Document

Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date this Investor Supplement was included as an exhibit to the Company's Current Report on Form 8-K. Forward-looking statements involve a number of risks and uncertainties that are difficult to predict and are not guarantees of future performance. Among the general factors that could cause actual results and financial condition to differ materially from estimated results and financial condition are those factors listed in periodic reports filed by Kemper Corporation with the SEC. The COVID-19 outbreak and subsequent global pandemic (“Pandemic”) is an extraordinary event that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on the Company’s operating and financial results.



			Page
Consolidated Financial Highlights			3
Consolidated Statements of Income			4
Consolidated Balance Sheets			5
Consolidated Statements of Cash Flows			6-7
Capital Metrics			8-9
Debt Outstanding, FHLB Advances and Ratings			10
Segment Summary Results:
Revenues			11
Operating Income			12
Net Operating Income			12
Catastrophe Frequency and Severity			13
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information			14-15
Specialty Personal Automobile Insurance			16
Commercial Automobile Insurance			17
Preferred Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information			18-19
Preferred Personal Automobile Insurance			20
Homeowners and Other Personal Insurance			21
Homeowners Insurance			22
Other Personal Insurance			23
Life & Health Insurance Segment - Results of Operations and Selected Financial Information			24
Life Insurance			25
Accident and Health Insurance			25
Property Insurance			26
Expenses			27
Details of Investment Performance			28
Details of Invested Assets			29-30
Investment Concentration			31
Municipal Bond Securities			32
Investments in Limited Liability Companies and Limited Partnerships			33
Definitions of Non-GAAP Financial Measures			34-35
As Adjusted for Acquisition			36-39


	Three Month Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021		Jun 30, 2020
For Period Ended
Earned Premiums		$	1,337.7		$	1,200.8		$	1,214.0		$	1,206.5		$	1,085.3		$	1,166.4		$	2,538.5	$	2,251.7
Net Investment Income		113.9			103.1			102.7			92.1			67.8			85.6			217.0		153.4
Change in Value of Alternative Energy Partnership Investments		(7.7)			(15.4)			—			—			—			—			(23.1)		—
Other Income		7.0			1.5			1.9			0.9			1.5			90.3			8.5		91.8
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		40.8			52.2			73.1			45.2			71.6			(117.8)			93.0		(46.2)
Net Investment Gains (Loss)		16.0			9.8			0.4			9.0			4.7			4.5			25.8		9.2
Total Revenues		$	1,507.7		$	1,352.0		$	1,392.1		$	1,353.7		$	1,230.9		$	1,229.0		$	2,859.7	$	2,459.9

Net Income		$	(62.6)		$	123.2		$	97.5		$	122.3		$	126.1		$	64.0		$	60.6	$	190.1

Adjusted Consolidated Net Operating Income (Loss) 1		$	(99.4)		$	87.2		$	105.8		$	90.9		$	79.2		$	162.9		$	(12.2)	$	242.1

Per Unrestricted Common Share Amounts:
Basic:
Net Income		$	(0.97)		$	1.88		$	1.49		$	1.87		$	1.93		$	0.96		$	0.93	$	2.88

Adjusted Consolidated Net Operating Income (Loss) 1		$	(1.54)		$	1.33		$	1.62		$	1.39		$	1.21		$	2.45		$	(0.19)	$	3.67
Diluted:
Net Income		$	(0.97)		$	1.85		$	1.46		$	1.83		$	1.91		$	0.95		$	0.92	$	2.85

Adjusted Consolidated Net Operating Income (Loss) 1		$	(1.54)		$	1.31		$	1.59		$	1.36		$	1.20		$	2.43		$	(0.19)	$	3.63

Dividends Paid to Shareholders Per Share		$	0.31		$	0.31		$	0.30		$	0.30		$	0.30		$	0.30		$	0.62	$	0.60

At Period End
Total Assets		$	14,950.7		$	14,203.7		$	14,341.9		$	14,090.4		$	13,489.4		$	12,932.3
Insurance Reserves		$	5,982.4		$	5,541.1		$	5,510.0		$	5,461.5		$	5,375.0		$	5,442.4
Debt		$	1,122.3		$	1,122.6		$	1,172.8		$	1,173.0		$	777.7		$	778.1
Shareholders’ Equity		$	4,306.2		$	4,339.1		$	4,563.4		$	4,347.5		$	4,187.9		$	3,760.8
Shareholders’ Equity Excluding Goodwill1,2		$	2,994.3		$	3,225.1		$	3,449.4		$	3,233.5		$	3,073.9		$	2,646.8
Common Shares Issued and Outstanding (In Millions)		63.636			65.016			65.436			65.406			65.282			65.365
Book Value Per Share2		$	67.67		$	66.74		$	69.74		$	66.47		$	64.15		$	57.54
Book Value Per Share Excluding Goodwill1,2		$	47.05		$	49.60		$	52.71		$	49.44		$	47.09		$	40.49
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities1,2		$	58.39		$	60.00		$	58.67		$	56.63		$	55.13		$	53.53
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill1,2		$	37.77		$	42.87		$	41.65		$	39.60		$	38.07		$	36.49
Debt to Total Capitalization2		20.7		%	20.6		%	20.4		%	21.2		%	15.7		%	17.1		%
Rolling 12 Months Return on 5-point Average Shareholders Equity2,3		6.4		%	11.1		%	9.8		%	10.8		%	11.4		%	11.8		%

1 Non-GAAP Financial Measure. See page 34 for definition.
2 See Capital Metrics on pages 8-9 for detail calculations.
3 Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders’ Equity. The 5-point Average Shareholders’ Equity is calculated by using a 5-point quarter average of Shareholders’ Equity for the 12 month period.


	Three months ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Revenues:
Earned Premiums		$	1,337.7	$	1,200.8	$	1,214.0	$	1,206.5	$	1,085.3	$	1,166.4	$	2,538.5	$	2,251.7
Net Investment Income		113.9		103.1		102.7		92.1		67.8		85.6		217.0		153.4
Change in Value of Alternative Energy Partnership Investments		(7.7)		(15.4)		—		—		—		—		(23.1)		—
Other Income		7.0		1.5		1.9		0.9		1.5		90.3		8.5		91.8
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		40.8		52.2		73.1		45.2		71.6		(117.8)		93.0		(46.2)
Net Realized Gains on Sales of Investments		19.2		13.8		(0.1)		10.0		11.7		16.5		33.0		28.2



Impairment Losses		(3.2)		(4.0)		0.5		(1.0)		(7.0)		(12.0)		(7.2)		(19.0)
Total Revenues		1,507.7		1,352.0		1,392.1		1,353.7		1,230.9		1,229.0		2,859.7		2,459.9
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses		1,224.1		889.5		863.4		877.5		747.5		835.2		2,113.6		1,582.7
Insurance Expenses		314.0		283.7		279.3		276.9		272.7		271.6		597.7		544.3

Interest and Other Expenses		59.3		57.2		128.8		47.2		51.0		44.5		116.5		95.5
Total Expenses		1,597.4		1,230.4		1,271.5		1,201.6		1,071.2		1,151.3		2,827.8		2,222.5
Income before Income Taxes		(89.7)		121.6		120.6		152.1		159.7		77.7		31.9		237.4
Income Tax Benefit (Expense)		27.1		1.6		(23.1)		(29.8)		(33.6)		(13.7)		28.7		(47.3)







Net Income		$	(62.6)	$	123.2	$	97.5	$	122.3	$	126.1	$	64.0	$	60.6	$	190.1
Income Per Unrestricted Share:
Basic		$	(0.97)	$	1.88	$	1.49	$	1.87	$	1.93	$	0.96	$	0.93	$	2.88
Diluted		$	(0.97)	$	1.85	$	1.46	$	1.83	$	1.91	$	0.95	$	0.92	$	2.85
Net Income Per Unrestricted Share:
Basic		$	(0.97)	$	1.88	$	1.49	$	1.87	$	1.93	$	0.96	$	0.93	$	2.88
Diluted		$	(0.97)	$	1.85	$	1.46	$	1.83	$	1.91	$	0.95	$	0.92	$	2.85
Dividends Paid to Shareholders Per Share		$	0.31	$	0.31	$	0.30	$	0.30	$	0.30	$	0.30	$	0.62	$	0.60
Weighted Average Unrestricted Common Shares Outstanding (in Millions)		64.377		65.425		65.414		65.363		65.258		66.516		64.898		65.887


	Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020
Assets:
Investments:
Fixed Maturities at Fair Value	$	7,835.0	$	7,479.4	$	7,605.9	$	7,504.8	$	7,480.4	$	6,998.5
Equity Securities at Fair Value	957.7		897.4		858.5		788.2		783.3		709.8
Equity Securities at Modified Cost	32.5		36.0		40.1		48.4		48.1		44.8
Equity Method Limited Liability Investments	245.5		219.2		204.0		206.2		209.9		226.3
Alternative Energy Partnerships	46.6		54.4		21.3		—		—		—
Convertible Securities at Fair Value	43.6		42.6		39.9		36.3		35.0		32.8
Short-term Investments at Cost which Approximates Fair Value	370.6		196.9		875.4		628.8		154.2		166.7
Other Investments	910.8		896.8		779.0		762.8		757.5		760.2
Total Investments	10,442.3		9,822.7		10,424.1		9,975.5		9,468.4		8,939.1
Cash	105.1		547.4		206.1		352.2		389.3		301.3
Receivables from Policyholders	1,479.9		1,260.9		1,194.5		1,249.3		1,165.3		1,219.1
Other Receivables	214.9		225.4		222.4		214.0		207.1		207.8
Deferred Policy Acquisition Costs	652.7		611.7		589.3		578.2		560.8		551.5
Goodwill	1,311.9		1,114.0		1,114.0		1,114.0		1,114.0		1,114.0
Current Income Tax Assets	94.2		65.6		15.6		33.1		3.5		17.8

Other Assets	649.7		556.0		575.9		574.1		581.0		581.7
Total Assets	$	14,950.7	$	14,203.7	$	14,341.9	$	14,090.4	$	13,489.4	$	12,932.3
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,551.6	$	3,541.6	$	3,527.5	$	3,511.5	$	3,497.7	$	3,500.8
Property and Casualty	2,430.8		1,999.5		1,982.5		1,950.0		1,877.3		1,941.6
Total Insurance Reserves	5,982.4		5,541.1		5,510.0		5,461.5		5,375.0		5,442.4
Unearned Premiums	1,968.1		1,713.0		1,615.1		1,681.6		1,642.6		1,621.4
Policyholder Contract Liabilities	442.7		466.5		467.0		503.7		520.3		430.5

Deferred Income Tax Liabilities	269.6		227.6		285.7		245.5		226.8		116.0

Accrued Expenses and Other Liabilities	859.4		793.8		727.9		677.6		759.1		783.1
Long-term Debt, Current and Non-current, at Amortized Cost	1,122.3		1,122.6		1,172.8		1,173.0		777.7		778.1
Total Liabilities	10,644.5		9,864.6		9,778.5		9,742.9		9,301.5		9,171.5
Shareholders’ Equity:
Common Stock	6.4		6.5		6.5		6.5		6.5		6.5
Paid-in Capital	1,770.9		1,802.1		1,805.2		1,798.5		1,792.5		1,788.2
Retained Earnings	1,985.9		2,140.0		2,071.2		1,993.5		1,891.6		1,791.2
Accumulated Other Comprehensive Income	543.0		390.5		680.5		549.0		497.3		174.9
Total Shareholders’ Equity	4,306.2		4,339.1		4,563.4		4,347.5		4,187.9		3,760.8
Total Liabilities and Shareholders’ Equity	$	14,950.7	$	14,203.7	$	14,341.9	$	14,090.4	$	13,489.4	$	12,932.3


