Employers (EIG) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	Employers Holdings, Inc.
Entity Central Index Key	1,379,041
Current Fiscal Year End Date	--12-31
Entity Well Know Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		32,078,443
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available for sale:
Fixed maturity securities at fair value (amortized cost $2,241,600 at September 30, 2015 and $2,186,100 at December 31, 2014)	$ 2,320,300	$ 2,275,700
Equity securities at fair value (cost $159,100 at September 30, 2015 and $97,800 at December 31, 2014)	199,100	172,700
Short-term investments at fair value (amortized cost $18,300 at September 30, 2015)	18,300	0
Total investments	2,537,700	2,448,400
Cash and cash equivalents	56,200	103,600
Restricted cash and cash equivalents	3,100	10,800
Accrued investment income	20,000	20,500
Premiums receivable (less bad debt allowance of $11,600 at September 30, 2015 and $7,900 at December 31, 2014)	306,400	295,800
Reinsurance recoverable for:
Paid losses	7,400	10,700
Unpaid losses	634,800	669,500
Deferred policy acquisition costs	46,900	44,600
Deferred income taxes, net	61,200	49,700
Property and equipment, net	22,900	21,000
Intangible assets, net	8,700	9,000
Goodwill	36,200	36,200
Contingent commission receivable—LPT Agreement	29,200	26,400
Other assets	35,600	23,500
Total assets	3,806,300	3,769,700
Claims and policy liabilities:
Unpaid losses and loss adjustment expenses	2,357,900	2,369,700
Unearned premiums	327,100	310,800
Total claims and policy liabilities	2,685,000	2,680,500
Commissions and premium taxes payable	49,600	46,300
Accounts payable and accrued expenses	19,300	20,400
Deferred reinsurance gain—LPT Agreement	192,400	207,000
Notes payable	92,000	92,000
Other liabilities	42,000	36,700
Total liabilities	$ 3,080,300	$ 3,082,900
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 55,451,417 and 54,866,802 shares issued and 32,078,443 and 31,493,828 shares outstanding at September 30, 2015 and December 31, 2014, respectively	$ 600	$ 600
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0	0
Additional paid-in capital	353,600	346,600
Retained earnings	657,300	595,300
Accumulated other comprehensive income, net	77,100	106,900
Treasury stock, at cost (23,372,974 shares at September 30, 2015 and December 31, 2014)	(362,600)	(362,600)
Total stockholders’ equity	726,000	686,800
Total liabilities and stockholders’ equity	$ 3,806,300	$ 3,769,700

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available for sale:
Fixed maturity securities, amortized cost	$ 2,419,000	$ 2,283,900
Available for sale, short-term investments, at amortized cost	18,300	0
Premiums receivable, bad debt allowance	11,600	7,900
Reinsurance Recoverables on Unpaid Losses, Allowance	$ 0	$ 0
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	55,451,417	54,866,802
Common stock, shares outstanding (in shares)	32,078,443	31,493,828
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, at cost (in shares)	23,372,974	23,372,974
Debt Securities [Member]
Available for sale:
Fixed maturity securities, amortized cost	$ 2,241,600	$ 2,186,100
Equity Securities [Member]
Available for sale:
Fixed maturity securities, amortized cost	159,100	$ 97,800
Short-term Investments [Member]
Available for sale:
Fixed maturity securities, amortized cost	$ 18,300

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Net premiums earned	$ 179,000	$ 172,100	$ 508,600	$ 511,900
Net investment income	18,500	18,200	53,800	54,500
Net realized gains on investments	2,000	1,800	5,100	14,200
Other income	0	0	100	300
Total revenues	199,500	192,100	567,600	580,900
Expenses
Losses and loss adjustment expenses	115,800	122,300	323,500	343,100
Commission expense	21,000	20,600	62,600	61,000
Underwriting and other operating expenses	31,600	31,900	97,600	98,300
Interest expense	700	800	2,100	2,300
Total expenses	169,100	175,600	485,800	504,700
Net income before income taxes	30,400	16,500	81,800	76,200
Income tax expense	5,900	1,300	14,100	4,600
Net income	24,500	15,200	67,700	71,600
Comprehensive income
Unrealized (losses) gains during the period (net of tax (benefit) expense of $(5,900) and $(3,100) for the three months ended September 30, 2015 and 2014, respectively, and $(14,200) and $11,000 for the nine months ended September 30, 2015 and 2014, respectively)	(11,100)	(5,800)	(26,500)	20,500
Reclassification adjustment for realized gains in net income (net of taxes of $700 and $600 for the three months ended September 30, 2015 and 2014, respectively, and $1,800 and $5,000 for the nine months ended September 30, 2015 and 2014, respectively)	(1,300)	(1,200)	(3,300)	(9,200)
Other comprehensive (loss) income, net of tax	(12,400)	(7,000)	(29,800)	11,300
Total comprehensive income	12,100	8,200	37,900	82,900
Net realized gains on investments
Net realized gains on investments before credit related impairments	2,100	1,900	5,300	14,300
Other than temporary impairment, credit losses recognized in earnings	(100)	(100)	(200)	(100)
Net realized gains on investments	$ 2,000	$ 1,800	$ 5,100	$ 14,200
Earnings per common share (Note 11):
Basic	$ 0.76	$ 0.48	$ 2.12	$ 2.27
Diluted	0.75	0.47	2.08	2.23
Cash dividends declared per common share	$ 0.06	$ 0.06	$ 0.18	$ 0.18

Conolidated Statements of Compr

Conolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement Parenthetical [Abstract]
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax	$ (5,900)	$ (3,100)	$ (14,200)	$ 11,000
Other comprehensive income (loss), reclassification adjustment for sale of securities included in net income, tax	$ 700	$ 600	$ 1,800	$ 5,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 67,700	$ 71,600
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,900	5,200
Stock-based compensation	3,200	4,300
Amortization of premium on investments, net	9,500	7,800
Allowance for doubtful accounts	3,700	800
Deferred income tax expense	4,500	700
Realized gains on investments, net	(5,100)	(14,200)
Excess tax benefits from stock-based compensation	(800)	(1,200)
Other	(100)	(500)
Change in operating assets and liabilities:
Premiums receivable	(14,300)	(36,800)
Reinsurance recoverable for paid and unpaid losses	38,000	53,000
Federal income taxes	2,200	4,400
Unpaid losses and loss adjustment expenses	(11,800)	39,800
Unearned premiums	16,300	31,900
Accounts payable, accrued expenses and other liabilities	2,000	8,700
Deferred reinsurance gain—LPT Agreement	(14,600)	(30,400)
Contingent commission receivable—LPT Agreement	(2,800)	2,000
Other	(9,900)	(10,700)
Net cash provided by operating activities	93,600	136,400
Investing activities
Purchase of fixed maturity securities	(384,100)	(293,700)
Purchase of equity securities	(77,700)	(20,600)
Proceeds from sale of fixed maturity securities	87,000	42,200
Proceeds from sale of equity securities	21,400	27,600
Proceeds from maturities and redemptions of investments	214,000	158,300
Capital expenditures	(7,400)	(8,500)
Change in restricted cash and cash equivalents	7,700	(14,200)
Net cash used in investing activities	(139,100)	(108,900)
Financing activities
Cash transactions related to stock-based compensation	3,100	1,500
Dividends paid to stockholders	(5,800)	(5,700)
Excess tax benefits from stock-based compensation, financing activities	800	1,200
Net cash used in financing activities	(1,900)	(3,000)
Net (decrease) increase in cash and cash equivalents	(47,400)	24,500
Cash and cash equivalents at the beginning of the period	103,600	34,500
Cash and cash equivalents at the end of the period	$ 56,200	$ 59,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation and Summary of Operations Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), and Employers Assurance Company (EAC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers' compensation products and services. Unless otherwise indicated, all references to the “Company” refer to EHI, together with its subsidiaries. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The Company considers an operating segment to be any component of its business whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance based on discrete financial information. Currently, the Company has one operating segment, workers’ compensation insurance and related services. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, deferred income taxes, valuation of investments, and the valuation of goodwill and intangible assets.

