Notes	—		2,429.6		364.1		2,793.7
Redeemable Preferred Stocks	—		—		7.4		7.4
Collateralized Loan Obligations	—		—		44.7		44.7
Other Mortgage and Asset-backed	—		1.5		4.5		6.0
Total Investments in Fixed Maturities	121.2		4,033.1		420.7		4,575.0
Equity Securities:
Preferred Stocks:
Finance, Insurance and Real Estate	—		80.8		5.0		85.8
Other Industries	—		10.5		13.9		24.4
Common Stocks:
Manufacturing	95.1		7.3		2.2		104.6
Other Industries	71.7		2.2		11.0		84.9
Other Equity Interests:
Exchange Traded Funds	124.9		—		—		124.9
Limited Liability Companies and Limited Partnerships	—		—		173.9		173.9
Total Investments in Equity Securities	291.7		100.8		206.0		598.5
Other Investments:
Trading Securities	5.0		—		—		5.0
Total	$	417.9	$	4,133.9	$	626.7	$	5,178.5

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at June 30, 2014.

(Dollars in Millions)	Unobservable Input	Total Fair Value		Range of Unobservable Inputs					Weighted Average Yield
Investment Grade	Market Yield	$	114.5	0.8	%	-	5.5	%	3.8	%
Non-investment Grade:
Senior Debt	Market Yield	118.6		3.4		-	15.4		8.8
Junior Debt	Market Yield	138.8		5.7		-	25.9		14.7
Collateralized Loan Obligations	Market Yield	49.5		1.9		-	6.9		4.1
Other	Various	23.9
Total Fixed Maturity Investments in Corporate Securities		$	445.3

Note 11 - Fair Value Measurements (continued)

The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2013.

DOLLARS IN MILLIONS	Unobservable Input	Total Fair Value		Range of Unobservable Inputs					Weighted Average Yield
Investment Grade	Market Yield	$	108.5	1.0	%	-	6.0	%	4.3	%
Non-investment Grade:
Senior Debt	Market Yield	93.9		4.2		-	15.6		8.6
Junior Debt	Market Yield	153.5		8.8		-	26.6		14.2
Collateralized Loan Obligations	Market Yield	44.7		3.2		-	6.8		4.3
Other Debt	Various	20.1
Total Fixed Maturity Investments in Corporate Securities		$	420.7

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the six months endedJune 30, 2014 is presented below.

	Fixed Maturities												Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes			Redeemable Preferred Stocks			Collateralized Loan Obligations			Other Mortgage and Asset- backed			Preferred and  Common Stocks			Other Equity Interests			Fair Value Option		Total
Balance at Beginning of Period	$	364.1		$	7.4		$	44.7		$	4.5		$	32.1		$	173.9		$	—	$	626.7
Total Gains (Losses):
Included in Condensed Consolidated Statement of Income	(2.3		)	—			0.1			0.1			2.3			(0.3		)	0.3		0.2
Included in Other Comprehensive Income	5.4			(0.1		)	(0.1		)	0.1			2.0			10.5			—		17.8
Purchases	85.9			—			4.8			—			2.7			26.3			40.0		159.7
Settlements	(50.8		)	(0.2		)	—			(0.8		)	(2.8		)	(13.6		)	—		(68.2		)
Sales	(16.9		)	—			—			—			—			(2.4		)	—		(19.3		)
Transfers out of Level 3	(0.6		)	—			—			—			—			—			—		(0.6		)
Balance at End of Period	$	384.8		$	7.1		$	49.5		$	3.9		$	36.3		$	194.4		$	40.3	$	716.3

Note 11 - Fair Value Measurements (continued)

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months endedJune 30, 2014 is presented below.

	Fixed Maturities											Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes			Redeemable Preferred Stocks			Collateralized Loan Obligations			Other Mortgage and Asset- backed		Preferred and  Common Stocks			Other Equity Interests			Fair Value Option		Total
Balance at Beginning of Period	$	379.4		$	7.5		$	45.0		$	3.8	$	38.1		$	187.3		$	—	$	661.1
Total Gains (Losses):
Included in Condensed Consolidated Statement of Income	(2.4		)	—			0.1			—		2.3			(0.5		)	0.3		(0.2		)
Included in Other Comprehensive Income	2.9			(0.3		)	(0.4		)	0.1		(1.4		)	3.6			—		4.5
Purchases	37.6			—			4.8			—		0.1			14.0			40.0		96.5
Settlements	(26.0		)	(0.1		)	—			—		(2.8		)	(8.3		)	—		(37.2		)
Sales	(6.7		)	—			—			—		—			(1.7		)	—		(8.4		)
Balance at End of Period	$	384.8		$	7.1		$	49.5		$	3.9	$	36.3		$	194.4		$	40.3	$	716.3

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the six months endedJune 30, 2013 is presented below.

	Fixed Maturities												Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes			Redeemable Preferred Stocks			Collateralized Loan Obligations			Other Mortgage and Asset- backed			Preferred and Common Stocks			Other Equity Interests			Total
Balance at Beginning of Period	$	361.0		$	4.7		$	—		$	0.1		$	13.3		$	141.3		$	520.4
Total Gains (Losses):
Included in Condensed Consolidated Statement of Income	(0.9		)	(0.4		)	0.1			—			(0.1		)	(0.2		)	(1.5		)
Included in Other Comprehensive Income	(8.1		)	—			(0.4		)	(0.2		)	3.1			(0.8		)	(6.4		)
Purchases	75.6			—			30.1			4.5			0.6			18.0			128.8
Settlements	(73.1		)	—			—			(0.1		)	—			(11.0		)	(84.2		)
Sales	—			—			—			—			(0.3		)	—			(0.3		)
Transfers into Level 3	2.8			—			—			2.4			—			—			5.2
Transfers out of Level 3	(5.8		)	—			—			—			—			—			(5.8		)
Balance at End of Period	$	351.5		$	4.3		$	29.8		$	6.7		$	16.6		$	147.3		$	556.2

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months endedJune 30, 2013 is presented below.

	Fixed Maturities												Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes			Redeemable Preferred Stocks			Collateralized Loan Obligations			Other Mortgage and Asset- backed			Preferred and Common Stocks			Other Equity Interests			Total
Balance at Beginning of Period	$	343.5		$	4.4		$	24.4		$	6.8		$	14.6		$	143.9		$	537.6
Total Gains (Losses):
Included in Condensed Consolidated Statement of Income	(0.1		)	(0.1		)	0.1			—			(0.1		)	—			(0.2		)
Included in Other Comprehensive Income	(4.3		)	—			(0.3		)	—			1.6			1.5			(1.5		)
Purchases	36.9			—			5.6			—			0.5			7.5			50.5
Settlements	(27.3		)	—			—			(0.1		)	—			(5.6		)	(33.0		)
Transfers into Level 3	2.8			—			—			—			—			—			2.8
Balance at End of Period	$	351.5		$	4.3		$	29.8		$	6.7		$	16.6		$	147.3		$	556.2