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Six Months Ended
	Jun 30, 2021		Jun 30, 2020
Cash Flows from Operating Activities:
Net Income	$	60.6	$	190.1
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net Realized Investment Gains	(33.1)		(28.2)
Impairment Losses	7.2		19.0
Depreciation and Amortization of Property, Equipment and Software	22.2		16.8
Amortization of Intangibles Assets Acquired	30.6		9.5



Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments	(38.9)		10.9
(Income) Loss from Alternative Energy Partnership Investments	23.1		—
Decrease (Increase) in Value of Equity and Convertible Securities at Fair Value	(93.0)		46.2
Changes in:
Receivables from Policyholders	(136.4)		(48.2)
Reinsurance Recoverables	21.2		7.1
Deferred Policy Acquisition Costs	(63.5)		(23.1)
Insurance Reserves	248.8		(96.7)
Unearned Premiums	175.2		97.1
Income Taxes	(67.3)		46.4
Other	81.0		16.9
Net Cash Provided by Operating Activities	237.7		263.8


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Six Months Ended
Net Cash Provided by Operating Activities (Carryforward from page 6)	$	237.7	$	263.8
Cash Flows from Investing Activities:
Proceeds from Sales, Calls, and Maturities of Fixed Maturities	726.1		482.5
Proceeds from the Sales of Investments:

Equity Securities	81.6		382.6
Real Estate Investments	2.3		5.4
Mortgage Loans	30.3		13.1
Other Investments	57.9		12.0
Purchases of Investments:
Fixed Maturities	(967.1)		(832.2)
Equity Securities	(38.4)		(309.2)
Real Estate Investments	(1.3)		(0.1)
Corporate-owned Life Insurance	(100.0)		(100.0)
Mortgage Loans	(65.5)		(10.5)
Other Investments	(72.8)		(12.4)
Net Purchases of Short-term Investments	605.7		326.7
Acquisition of Business, Net of Cash Acquired	(316.5)		—
Acquisition of Software and Long-lived Assets	(25.5)		(39.4)
Other	5.3		4.7
Net Cash Provided (Used In) by Investing Activities	(77.9)		(76.8)
Cash Flows from Financing Activities:

Repayment of Long-Term Debt	(50.0)		—
Proceeds from Policyholder Contract Liabilities	132.7		322.9
Repayment of Policyholder Contract Liabilities	(156.8)		(112.8)

Proceeds from Shares Issued under Employee Stock Purchase Plan	2.5		1.9
Common Stock Repurchases	(151.7)		(110.4)
Dividends and Dividend Equivalents Paid	(41.2)		(39.7)
Other	3.7		3.6
Net Cash Provided by Financing Activities	(260.8)		65.5
Increase in Cash	(101.0)		252.5
Cash, Beginning of Year	206.1		136.8
Cash, End of Period	$	105.1	$	389.3


Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
	Three Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020
Book Value Per Share
Numerator
Shareholders’ Equity		$	4,306.2		$	4,339.1		$	4,563.4		$	4,347.5		$	4,187.9		$	3,760.8
Less: Goodwill		(1,311.9)			(1,114.0)			(1,114.0)			(1,114.0)			(1,114.0)			(1,114.0)
Shareholders’ Equity Excluding Goodwill1		$	2,994.3		$	3,225.1		$	3,449.4		$	3,233.5		$	3,073.9		$	2,646.8
Shareholders’ Equity		$	4,306.2		$	4,339.1		$	4,563.4		$	4,347.5		$	4,187.9		$	3,760.8
Less: Net Unrealized Gains on Fixed Maturities		(590.5)			(438.0)			(724.0)			(643.7)			(588.6)			(261.6)
Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities1		$	3,715.7		$	3,901.1		$	3,839.4		$	3,703.8		$	3,599.3		$	3,499.2
Less: Goodwill		(1,311.9)			(1,114.0)			(1,114.0)			(1,114.0)			(1,114.0)			(1,114.0)
Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill1		$	2,403.8		$	2,787.1		$	2,725.4		$	2,589.8		$	2,485.3		$	2,385.2
Denominator
Common Shares Issued and Outstanding		63.636			65.016			65.436			65.406			65.282			65.365
Book Value Per Share		$	67.67		$	66.74		$	69.74		$	66.47		$	64.15		$	57.54
Book Value Per Share Excluding Goodwill1		$	47.05		$	49.60		$	52.71		$	49.44		$	47.09		$	40.49
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities1		$	58.39		$	60.00		$	58.67		$	56.63		$	55.13		$	53.53
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill1		$	37.77		$	42.87		$	41.65		$	39.60		$	38.07		$	36.49

Return on Shareholders’ Equity
Numerator
Rolling 12 Months Net Income		$	280.4		$	469.1		$	409.9		$	437.1		$	443.8		$	439.8
Denominator (5-point Average)
5-point Average Shareholders’ Equity		$	4,348.8		$	4,239.7		$	4,166.4		$	4,032.5		$	3,899.8		$	3,726.2
Rolling 12 Months Return on Average Shareholders' Equity (5-point Average)		6.4		%	11.1		%	9.8		%	10.8		%	11.4		%	11.8		%

Return on Shareholders’ Equity Excluding Goodwill1
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Goodwill1		$	3,195.2		$	3,125.7		$	3,052.4		$	2,918.5		$	2,785.8		$	2,612.7
Rolling 12 Months Return on Average Shareholders' Equity Excluding Goodwill (5-point Average)1		8.8		%	15.0		%	13.4		%	15.0		%	15.9		%	16.8		%

Return on Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities1
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities1		$	3,751.8		$	3,708.5		$	3,636.0		$	3,554.7		$	3,477.1		$	3,372.9
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized Gains on Fixed Maturities (5-point Average)1		7.5		%	12.6		%	11.3		%	12.3		%	12.8		%	13.0		%

Return on Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill1
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill1		$	2,598.3		$	2,594.5		$	2,522.0		$	2,440.7		$	2,363.1		$	2,259.4
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill (5-point Average)1		10.8		%	18.1		%	16.3		%	17.9		%	18.8		%	19.5		%
1 Non-GAAP financial measure. See definitions beginning on page 34.


Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
	Three Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020

Debt and Total Capitalization
Debt		$	1,122.3		$	1,122.6		$	1,172.8		$	1,173.0		$	777.7		$	778.1
Shareholders’ Equity		4,306.2			4,339.1			4,563.4			4,347.5			4,187.9			3,760.8
Total Capitalization		$	5,428.5		$	5,461.7		$	5,736.2		$	5,520.5		$	4,965.6		$	4,538.9
Ratio of Debt to Shareholders’ Equity		26.1		%	25.9		%	25.7		%	27.0		%	18.6		%	20.7		%
Ratio of Debt to Total Capitalization		20.7		%	20.6		%	20.4		%	21.2		%	15.7		%	17.1		%

Parent Company Liquidity
Kemper Holding Company Cash and Investments1		$	214.8		$	607.1		$	733.2		$	738.7		$	270.5		$	199.1
Borrowings Available Under Credit Agreement		400.0			400.0			400.0			400.0			400.0			400.0
Parent Company Liquidity		$	614.8		$	1,007.1		$	1,133.2		$	1,138.7		$	670.5		$	599.1

Capital Returned to Shareholders
Cash Dividends Paid		$	20.4		$	21.0		$	19.7		$	19.7		$	19.7		$	20.0
1 Includes Kemper's direct non-insurance subsidiaries


	Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020
Kemper Corporation:


Term Loan due July 5, 2023	—		—		49.9		49.9		49.9		49.9
Senior Notes at Amortized Cost:
5.000% Senior Notes due September 19, 2022	277.6		277.9		278.3		278.7		279.1		279.6
4.350% Senior Notes due February 15, 2025	448.8		448.9		448.8		448.8		448.7		448.6
2.400% Senior Notes due September 30, 2030	395.9		395.8		395.8		395.6		—		—

Long-term Debt Outstanding	$	1,122.3	$	1,122.6	$	1,172.8	$	1,173.0	$	777.7	$	778.1

Federal Home Loan Bank Advances to Insurance Subsidiaries:
Reported as Policyholder Contract Liabilities:

Federal Home Loan Bank of Chicago	$	382.8	$	407.5	$	407.8	$	444.1	$	454.3	$	364.2
Reported as Debt Outstanding:
Federal Home Loan Bank of Dallas	$	—	$	—	$	—	$	—	$	—	$	—
Federal Home Loan Bank of Chicago	$	—	$	—	$	—	$	—	$	—	$	—
Federal Home Loan Bank of San Francisco	$	—	$	—	$	—	$	—	$	—	$	—


	A.M. Best		Moody’s		S&P		Fitch
As of Date of Financial Supplement
Kemper Debt Ratings:
Senior Unsecured Debt	BBB		Baa3		BBB		BBB
Insurance Company Financial Strength Ratings:
Trinity Universal Insurance Company	A		A3		A		A
United Insurance Company of America	A		A3		A-		A-
Reserve National Insurance Company	A		NR		NR		NR
Infinity Insurance Company	A		A3		A		NR


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums:
Specialty Automobile		$	909.6	$	785.4	$	796.1	$	792.2	$	689.8	$	753.2	$	1,695.0	$	1,443.0
Commercial Automobile		100.7		92.2		86.3		79.2		69.2		69.3		192.9		138.5
Total Specialty Property & Casualty Insurance Earned Premiums		1,010.3		877.6		882.4		871.4		759.0		822.5		1,887.9		1,581.5
Net Investment Income		42.7		35.0		37.9		30.5		16.9		28.8		77.7		45.7
Change in Value of Alternative Energy Partnership Investments		(3.7)		(7.3)		—		—		—		—		(11.0)		—
Other Income		1.0		0.9		0.4		0.4		0.1		0.9		1.9		1.0
Total Specialty Property & Casualty Insurance Revenues		1,050.3		906.2		920.7		902.3		776.0		852.2		1,956.5		1,628.2
Preferred Property & Casualty Insurance:
Earned Premiums:
Preferred Automobile		103.5		103.0		107.1		110.6		99.1		114.9		206.5		214.0
Homeowners		51.3		50.8		53.3		55.0		55.6		56.8		102.1		112.4
Other Personal		8.4		8.4		8.8		8.9		8.9		9.2		16.8		18.1
Total Preferred Property & Casualty Insurance Earned Premiums		163.2		162.2		169.2		174.5		163.6		180.9		325.4		344.5
Net Investment Income		19.5		15.9		13.4		10.3		4.3		9.7		35.4		14.0
Change in Value of Alternative Energy Partnership Investments		(2.0)		(4.1)		—		—		—		—		(6.1)		—
Other Income		—		—		—		—		0.1		—		—		0.1
Total Preferred Property & Casualty Insurance Revenues		180.7		174.0		182.6		184.8		168.0		190.6		354.7		358.6
Life & Health Insurance:
Earned Premiums:
Life		100.6		98.1		96.5		96.3		95.7		97.2		198.7		192.9
Accident and Health		47.9		47.4		50.2		48.9		50.8		49.4		95.3		100.2
Property		15.7		15.5		15.7		15.4		16.2		16.4		31.2		32.6
Total Life & Health Insurance Earned Premiums		164.2		161.0		162.4		160.6		162.7		163.0		325.2		325.7
Net Investment Income		52.4		51.1		52.8		50.7		44.3		51.0		103.5		95.3
Change in Value of Alternative Energy Partnership Investments		(2.0)		(4.0)		—		—		—		—		(6.0)		—
Other Income		0.1		0.1		—		—		0.5		0.1		0.2		0.6
Total Life & Health Insurance Revenues		214.7		208.2		215.2		211.3		207.5		214.1		422.9		421.6
Total Segment Revenues		1,445.7		1,288.4		1,318.5		1,298.4		1,151.5		1,256.9		2,734.1		2,408.4
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		40.8		52.2		73.1		45.2		71.6		(117.8)		93.0		(46.2)
Net Realized Gains on Sales of Investments		19.2		13.8		(0.1)		10.0		11.7		16.5		33.0		28.2
Impairment Losses		(3.2)		(4.0)		0.5		(1.0)		(7.0)		(12.0)		(7.2)		(19.0)
Other		5.2		1.6		0.1		1.1		3.1		85.4		6.8		88.5
Total Revenues		$	1,507.7	$	1,352.0	$	1,392.1	$	1,353.7	$	1,230.9	$	1,229.0	$	2,859.7	$	2,459.9


