Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Apr. 28, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-18298 | ||
Entity Registrant Name | Kemper Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4255452 | ||
Entity Address, Address Line One | 200 E. Randolph Street | ||
Entity Address, Address Line Two | Suite 3300 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60601 | ||
City Area Code | 312 | ||
Local Phone Number | 661-4600 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 63,800,711 | ||
Entity Central Index Key | 0000860748 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | |
Common Stock | |||
Cover [Abstract] | |||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Trading Symbol | KMPR | ||
Security Exchange Name | NYSE | ||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||
Cover [Abstract] | |||
Title of 12(b) Security | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Trading Symbol | KMPB | ||
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Earned Premiums | $ 1,338.6 | $ 1,200.8 |
Net Investment Income | 100 | 103.1 |
Change in Value of Alternative Energy Partnership Investments | (16.7) | (15.4) |
Other Income (Loss) | 2.4 | 1.5 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (28.2) | 52.2 |
Net Realized Gains on Sales of Investments | 1.5 | 13.8 |
Impairment Losses | (8.9) | (4) |
Total Revenues | 1,388.7 | 1,352 |
Expenses: | ||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses | 1,153.4 | 889.5 |
Insurance Expenses | 304 | 283.7 |
Interest and Other Expenses | 54.1 | 57.2 |
Total Expenses | 1,515.2 | 1,230.4 |
Income (Loss) before Income Taxes | (126.5) | 121.6 |
Income Tax Benefit (Expense) | 31.7 | 1.6 |
Net Income (Loss) | $ (94.8) | $ 123.2 |
Net Income (Loss) Per Unrestricted Share: | ||
Basic (in dollars per share) | $ (1.49) | $ 1.88 |
Diluted (in dollars per share) | $ (1.49) | $ 1.85 |
Loss from Early Extinguishment of Debt | $ 3.7 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income (Loss) | $ (94.8) | $ 123.2 |
Other Comprehensive Income (Loss) Before Income Taxes: | ||
Decrease (Increase) in Net Unrecognized Postretirement Benefit Costs | (0.1) | 0.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 6.1 | 0.1 |
Other Comprehensive Income (Loss), before Tax, Total | (646) | (365.7) |
Other Comprehensive Income Tax Benefit (Expense) | 135.6 | 75.7 |
Other Comprehensive Income (Loss), Net of Taxes | (510.4) | (290) |
Total Comprehensive Income (Loss) | (605.2) | (166.8) |
No Credit Losses Recognized in Condensed Consolidated Statements of Income | ||
Other Comprehensive Income (Loss) Before Income Taxes: | ||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | (644.6) | (364) |
Credit Losses Recognized in Condensed Consolidated Statements of Income | ||
Other Comprehensive Income (Loss) Before Income Taxes: | ||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | $ (7.4) | $ (2.1) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed Maturities at Fair Value (Amortized Cost: 2022 - $7,810.4; 2021 - $7,358.2 Allowance for Credit Losses: 2022 - $9.1; 2021 - $7.5) | $ 7,783.9 | $ 7,986.9 |
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 571.5 | 830.6 |
Equity Securities at Modified Cost | 35.2 | 32.3 |
Convertible Securities at Fair Value | 46.1 | 46.4 |
Short-term Investments at Cost which Approximates Fair Value | 243.8 | 284.1 |
Other Investments | 1,035.2 | 925.6 |
Total Investments | 9,968.1 | 10,387.4 |
Cash | 297.3 | 148.2 |
Premiums Receivable, Net | 1,404.5 | 1,418.7 |
Other Receivables | 203.4 | 207.3 |
Deferred Policy Acquisition Costs | 680 | 677.6 |
Goodwill | 1,312 | 1,312 |
Current Income Tax Assets | 183 | 173.1 |
Other Assets | 566.4 | 592.2 |
Total Assets | 14,614.7 | 14,916.5 |
Insurance Reserves: | ||
Life and Health | 3,556.3 | 3,540.9 |
Property and Casualty | 2,760.1 | 2,772.7 |
Total Insurance Reserves | 6,316.4 | 6,313.6 |
Unearned Premiums | 1,890.5 | 1,898.7 |
Policyholder Obligations | 655 | 504 |
Deferred Income Tax Liabilities | 69.6 | 227 |
Accrued Expenses and Other Liabilities | 903.5 | 843.6 |
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2022 - $1,343.9; 2021 - $1,152.1) | 1,385.2 | 1,121.9 |
Total Liabilities | 11,220.2 | 10,908.8 |
Shareholders’ Equity: | ||
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 63,800,041 Shares Issued and Outstanding at March 31, 2022 and 63,684,628 Shares Issued and Outstanding at December 31, 2021 | 6.4 | 6.4 |
Paid-in Capital | 1,803.1 | 1,790.7 |
Retained Earnings | 1,647.3 | 1,762.5 |