Changes in Estimates Level 1 (N

Changes in Estimates Level 1 (Notes)	9 Months Ended
	Sep. 30, 2015
Changes in Estimates [Abstract]
Accounting Changes and Error Corrections	Change in Estimates During the second quarter of 2015, the Company reduced its estimated reserves ceded under the Loss Portfolio Transfer Agreement (LPT Reserve Adjustment) as a result of the determination that an adjustment was necessary to reflect observed favorable paid loss trends. The following table shows the financial statement impact related to the reduction in estimated reserves ceded under the Loss Portfolio Transfer Agreement (LPT Agreement). Nine Months Ended September 30, 2015 (in millions, except per share data) Change in estimated reserves ceded under the LPT Agreement $ (10.0 ) Cumulative adjustment to the Deferred Gain (1) (6.4 ) Net income impact of change in estimate 6.4 EPS impact of change in estimate Basic and Diluted 0.20 (1) The cumulative adjustment to the Deferred reinsurance gain–LPT Agreement (Deferred Gain) was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement. During the second quarter of 2015, the Company increased its estimate of contingent commission receivable – LPT Agreement (LPT Contingent Commission Adjustment) as a result of the determination that an adjustment was necessary to reflect observed favorable paid loss trends. The following table shows the impact to the Consolidated Statements of Comprehensive Income related to these changes in estimates. Nine Months Ended September 30, 2015 (in millions, except per share data) Change in estimate of contingent commission receivable – LPT Agreement $ 2.8 Cumulative adjustment to the Deferred Gain (1) (2.6 ) Net income impact of change in estimate 2.6 EPS impact of change in estimate Basic and Diluted 0.08 (1) The cumulative adjustment to the Deferred Gain was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement. During the second quarter of 2015, the Company reallocated reserves from non-taxable periods prior to January 1, 2000 to taxable years, which reduced our effective tax rate (Note 6 ). This change in estimate was the result of the determination that a reallocation of reserves among accident years was appropriate to address the observed loss trends. The following table shows the financial statement impact of this change in estimate. Nine Months Ended September 30, 2015 (in millions, except per share data) Reserves reallocated to taxable years $ 19.4 Net income impact of change in estimate 3.8 EPS impact of change in estimate Basic and Diluted 0.12

New Accounting Standards (Notes

New Accounting Standards (Notes)	9 Months Ended
	Sep. 30, 2015
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) Number 2015-05, Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40). The update provides guidance to purchasers to assist in determining whether a cloud computing arrangement includes a software license and how to account for such an arrangement. This update becomes effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015 and early adoption is permitted. The Company does not expect the adoption to have a material impact, if any, on its consolidated financial condition and results of operations. In May 2015, the Financial Accounting Standards Board issued ASU Number 2015-07, Fair Value Measurement (Topic 820). This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (NAV) per share. Additionally, this update removes the requirement to make certain disclosures for all investments that are eligible to be measured as a practical expedient at fair value using the NAV per share. This update becomes effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015 and early adoption is permitted. As this update focuses only on disclosures, it will not impact the Company's consolidated financial condition and results of operations. In May 2015, the Financial Accounting Standards Board issued ASU Number 2015-09, Financial Services - Insurance (Topic 944). This update expands the breadth of disclosures that an insurance entity must provide about its short-duration insurance contracts. This expanded disclosure includes the presentation of incurred and paid claims development tables by accident year for a period of up to 10 years. This update becomes effective for annual reporting periods beginning after December 15, 2015 and interim periods beginning after December 15, 2016 and early adoption is permitted. As this update focuses only on disclosures, it will not impact the Company's consolidated financial condition and results of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value and the estimated fair value of the Company’s financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Financial assets Investments $ 2,537.7 $ 2,537.7 $ 2,448.4 $ 2,448.4 Cash and cash equivalents 56.2 56.2 103.6 103.6 Restricted cash and cash equivalents 3.1 3.1 10.8 10.8 Financial liabilities Notes payable 92.0 96.5 92.0 97.8 Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows: • Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date. • Level 3 - Inputs that are unobservable that reflect management's best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date. Fair values of available-for-sale fixed maturity and equity securities are based on quoted market prices, where available. If quoted market prices and an estimate determined by using objectively verifiable information are unavailable, the Company produces an estimate of fair value based on internally developed valuation techniques, which, depending on the level of observable market inputs, will render the fair value estimate as Level 2 or Level 3. The Company bases all of its estimates of fair value for assets on the bid price, as it represents what a third-party market participant would be willing to pay in an arm's length transaction. These methods of valuation will only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable. The Company's estimates of fair value for financial liabilities are based on a combination of the variable interest rates for the Company's existing line of credit and other notes with similar durations to discount the projection of future payments on notes payable. The fair value measurements for notes payable have been determined to be Level 2. The following table presents the items on the accompanying consolidated balance sheets that are stated at fair value and the corresponding fair value measurements. September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in millions) Fixed maturity securities U.S. Treasuries $ — $ 145.2 $ — $ — $ 166.7 $ — U.S. Agencies — 37.9 — — 39.6 — States and municipalities — 852.7 — — 745.8 — Corporate securities — 909.4 — — 908.3 — Residential mortgage-backed securities — 240.3 — — 288.4 — Commercial mortgage-backed securities — 72.5 — — 65.4 — Asset-backed securities — 62.3 — — 61.5 — Total fixed maturity securities $ — $ 2,320.3 $ — $ — $ 2,275.7 $ — Equity securities $ 199.1 $ — $ — $ 172.7 $ — $ — Short-term investments $ — $ 18.3 $ — $ — $ — $ —