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Segment Operating Income (Loss):
Specialty Property & Casualty Insurance		$	(122.1)	$	85.2	$	111.5	$	149.9	$	84.5	$	75.0	$	(36.9)	$	159.5
Preferred Property & Casualty Insurance		(13.4)		3.0		19.8		(41.8)		0.8		23.0		(10.4)		23.8
Life & Health Insurance		13.2		(0.8)		9.6		15.2		19.9		26.5		12.4		46.4
Total Segment Operating Income (Loss)		(122.3)		87.4		140.9		123.3		105.2		124.5		(34.9)		229.7
Partial Satisfaction of Judgment		—		—		—		—		—		89.4		—		89.4
Other		(13.8)		(11.5)		(9.7)		(11.0)		(4.7)		(11.1)		(25.3)		(15.8)
Corporate and Other Operating Income (Loss)		(13.8)		(11.5)		(9.7)		(11.0)		(4.7)		78.3		(25.3)		73.6
Total Operating Income (Loss)		(136.1)		75.9		131.2		112.3		100.5		202.8		(60.2)		303.3
Income From:
Change in Fair Value of Equity and Convertible Securities		40.8		52.2		73.1		45.2		71.6		(117.8)		93.0		(46.2)
Net Realized Gains on Sales of Investments		19.2		13.8		(0.1)		10.0		11.7		16.5		33.0		28.2
Impairment Losses		(3.2)		(4.0)		0.5		(1.0)		(7.0)		(12.0)		(7.2)		(19.0)
Acquisition Related Transaction, Integration and Other Costs		(10.4)		(16.3)		(20.0)		(14.4)		(17.1)		(11.8)		(26.7)		(28.9)
Debt Extinguishment, Pension and Other Charges		—		—		(64.1)		—		—		—		—		—
Income before Income Taxes		$	(89.7)	$	121.6	$	120.6	$	152.1	$	159.7	$	77.7	$	31.9	$	237.4
Segment Net Operating Income (Loss):
Specialty Property & Casualty Insurance		$	(91.7)	$	80.1	$	91.1	$	119.2	$	67.5	$	60.1	$	(11.6)	$	127.6
Preferred Property & Casualty Insurance		(8.3)		9.6		16.9		(32.7)		0.9		18.4		1.3		19.3
Life & Health Insurance		13.0		7.3		9.4		12.2		16.1		22.3		20.3		38.4
Total Segment Net Operating Income (Loss)		(87.0)		97.0		117.4		98.7		84.5		100.8		10.0		185.3
Corporate and Other Net Operating Income (Loss) From:

Partial Satisfaction of Legal Judgment		—		—		—		—		—		70.6		—		70.6
Other		(12.4)		(9.8)		(11.6)		(7.8)		(5.3)		(8.5)		(22.2)		(13.8)
Corporate and Other Net Operating Income (Loss)		(12.4)		(9.8)		(11.6)		(7.8)		(5.3)		62.1		(22.2)		56.8
Adjusted Consolidated Net Operating Income (Loss)		(99.4)		87.2		105.8		90.9		79.2		162.9		(12.2)		242.1
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities		32.3		41.2		57.8		35.7		56.6		(93.1)		73.5		(36.5)
Net Realized Gains on Sales of Investments		15.2		10.9		(0.1)		7.9		9.3		13.0		26.1		22.3
Impairment Losses		(2.5)		(3.2)		0.4		(0.8)		(5.5)		(9.5)		(5.7)		(15.0)
Acquisition Related Transaction, Integration and Other Costs		(8.2)		(12.9)		(15.8)		(11.4)		(13.5)		(9.3)		(21.1)		(22.8)
Debt Extinguishment, Pension and Other Charges		—		—		(50.6)		—		—		—		—		—
Net Income		$	(62.6)	$	123.2	$	97.5	$	122.3	$	126.1	$	64.0	$	60.6	$	190.1


	Six Months Ended June 30, 2021
	Specialty Property & Casualty Insurance Segment			Preferred Property & Casualty Insurance Segment			Life & Health Insurance Segment			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event:
Below $5	25	$	9.8	26	$	22.3	23	$	4.4	28	$	32.2
$5 - $10	—	—		2	10.8		—	—		2	14.0
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		1	15.1		—	—		1	16.2
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	25	$	9.8	29	$	48.2	23	$	4.4	31	$	62.4

	Six Months Ended June 30, 2020
	Specialty Property & Casualty Insurance Segment			Preferred Property & Casualty Insurance Segment			Life & Health Insurance Segment			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event:
Below $5	26	$	4.7	27	$	25.4	7	$	4.0	27	$	27.1
$5 - $10	—	—		—	—		—	—		1	7.0
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	26	$	4.7	27	$	25.4	7	$	4.0	28	$	34.1


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			March 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	1,082.0		$	972.0		$	829.2		$	914.2		$	780.9		$	911.2		$	2,054.0		$	1,692.1

Total Specialty P&C
Specialty Personal Automobile		909.6			785.4			796.1			792.2			689.8			753.2			1,695.0			1,443.0
Commercial Automobile		100.7			92.2			86.3			79.2			69.2			69.3			192.9			138.5
Earned Premium		$	1,010.3		$	877.6		$	882.4		$	871.4		$	759.0		$	822.5		$	1,887.9		$	1,581.5

Net Investment Income		42.7			35.0			37.9			30.5			16.9			28.8			77.7			45.7
Change in Value of Alternative Energy Partnership Investments		(3.7)			(7.3)			—			—			—			—			(11.0)			—
Other Income		1.0			0.9			0.4			0.4			0.1			0.9			1.9			1.0
Total Revenues		1,050.3			906.2			920.7			902.3			776.0			852.2			1,956.5			1,628.2
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		877.4			650.0			626.2			589.0			515.8			619.8			1,527.4			1,135.6
Catastrophe Losses and LAE		8.1			1.7			5.5			2.1			4.5			0.2			9.8			4.7
Prior Years:
Non-catastrophe Losses and LAE		81.3			(1.4)			(1.7)			1.9			9.6			5.3			79.9			14.9
Catastrophe Losses and LAE		—			0.4			0.1			(0.1)			—			0.2			0.4			0.2
Total Incurred Losses and LAE		966.8			650.7			630.1			592.9			529.9			625.5			1,617.5			1,155.4
Insurance Expenses		205.6			170.3			179.1			159.5			161.2			152.1			375.9			313.3
Other Expenses		—			—			—			—			0.4			(0.4)			—			—
Operating Income (Loss)		(122.1)			85.2			111.5			149.9			84.5			75.0			(36.9)			159.5
Income Tax Benefit (Expense)		30.4			(5.1)			(20.4)			(30.7)			(17.0)			(14.9)			25.3			(31.9)
Segment Net Operating Income (Loss)		$	(91.7)		$	80.1		$	91.1		$	119.2		$	67.5		$	60.1		$	(11.6)		$	127.6
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		86.9		%	74.1		%	71.0		%	67.6		%	67.9		%	75.4		%	81.0		%	71.9		%
Current Year Catastrophe Losses and LAE Ratio		0.8			0.2			0.6			0.2			0.6			—			0.5			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		8.0			(0.2)			(0.2)			0.2			1.3			0.6			4.2			0.9
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			—			—
Total Incurred Loss and LAE Ratio		95.7			74.1			71.4			68.0			69.8			76.0			85.7			73.1
Insurance Expense Ratio		20.4			19.4			20.3			18.3			21.2			18.5			19.9			19.8
Combined Ratio		116.1		%	93.5		%	91.7		%	86.3		%	91.0		%	94.5		%	105.6		%	92.9		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		86.9		%	74.1		%	71.0		%	67.6		%	67.9		%	75.4		%	81.0		%	71.9		%
Insurance Expense Ratio		20.4			19.4			20.3			18.3			21.2			18.5			19.9			19.8
Underlying Combined Ratio		107.3		%	93.5		%	91.3		%	85.9		%	89.1		%	93.9		%	100.9		%	91.7		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported		116.1		%	93.5		%	91.7		%	86.3		%	91.0		%	94.5		%	105.6		%	92.9		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.8			0.2			0.6			0.2			0.6			—			0.5			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		8.0			(0.2)			(0.2)			0.2			1.3			0.6			4.2			0.9
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			—			—
Underlying Combined Ratio		107.3		%	93.5		%	91.3		%	85.9		%	89.1		%	93.9		%	100.9		%	91.7		%
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020
Insurance Reserves:
Non-Standard Automobile	$	1,703.1	$	1,304.7	$	1,308.3	$	1,271.9	$	1,252.6	$	1,326.3
Commercial Automobile	281.6		257.2		236.5		223.0		221.0		215.1
Insurance Reserves	$	1,984.7	$	1,561.9	$	1,544.8	$	1,494.9	$	1,473.6	$	1,541.4
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE	$	1,005.8	$	799.7	$	744.6	$	718.8	$	667.9	$	716.0
Incurred but Not Reported	810.2		614.1		653.6		631.8		660.8		679.1
Total Loss Reserves	1,816.0		1,413.8		1,398.2		1,350.6		1,328.7		1,395.1
Unallocated LAE Reserves	168.7		148.1		146.6		144.3		144.9		146.3
Insurance Reserves	$	1,984.7	$	1,561.9	$	1,544.8	$	1,494.9	$	1,473.6	$	1,541.4


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	964.3		$	861.5		$	736.3		$	819.4		$	700.5		$	830.3		$	1,825.8		$	1,530.8