Accumulated Other Comprehensive Income (Loss) | (62.3) | 448.1 |
Total Shareholders’ Equity | 3,394.5 | 4,007.7 |
Total Liabilities and Shareholders’ Equity | 14,614.7 | 14,916.5 |
Equity Method Limited Liability Investments | ||
Investments: | ||
Equity Method Investments | 230 | 241.9 |
Alternative Energy Partnership Investments | ||
Investments: | ||
Equity Method Investments | $ 22.4 | $ 39.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, at amortized cost | $ 7,810,400,000 | $ 7,358,200,000 |
Fixed maturities, allowance for credit losses | (9,100,000) | (7,500,000) |
Equity securities, at cost | 466,000,000 | 618,700,000 |
Premium receivables, allowance for credit losses | 13,000,000 | 13,600,000 |
Long-term Debt | $ 1,343,900,000 | $ 1,152,100,000 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common stock, shares outstanding (in shares) | 63,800,041 | 63,684,628 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ (94.8) | $ 123.2 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Net Realized Investment (Gains) Losses | (1.5) | (13.8) |
Impairment Losses | 8.9 | 4 |
Depreciation and Amortization of Property, Equipment and Software | 13.4 | 11.1 |
Amortization of Intangibles Acquired | 6.2 | 3.2 |
Loss from Early Extinguishment of Debt | 3.7 | 0 |
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | (5.8) | (18.1) |
(Increase) Decrease in Value of Equity and Convertible Securities | 28.2 | (52.2) |
Receivables from Policyholders | 14.2 | (66.7) |
Reinsurance Recoverables | (0.3) | 5 |
Deferred Policy Acquisition Costs | (2.4) | (21.3) |
Insurance Reserves | 2.9 | 29.8 |
Unearned Premiums | (8.2) | 97.9 |
Income Taxes | (30.5) | (37.3) |
Other Assets and Liabilities | 31.1 | 60.4 |
Net Cash Provided by (Used in) Operating Activities | (18.2) | 140.6 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales, Calls and Maturities of Fixed Maturities | 128.6 | 291.2 |
Proceeds from the Sales or Paydowns of Investments: | ||
Other Investments | 249.7 | 27.3 |
Mortgage Loans | 22.8 | 12.8 |
Other Investments | 20.5 | 7 |
Purchases of Investments: | ||
Fixed Maturities | (527.2) | (503.2) |
Equity Securities | (21.3) | (12.5) |
Real Estate Investments | 0 | (0.2) |
Company-Owned Life Insurance | (100) | (100) |
Mortgage Loans | (21.3) | (33.7) |
Other Investments | 1.9 | 50.1 |
Net Sales (Purchases) of Short-term Investments | 40.3 | 677.4 |
Acquisition of Software and Long-lived Assets | (16) | (9.2) |
Other | 0.7 | 4.9 |
Net Cash Provided by (Used in) Investing Activities | (225.1) | 311.7 |
Cash Flows from Financing Activities: | ||
Repayment of Long-term Debt | (280) | (50) |
Proceeds from Issuance of Senior Long-term Debt | 396.3 | 0 |
Proceeds from Issuance of Subordinated Long-term Debt | 145.6 | 0 |
Proceeds from Policyholder Obligations | 208.6 | 60.7 |
Repayment of Policyholder Obligations | (57.8) | (61.5) |
Proceeds from Shares Issued under Employee Stock Purchase Plan | 1.3 | 1.2 |
Common Stock Repurchases | 0 | (42.1) |
Dividends and Dividend Equivalents Paid | (19.8) | (21) |
Other | 0.3 | 1.7 |
Net Cash Provided by (Used in) Financing Activities | 392.4 | (111) |
Increase (Decrease) in Cash | 149.1 | 341.3 |
Cash, Beginning of Year | 148.2 | 206.1 |
Cash, End of Period | 297.3 | 547.4 |
Senior Notes, 3.800 Percent Due February 23, 2033 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | (1.2) | |
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | (0.9) | |
Alternative Energy Partnership Investments | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Income (Loss) from Equity Method Investments | $ (16.7) | $ (15.4) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2020 | 65.4 | ||||
Beginning balance at Dec. 31, 2020 | $ 4,563.4 | $ 6.5 | $ 1,805.2 | $ 2,071.2 | $ 680.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 123.2 | 123.2 | |||
Other Comprehensive Income (Loss), Net of Tax | $ (290) | (290) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (21) | (21) | |||
Repurchases of Common Stock (in shares) | 0.6 | ||||
Repurchases of Common Stock (Note 10) | (47.1) | $ 0 | (16.4) | (30.7) | |
Shares Issued Under Employee Stock Purchase Plan (Note 10) | 1.2 | ||||
Shares Issued Under Employee Stock Purchase Plan (Note 10) | 1.2 | ||||
Equity-based Compensation Cost | 12.3 | 12.3 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.2 | ||||
Equity-based Awards, Net of Shares Exchanged | (2.9) | $ 0 | (0.2) | (2.7) | |
Ending balance (in shares) at Mar. 31, 2021 | 65 | ||||