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	Investments The cost or amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s investments were as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in millions) At September 30, 2015 Fixed maturity securities U.S. Treasuries $ 140.1 $ 5.1 $ — $ 145.2 U.S. Agencies 36.1 1.8 — 37.9 States and municipalities 811.4 41.6 (0.3 ) 852.7 Corporate securities 888.0 26.1 (4.7 ) 909.4 Residential mortgage-backed securities 231.8 8.9 (0.4 ) 240.3 Commercial mortgage-backed securities 72.0 0.7 (0.2 ) 72.5 Asset-backed securities 62.2 0.1 — 62.3 Total fixed maturity securities 2,241.6 84.3 (5.6 ) 2,320.3 Equity securities 159.1 61.0 (21.0 ) 199.1 Short-term investments 18.3 — — 18.3 Total investments $ 2,419.0 $ 145.3 $ (26.6 ) $ 2,537.7 At December 31, 2014 Fixed maturity securities U.S. Treasuries $ 160.9 $ 5.8 $ — $ 166.7 U.S. Agencies 37.2 2.4 — 39.6 States and municipalities 701.6 44.4 (0.2 ) 745.8 Corporate securities 880.7 30.8 (3.2 ) 908.3 Residential mortgage-backed securities 278.6 10.6 (0.8 ) 288.4 Commercial mortgage-backed securities 65.5 0.5 (0.6 ) 65.4 Asset-backed securities 61.6 — (0.1 ) 61.5 Total fixed maturity securities 2,186.1 94.5 (4.9 ) 2,275.7 Equity securities 97.8 75.5 (0.6 ) 172.7 Total investments $ 2,283.9 $ 170.0 $ (5.5 ) $ 2,448.4 The amortized cost and estimated fair value of fixed maturity securities at September 30, 2015 , by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (in millions) Due in one year or less $ 133.7 $ 134.7 Due after one year through five years 843.3 876.2 Due after five years through ten years 660.6 682.9 Due after ten years 238.0 251.4 Mortgage and asset-backed securities 366.0 375.1 Total $ 2,241.6 $ 2,320.3 The following is a summary of investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Estimated Fair Value Gross Unrealized Losses Number of Issues Estimated Fair Value Gross Unrealized Losses Number of Issues (in millions, except number of issues data) Less than 12 months: Fixed maturity securities States and municipalities $ 36.5 $ (0.3 ) 8 $ 20.6 $ (0.2 ) 5 Corporate securities 184.7 (2.7 ) 73 109.9 (0.8 ) 42 Residential mortgage-backed securities 33.6 (0.3 ) 17 — — — Commercial mortgage-backed securities 21.3 (0.2 ) 7 — — — Total fixed maturity securities 276.1 (3.5 ) 105 130.5 (1.0 ) 47 Equity securities 73.6 (20.4 ) 69 10.1 (0.6 ) 15 Total less than 12 months $ 349.7 $ (23.9 ) 174 $ 140.6 $ (1.6 ) 62 12 months or greater: Fixed maturity securities Corporate securities $ 47.9 $ (2.0 ) 17 $ 129.4 $ (2.4 ) 39 Residential mortgage-backed securities 7.5 (0.1 ) 26 44.1 (0.8 ) 36 Commercial mortgage-backed securities — — — 31.3 (0.6 ) 8 Asset-backed securities — — — 18.3 (0.1 ) 6 Total fixed maturity securities 55.4 (2.1 ) 43 223.1 (3.9 ) 89 Equity securities 2.1 (0.6 ) 3 — — — Total 12 months or greater $ 57.5 $ (2.7 ) 46 $ 223.1 $ (3.9 ) 89 Total available-for-sale: Fixed maturity securities States and municipalities $ 36.5 $ (0.3 ) 8 $ 20.6 $ (0.2 ) 5 Corporate securities 232.6 (4.7 ) 90 239.3 (3.2 ) 81 Residential mortgage-backed securities 41.1 (0.4 ) 43 44.1 (0.8 ) 36 Commercial mortgage-backed securities 21.3 (0.2 ) 7 31.3 (0.6 ) 8 Asset-backed securities — — — 18.3 (0.1 ) 6 Total fixed maturity securities 331.5 (5.6 ) 148 353.6 (4.9 ) 136 Equity securities 75.7 (21.0 ) 72 10.1 (0.6 ) 15 Total available-for-sale $ 407.2 $ (26.6 ) 220 $ 363.7 $ (5.5 ) 151 Based on reviews of the fixed maturity securities, the Company determined that unrealized losses for the nine months ended September 30, 2015 were primarily the result of changes in prevailing interest rates and not the credit quality of the issuers. The fixed maturity securities whose total fair value was less than amortized cost were not determined to be other-than-temporarily impaired given the severity and duration of the impairment, the credit quality of the issuers, the Company’s intent to not sell the securities, and a determination that it is not more likely than not that the Company will be required to sell the securities until fair value recovers to above amortized cost, or maturity. Based on reviews of the equity securities, the Company recognized a total impairment of $0.2 million in the fair value of five equity securities for the nine months ended September 30, 2015 , as a result of the severity and duration of the change in fair value of the securities. The remaining unrealized losses on equity securities were not considered to be other-than-temporary due to the financial condition and near-term prospects of the issuers. Net realized gains on investments and the change in unrealized gains (losses) on fixed maturity and equity securities are determined on a specific-identification basis and were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions) Net realized gains on investments Fixed maturity securities Gross gains $ 0.2 $ — $ 0.5 $ 0.9 Gross losses (0.2 ) — (0.4 ) — Net realized gains on fixed maturity securities $ — $ — $ 0.1 $ 0.9 Equity securities Gross gains $ 2.2 $ 1.9 $ 5.6 $ 13.4 Gross losses (0.2 ) (0.1 ) (0.6 ) (0.1 ) Net realized gains on equity securities $ 2.0 $ 1.8 $ 5.0 $ 13.3 Total $ 2.0 $ 1.8 $ 5.1 $ 14.2 Change in unrealized gains (losses) Fixed maturity securities $ 8.0 $ (9.9 ) $ (11.0 ) $ 21.4 Equity securities (27.0 ) (0.7 ) (34.8 ) (4.0 ) Total $ (19.0 ) $ (10.6 ) $ (45.8 ) $ 17.4 Net investment income was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions) Fixed maturity securities $ 17.3 $ 17.9 $ 51.6 $ 53.4 Equity securities 1.7 1.0 4.0 3.0 Cash equivalents and restricted cash 0.1 — 0.1 — Gross investment income 19.1 18.9 55.7 56.4 Investment expenses (0.6 ) (0.7 ) (1.9 ) (1.9 ) Net investment income $ 18.5 $ 18.2 $ 53.8 $ 54.5 The Company is required by various state laws and regulations to keep securities or letters of credit in depository accounts with certain states in which it does business. As of September 30, 2015 and December 31, 2014 , securities having a fair value of $893.6 million and $783.9 million , respectively, were on deposit. These laws and regulations govern not only the amount, but also the types of securities that are eligible for deposit. Certain reinsurance contracts require Company funds to be held in trust for the benefit of the ceding reinsurer to secure the outstanding liabilities assumed by the Company. The fair value of fixed maturity securities held in trust for the benefit of ceding reinsurers at September 30, 2015 and December 31, 2014 was $30.7 million and $31.2 million , respectively. Pursuant to the Third Amended and Restated Credit Agreement with Wells Fargo (Amended Credit Facility), a portion of the Company's debt was secured by fixed maturity securities and restricted cash and cash equivalents that had a fair value of $75.8 million and $74.6 million at September 30, 2015 and December 31, 2014 , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	Income Taxes Income tax expense for interim periods is measured using an estimated effective tax rate for the annual period. The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rates for the periods presented. Nine Months Ended September 30, 2015 2014 Expense computed at statutory rate 35.0 % 35.0 % Dividends received deduction and tax-exempt interest (7.6 ) (9.4 ) LPT deferred gain amortization (4.3 ) (7.7 ) LPT reserve adjustment (2.0 ) (8.4 ) Pre-privatization reserve adjustment, excluding LPT (4.6 ) (3.5 ) Other 0.7 — Effective tax rate 17.2 % 6.0 %

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2015
Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expenses	Liability for Unpaid Losses and Loss Adjustment Expenses The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Nine Months Ended September 30, 2015 2014 (in millions) Unpaid losses and LAE, gross of reinsurance, at beginning of period $ 2,369.7 $ 2,330.5 Less reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE 669.5 743.1 Net unpaid losses and LAE at beginning of period 1,700.2 1,587.4 Losses and LAE, net of reinsurance, incurred during the period related to: Current period 339.7 379.2 Prior periods 1.3 4.0 Total net losses and LAE incurred during the period 341.0 383.2 Paid losses and LAE, net of reinsurance, related to: Current period 43.9 44.5 Prior periods 274.2 246.3 Total net paid losses and LAE during the period 318.1 290.8 Ending unpaid losses and LAE, net of reinsurance 1,723.1 1,679.8 Reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE 634.8 690.5 Unpaid losses and LAE, gross of reinsurance, at end of period $ 2,357.9 $ 2,370.3 Total net losses and LAE included in the above table excludes the impact of the aggregate of amortization of the deferred reinsurance gain—LPT Agreement, LPT Reserve Adjustments, and LPT Contingent Commission Adjustments, which totaled $17.5 million and $40.1 million for the nine months ended September 30, 2015 and 2014 , respectively (Note 8 ). The increase in the estimates of incurred losses and LAE attributable to insured events for prior periods was related to the Company's assigned risk business.