Earned Premiums		$	909.6		$	785.4		$	796.1		$	792.2		$	689.8		$	753.2		$	1,695.0		$	1,443.0
Net Investment Income		35.4			29.1			32.4			26.2			15.2			24.8			64.5			40.0
Change in Value of Alternative Energy Partnership Investments		(2.9)			(5.8)			—			—			—			—			(8.7)			—
Other Income		1.0			0.9			0.4			0.4			0.1			0.8			1.9			0.9
Total Revenues		943.1			809.6			828.9			818.8			705.1			778.8			1,752.7			1,483.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		805.1			586.4			569.1			543.4			472.4			576.0			1,391.5			1,048.4
Catastrophe Losses and LAE		7.4			1.6			5.2			2.0			4.2			0.2			9.0			4.4
Prior Years:
Non-catastrophe Losses and LAE		76.0			(4.4)			(3.1)			2.1			11.2			17.8			71.6			29.0
Catastrophe Losses and LAE		—			0.4			—			(0.1)			0.1			0.2			0.4			0.3
Total Incurred Losses and LAE		888.5			584.0			571.2			547.4			487.9			594.2			1,472.5			1,082.1
Insurance Expenses		187.7			155.3			162.8			145.6			146.7			139.2			343.0			285.9
Other Expenses		—			—			—			—			0.4			(0.4)			—			—
Operating Income (Loss)		(133.1)			70.3			94.9			125.8			70.1			45.8			(62.8)			115.9
Income Benefit (Expense)		31.8			(4.6)			(17.5)			(25.7)			(14.2)			(8.8)			27.2			(23.0)
Total Product Line Net Operating Income (Loss)		$	(101.3)		$	65.7		$	77.4		$	100.1		$	55.9		$	37.0		$	(35.6)		$	92.9
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		88.5		%	74.7		%	71.4		%	68.5		%	68.5		%	76.5		%	82.2		%	72.7		%
Current Year Catastrophe Losses and LAE Ratio		0.8			0.2			0.7			0.3			0.6			—			0.5			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		8.4			(0.6)			(0.4)			0.3			1.6			2.4			4.2			2.0
Prior Years Catastrophe Losses and LAE Ratio		—			0.1			—			—			—			—			—			—
Total Incurred Loss and LAE Ratio		97.7			74.4			71.7			69.1			70.7			78.9			86.9			75.0
Insurance Expense Ratio		20.6			19.8			20.4			18.4			21.3			18.5			20.2			19.8
Combined Ratio		118.3		%	94.2		%	92.1		%	87.5		%	92.0		%	97.4		%	107.1		%	94.8		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		88.5		%	74.7		%	71.4		%	68.5		%	68.5		%	76.5		%	82.2		%	72.7		%
Insurance Expense Ratio		20.6			19.8			20.4			18.4			21.3			18.5			20.2			19.8
Underlying Combined Ratio		109.1		%	94.5		%	91.8		%	86.9		%	89.8		%	95.0		%	102.4		%	92.5		%
Non-GAAP Measure Reconciliation
Combined Ratio		118.3		%	94.2		%	92.1		%	87.5		%	92.0		%	97.4		%	107.1		%	94.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.8			0.2			0.7			0.3			0.6			—			0.5			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		8.4			(0.6)			(0.4)			0.3			1.6			2.4			4.2			2.0
Prior Years Catastrophe Losses and LAE Ratio		—			0.1			—			—			—			—			—			—
Underlying Combined Ratio		109.1		%	94.5		%	91.8		%	86.9		%	89.8		%	95.0		%	102.4		%	92.5		%

1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	117.7		$	110.5		$	92.9		$	94.8		$	80.4		$	80.9		$	228.2		$	161.3

Earned Premiums		$	100.7		$	92.2		$	86.3		$	79.2		$	69.2		$	69.3		$	192.9		$	138.5
Net Investment Income		7.3			5.9			5.5			4.3			1.7			4.0			13.2			5.7
Change in Value of Alternative Energy Partnership Investments		(0.8)			(1.5)			—			—			—			—			(2.3)			—
Other Income		—			—			—			—			—			0.1			—			0.1
Total Revenues		107.2			96.6			91.8			83.5			70.9			73.4			203.8			144.3
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		72.3			63.6			57.1			45.6			43.4			43.8			135.9			87.2
Catastrophe Losses and LAE		0.7			0.1			0.3			0.1			0.3			—			0.8			0.3
Prior Years:
Non-catastrophe Losses and LAE		5.3			3.0			1.4			(0.2)			(1.6)			(12.5)			8.3			(14.1)
Catastrophe Losses and LAE		—			—			0.1			—			(0.1)			—			—			(0.1)
Total Incurred Losses and LAE		78.3			66.7			58.9			45.5			42.0			31.3			145.0			73.3
Insurance Expenses		17.9			15.0			16.3			13.9			14.5			12.9			32.9			27.4
Other Expenses		—			—			—			—			—			—			—			—
Operating Income (Loss)		11.0			14.9			16.6			24.1			14.4			29.2			25.9			43.6
Income Tax Benefit (Expense)		(1.4)			(0.5)			(2.9)			(5.0)			(2.8)			(6.1)			(1.9)			(8.9)
Total Product Line Net Operating Income (Loss)		$	9.6		$	14.4		$	13.7		$	19.1		$	11.6		$	23.1		$	24.0		$	34.7
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		71.8		%	68.9		%	66.3		%	57.6		%	62.7		%	63.2		%	70.5		%	63.0		%
Current Year Catastrophe Losses and LAE Ratio		0.7			0.1			0.3			0.1			0.4			—			0.4			0.2
Prior Years Non-catastrophe Losses and LAE Ratio		5.3			3.3			1.6			(0.3)			(2.3)			(18.0)			4.3			(10.2)
Prior Years Catastrophe Losses and LAE Ratio		—			—			0.1			—			(0.1)			—			—			(0.1)
Total Incurred Loss and LAE Ratio		77.8			72.3			68.3			57.4			60.7			45.2			75.2			52.9
Insurance Expense Ratio		17.8			16.3			18.9			17.6			21.0			18.6			17.1			19.8
Combined Ratio		95.6		%	88.6		%	87.2		%	75.0		%	81.7		%	63.8		%	92.3		%	72.7		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		71.8		%	68.9		%	66.3		%	57.6		%	62.7		%	63.2		%	70.5		%	63.0		%
Insurance Expense Ratio		17.8			16.3			18.9			17.6			21.0			18.6			17.1			19.8
Underlying Combined Ratio		89.6		%	85.2		%	85.2		%	75.2		%	83.7		%	81.8		%	87.6		%	82.8		%
Non-GAAP Measure Reconciliation
Combined Ratio		95.6		%	88.6		%	87.2		%	75.0		%	81.7		%	63.8		%	92.3		%	72.7		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.7			0.1			0.3			0.1			0.4			—			0.4			0.2
Prior Years Non-catastrophe Losses and LAE Ratio		5.3			3.3			1.6			(0.3)			(2.3)			(18.0)			4.3			(10.2)
Prior Years Catastrophe Losses and LAE Ratio		—			—			0.1			—			(0.1)			—			—			(0.1)
Underlying Combined Ratio		89.6		%	85.2		%	85.2		%	75.2		%	83.7		%	81.8		%	87.6		%	82.8		%

1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	169.6		$	154.4		$	155.2		$	172.2		$	161.5		$	164.1		$	324.0		$	325.6







Earned Premiums		$	163.2		$	162.2		$	169.2		$	174.5		$	163.6		$	180.9		$	325.4		$	344.5
Net Investment Income		19.5			15.9			13.4			10.3			4.3			9.7			35.4			14.0
Change in Value of Alternative Energy Partnership Investments		(2.0)			(4.1)			—			—			—			—			(6.1)			—
Other Income		—			—			—			—			0.1			—			—			0.1
Total Revenues		180.7			174.0			182.6			184.8			168.0			190.6			354.7			358.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		116.2			96.2			107.1			102.8			82.5			108.5			212.4			191.0
Catastrophe Losses and LAE		24.2			24.0			(5.3)			61.9			20.6			4.8			48.2			25.4
Prior Years:
Non-catastrophe Losses and LAE		5.0			0.1			9.5			6.3			8.2			(3.3)			5.1			4.9
Catastrophe Losses and LAE		(3.4)			(0.3)			0.1			0.1			0.4			(1.1)			(3.7)			(0.7)
Total Incurred Losses and LAE		142.0			120.0			111.4			171.1			111.7			108.9			262.0			220.6
Insurance Expenses		52.1			51.0			51.4			55.5			55.5			58.7			103.1			114.2

Operating Income (Loss)		(13.4)			3.0			19.8			(41.8)			0.8			23.0			(10.4)			23.8
Income Tax Benefit (Expense)		5.1			6.6			(2.9)			9.1			0.1			(4.6)			11.7			(4.5)
Segment Net Operating Income (Loss)		$	(8.3)		$	9.6		$	16.9		$	(32.7)		$	0.9		$	18.4		$	1.3		$	19.3
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		71.2		%	59.3		%	63.2		%	58.9		%	50.5		%	59.9		%	65.2		%	55.4		%
Current Year Catastrophe Losses and LAE Ratio		14.8			14.8			(3.1)			35.5			12.6			2.7			14.8			7.4
Prior Years Non-catastrophe Losses and LAE Ratio		3.1			0.1			5.6			3.6			5.0			(1.8)			1.6			1.4
Prior Years Catastrophe Losses and LAE Ratio		(2.1)			(0.2)			0.1			0.1			0.2			(0.6)			(1.1)			(0.2)
Total Incurred Loss and LAE Ratio		87.0			74.0			65.8			98.1			68.3			60.2			80.5			64.0
Insurance Expense Ratio		31.9			31.4			30.4			31.8			33.9			32.4			31.7			33.1

Combined Ratio		118.9		%	105.4		%	96.2		%	129.9		%	102.2		%	92.6		%	112.2		%	97.1		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		71.2		%	59.3		%	63.2		%	58.9		%	50.5		%	59.9		%	65.2		%	55.4		%
Insurance Expense Ratio		31.9			31.4			30.4			31.8			33.9			32.4			31.7			33.1

Underlying Combined Ratio		103.1		%	90.7		%	93.6		%	90.7		%	84.4		%	92.3		%	96.9		%	88.5		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported		118.9		%	105.4		%	96.2		%	129.9		%	102.2		%	92.6		%	112.2		%	97.1		%
Less:
Current Year Catastrophe Losses and LAE Ratio		14.8			14.8			(3.1)			35.5			12.6			2.7			14.8			7.4
Prior Years Non-catastrophe Losses and LAE Ratio		3.1			0.1			5.6			3.6			5.0			(1.8)			1.6			1.4
Prior Years Catastrophe Losses and LAE Ratio		(2.1)			(0.2)			0.1			0.1			0.2			(0.6)			(1.1)			(0.2)
Underlying Combined Ratio		103.1		%	90.7		%	93.6		%	90.7		%	84.4		%	92.3		%	96.9		%	88.5		%


1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020
Insurance Reserves:
Preferred Automobile	$	282.9	$	275.9	$	281.3	$	265.2	$	252.8	$	254.8
Homeowners	110.7		107.6		104.0		137.9		99.5		90.8
Other Personal	31.0		30.7		26.3		25.5		25.7		28.8
Insurance Reserves	$	424.6	$	414.2	$	411.6	$	428.6	$	378.0	$	374.4
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE	$	282.3	$	282.0	$	262.2	$	266.8	$	230.7	$	231.1
Incurred but Not Reported	116.1		105.6		122.0		134.2		119.6		115.1
Total Loss Reserves	398.4		387.6		384.2		401.0		350.3		346.2
Unallocated LAE Reserves	26.2		26.6		27.4		27.6		27.7		28.2
Insurance Reserves	$	424.6	$	414.2	$	411.6	$	428.6	$	378.0	$	374.4


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	104.4		$	100.4		$	98.8		$	107.2		$	95.6		$	105.9		$	204.8		$	201.5