Ending balance at Mar. 31, 2021 | 4,339.1 | $ 6.5 | 1,802.1 | 2,140 | 390.5 |
Beginning balance (in shares) at Dec. 31, 2021 | 63.7 | ||||
Beginning balance at Dec. 31, 2021 | 4,007.7 | $ 6.4 | 1,790.7 | 1,762.5 | 448.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (94.8) | (94.8) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (510.4) | (510.4) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (19.6) | (19.6) | |||
Repurchases of Common Stock (in shares) | 0 | ||||
Repurchases of Common Stock (Note 10) | 0 | $ 0 | 0 | 0 | |
Shares Issued Under Employee Stock Purchase Plan (Note 10) | 1.3 | $ 0 | 1.3 | ||
Equity-based Compensation Cost | 11.9 | 11.9 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.1 | ||||
Equity-based Awards, Net of Shares Exchanged | (1.6) | $ 0 | (0.8) | (0.8) | |
Ending balance (in shares) at Mar. 31, 2022 | 63.8 | ||||
Ending balance at Mar. 31, 2022 | $ 3,394.5 | $ 6.4 | $ 1,803.1 | $ 1,647.3 | $ (62.3) |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies The unaudited interim Condensed Consolidated Financial Statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information pursuant to the rules and regulations for Form 10-Q and Article 10 of Regulation S-X of the SEC and include the accounts of Kemper Corporation and its subsidiaries. All intercompany accounts and transactions have been eliminated. Certain financial information that is included in annual financial statements, including certain financial statement footnote disclosures, prepared in accordance with GAAP is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements include all adjustments necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The preparation of interim financial statements requires significant management estimates. Due to this factor and other factors, such as the seasonal nature of some portions of the insurance business, as well as market conditions and the impacts of COVID-19, annualizing the results of operations for the three months ended March 31, 2022 would not necessarily be indicative of the results expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in Kemper’s Annual Report for the year ended December 31, 2021. During the first quarter of 2022, the Company began including anticipated net investment income in the premium deficiency analysis performed at the Specialty Property & Casualty Insurance and Preferred Property & Casualty Insurance segments. The Company believes the accounting principle change is preferable as it best reflects the ultimate profitability of an insurance contract in using all cash flows from the in-force policies, inclusive of related investment income, and provides improved comparability with industry peers. This accounting principle change had no impact on the results of the premium deficiency analysis in the current or prior periods presented. Adoption of New Accounting Guidance The Company has adopted all recently issued accounting pronouncements with effective dates prior to January 1, 2022. There were no adoptions of such accounting pronouncements during the three months ended March 31, 2022 that had a material impact on the Company’s interim Condensed Consolidated Financial Statements. Guidance Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts . ASU 2018-12 amends the accounting model for certain long-duration insurance contracts and requires the insurer to provide additional disclosures in annual and interim reporting periods. In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of ASU 2018-12 by one year for public business entities. ASU 2018-12 is now effective for fiscal years beginning after December 15, 2022, and interim periods within those annual periods. The amendments in ASU 2018-12 (i) require cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited pay long duration contracts to be updated at least annually with the recognition and remeasurement recorded in net income, require the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting period, and recognized in other comprehensive income, (ii) simplify the amortization of deferred acquisition costs to be amortized on a constant level basis over the expected term of the contract, (iii) require all market risk benefits to be measured at fair value, and (iv) enhance certain presentation and disclosure requirements which include disaggregated rollforwards for liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, deferred acquisition costs, and information about significant inputs, judgments and methods used in the measurement. The Company plans to adopt using the modified retrospective transition method and is currently evaluating the impact of this guidance on its financial statements. |