LPT Agreement

LPT Agreement	9 Months Ended
	Sep. 30, 2015
LPT Agreement [Abstract]
LPT Agreement	LPT Agreement The Company is party to a 100% quota share retroactive reinsurance agreement (LPT Agreement) under which $1.5 billion in liabilities for losses and LAE related to claims incurred by EICN prior to July 1, 1995 were reinsured for consideration of $775.0 million . The LPT Agreement provides coverage up to $2.0 billion . The initial Deferred Gain resulting from the LPT Agreement was recorded as a liability in the accompanying consolidated balance sheets as Deferred reinsurance gain–LPT Agreement. The Company is also entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is an amount based on the favorable difference between actual paid losses and LAE and expected paid losses and LAE as established in the LPT Agreement. The Company records its estimate of contingent profit commission in the accompanying consolidated balance sheets as Contingent commission receivable–LPT Agreement and a corresponding liability is recorded in the accompanying consolidated balance sheets in Deferred reinsurance gain–LPT Agreement. The Deferred Gain is being amortized using the recovery method. Amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries over the life of the LPT Agreement, except for the contingent profit commission, which is amortized through June 30, 2024, the date through which the Company is entitled to receive a contingent profit commission under the LPT Agreement. The amortization is recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income. Any adjustments to the Deferred Gain are recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income. The Company amortized $8.5 million and $9.9 million of the Deferred Gain for the nine months ended September 30, 2015 and 2014 , respectively. Additionally, the Deferred Gain was reduced by $6.4 million and $22.3 million for the nine months ended September 30, 2015 and 2014 , respectively, due to a favorable LPT Reserve Adjustment and by $2.6 million and $7.9 million for the nine months ended September 30, 2015 and 2014 , respectively, due to favorable LPT Contingent Commission Adjustments. The remaining Deferred Gain was $192.4 million and $207.0 million as of September 30, 2015 and December 31, 2014 , respectively. The estimated remaining liabilities subject to the LPT Agreement were $504.7 million and $534.8 million as of September 30, 2015 and December 31, 2014 , respectively. Losses and LAE paid with respect to the LPT Agreement totaled $688.5 million and $668.4 million from inception through September 30, 2015 and December 31, 2014 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income, Net	Accumulated Other Comprehensive Income, net Accumulated other comprehensive income, net, is comprised of unrealized gains on investments classified as available-for-sale, net of deferred tax expense. The following table summarizes the components of accumulated other comprehensive income, net: September 30, 2015 December 31, 2014 (in millions) Net unrealized gain on investments, before taxes $ 118.7 $ 164.5 Deferred tax expense on net unrealized gains (41.6 ) (57.6 ) Total accumulated other comprehensive income, net $ 77.1 $ 106.9

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Stock-Based Compensation [Abstract]
Stock-Based compensation	Stock-Based Compensation The Company awarded stock options, restricted stock units (RSUs) and performance share units (PSUs) to certain officers and non-employee Directors of the Company as follows: Number Awarded Weighted Average Fair Value on Date of Grant Weighted Average Exercise Price Aggregate Fair Value on Date of Grant (in millions) March 2015 Stock options (1) 80,800 $ 7.63 $ 24.20 $ 0.6 RSUs (1) 89,602 24.20 — 2.2 PSUs (2) 110,000 24.20 — 2.7 May 2015 RSUs (1) 19,904 24.11 — 0.5 (1) The stock options and RSUs awarded in March 2015 were awarded to certain officers of the Company and vest 25% on March 15, 2016, and each of the subsequent three anniversaries of that date . The stock options and RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with change of control of the Company. The stock options expire seven years from the date of grant. The RSUs awarded in May 2015 were awarded to non-employee Directors of the Company and have a service vesting period of one year from the date of grant. (2) The PSUs awarded in March 2015 were awarded to certain officers of the Company and have a performance period of two years followed by an additional one year vesting period. The PSU awards are subject to certain performance goals with payouts that range from 0% to 200% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level. A total of 325,429 and 120,494 stock options were exercised during the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing income applicable to stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilutive impact of all convertible securities on earnings per share. Diluted earnings per share includes shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if outstanding options were to be exercised. The following table presents the net income and the weighted average number of shares outstanding used in the earnings per common share calculations. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions, except share data) Net income available to stockholders—basic and diluted $ 24.5 $ 15.2 $ 67.7 $ 71.6 Weighted average number of shares outstanding—basic 32,184,143 31,591,457 32,000,142 31,507,097 Effect of dilutive securities: PSUs 72,612 279,550 161,335 252,532 Stock options 245,708 202,010 289,348 230,961 RSUs 21,877 36,403 47,268 53,538 Dilutive potential shares 340,197 517,963 497,951 537,031 Weighted average number of shares outstanding—diluted 32,524,340 32,109,420 32,498,093 32,044,128 Diluted earnings per share excludes outstanding options and other common stock equivalents in periods where the inclusion of such options and common stock equivalents would be anti-dilutive. The following table presents options and RSUs that were excluded from diluted earnings per share. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Options excluded as the exercise price was greater than the average market price 80,800 271,944 26,933 141,900 Options and RSUs excluded under the treasury method as the potential proceeds on settlement or exercise price were greater than the value of shares acquired 336,006 296,867 316,273 154,044

Changes in Estimates (Tables)

Changes in Estimates (Tables)	9 Months Ended
	Sep. 30, 2015
Changes in Estimates [Abstract]
Change to Contingent Profit Commission [Table Text Block]	During the second quarter of 2015, the Company increased its estimate of contingent commission receivable – LPT Agreement (LPT Contingent Commission Adjustment) as a result of the determination that an adjustment was necessary to reflect observed favorable paid loss trends. The following table shows the impact to the Consolidated Statements of Comprehensive Income related to these changes in estimates. Nine Months Ended September 30, 2015 (in millions, except per share data) Change in estimate of contingent commission receivable – LPT Agreement $ 2.8 Cumulative adjustment to the Deferred Gain (1) (2.6 ) Net income impact of change in estimate 2.6 EPS impact of change in estimate Basic and Diluted 0.08 (1) The cumulative adjustment to the Deferred Gain was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.
Change Due to Estmated Reserves Ceded Under the LPT Agreement [Table Text Block]	During the second quarter of 2015, the Company reduced its estimated reserves ceded under the Loss Portfolio Transfer Agreement (LPT Reserve Adjustment) as a result of the determination that an adjustment was necessary to reflect observed favorable paid loss trends. The following table shows the financial statement impact related to the reduction in estimated reserves ceded under the Loss Portfolio Transfer Agreement (LPT Agreement). Nine Months Ended September 30, 2015 (in millions, except per share data) Change in estimated reserves ceded under the LPT Agreement $ (10.0 ) Cumulative adjustment to the Deferred Gain (1) (6.4 ) Net income impact of change in estimate 6.4 EPS impact of change in estimate Basic and Diluted 0.20 (1) The cumulative adjustment to the Deferred reinsurance gain–LPT Agreement (Deferred Gain) was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.
Change in Reserves for Non-taxable Periods [Table Text Block]	During the second quarter of 2015, the Company reallocated reserves from non-taxable periods prior to January 1, 2000 to taxable years, which reduced our effective tax rate (Note 6 ). This change in estimate was the result of the determination that a reallocation of reserves among accident years was appropriate to address the observed loss trends. The following table shows the financial statement impact of this change in estimate. Nine Months Ended September 30, 2015 (in millions, except per share data) Reserves reallocated to taxable years $ 19.4 Net income impact of change in estimate 3.8 EPS impact of change in estimate Basic and Diluted 0.12