Earned Premiums		$	103.5		$	103.0		$	107.1		$	110.6		$	99.1		$	114.9		$	206.5		$	214.0
Net Investment Income		9.0			7.3			7.9			6.1			2.5			5.8			16.3			8.3
Change in Value of Alternative Energy Partnership Investments		(0.9)			(1.9)			—			—			—			—			(2.8)			—
Other Income		—			—			—			—			0.1			—			—			0.1
Total Revenues		111.6			108.4			115.0			116.7			101.7			120.7			220.0			222.4
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		81.6			67.8			78.0			72.2			53.8			75.9			149.4			129.7
Catastrophe Losses and LAE		2.8			0.6			0.4			1.8			2.0			0.2			3.4			2.2
Prior Years:
Non-catastrophe Losses and LAE		3.6			1.2			9.9			5.9			9.7			2.2			4.8			11.9
Catastrophe Losses and LAE		(0.2)			0.1			(0.4)			(0.2)			(0.3)			(0.1)			(0.1)			(0.4)
Total Incurred Losses and LAE		87.8			69.7			87.9			79.7			65.2			78.2			157.5			143.4
Insurance Expenses		33.6			32.8			32.3			34.7			34.0			36.1			66.4			70.1

Operating Income (Loss)		(9.8)			5.9			(5.2)			2.3			2.5			6.4			(3.9)			8.9
Income Tax Benefit (Expense)		3.1			2.1			1.9			(0.3)			(0.4)			(1.2)			5.2			(1.6)
Total Product Line Net Operating Income (Loss)		$	(6.7)		$	8.0		$	(3.3)		$	2.0		$	2.1		$	5.2		$	1.3		$	7.3
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		78.8		%	65.8		%	72.9		%	65.4		%	54.3		%	66.1		%	72.4		%	60.6		%
Current Year Catastrophe Losses and LAE Ratio		2.7			0.6			0.4			1.6			2.0			0.2			1.6			1.0
Prior Years Non-catastrophe Losses and LAE Ratio		3.5			1.2			9.2			5.3			9.8			1.9			2.3			5.6
Prior Years Catastrophe Losses and LAE Ratio		(0.2)			0.1			(0.4)			(0.2)			(0.3)			(0.1)			—			(0.2)
Total Incurred Loss and LAE Ratio		84.8			67.7			82.1			72.1			65.8			68.1			76.3			67.0
Insurance Expense Ratio		32.5			31.8			30.2			31.4			34.3			31.4			32.2			32.8
Combined Ratio		117.3		%	99.5		%	112.3		%	103.5		%	100.1		%	99.5		%	108.5		%	99.8		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		78.8		%	65.8		%	72.9		%	65.4		%	54.3		%	66.1		%	72.4		%	60.6		%
Insurance Expense Ratio		32.5			31.8			30.2			31.4			34.3			31.4			32.2			32.8
Underlying Combined Ratio		111.3		%	97.6		%	103.1		%	96.8		%	88.6		%	97.5		%	104.6		%	93.4		%
Non-GAAP Measure Reconciliation
Combined Ratio		117.3		%	99.5		%	112.3		%	103.5		%	100.1		%	99.5		%	108.5		%	99.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio		2.7			0.6			0.4			1.6			2.0			0.2			1.6			1.0
Prior Years Non-catastrophe Losses and LAE Ratio		3.5			1.2			9.2			5.3			9.8			1.9			2.3			5.6
Prior Years Catastrophe Losses and LAE Ratio		(0.2)			0.1			(0.4)			(0.2)			(0.3)			(0.1)			—			(0.2)
Underlying Combined Ratio		111.3		%	97.6		%	103.1		%	96.8		%	88.6		%	97.5		%	104.6		%	93.4		%

1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

(Unaudited)


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	65.2		$	54.0		$	56.4		$	65.0		$	65.9		$	58.2		$	119.2		$	124.1

Earned Premiums		$	59.7		$	59.2		$	62.1		$	63.9		$	64.5		$	66.0		$	118.9		$	130.5
Net Investment Income		10.5			8.6			5.5			4.2			1.8			3.9			19.1			5.7
Change in Value of Alternative Energy Partnership Investments		(1.1)			(2.2)			—			—			—			—			(3.3)			—
Total Revenues		69.1			65.6			67.6			68.1			66.3			69.9			134.7			136.2
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		34.6			28.4			29.1			30.6			28.7			32.6			63.0			61.3
Catastrophe Losses and LAE		21.4			23.4			(5.7)			60.1			18.6			4.6			44.8			23.2
Prior Years:
Non-catastrophe Losses and LAE		1.4			(1.1)			(0.4)			0.4			(1.5)			(5.5)			0.3			(7.0)
Catastrophe Losses and LAE		(3.2)			(0.4)			0.5			0.3			0.7			(1.0)			(3.6)			(0.3)
Total Incurred Losses and LAE		54.2			50.3			23.5			91.4			46.5			30.7			104.5			77.2
Insurance Expenses		18.5			18.2			19.1			20.8			21.5			22.6			36.7			44.1
Operating Income (Loss)		(3.6)			(2.9)			25.0			(44.1)			(1.7)			16.6			(6.5)			14.9
Income Tax Benefit (Expense)		2.0			4.5			(4.8)			9.4			0.5			(3.4)			6.5			(2.9)
Total Product Line Net Operating Income (Loss)		$	(1.6)		$	1.6		$	20.2		$	(34.7)		$	(1.2)		$	13.2		$	—		$	12.0
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		58.1		%	48.1		%	46.8		%	47.8		%	44.5		%	49.3		%	52.9		%	47.0		%
Current Year Catastrophe Losses and LAE Ratio		35.8			39.5			(9.2)			94.1			28.8			7.0			37.7			17.8
Prior Years Non-catastrophe Losses and LAE Ratio		2.3			(1.9)			(0.6)			0.6			(2.3)			(8.3)			0.3			(5.4)
Prior Years Catastrophe Losses and LAE Ratio		(5.4)			(0.7)			0.8			0.5			1.1			(1.5)			(3.0)			(0.2)
Total Incurred Loss and LAE Ratio		90.8			85.0			37.8			143.0			72.1			46.5			87.9			59.2
Insurance Expense Ratio		31.0			30.7			30.8			32.6			33.3			34.2			30.9			33.8
Combined Ratio		121.8		%	115.7		%	68.6		%	175.6		%	105.4		%	80.7		%	118.8		%	93.0		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		58.1		%	48.1		%	46.8		%	47.8		%	44.5		%	49.3		%	52.9		%	47.0		%
Insurance Expense Ratio		31.0			30.7			30.8			32.6			33.3			34.2			30.9			33.8
Underlying Combined Ratio		89.1		%	78.8		%	77.6		%	80.4		%	77.8		%	83.5		%	83.8		%	80.8		%
Non-GAAP Measure Reconciliation
Combined Ratio		121.8		%	115.7		%	68.6		%	175.6		%	105.4		%	80.7		%	118.8		%	93.0		%
Less:
Current Year Catastrophe Losses and LAE Ratio		35.8			39.5			(9.2)			94.1			28.8			7.0			37.7			17.8
Prior Years Non-catastrophe Losses and LAE Ratio		2.3			(1.9)			(0.6)			0.6			(2.3)			(8.3)			0.3			(5.4)
Prior Years Catastrophe Losses and LAE Ratio		(5.4)			(0.7)			0.8			0.5			1.1			(1.5)			(3.0)			(0.2)
Underlying Combined Ratio		89.1		%	78.8		%	77.6		%	80.4		%	77.8		%	83.5		%	83.8		%	80.8		%

1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	56.3		$	46.1		$	48.3		$	55.7		$	57.2		$	49.9		$	102.4		$	107.1

Earned Premiums		$	51.3		$	50.8		$	53.3		$	55.0		$	55.6		$	56.8		$	102.1		$	112.4
Net Investment Income		9.6			7.8			5.0			3.8			1.6			3.6			17.4			5.2
Change in Value of Alternative Energy Partnership Investments		(1.0)			(2.0)			—			—			—			—			(3.0)			—
Total Revenues		59.9			56.6			58.3			58.8			57.2			60.4			116.5			117.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		30.5			24.2			26.5			28.1			25.4			28.7			54.7			54.1
Catastrophe Losses and LAE		21.8			22.0			(10.1)			58.6			18.2			4.5			43.8			22.7
Prior Years:
Non-catastrophe Losses and LAE		0.2			(2.5)			0.3			2.0			(0.8)			(4.3)			(2.3)			(5.1)
Catastrophe Losses and LAE		(1.8)			(0.1)			0.6			0.2			0.6			(0.7)			(1.9)			(0.1)
Total Incurred Losses and LAE		50.7			43.6			17.3			88.9			43.4			28.2			94.3			71.6
Insurance Expenses		16.1			15.7			16.6			18.2			18.6			19.5			31.8			38.1

Operating Income (Loss)		(6.9)			(2.7)			24.4			(48.3)			(4.8)			12.7			(9.6)			7.9
Income Tax Benefit (Expense)		2.6			4.1			(4.7)			10.3			1.1			(2.6)			6.7			(1.5)
Total Product Line Net Operating Income (Loss)		$	(4.3)		$	1.4		$	19.7		$	(38.0)		$	(3.7)		$	10.1		$	(2.9)		$	6.4
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		59.4		%	47.6		%	49.7		%	51.1		%	45.7		%	50.5		%	53.7		%	48.1		%
Current Year Catastrophe Losses and LAE Ratio		42.5			43.3			(18.9)			106.5			32.7			7.9			42.9			20.2
Prior Years Non-catastrophe Losses and LAE Ratio		0.4			(4.9)			0.6			3.6			(1.4)			(7.6)			(2.3)			(4.5)
Prior Years Catastrophe Losses and LAE Ratio		(3.5)			(0.2)			1.1			0.4			1.1			(1.2)			(1.9)			(0.1)
Total Incurred Loss and LAE Ratio		98.8			85.8			32.5			161.6			78.1			49.6			92.4			63.7
Insurance Expense Ratio		31.4			30.9			31.1			33.1			33.5			34.3			31.1			33.9
Combined Ratio		130.2		%	116.7		%	63.6		%	194.7		%	111.6		%	83.9		%	123.5		%	97.6		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		59.4		%	47.6		%	49.7		%	51.1		%	45.7		%	50.5		%	53.7		%	48.1		%
Insurance Expense Ratio		31.4			30.9			31.1			33.1			33.5			34.3			31.1			33.9
Underlying Combined Ratio		90.8		%	78.5		%	80.8		%	84.2		%	79.2		%	84.8		%	84.8		%	82.0		%
Non-GAAP Measure Reconciliation
Combined Ratio		130.2		%	116.7		%	63.6		%	194.7		%	111.6		%	83.9		%	123.5		%	97.6		%
Less:
Current Year Catastrophe Losses and LAE Ratio		42.5			43.3			(18.9)			106.5			32.7			7.9			42.9			20.2
Prior Years Non-catastrophe Losses and LAE Ratio		0.4			(4.9)			0.6			3.6			(1.4)			(7.6)			(2.3)			(4.5)
Prior Years Catastrophe Losses and LAE Ratio		(3.5)			(0.2)			1.1			0.4			1.1			(1.2)			(1.9)			(0.1)
Underlying Combined Ratio		90.8		%	78.5		%	80.8		%	84.2		%	79.2		%	84.8		%	84.8		%	82.0		%
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Net Premiums Written		$	8.9		$	7.9		$	8.1		$	9.3		$	8.7		$	8.3		$	16.8		$	17.0