Net Income Per Unrestricted Sha
Net Income Per Unrestricted Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Unrestricted Share | Net Income Per Unrestricted Share The Company’s awards of deferred stock units granted to Kemper’s non-employee directors prior to 2019 contain rights to receive non-forfeitable dividend equivalents and participate in the undistributed earnings with common shareholders. Accordingly, the Company is required to apply the two-class method of computing basic and diluted earnings per share. A reconciliation of the numerator and denominator used in the calculation of Basic Net Income (Loss) Per Unrestricted Share and Diluted Net Income (Loss) Per Unrestricted Share for the three months ended March 31, 2022 and 2021 is presented below. Three Months Ended (Dollars in Millions, except per share amounts) Mar 31, Mar 31, Net Income (Loss) $ (94.8) $ 123.2 Less: Net Income Attributed to Participating Awards — 0.1 Net Income (Loss) Attributed to Unrestricted Shares (94.8) 123.1 Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — Diluted Net Income (Loss) Attributed to Unrestricted Shares $ (94.8) $ 123.1 (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,743.7 65,424.6 Equity-based Compensation Equivalent Shares — 1,128.2 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,743.7 66,552.8 (Per Unrestricted Share in Whole Dollars) Basic Net Income (Loss) Per Unrestricted Share $ (1.49) $ 1.88 Diluted Net Income (Loss) Per Unrestricted Share $ (1.49) $ 1.85 The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the three months ended March 31, 2022 and 2021, because the effect of inclusion would be anti-dilutive, is presented below. Three Months Ended (Number of Shares in Thousands) Mar 31, Mar 31, Equity-based Compensation Equivalent Shares 2,550.8 1,212.8 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 2,550.8 1,212.8 |
Acquisition of Business
Acquisition of Business | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Business | Acquisition of Business Acquisition of American Access Casualty Corporation On April 1, 2021 Kemper completed the acquisition of American Access Casualty Company and its related captive insurance agency, Newins Insurance Agency Holdings, LLC, and its subsidiaries (collectively “AAC”). Pursuant to the agreement dated November 22, 2020, Kemper paid AAC’s equity holders total cash consideration of approximately $370.9 million. During the first quarter of 2022, the Company finalized its estimates of the fair value of assets acquired and liabilities assumed. There were no changes to the Company’s preliminary estimates or allocation of the purchase price to the assets acquired and liabilities assumed. Note 3 - Acquisition of Business (Continued) Based on the Company’s final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were: (Dollars in Millions) Fixed Maturities at Fair Value $ 151.2 Equity Securities at Fair Value 82.4 Short-term Investments at Cost which Approximates Fair Value 100.1 Cash 54.3 Receivables from Policyholders 148.9 Other Receivables 2.0 Goodwill 198.0 Current Income Tax Assets 0.3 Other Assets 81.4 Property and Casualty Insurance Reserves (211.1) Unearned Premiums (177.8) Deferred Income Tax Liabilities (7.8) Accrued Expenses and Other Liabilities (51.0) Total Purchase Price $ 370.9 The factors that contributed to the recognition of goodwill include synergies from economies of scale within the underwriting and claims operations, acquiring a talented workforce and cost savings opportunities. Intangible Assets Intangible assets consist of capitalized costs, primarily of the estimated fair value of distribution, customer relationships, policies in force, trade names and licenses, and technology. The estimated useful lives of these assets range from 1 to 8 years. These assets are reported in Other Assets in the Condensed Consolidated Balance Sheets. Identifiable definite and indefinite lived intangible assets acquired consisted of the following: (Dollars in Millions) Definite Life Intangibles Value of Business Acquired $ 42.9 Customer Relationships 4.8 Agent Relationships 7.2 Internal-Use Software 6.5 Trade Names 1.8 Indefinite Life Intangible Assets Insurance Licenses 2.5 Unaudited Pro Forma Results The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of AAC occurred on January 1, 2020. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the acquired intangible assets and the exclusion of certain acquisition related costs considered to be non-recurring in nature. Note 3 - Acquisition of Business (Continued) Three Months Ended (Dollars in millions) Mar 31, Mar 31, Total Revenues $ 1,388.7 $ 1,443.2 Total Expenses 1,515.9 1,303.9 Income (Loss) from Continuing Operations before Income Taxes (127.2) 139.3 Net Income (Loss) $ (95.3) $ 136.8 The pro forma information is not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction in fact occurred at the beginning of the periods presented, nor does the information project results for any future period. The pro forma information does not include the impact of any future cost savings or synergies that may be achieved as a result of the acquisition. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through three operating segments: Specialty Property & Casualty Insurance, Preferred Property & Casualty Insurance and Life & Health Insurance. The Specialty Property & Casualty Insurance segment’s principal products are personal automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are personal automobile insurance, homeowners insurance and other personal insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers. Earned Premiums by product line for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Specialty Property & Casualty Insurance: Personal Automobile $ 901.7 $ 785.4 Commercial Automobile 119.9 92.2 Preferred Property & Casualty Insurance: Personal Automobile 96.0 103.0 Homeowners 51.3 50.8 Other Personal Lines 8.3 8.4 Life & Health Insurance: Life 101.3 98.1 Accident and Health 45.8 47.4 Property 14.3 15.5 Total Earned Premiums $ 1,338.6 $ 1,200.8 Note 4 - Business Segments (Continued) Segment Revenues, including a reconciliation to Total Revenues, for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 1,021.6 $ 877.6 Net Investment Income 34.9 35.0 Change in Value of Alternative Energy Partnership Investments (8.4) (7.3) Other Income 1.7 0.9 Total Specialty Property & Casualty Insurance 1,049.8 906.2 Preferred Property & Casualty Insurance: Earned Premiums 155.6 162.2 Net Investment Income 12.5 15.9 Change in Value of Alternative Energy Partnership Investments (3.9) (4.1) Total Preferred Property & Casualty Insurance 164.2 174.0 Life & Health Insurance: Earned Premiums 161.4 161.0 Net Investment Income 49.4 51.1 Change in Value of Alternative Energy Partnership Investments (4.4) (4.0) Other Income — 0.1 Total Life & Health Insurance 206.4 208.2 Total Segment Revenues 1,420.4 1,288.4 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (28.2) 52.2 Net Realized Gains on Sales of Investments 1.5 13.8 Net Impairment Losses Recognized in Earnings (8.9) (4.0) Other 3.9 1.6 Total Revenues $ 1,388.7 $ 1,352.0 Note 4 - Business Segments (Continued) Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (60.2) $ 85.2 Preferred Property & Casualty Insurance (9.5) 3.0 Life & Health Insurance 1.2 (0.8) Total Segment Operating Income (Loss) (68.5) 87.4 Corporate and Other Operating Income (Loss) From: Other (14.0) (11.5) Corporate and Other Operating Income (Loss) (14.0) (11.5) Adjusted Consolidated Operating Income (Loss) (82.5) 75.9 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (28.2) 52.2 Net Realized Gains on Sales of Investments 1.5 13.8 Impairment Losses (8.9) (4.0) Acquisition Related Transaction, Integration and Other Costs (4.7) (16.3) Loss from Early Extinguishment of Debt (3.7) — Income (Loss) before Income Taxes $ (126.5) $ 121.6 Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions and Net of Income Taxes) Mar 31, Mar 31, Segment Net Operating Income (Loss): Specialty Property & Casualty Insurance $ (44.7) $ 80.1 Preferred Property & Casualty Insurance (6.1) 9.6 Life & Health Insurance 3.1 7.3 Total Segment Net Operating Income (Loss) (47.7) 97.0 Corporate and Other Net Operating Income (Loss) From: Other (12.4) (9.8) Total Corporate and Other Net Operating Income (Loss) (12.4) (9.8) Adjusted Consolidated Net Operating Income (Loss) (60.1) 87.2 Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities (22.3) 41.2 Net Realized Gains on Sales of Investments 1.2 10.9 Impairment Losses (7.0) (3.2) Acquisition Related Transaction, Integration and Other Costs (3.7) (12.9) Loss from Early Extinguishment of Debt (2.9) — Net Income (Loss) $ (94.8) $ 123.2 |
Property and Casualty Insurance
Property and Casualty Insurance Reserves | 3 Months Ended |