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value of Financial Instruments [Abstract]
Estimated fair value of financial instruments table	The carrying value and the estimated fair value of the Company’s financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Financial assets Investments $ 2,537.7 $ 2,537.7 $ 2,448.4 $ 2,448.4 Cash and cash equivalents 56.2 56.2 103.6 103.6 Restricted cash and cash equivalents 3.1 3.1 10.8 10.8 Financial liabilities Notes payable 92.0 96.5 92.0 97.8
Fair value, assets and liabilities measured on recurring basis table	The following table presents the items on the accompanying consolidated balance sheets that are stated at fair value and the corresponding fair value measurements. September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in millions) Fixed maturity securities U.S. Treasuries $ — $ 145.2 $ — $ — $ 166.7 $ — U.S. Agencies — 37.9 — — 39.6 — States and municipalities — 852.7 — — 745.8 — Corporate securities — 909.4 — — 908.3 — Residential mortgage-backed securities — 240.3 — — 288.4 — Commercial mortgage-backed securities — 72.5 — — 65.4 — Asset-backed securities — 62.3 — — 61.5 — Total fixed maturity securities $ — $ 2,320.3 $ — $ — $ 2,275.7 $ — Equity securities $ 199.1 $ — $ — $ 172.7 $ — $ — Short-term investments $ — $ 18.3 $ — $ — $ — $ —

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Available-for-sale securities table	The cost or amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s investments were as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in millions) At September 30, 2015 Fixed maturity securities U.S. Treasuries $ 140.1 $ 5.1 $ — $ 145.2 U.S. Agencies 36.1 1.8 — 37.9 States and municipalities 811.4 41.6 (0.3 ) 852.7 Corporate securities 888.0 26.1 (4.7 ) 909.4 Residential mortgage-backed securities 231.8 8.9 (0.4 ) 240.3 Commercial mortgage-backed securities 72.0 0.7 (0.2 ) 72.5 Asset-backed securities 62.2 0.1 — 62.3 Total fixed maturity securities 2,241.6 84.3 (5.6 ) 2,320.3 Equity securities 159.1 61.0 (21.0 ) 199.1 Short-term investments 18.3 — — 18.3 Total investments $ 2,419.0 $ 145.3 $ (26.6 ) $ 2,537.7 At December 31, 2014 Fixed maturity securities U.S. Treasuries $ 160.9 $ 5.8 $ — $ 166.7 U.S. Agencies 37.2 2.4 — 39.6 States and municipalities 701.6 44.4 (0.2 ) 745.8 Corporate securities 880.7 30.8 (3.2 ) 908.3 Residential mortgage-backed securities 278.6 10.6 (0.8 ) 288.4 Commercial mortgage-backed securities 65.5 0.5 (0.6 ) 65.4 Asset-backed securities 61.6 — (0.1 ) 61.5 Total fixed maturity securities 2,186.1 94.5 (4.9 ) 2,275.7 Equity securities 97.8 75.5 (0.6 ) 172.7 Total investments $ 2,283.9 $ 170.0 $ (5.5 ) $ 2,448.4
Investments classified by contractual maturity date table	The amortized cost and estimated fair value of fixed maturity securities at September 30, 2015 , by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (in millions) Due in one year or less $ 133.7 $ 134.7 Due after one year through five years 843.3 876.2 Due after five years through ten years 660.6 682.9 Due after ten years 238.0 251.4 Mortgage and asset-backed securities 366.0 375.1 Total $ 2,241.6 $ 2,320.3
Unrealized loss on investments table	The following is a summary of investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Estimated Fair Value Gross Unrealized Losses Number of Issues Estimated Fair Value Gross Unrealized Losses Number of Issues (in millions, except number of issues data) Less than 12 months: Fixed maturity securities States and municipalities $ 36.5 $ (0.3 ) 8 $ 20.6 $ (0.2 ) 5 Corporate securities 184.7 (2.7 ) 73 109.9 (0.8 ) 42 Residential mortgage-backed securities 33.6 (0.3 ) 17 — — — Commercial mortgage-backed securities 21.3 (0.2 ) 7 — — — Total fixed maturity securities 276.1 (3.5 ) 105 130.5 (1.0 ) 47 Equity securities 73.6 (20.4 ) 69 10.1 (0.6 ) 15 Total less than 12 months $ 349.7 $ (23.9 ) 174 $ 140.6 $ (1.6 ) 62 12 months or greater: Fixed maturity securities Corporate securities $ 47.9 $ (2.0 ) 17 $ 129.4 $ (2.4 ) 39 Residential mortgage-backed securities 7.5 (0.1 ) 26 44.1 (0.8 ) 36 Commercial mortgage-backed securities — — — 31.3 (0.6 ) 8 Asset-backed securities — — — 18.3 (0.1 ) 6 Total fixed maturity securities 55.4 (2.1 ) 43 223.1 (3.9 ) 89 Equity securities 2.1 (0.6 ) 3 — — — Total 12 months or greater $ 57.5 $ (2.7 ) 46 $ 223.1 $ (3.9 ) 89 Total available-for-sale: Fixed maturity securities States and municipalities $ 36.5 $ (0.3 ) 8 $ 20.6 $ (0.2 ) 5 Corporate securities 232.6 (4.7 ) 90 239.3 (3.2 ) 81 Residential mortgage-backed securities 41.1 (0.4 ) 43 44.1 (0.8 ) 36 Commercial mortgage-backed securities 21.3 (0.2 ) 7 31.3 (0.6 ) 8 Asset-backed securities — — — 18.3 (0.1 ) 6 Total fixed maturity securities 331.5 (5.6 ) 148 353.6 (4.9 ) 136 Equity securities 75.7 (21.0 ) 72 10.1 (0.6 ) 15 Total available-for-sale $ 407.2 $ (26.6 ) 220 $ 363.7 $ (5.5 ) 151
Net realized gains and change in unrealized gains (losses), available for sale securities table	ealized gains on investments and the change in unrealized gains (losses) on fixed maturity and equity securities are determined on a specific-identification basis and were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions) Net realized gains on investments Fixed maturity securities Gross gains $ 0.2 $ — $ 0.5 $ 0.9 Gross losses (0.2 ) — (0.4 ) — Net realized gains on fixed maturity securities $ — $ — $ 0.1 $ 0.9 Equity securities Gross gains $ 2.2 $ 1.9 $ 5.6 $ 13.4 Gross losses (0.2 ) (0.1 ) (0.6 ) (0.1 ) Net realized gains on equity securities $ 2.0 $ 1.8 $ 5.0 $ 13.3 Total $ 2.0 $ 1.8 $ 5.1 $ 14.2 Change in unrealized gains (losses) Fixed maturity securities $ 8.0 $ (9.9 ) $ (11.0 ) $ 21.4 Equity securities (27.0 ) (0.7 ) (34.8 ) (4.0 ) Total $ (19.0 ) $ (10.6 ) $ (45.8 ) $ 17.4
Investment income table	Net investment income was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions) Fixed maturity securities $ 17.3 $ 17.9 $ 51.6 $ 53.4 Equity securities 1.7 1.0 4.0 3.0 Cash equivalents and restricted cash 0.1 — 0.1 — Gross investment income 19.1 18.9 55.7 56.4 Investment expenses (0.6 ) (0.7 ) (1.9 ) (1.9 ) Net investment income $ 18.5 $ 18.2 $ 53.8 $ 54.5