Earned Premiums		$	8.4		$	8.4		$	8.8		$	8.9		$	8.9		$	9.2		$	16.8		$	18.1
Net Investment Income		0.9			0.8			0.5			0.4			0.2			0.3			1.7			0.5
Change in Value of Alternative Energy Partnership Investments		(0.1)			(0.2)			—			—			—			—			(0.3)			—
Total Revenues		9.2			9.0			9.3			9.3			9.1			9.5			18.2			18.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		4.1			4.2			2.6			2.5			3.3			3.9			8.3			7.2
Catastrophe Losses and LAE		(0.4)			1.4			4.4			1.5			0.4			0.1			1.0			0.5
Prior Years:
Non-catastrophe Losses and LAE		1.2			1.4			(0.7)			(1.6)			(0.7)			(1.2)			2.6			(1.9)
Catastrophe Losses and LAE		(1.4)			(0.3)			(0.1)			0.1			0.1			(0.3)			(1.7)			(0.2)
Total Incurred Losses and LAE		3.5			6.7			6.2			2.5			3.1			2.5			10.2			5.6
Insurance Expenses		2.4			2.5			2.5			2.6			2.9			3.1			4.9			6.0
Operating Income (Loss)		3.3			(0.2)			0.6			4.2			3.1			3.9			3.1			7.0
Income Tax Benefit (Expense)		(0.6)			0.4			(0.1)			(0.9)			(0.6)			(0.8)			(0.2)			(1.4)
Total Product Line Net Operating Income (Loss)		$	2.7		$	0.2		$	0.5		$	3.3		$	2.5		$	3.1		$	2.9		$	5.6
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		48.9		%	50.0		%	29.6		%	28.1		%	37.1		%	42.4		%	49.3		%	39.7		%
Current Year Catastrophe Losses and LAE Ratio		(4.8)			16.7			50.0			16.9			4.5			1.1			6.0			2.8
Prior Years Non-catastrophe Losses and LAE Ratio		14.3			16.7			(8.0)			(18.0)			(7.9)			(13.0)			15.5			(10.5)
Prior Years Catastrophe Losses and LAE Ratio		(16.7)			(3.6)			(1.1)			1.1			1.1			(3.3)			(10.1)			(1.1)
Total Incurred Loss and LAE Ratio		41.7			79.8			70.5			28.1			34.8			27.2			60.7			30.9
Insurance Expense Ratio		28.6			29.8			28.4			29.2			32.6			33.7			29.2			33.1
Combined Ratio		70.3		%	109.6		%	98.9		%	57.3		%	67.4		%	60.9		%	89.9		%	64.0		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		48.9		%	50.0		%	29.6		%	28.1		%	37.1		%	42.4		%	49.3		%	39.7		%
Insurance Expense Ratio		28.6			29.8			28.4			29.2			32.6			33.7			29.2			33.1
Underlying Combined Ratio		77.5		%	79.8		%	58.0		%	57.3		%	69.7		%	76.1		%	78.5		%	72.8		%
Non-GAAP Measure Reconciliation
Combined Ratio		70.3		%	109.6		%	98.9		%	57.3		%	67.4		%	60.9		%	89.9		%	64.0		%
Less:
Current Year Catastrophe Losses and LAE Ratio		(4.8)			16.7			50.0			16.9			4.5			1.1			6.0			2.8
Prior Years Non-catastrophe Losses and LAE Ratio		14.3			16.7			(8.0)			(18.0)			(7.9)			(13.0)			15.5			(10.5)
Prior Years Catastrophe Losses and LAE Ratio		(16.7)			(3.6)			(1.1)			1.1			1.1			(3.3)			(10.1)			(1.1)
Underlying Combined Ratio		77.5		%	79.8		%	58.0		%	57.3		%	69.7		%	76.1		%	78.5		%	72.8		%
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Results of Operations




Earned Premiums		$	164.2	$	161.0	$	162.4	$	160.6	$	162.7	$	163.0	$	325.2	$	325.7
Net Investment Income		52.4		51.1		52.8		50.7		44.3		51.0		103.5		95.3
Change in Value of Alternative Energy Partnership Investments		(2.0)		(4.0)		—		—		—		—		(6.0)		—
Other Income		0.1		0.1		—		—		0.5		0.1		0.2		0.6
Total Revenues		214.7		208.2		215.2		211.3		207.5		214.1		422.9		421.6
Policyholders’ Benefits and Incurred Losses and LAE		115.3		118.7		121.8		113.6		105.9		100.7		234.0		206.6
Insurance Expenses		86.2		90.3		83.8		82.5		81.7		86.9		176.5		168.6

Operating Income (Loss)		13.2		(0.8)		9.6		15.2		19.9		26.5		12.4		46.4
Income Tax Benefit (Expense)		(0.2)		8.1		(0.2)		(3.0)		(3.8)		(4.2)		7.9		(8.0)
Segment Net Operating Income (Loss)		$	13.0	$	7.3	$	9.4	$	12.2	$	16.1	$	22.3	$	20.3	$	38.4


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Results of Operations
Earned Premiums		$	100.6	$	98.1	$	96.5	$	96.3	$	95.7	$	97.2	$	198.7	$	192.9
Net Investment Income		50.9		49.6		52.3		47.5		44.8		48.7		100.5		93.5
Change in Value of Alternative Energy Partnership Investments		(1.9)		(3.8)		—		—		—		—		(5.7)		—
Other Income		—		—		(0.1)		—		0.1		—		—		0.1
Total Revenues		149.6		143.9		148.7		143.8		140.6		145.9		293.5		286.5
Policyholders’ Benefits and Incurred Losses and LAE		81.9		87.9		$	89.4	84.0		76.7		68.1		169.8		144.8
Insurance Expenses		55.6		58.0		52.9		54.7		50.9		60.3		113.6		111.2

Operating Income (Loss)		12.1		(2.0)		6.4		5.1		13.0		17.5		10.1		30.5
Income Tax Benefit (Expense)		(0.1)		8.0		0.3		(0.8)		(2.4)		(2.3)		7.9		(4.7)
Total Product Line Operating Income (Loss)		$	12.0	$	6.0	$	6.7	$	4.3	$	10.6	$	15.2	$	18.0	$	25.8


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Results of Operations
Earned Premiums		$	47.9	$	47.4	$	50.2	$	48.9	$	50.8	$	49.4	$	95.3	$	100.2
Net Investment Income		0.8		1.0		0.3		3.1		(0.4)		2.0		1.8		1.6
Change in Value of Alternative Energy Partnership Investments		—		(0.1)		—		—		—		—		(0.1)		—
Other Income		0.1		0.1		0.1		—		0.4		0.1		0.2		0.5
Total Revenues		48.8		48.4		50.6		52.0		50.8		51.5		97.2		102.3
Policyholders’ Benefits and Incurred Losses and LAE		26.8		24.5		24.5		20.7		22.0		28.1		51.3		50.1
Insurance Expenses		22.2		24.4		25.1		22.1		24.6		20.1		46.6		44.7
Operating Income (Loss)		(0.2)		(0.5)		1.0		9.2		4.2		3.3		(0.7)		7.5
Income Tax Benefit (Expense)		0.1		0.2		—		(2.0)		(0.9)		(0.7)		0.3		(1.6)
Total Product Line Net Operating Income (Loss)		$	(0.1)	$	(0.3)	$	1.0	$	7.2	$	3.3	$	2.6	$	(0.4)	$	5.9


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Results of Operations
Earned Premiums		$	15.7		$	15.5		$	15.7		$	15.4		$	16.2		$	16.4		$	31.2		$	32.6
Net Investment Income		0.7			0.5			0.2			0.1			(0.1)			0.3			1.2			0.2
Change in Value of Alternative Energy Partnership Investments		(0.1)			(0.1)			—			—			—			—			(0.2)			—

Total Revenues		16.3			15.9			15.9			15.5			16.1			16.7			32.2			32.8
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		4.2			3.2			2.5			5.2			3.5			4.0			7.4			7.5
Catastrophe Losses and LAE		2.5			1.9			5.3			3.1			3.2			0.8			4.4			4.0
Prior Years:
Non-catastrophe Losses and LAE		0.1			0.7			0.1			0.4			0.3			(0.4)			0.8			(0.1)
Catastrophe Losses and LAE		(0.2)			0.5			—			0.2			0.2			0.1			0.3			0.3
Total Incurred Losses and LAE		6.6			6.3			7.9			8.9			7.2			4.5			12.9			11.7
Insurance Expenses		8.4			7.9			5.8			5.7			6.2			6.5			16.3			12.7
Operating Income (Loss)		1.3			1.7			2.2			0.9			2.7			5.7			3.0			8.4
Income Tax Benefit (Expense)		(0.2)			(0.1)			(0.5)			(0.2)			(0.5)			(1.2)			(0.3)			(1.7)
Total Product Line Net Operating Income (Loss)		$	1.1		$	1.6		$	1.7		$	0.7		$	2.2		$	4.5		$	2.7		$	6.7
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		26.8		%	20.6		%	15.9		%	33.8		%	21.5		%	24.3		%	23.6		%	23.0		%
Current Year Catastrophe Losses and LAE Ratio		15.9			12.3			33.8			20.1			19.8			4.9			14.1			12.3
Prior Years Non-catastrophe Losses and LAE Ratio		0.6			4.5			0.6			2.6			1.9			(2.4)			2.6			(0.3)
Prior Years Catastrophe Losses and LAE Ratio		(1.3)			3.2			—			1.3			1.2			0.6			1.0			0.9
Total Incurred Loss and LAE Ratio		42.0			40.6			50.3			57.8			44.4			27.4			41.3			35.9
Insurance Expense Ratio		53.5			51.0			36.9			37.0			38.3			39.6			52.2			39.0
Combined Ratio		95.5		%	91.6		%	87.2		%	94.8		%	82.7		%	67.0		%	93.5		%	74.9		%
Underlying Combined Ratio 1
Current Year Non-catastrophe Losses and LAE Ratio		26.8		%	20.6		%	15.9		%	33.8		%	21.5		%	24.3		%	23.6		%	23.0		%
Insurance Expense Ratio		53.5			51.0			36.9			37.0			38.3			39.6			52.2			39.0
Underlying Combined Ratio		80.3		%	71.6		%	52.8		%	70.8		%	59.8		%	63.9		%	75.8		%	62.0		%
Non-GAAP Measure Reconciliation
Combined Ratio		95.5		%	91.6		%	87.2		%	94.8		%	82.7		%	67.0		%	93.5		%	74.9		%
Less:
Current Year Catastrophe Losses and LAE Ratio		15.9			12.3			33.8			20.1			19.8			4.9			14.1			12.3
Prior Years Non-catastrophe Losses and LAE Ratio		0.6			4.5			0.6			2.6			1.9			(2.4)			2.6			(0.3)
Prior Years Catastrophe Losses and LAE Ratio		(1.3)			3.2			—			1.3			1.2			0.6			1.0			0.9
Underlying Combined Ratio		80.3		%	71.6		%	52.8		%	70.8		%	59.8		%	63.9		%	75.8		%	62.0		%

1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Insurance Expenses:
Commissions		$	220.1	$	195.2	$	183.3	$	195.5	$	178.2	$	188.8	$	415.3	$	367.0
General Expenses		82.3		84.6		83.1		74.6		79.2		70.5		166.9		149.7
Premium Taxes		27.2		25.4		23.0		23.3		23.1		24.8		52.6		47.9
Total Costs Incurred		329.6		305.2		289.4		293.4		280.5		284.1		634.8		564.6