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Reconciliation of federal staturoty income tax rates to the effective tax rates table	The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rates for the periods presented. Nine Months Ended September 30, 2015 2014 Expense computed at statutory rate 35.0 % 35.0 % Dividends received deduction and tax-exempt interest (7.6 ) (9.4 ) LPT deferred gain amortization (4.3 ) (7.7 ) LPT reserve adjustment (2.0 ) (8.4 ) Pre-privatization reserve adjustment, excluding LPT (4.6 ) (3.5 ) Other 0.7 — Effective tax rate 17.2 % 6.0 %

Liability for Unpaid Losses a22

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]
Changes in the liability for unpaid losses and LAE table	The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Nine Months Ended September 30, 2015 2014 (in millions) Unpaid losses and LAE, gross of reinsurance, at beginning of period $ 2,369.7 $ 2,330.5 Less reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE 669.5 743.1 Net unpaid losses and LAE at beginning of period 1,700.2 1,587.4 Losses and LAE, net of reinsurance, incurred during the period related to: Current period 339.7 379.2 Prior periods 1.3 4.0 Total net losses and LAE incurred during the period 341.0 383.2 Paid losses and LAE, net of reinsurance, related to: Current period 43.9 44.5 Prior periods 274.2 246.3 Total net paid losses and LAE during the period 318.1 290.8 Ending unpaid losses and LAE, net of reinsurance 1,723.1 1,679.8 Reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE 634.8 690.5 Unpaid losses and LAE, gross of reinsurance, at end of period $ 2,357.9 $ 2,370.3

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Schedule of accumulated other comprehensive income (loss) table	The following table summarizes the components of accumulated other comprehensive income, net: September 30, 2015 December 31, 2014 (in millions) Net unrealized gain on investments, before taxes $ 118.7 $ 164.5 Deferred tax expense on net unrealized gains (41.6 ) (57.6 ) Total accumulated other comprehensive income, net $ 77.1 $ 106.9

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Stock-Based Compensation [Abstract]
Share-based compensation arrangements by share-based payment award table	The Company awarded stock options, restricted stock units (RSUs) and performance share units (PSUs) to certain officers and non-employee Directors of the Company as follows: Number Awarded Weighted Average Fair Value on Date of Grant Weighted Average Exercise Price Aggregate Fair Value on Date of Grant (in millions) March 2015 Stock options (1) 80,800 $ 7.63 $ 24.20 $ 0.6 RSUs (1) 89,602 24.20 — 2.2 PSUs (2) 110,000 24.20 — 2.7 May 2015 RSUs (1) 19,904 24.11 — 0.5 (1) The stock options and RSUs awarded in March 2015 were awarded to certain officers of the Company and vest 25% on March 15, 2016, and each of the subsequent three anniversaries of that date . The stock options and RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with change of control of the Company. The stock options expire seven years from the date of grant. The RSUs awarded in May 2015 were awarded to non-employee Directors of the Company and have a service vesting period of one year from the date of grant. (2) The PSUs awarded in March 2015 were awarded to certain officers of the Company and have a performance period of two years followed by an additional one year vesting period. The PSU awards are subject to certain performance goals with payouts that range from 0% to 200% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income and weighted average common shares outstanding used in earnings per share calculations table	The following table presents the net income and the weighted average number of shares outstanding used in the earnings per common share calculations. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in millions, except share data) Net income available to stockholders—basic and diluted $ 24.5 $ 15.2 $ 67.7 $ 71.6 Weighted average number of shares outstanding—basic 32,184,143 31,591,457 32,000,142 31,507,097 Effect of dilutive securities: PSUs 72,612 279,550 161,335 252,532 Stock options 245,708 202,010 289,348 230,961 RSUs 21,877 36,403 47,268 53,538 Dilutive potential shares 340,197 517,963 497,951 537,031 Weighted average number of shares outstanding—diluted 32,524,340 32,109,420 32,498,093 32,044,128
Antidilutive securities excluded from computation of earnings per share table	The following table presents options and RSUs that were excluded from diluted earnings per share. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Options excluded as the exercise price was greater than the average market price 80,800 271,944 26,933 141,900 Options and RSUs excluded under the treasury method as the potential proceeds on settlement or exercise price were greater than the value of shares acquired 336,006 296,867 316,273 154,044

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation [Abstract]
Number of Operating Segments	1

Changes in Estimates (Details)

Changes in Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Change in Accounting Estimate [Line Items]
Net income	$ 24,500	$ 15,200	$ 67,700		$ 71,600
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Change in Accounting Estimate [Line Items]
Change to estimated reserves ceded under the LPT agreement			(10,000)
Cumulative adjustment to the Deferred Gain			(6,400)	[1]	(22,300)
Net income			$ 6,400
Basic and Diluted			$ 0.20
Change to Contingent Profit Commission [Member]
Change in Accounting Estimate [Line Items]
Change in estimate of contingent commission receivable - LPT Agreement			$ 2,800
Cumulative adjustment to the Deferred Gain			(2,600)	[2]	$ (7,900)
Net income			$ 2,600
Basic and Diluted			$ 0.08
Due to change in reserves for non-taxable Periods [Member]
Change in Accounting Estimate [Line Items]
Reserves reallocated to taxable years			$ 19,400
Net income			$ 3,800
Basic and Diluted			$ 0.12
[1]	The cumulative adjustment to the Deferred reinsurance gain–LPT Agreement (Deferred Gain) was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.
[2]	The cumulative adjustment to the Deferred Gain was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 2,537,700	$ 2,448,400
Investments, fair value	2,537,700	2,448,400
Cash and cash equivalents	56,200	103,600	$ 59,000	$ 34,500
Cash and cash equivalents, estimated fair value	56,200	103,600
Restricted cash and cash equivalents	3,100	10,800
Notes payable	92,000	92,000
Notes Payable, fair value	96,500	97,800
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	30,700	31,200
Restricted cash and cash equivalents	$ 3,100	$ 10,800

Fair Value of Financial Instr29

Fair Value of Financial Instruments, Fair Value Inputs (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 2,537.7	$ 2,448.4
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,320.3	2,275.7
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,320.3	2,275.7
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	145.2	166.7
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		166.7
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	37.9	39.6
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		39.6
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	852.7	745.8
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		745.8
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	909.4	908.3
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		908.3
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	240.3	288.4
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		288.4
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	72.5	65.4
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		65.4
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	62.3	61.5
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		61.5
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	199.1	172.7
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		172.7
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18.3	0
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 2,419,000	$ 2,283,900
Gross unrealized gain	145,300	170,000
Gross unrealized loss	(26,600)	(5,500)
Investments	2,537,700	2,448,400
Deposit Assets
Investments	2,537,700	2,448,400
Assets Held-in-trust
Investments	2,537,700	2,448,400
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	2,241,600	2,186,100
Gross unrealized gain	84,300	94,500
Gross unrealized loss	(5,600)	(4,900)
Investments	2,320,300	2,275,700
Deposit Assets
Investments	2,320,300	2,275,700
Assets Held-in-trust
Investments	2,320,300	2,275,700
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	140,100	160,900
Gross unrealized gain	5,100	5,800
Gross unrealized loss	0	0
Investments	145,200	166,700
Deposit Assets
Investments	145,200	166,700
Assets Held-in-trust
Investments	145,200	166,700
US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	36,100	37,200
Gross unrealized gain	1,800	2,400
Gross unrealized loss	0	0
Investments	37,900	39,600
Deposit Assets
Investments	37,900	39,600
Assets Held-in-trust
Investments	37,900	39,600
US States and Political Subdivisions Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	811,400	701,600
Gross unrealized gain	41,600	44,400
Gross unrealized loss	(300)	(200)
Investments	852,700	745,800
Deposit Assets
Investments	852,700	745,800
Assets Held-in-trust
Investments	852,700	745,800
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	888,000	880,700
Gross unrealized gain	26,100	30,800
Gross unrealized loss	(4,700)	(3,200)
Investments	909,400	908,300
Deposit Assets
Investments	909,400	908,300
Assets Held-in-trust
Investments	909,400	908,300
Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	231,800	278,600
Gross unrealized gain	8,900	10,600
Gross unrealized loss	(400)	(800)
Investments	240,300	288,400
Deposit Assets
Investments	240,300	288,400
Assets Held-in-trust
Investments	240,300	288,400
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	72,000	65,500
Gross unrealized gain	700	500
Gross unrealized loss	(200)	(600)
Investments	72,500	65,400
Deposit Assets
Investments	72,500	65,400
Assets Held-in-trust
Investments	72,500	65,400
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	62,200	61,600
Gross unrealized gain	100	0
Gross unrealized loss	0	(100)
Investments	62,300	61,500
Deposit Assets
Investments	62,300	61,500
Assets Held-in-trust
Investments	62,300	61,500
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	159,100	97,800
Gross unrealized gain	61,000	75,500
Gross unrealized loss	(21,000)	(600)
Investments	199,100	172,700
Deposit Assets
Investments	199,100	172,700
Assets Held-in-trust
Investments	199,100	172,700
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	18,300
Gross unrealized gain	0
Gross unrealized loss	0
Fair Value Measurement [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments	30,700	31,200
Deposit Assets
Investments	30,700	31,200
Assets Held-in-trust
Investments	30,700	31,200
Fair Value Measurement [Member] | Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments	893,600	783,900
Deposit Assets
Investments	893,600	783,900
Assets Held-in-trust
Investments	893,600	783,900
Fair Value Measurement [Member] | Fixed Maturities and Restricted Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments	75,800	74,600
Deposit Assets
Investments	75,800	74,600
Assets Held-in-trust
Investments	$ 75,800	$ 74,600

Investments, Amortized Cost and

Investments, Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Amortized Cost
Due in one year or less, amortized cost	$ 133,700
Due after one year through five years, amortized cost	843,300
Due after five years through ten years, amortized cost	660,600
Due after ten years, amortized cost	238,000
Mortgage and asset-backed securities, amortized cost	366,000
Total, amortized cost	2,241,600
Estimated Fair Value
Due in one year or less, fair value	134,700
Due after one year through five years, fair value	876,200
Due after five years through ten years, fair value	682,900
Due after ten years, fair value	251,400
Mortgage and asset-backed securities, fair value	375,100
Total, fair value	$ 2,320,300	$ 2,275,700

Investments, Continuous Loss Po

Investments, Continuous Loss Position (Details)	9 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Estimated Fair Value
Estimated fair value, less than 12 months	$ 349,700,000	$ 140,600,000
Estimated fair value, 12 months or greater	57,500,000	223,100,000
Estimated fair value, total	407,200,000	363,700,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(23,900,000)	(1,600,000)
Gross unrealized losses, 12 months or greater	2,700,000	3,900,000
Estimated unrealized losses, total	$ (26,600,000)	$ (5,500,000)
Number of issues in loss position, less than 12 months	174	62
Number of Issues in loss position, 12 months or greater	46	89
Number of issues loss position, aggregate	220	151
Total impairments, value	$ 200,000
Total impairments, number of securities	5
Debt Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 276,100,000	$ 130,500,000
Estimated fair value, 12 months or greater	55,400,000	223,100,000
Estimated fair value, total	331,500,000	353,600,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(3,500,000)	(1,000,000)
Gross unrealized losses, 12 months or greater	2,100,000	3,900,000
Estimated unrealized losses, total	$ (5,600,000)	$ (4,900,000)
Number of issues in loss position, less than 12 months	105	47
Number of Issues in loss position, 12 months or greater	43	89
Number of issues loss position, aggregate	148	136
US States and Political Subdivisions Debt Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 36,500,000	$ 20,600,000
Estimated fair value, total	36,500,000	20,600,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(300,000)	(200,000)
Estimated unrealized losses, total	$ (300,000)	$ (200,000)
Number of issues in loss position, less than 12 months	8	5
Number of issues loss position, aggregate	8	5
Corporate Debt Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 184,700,000	$ 109,900,000
Estimated fair value, 12 months or greater	47,900,000	129,400,000
Estimated fair value, total	232,600,000	239,300,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(2,700,000)	(800,000)
Gross unrealized losses, 12 months or greater	2,000,000	2,400,000
Estimated unrealized losses, total	$ (4,700,000)	$ (3,200,000)
Number of issues in loss position, less than 12 months	73	42
Number of Issues in loss position, 12 months or greater	17	39
Number of issues loss position, aggregate	90	81
Residential Mortgage Backed Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 33,600,000	$ 0
Estimated fair value, 12 months or greater	7,500,000	44,100,000
Estimated fair value, total	41,100,000	44,100,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(300,000)	0
Gross unrealized losses, 12 months or greater	100,000	800,000
Estimated unrealized losses, total	$ (400,000)	$ (800,000)
Number of issues in loss position, less than 12 months	17	0
Number of Issues in loss position, 12 months or greater	26	36
Number of issues loss position, aggregate	43	36
Commercial Mortgage Backed Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 21,300,000	$ 0
Estimated fair value, 12 months or greater	0	31,300,000
Estimated fair value, total	21,300,000	31,300,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(200,000)	0
Gross unrealized losses, 12 months or greater	0	600,000
Estimated unrealized losses, total	$ (200,000)	$ (600,000)
Number of issues in loss position, less than 12 months	7	0
Number of Issues in loss position, 12 months or greater	0	8
Number of issues loss position, aggregate	7	8
Asset-backed Securities [Member]
Estimated Fair Value
Estimated fair value, 12 months or greater	$ 0	$ 18,300,000
Estimated fair value, total	0	18,300,000
Gross Unrealized Losses
Gross unrealized losses, 12 months or greater	0	100,000
Estimated unrealized losses, total	$ 0	$ (100,000)
Number of Issues in loss position, 12 months or greater	0	6
Number of issues loss position, aggregate	0	0
Equity Securities [Member]
Estimated Fair Value
Estimated fair value, less than 12 months	$ 73,600,000	$ 10,100,000
Estimated fair value, 12 months or greater	2,100,000	0
Estimated fair value, total	75,700,000	10,100,000
Gross Unrealized Losses
Gross unrealized losses, less than 12 months	(20,400,000)	(600,000)
Gross unrealized losses, 12 months or greater	600,000	0
Estimated unrealized losses, total	$ (21,000,000)	$ (600,000)
Number of issues in loss position, less than 12 months	69	15
Number of Issues in loss position, 12 months or greater	3	0
Number of issues loss position, aggregate	72	15