Net Policy Acquisition Costs Deferred		(41.1)		(22.4)		(11.1)		(17.4)		(9.3)		(13.8)		(63.5)		(23.1)
Amortization of Valuation of Business Acquired ("VOBA")		25.5		0.9		1.0		0.9		1.5		1.3		26.4		2.8

Insurance Expenses		314.0		283.7		279.3		276.9		272.7		271.6		597.7		544.3

Interest and Other Expenses:
Interest Expense		11.2		11.1		11.3		8.3		8.9		7.5		22.3		16.4
Other Expenses:
Acquisition Related Transaction, Integration and Other Costs		10.4		16.3		20.0		14.4		17.1		11.8		26.7		28.9
Pension Settlement Expense		—		—		64.1		—		—		—		—		—
Other		37.7		29.8		33.4		24.5		25.0		25.2		67.5		50.2
Other Expenses		48.1		46.1		117.5		38.9		42.1		37.0		94.2		79.1
Interest and Other Expenses		59.3		57.2		128.8		47.2		51.0		44.5		116.5		95.5
Total Expenses		$	373.3	$	340.9	$	408.1	$	324.1	$	323.7	$	316.1	$	714.2	$	639.8


	Three Months Ended													Six Months Ended
		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Net Investment Income
Interest on Fixed Income Securities		$	69.7	$	69.0	$	71.8	$	72.7	$	74.3	$	71.0	$	138.7	$	145.3
Dividends on Equity Securities Excluding Alternative Investments		4.8		2.1		4.7		2.8		3.6		4.3		6.9		7.9
Alternative Investments:
Equity Method Limited Liability Investments		16.4		22.5		7.6		8.2		(12.7)		1.8		38.9		(10.9)

Limited Liability Investments Included in Equity Securities		15.3		4.5		14.8		2.4		1.1		3.8		19.8		4.9
Total Alternative Investments		31.7		27.0		22.4		10.6		(11.6)		5.6		58.7		(6.0)
Short-term Investments		(0.8)		1.2		1.3		2.3		0.3		1.6		0.4		1.9
Loans to Policyholders		5.4		5.5		5.5		5.5		5.5		5.6		10.9		11.1
Real Estate		2.4		2.4		2.5		2.3		2.3		2.5		4.8		4.8
Other		9.3		4.7		3.9		2.7		2.4		4.2		14.0		6.6
Total Investment Income		122.5		111.9		112.1		98.9		76.8		94.8		234.4		171.6
Investment Expenses:
Real Estate		2.1		2.1		2.3		1.2		2.7		2.6		4.2		5.3
Other Investment Expenses		6.5		6.7		7.1		5.6		6.3		6.6		13.2		12.9
Total Investment Expenses		8.6		8.8		9.4		6.8		9.0		9.2		17.4		18.2
Net Investment Income		$	113.9	$	103.1	$	102.7	$	92.1	$	67.8	$	85.6	$	217.0	$	153.4
Net Realized Gains (Losses) on Sales of Investments
Fixed Maturities:
Gains on Sales		$	19.2	$	13.2	$	1.9	$	11.9	$	10.9	$	15.9	$	32.4	$	26.8
Losses on Sales		(0.2)		(1.1)		(4.4)		(1.9)		(0.5)		(1.1)		(1.3)		(1.6)
Equity Securities:
Gains on Sales		—		1.7		4.4		0.1		0.1		1.3		1.7		1.4
Losses on Sales		—		—		(1.7)		—		—		(0.2)		—		(0.2)
Equity Method Limited Liability Investments:
Losses on Sales		—		—		(0.3)		(0.1)		—		—		—		—
Real Estate:
Gains on Sales		0.2		—		—		—		1.2		0.6		0.2		1.8






Net Realized Gains on Sales of Investments		$	19.2	$	13.8	$	(0.1)	$	10.0	$	11.7	$	16.5	$	33.0	$	28.2
Net Impairment Losses Recognized in Earnings
Fixed Maturities		$	(0.6)	$	(3.2)	$	1.3	$	(1.0)	$	(7.0)	$	(10.0)	$	(3.8)	$	(17.0)
Equity Securities		(2.6)		(0.8)		(0.8)		—		—		(2.0)		(3.4)		(2.0)

Net Impairment Losses Recognized in Earnings		$	(3.2)	$	(4.0)	$	0.5	$	(1.0)	$	(7.0)	$	(12.0)	$	(7.2)	$	(19.0)


	Jun 30, 2021				Dec 31, 2020				Dec 31, 2019
	Carrying Value		Percent of Total1		Carrying Value		Percent of Total1		Carrying Value		Percent of Total1
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities	$	522.3	5.0	%	$	585.3	5.6	%	$	815.9	8.8	%
States and Political Subdivisions	1,805.8		17.3		1,589.5		15.2		1,515.8		16.4
Foreign Governments	5.1		—		5.2		—		16.8		0.2
Corporate Securities:
Bonds and Notes	4,475.4		42.9		4,425.4		42.5		3,859.7		41.7
Redeemable Preferred Stocks	7.5		0.1		7.5		0.1		6.7		0.1
Collateralized Loan Obligations	770.2		7.4		767.7		7.4		618.2		6.7
Other Mortgage- and Asset-backed	248.7		2.4		225.3		2.2		89.0		1.0
Total Fixed Maturities Reported at Fair Value	7,835.0		75.1		7,605.9		73.0		6,922.1		74.7
Equity Securities Reported at Fair Value:
Preferred Stocks	52.4		0.5		59.1		0.6		59.2		0.6
Common Stocks	24.6		0.2		10.8		0.1		13.2		0.1
Other Equity Interests:
Exchange Traded Funds	564.3		5.4		496.6		4.8		586.8		6.3
Limited Liability Companies and Limited Partnerships	316.4		3.0		292.0		2.8		248.1		2.7
Total Equity Securities Reported at Fair Value	957.7		9.2		858.5		8.2		907.3		9.8
Equity Securities Reported at Modified Cost:
Preferred Stocks	7.2		0.1		8.1		0.1		9.1		0.1
Common Stocks	16.1		0.2		16.3		0.2		12.3		0.1
Limited Liability Companies and Limited Partnerships	9.2		0.1		15.7		0.2		20.5		0.2
Total Equity Securities Reported at Modified Cost	32.5		0.4		40.1		0.5		41.9		0.4
Convertible Securities at Fair Value	43.6		0.4		39.9		0.4		37.3		0.4
Equity Method Limited Liability Investments	245.5		2.4		204.0		2.0		220.4		2.4
Alternative Energy Partnership Investments	46.6		0.4		21.3		0.2		—		—

Short-term Investments at Cost which Approximates Fair Value	370.6		3.5		875.4		8.4		470.9		5.1
Other Investments:
Company Owned Life Insurance	433.5		4.2		327.4		3.1		217.0		2.3
Loans to Policyholders at Unpaid Principal	291.7		2.8		297.9		2.9		305.6		3.3
Real Estate at Depreciated Cost	98.7		0.9		98.7		0.9		111.4		1.2
Mortgage Loans	85.7		0.8		54.6		0.5		27.5		0.3

Other	1.2		—		0.4		—		—		—
Total Other Investments	910.8		8.7		779.0		7.4		661.5		7.1
Total Investments	$	10,442.3	100.0	%	$	10,424.1	100.0	%	$	9,261.4	100.0	%

1 Sum of percentages for individual lines may not equal subtotals and grand total due to rounding.


	Jun 30, 2021				Dec 31, 2020				Dec 31, 2019
Fair Value of Non-governmental Fixed Maturities by Industry	Amount		Percent of Total Investments		Amount		Percent of Total Investments		Amount		Percent of Total Investments
Finance, Insurance and Real Estate	$	1,993.5	19.1	%	$	1,916.3	18.4	%	$	1,522.8	16.4	%
Manufacturing	1,612.7		15.4		1,633.5		15.7		1,356.4		14.6
Transportation, Communication and Utilities	825.4		7.9		825.5		7.9		650.2		7.0
Services	620.4		5.9		581.3		5.6		604.4		6.5
Mining	273.1		2.6		285.7		2.7		154.5		1.7
Retail Trade	165.9		1.6		172.6		1.7		183.3		2.0
Wholesale Trade	0.4		—		0.5		—		72.9		0.8
Agriculture, Forestry and Fishing	—		—		—		—		12.4		0.1
Other	10.4		0.1		10.5		0.1		16.6		0.2
Total Fair Value of Non-governmental Fixed Maturities	$	5,501.8	52.6	%	$	5,425.9	52.1	%	$	4,573.5	49.3	%

(Unaudited)


	Jun 30, 2021
	State General Obligation		Political Subdivision General Obligation		Revenue		Total Fair Value		Percent of Total Muni Bond1		Percent of Total Investments1
Texas	$	10.0	$	13.4	$	117.0	$	140.4	7.8	%	1.3	%
California	7.3		12.7		80.6		100.6		5.6		1.0
New York	6.6		9.2		79.3		95.1		5.3		0.9
Colorado	—		1.0		82.5		83.5		4.6		0.8
Louisiana	38.0		5.9		29.8		73.7		4.1		0.7
Georgia	5.5		7.6		63.1		76.2		4.2		0.7
Pennsylvania	6.2		2.5		59.6		68.3		3.8		0.7
Massachusetts	6.5		1.5		53.9		61.9		3.4		0.6
Michigan	25.4		—		36.3		61.7		3.4		0.6
Oregon	33.5		—		24.2		57.7		3.2		0.6
Washington	18.6		—		39.5		58.1		3.2		0.6
Ohio	8.5		—		41.3		49.8		2.8		0.5
Maryland	2.1		8.7		45.7		56.5		3.1		0.5
Florida	—		—		56.2		56.2		3.1		0.5
Virginia	7.0		17.3		29.7		54.0		3.0		0.5
Illinois	—		0.7		45.1		45.8		2.5		0.4
Utah	0.6		—		39.0		39.6		2.2		0.4
Minnesota	—		2.3		42.1		44.4		2.5		0.4
Tennessee	3.5		12.0		24.8		40.3		2.2		0.4
District Of Columbia	7.0		—		30.6		37.6		2.1		0.4
New Mexico	—		—		35.7		35.7		2.0		0.3
Missouri	—		1.3		34.8		36.1		2.0		0.3
Connecticut	16.4		—		10.8		27.2		1.5		0.3
South Carolina	—		1.7		17.5		19.2		1.1		0.2
Indiana	—		—		32.2		32.2		1.8		0.3
Hawaii	22.9		1.4		4.0		28.3		1.6		0.3
Rhode Island	1.8		—		22.6		24.4		1.4		0.2
Mississippi	14.5		—		9.1		23.6		1.3		0.2
Arizona	—		0.8		21.2		22.0		1.2		0.2
Nebraska	—		8.5		10.8		19.3		1.1		0.2
Kentucky	—		—		18.5		18.5		1.0		0.2
Arkansas	18.9		—		—		18.9		1.0		0.2
North Carolina	—		2.1		15.6		17.7		1.0		0.2
Oklahoma	—		—		16.6		16.6		0.9		0.2
New Hampshire	4.3		0.5		12.6		17.4		1.0		0.2
North Dakota	—		—		15.0		15.0		0.8		0.1
Delaware	—		1.6		11.1		12.7		0.7		0.1
Iowa	—		—		12.4		12.4		0.7		0.1
Alaska	2.0		2.9		10.1		15.0		0.8		0.1
All Other States	1.2		9.3		81.8		92.3		5.1		0.9
Total	$	268.3	$	124.9	$	1,412.7	$	1,805.9	100.0	%	17.3	%