Investments, Net Realized Gains

Investments, Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net realized gains (losses)
Net realized gains (losses) on fixed maturity and equity securities	$ 2	$ 1.8	$ 5.1	$ 14.2
Change in unrealized gains (losses)
Change in unrealized gains (losses) on fixed maturity and equity securities	(19)	(10.6)	(45.8)	17.4
Debt Securities [Member]
Net realized gains (losses)
Gross gains from sales	0.2	0	0.5	0.9
Gross losses from sales	0.2	0	0.4	0
Net realized gains (losses) on fixed maturity and equity securities	0	0	0.1	0.9
Change in unrealized gains (losses)
Change in unrealized gains (losses) on fixed maturity and equity securities	8	(9.9)	(11)	21.4
Equity Securities [Member]
Net realized gains (losses)
Gross gains from sales	2.2	1.9	5.6	13.4
Gross losses from sales	0.2	0.1	0.6	0.1
Net realized gains (losses) on fixed maturity and equity securities	2	1.8	5	13.3
Change in unrealized gains (losses)
Change in unrealized gains (losses) on fixed maturity and equity securities	$ (27)	$ (0.7)	$ (34.8)	$ (4)

Net Investment Income (Details)

Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 19.1	$ 18.9	$ 55.7	$ 56.4
Investment expenses	0.6	0.7	1.9	1.9
Net investment income	18.5	18.2	53.8	54.5
Debt Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	17.3	17.9	51.6	53.4
Equity Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to equity securities	1.7	1	4	3
Short-term Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	$ 0.1	$ 0	$ 0.1	$ 0

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Expense computed at statutory rate	35.00%	35.00%
Dividends received deduction and tax-exempt interest	(7.60%)	(9.40%)
LPT deferred gain amortization	(4.30%)	(7.70%)
LPT reserve adjustment	(2.00%)	(8.40%)
Pre-privatization reserve adjustment, excluding LPT	(4.60%)	(3.50%)
Other	0.70%	0.00%
Effective tax rate	17.20%	6.00%

Liability for Unpaid Losses a36

Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses and LAE, gross of reinsurance, at beginning of period	$ 2,369,700	$ 2,330,500
Less reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE	669,500	743,100
Net unpaid losses and LAE at beginning of period	1,700,200	1,587,400
Losses and LAE, net of reinsurance, incurred during the period related to:
Current period	339,700	379,200
Prior periods	1,300	4,000
Total net losses and LAE incurred during the period	341,000	383,200
Deduct payments for losses and LAE, net of reinsurance, related to:
Current period	43,900	44,500
Prior periods	274,200	246,300
Total net paid losses and LAE during the period	318,100	290,800
Ending unpaid losses and LAE, net of reinsurance	1,723,100	1,679,800
Reinsurance recoverable, excluding bad debt allowance, on unpaid losses and LAE	634,800	690,500
Unpaid losses and LAE, gross of reinsurance, at end of period	2,357,900	2,370,300
LPT Agreement [Abstract]
Impact of the LPT Agreement	$ 17,500	$ 40,100

LPT Agreement LPT Agreement (De

LPT Agreement LPT Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014
Reinsurance Agreement [Line Items]
Reinsurance quota share, percentage	100.00%
Liabilities for the incurred but unpaid losses and LAE related to claims prior to July 1, 1995	$ 1,500,000
Ceded premiums written	775,000
Amortization of deferred gain	8,500		$ 9,900
Deferred reinsurance gain—LPT Agreement	192,400			$ 207,000
Estimated remaining liabilities - LPT Agreement	504,700			534,800
Paid losses and LAE claims related to LPT	688,500			$ 668,400
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Reinsurance Agreement [Line Items]
Cumulative adjustment to the Deferred Gain	6,400	[1]	22,300
Change to Contingent Profit Commission [Member]
Reinsurance Agreement [Line Items]
Cumulative adjustment to the Deferred Gain	2,600	[2]	$ 7,900
Indemnification Agreement [Member]
Reinsurance Agreement [Line Items]
Coverage provided under LPT Agreement	$ 2,000,000
[1]	The cumulative adjustment to the Deferred reinsurance gain–LPT Agreement (Deferred Gain) was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.
[2]	The cumulative adjustment to the Deferred Gain was also recognized in losses and LAE incurred in the Consolidated Statement of Comprehensive Income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement.

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net unrealized gain on investments, before taxes	$ 118,700	$ 164,500
Deferred tax expense on net unrealized gains	(41,600)	(57,600)
Total accumulated other comprehensive income, net	$ 77,100	$ 106,900

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended	9 Months Ended		12 Months Ended
		May. 31, 2015		Mar. 31, 2015	Sep. 30, 2015		Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-options exercised					325,429		120,494
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights for options awarded					vest 25% on March 15, 2016, and each of the subsequent three anniversaries of that date
Performance share awards performance period				two years
Performance share awards, minimum payout					0.00%
Performance share awards, maximum payout					200.00%
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award, shares issued	[1]			80,800
Share-based compensation options, exercise price on grant date	[1]				$ 7.63
Share-based compensation award, fair value assumptions, exercise price	[1]				$ 24.20
Fair value of awards awarded on grant date	[1]				$ 0.6
Stock Option [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period				7 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award, shares issued	[1]	19,904		89,602
Share-based compensation options, exercise price on grant date		$ 24.11	[1]		$ 24.20	[2]
Share-based compensation award, fair value assumptions, exercise price		$ 0			$ 0
Fair value of awards awarded on grant date	[1]	$ 0.5			$ 2.2
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award, shares issued	[2]			110,000
Share-based compensation options, exercise price on grant date	[2]				$ 24.20
Share-based compensation award, fair value assumptions, exercise price					$ 0
Fair value of awards awarded on grant date	[2]				$ 2.7
Performance Shares [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period				1 year
[1]	The stock options and RSUs awarded in March 2015 were awarded to certain officers of the Company and vest 25% on March 15, 2016, and each of the subsequent three anniversaries of that date. The stock options and RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with change of control of the Company. The stock options expire seven years from the date of grant.The RSUs awarded in May 2015 were awarded to non-employee Directors of the Company and have a service vesting period of one year from the date of grant.(2)
[2]	The PSUs awarded in March 2015 were awarded to certain officers of the Company and have a performance period of two years followed by an additional one year vesting period. The PSU awards are subject to certain performance goals with payouts that range from 0% to 200% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income available to stockholders - basic and diluted	$ 24,500	$ 15,200	$ 67,700	$ 71,600
Weighted average number of shares outstanding - basic	32,184,143	31,591,457	32,000,142	31,507,097
Effect of dilutive securities:
Dilutive securities	340,197	517,963	497,951	537,031
Weighted average number of shares outstanding - diluted	32,524,340	32,109,420	32,498,093	32,044,128
Antidilutive securities excluded from computation of earnings per share	80,800	271,944	26,933	141,900
Antidilutive securites excluded under the treasury method from computation of earnings per share	336,006	296,867	316,273	154,044
Employee Stock Option [Member]
Effect of dilutive securities:
Dilutive securities	245,708	202,010	289,348	230,961
Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Dilutive securities	21,877	36,403	47,268	53,538
Performance Shares [Member]
Effect of dilutive securities:
Dilutive securities	72,612	279,550	161,335	252,532