1 Sum of percentages for individual lines may not equal total due to rounding.


	Unfunded Commitment		Reported Value
Asset Class	Jun 30, 2021		Jun 30, 2021		Dec 31, 2020
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt	$	55.5	$	103.5	$	102.5
Senior Debt	23.6		30.5		28.6
Distressed Debt	—		20.6		14.5
Secondary Transactions	12.6		13.9		11.2
Leveraged Buyout	0.1		6.8		3.5
Growth Equity	—		0.7		0.7
Real Estate	—		30.1		29.9
Hedge Funds	—		25.3		—
Other	—		14.1		13.1
Total Equity Method Limited Liability Investments	91.8		245.5		204.0

Alternative Energy Partnership Investments	31.5		46.6		21.3

Reported as Other Equity Interests at Fair Value:
Mezzanine Debt	63.5		128.7		118.3
Senior Debt	19.2		28.0		33.9
Distressed Debt	20.7		38.8		31.8
Secondary Transactions	6.4		4.0		4.2
Hedge Funds			83.7		71.6
Leveraged Buyout	7.5		30.8		30.7

Other	0.7		2.4		1.5
Total Reported as Other Equity Interests at Fair Value	118.0		316.4		292.0
Reported as Other Equity Interests at Modified Cost:

Other	0.2		9.2		15.7
Total Reported as Other Equity Interests at Modified Cost	0.2		9.2		15.7


Total Investments in Limited Liability Companies and Limited Partnerships	$	241.5	$	617.7	$	533.0

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

The Company believes that Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Net Realized Gains on Sales of Investments, Impairment Losses related to investments, and Income (Loss) from Change in Fair Value of Equity and Convertible Securities included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition Related Transaction, Integration and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Loss from Early Extinguishment of Debt is driven by the Company’s financing and refinancing decisions and capital needs, as well as, external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.


	Three Months Ended													Six Months Ended
Dollars in Millions (Unaudited)		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Net Income		$	(62.6)	$	123.2	$	97.5	$	122.3	$	126.1	$	64.0	$	60.6	$	190.1
Less Net Income (Loss) From:
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		32.3		41.2		57.8		35.7		56.6		(93.1)		73.5		(36.5)
Net Realized Gains on Sales of Investments		15.2		10.9		(0.1)		7.9		9.3		13.0		26.1		22.3
Impairment Losses		(2.5)		(3.2)		0.4		(0.8)		(5.5)		(9.5)		(5.7)		(15.0)
Acquisition Related Transaction, Integration and Other Costs		(8.2)		(12.9)		(15.8)		(11.4)		(13.5)		(9.3)		(21.1)		(22.8)
Debt Extinguishment, Pension and Other Charges		—		—		(50.6)		—		—		—		—		—

Adjusted Consolidated Net Operating Income (Loss)		$	(99.4)	$	87.2	$	105.8	$	90.9	$	79.2	$	162.9	$	(12.2)	$	242.1


	Three Months Ended													Six Months Ended
(Unaudited)		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Net Income Per Unrestricted Share		$	(0.97)	$	1.88	$	1.49	$	1.87	$	1.93	$	0.96	$	0.93	$	2.88
Less Net Income (Loss) Per Unrestricted Share From:
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		0.50		0.63		0.87		0.54		0.87		(1.40)		1.14		(0.55)
Net Realized Gains on Sales of Investments		0.24		0.17		—		0.12		0.14		0.19		0.40		0.34
Impairment Losses		(0.04)		(0.05)		0.01		(0.01)		(0.08)		(0.14)		(0.09)		(0.23)
Acquisition Related Transaction and Integration Costs		(0.13)		(0.20)		(0.24)		(0.17)		(0.21)		(0.14)		(0.33)		(0.35)
Debt Extinguishment, Pension and Other Charges		—		—		(0.77)		—		—		—		—		—

Adjusted Consolidated Net Operating Income Per Unrestricted Share		$	(1.54)	$	1.33	$	1.62	$	1.39	$	1.21	$	2.45	$	(0.19)	$	3.67

Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding total incurred losses and LAE, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes the underlying combined ratio is useful to investors and is used by management to reveal the trends in the Company’s property and casualty insurance businesses that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses cause loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of our insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.


	Three Months Ended												Six Months Ended
	Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Jun 30, 2021		Jun 30, 2020
Earned Premiums
Kemper - GAAP As Reported	$	1,337.7	$	1,200.8	$	1,214.0	$	1,206.5	$	1,085.3	$	1,166.4	$	2,538.5	$	2,251.7
AAC - Prior to Acquisition	—		87.9		91.2		92.6		92.0		90.3		87.9		182.3
As Adjusted for Acquisitions1	$	1,337.7	$	1,288.7	$	1,305.2	$	1,299.1	$	1,177.3	$	1,256.7	$	2,626.4	$	2,434.0

Adjusted Consolidated Net Operating Income (Loss)
Kemper	$	(99.4)	$	87.2	$	105.8	$	90.9	$	79.2	$	162.9	$	(12.2)	$	242.1
AAC - Prior to Acquisition	—		12.3		9.5		12.4		13.3		10.9		12.3		24.2
Less: Impact of Purchase Accounting	(10.1)		(1.8)		(3.2)		(3.2)		(4.4)		(4.4)		(11.9)		(8.8)
As Adjusted for Acquisitions1	$	(89.3)	$	101.3	$	118.5	$	106.5	$	96.9	$	178.2	$	12.0	$	275.1
1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Earned Premiums
Kemper Specialty P&C - GAAP As Reported		$	1,010.3		$	877.6		$	882.4		$	871.4		$	759.0		$	822.5		$	1,887.9		$	1,581.5
AAC - Prior to Acquisition		—			87.9			91.2			92.6			92.0			90.3			87.9			182.3
As Adjusted for Acquisitions1		$	1,010.3		$	965.5		$	973.6		$	964.0		$	851.0		$	912.8		$	1,975.8		$	1,763.8

Current Year Non-CAT Losses and LAE
Kemper Specialty P&C - GAAP As Reported		$	877.4		$	650.0		$	626.2		$	589.0		$	515.8		$	619.8		$	1,527.4		$	1,135.6
AAC - Prior to Acquisition		—			62.0			62.4			62.6			62.2			62.6			62.0			124.8
Less: Impact of Purchase Accounting
Amortization of Fair Value Adjustment to Unpaid Loss and LAE		0.3			0.4			0.4			0.3			0.8			0.7			0.7			1.5
As Adjusted for Acquisitions1		$	877.1		$	711.6		$	688.2		$	651.3		$	577.2		$	681.7		$	1,588.7		$	1,258.9

Insurance Expenses
Kemper Specialty P&C - GAAP As Reported		$	205.6		$	170.3		$	179.1		$	159.5		$	161.2		$	152.1		$	375.9		$	313.3
AAC - Prior to Acquisition		—			13.1			17.2			18.3			19.7			15.4			13.1			35.1
Less: Impact of Purchase Accounting
Amortization of VOBA		24.8			0.3			0.3			0.3			0.6			0.6			25.1			1.2
Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC")		(16.0)			—			—			—			—			—			(16.0)			—
Amortization of VOBA, Net of Legacy DPAC		8.8			0.3			0.3			0.3			0.6			0.6			9.1			1.2
Amortization of Finite Life Intangible Assets Acquired		3.0			0.9			0.9			0.9			0.9			1.2			3.9			2.1
Other		1.1			1.1			2.9			3.0			3.0			3.4			2.2			6.4
Total Purchase Accounting Adjustments		12.9			2.3			4.1			4.2			4.5			5.2			15.2			9.7

As Adjusted for Acquisitions1		$	192.7		$	181.1		$	192.2		$	173.6		$	176.4		$	162.3		$	373.8		$	338.7

Underlying Combined Ratio1
Kemper Specialty P&C Segment - GAAP As Reported		107.3		%	93.5		%	91.3		%	85.9		%	89.1		%	93.9		%	100.9		%	91.7		%
As Adjusted for Acquisitions1		105.9		%	92.5		%	90.4		%	85.6		%	88.6		%	92.5		%	99.3		%	90.6		%
1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.


	Three Months Ended																			Six Months Ended
		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Jun 30, 2021			Jun 30, 2020
Earned Premiums
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		$	909.6		$	785.4		$	796.1		$	792.2		$	689.8		$	753.2		$	1,695.0		$	1,443.0
AAC - Prior to Acquisition		—			87.9			91.2			92.6			92.0			90.3			87.9			182.3
As Adjusted for Acquisitions1		$	909.6		$	873.3		$	887.3		$	884.8		$	781.8		$	843.5		$	1,782.9		$	1,625.3

Current Year Non-CAT Losses and LAE
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		805.1			$	586.4		$	569.1		$	543.4		472.4			$	576.0		$	1,391.5		$	1,048.4
AAC - Prior to Acquisition		—			62.0			62.4			62.6			62.2			62.6			62.0			124.8
Less: Impact of Purchase Accounting
Amortization of Fair Value Adjustment to Unpaid Loss and LAE		0.2			0.3			0.3			0.2			0.6			0.6			0.5			1.2
As Adjusted for Acquisitions1		$	804.9		$	648.1		$	631.2		$	605.8		$	534.0		$	638.0		$	1,453.0		$	1,172.0

Insurance Expenses
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		$	187.7		$	155.3		$	162.8		$	145.6		$	146.7		$	139.2		$	343.0		$	285.9
AAC - Prior to Acquisition		—			13.1			17.2			18.3			19.7			15.4			13.1			35.1
Less: Impact of Purchase Accounting
Amortization of VOBA		24.7			0.2			0.2			0.1			0.4			0.4			24.9			0.8
Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC")		(16.0)			—			—			—			—			—			(16.0)			—
Amortization of VOBA, Net of Legacy DPAC		8.7			0.2			0.2			0.1			0.4			0.4			8.9			0.8
Amortization of Finite Life Intangible Assets Acquired		2.8			0.7			0.7			0.7			0.7			1.1			3.5			1.8
Other		0.9			0.9			2.4			2.4			2.4			3.0			1.8			5.4
Total Purchase Accounting Adjustments		12.4			1.8			3.3			3.2			3.5			4.5			14.2			8.0

As Adjusted for Acquisitions1		$	175.3		$	166.6		$	176.7		$	160.7		$	162.9		$	150.1		$	341.9		$	313.0

Underlying Combined Ratio1
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		109.1		%	94.5		%	91.8		%	86.9		%	89.8		%	95.0		%	102.4		%	92.5		%
As Adjusted for Acquisitions1		107.8		%	93.3		%	91.1		%	86.6		%	89.1		%	93.4		%	100.7		%	91.4		%

1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.


	Jun 30, 2021
Ten Largest Investment Exposures 1	Fair Value		Percent of Total Investments
Fixed Maturities:
States including their Political Subdivisions:
Texas	$	140.4	1.3	%
California	100.7		1.0
New York	95.0		0.9
Colorado	83.5		0.8
Georgia	76.2		0.7
Louisiana	73.7		0.7
Pennsylvania	68.4		0.7
Massachusetts	61.9		0.6


Equity Securities at Fair Value—Other Equity Interests:

Vanguard Total World Stock ETF	218.8		2.1
iShares® Core MSCI Total International Stock ETF	88.9		0.9

Total	$	1,007.5	9.7	%