Mar. 31, 2022 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Property and Casualty Insurance Reserves | Property and Casualty Insurance Reserves Property and casualty insurance reserve activity for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,772.7 $ 1,982.5 Less Reinsurance Recoverables at Beginning of Year 41.9 50.1 Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year 2,730.8 1,932.4 Incurred Losses and LAE Related to: Current Year 1,041.9 777.0 Prior Years (2.7) 0.1 Total Incurred Losses and LAE 1,039.2 777.1 Paid Losses and LAE Related to: Current Year 373.9 258.0 Prior Years 676.9 500.3 Total Paid Losses and LAE 1,050.8 758.3 Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period 2,719.2 1,951.2 Plus Reinsurance Recoverables at End of Period 40.9 48.3 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,760.1 $ 1,999.5 Property and casualty insurance reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends are likely to differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Condensed Consolidated Statements of Income in the period of change. For the three months ended March 31, 2022, the Company decreased its property and casualty insurance reserves by $2.7 million to recognize favorable development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed favorably by $8.3 million due primarily to the emergence of more favorable loss patterns than expected for liability and physical damage insurance. Commercial automobile insurance loss and LAE reserves developed adversely by $5.2 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Preferred personal automobile insurance loss and LAE reserves developed adversely by $1.6 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Homeowners loss and LAE reserves developed favorably by $4.4 million due primarily to the emergence of more favorable loss patterns than expected. Other lines loss and LAE reserves developed adversely by $3.2 million due primarily to the emergence of more adverse loss patterns than expected for prior accident years. For the three months ended March 31, 2021, the Company increased its property and casualty insurance reserves by $0.1 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed favorably by $4.0 million due primarily to the emergence of more favorable loss patterns than expected for liability insurance. Commercial automobile insurance loss and LAE reserves developed adversely by $3.0 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Preferred personal automobile insurance loss and LAE reserves developed adversely by $1.3 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Homeowners loss and LAE reserves developed favorably by $2.6 million due primarily to the emergence of more favorable loss patterns than expected. Other lines loss and LAE reserves developed adversely by $2.3 million due primarily to the emergence of more adverse loss patterns than expected for prior accident years. Note 5 - Property and Casualty Insurance Reserves (Continued) The Company cannot predict whether loss and LAE reserves will develop favorably or adversely from the amounts reported in the Company’s Condensed Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s Condensed Consolidated Shareholders’ Equity, but could have a material effect on the Company’s consolidated financial results for a given period. Receivables from Policyholders - Allowance for Expected Credit Losses The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the three months ended March 31, 2022. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,418.7 $ 13.6 Provision for Expected Credit Losses 11.3 Write-offs of Uncollectible Receivables from Policyholders (11.9) Balance at End of Period $ 1,404.5 $ 13.0 The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the three months ended March 31, 2021. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,194.5 $ 20.9 Provision for Expected Credit Losses 12.8 Write-offs of Uncollectible Receivables from Policyholders (22.4) Balance at End of Period $ 1,260.9 $ 11.3 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Fixed Maturities The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2022 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 644.8 $ 10.7 $ (25.1) $ — $ 630.4 States and Political Subdivisions 1,808.6 64.4 (102.8) — 1,770.2 Foreign Governments 6.2 — (1.2) — 5.0 Corporate Securities: Bonds and Notes 4,103.5 192.6 (130.9) (9.1) 4,156.1 Redeemable Preferred Stocks 7.0 — (0.2) — 6.8 Collateralized Loan Obligations 909.7 0.6 (12.4) — 897.9 Other Mortgage- and Asset-backed 330.6 2.4 (15.5) — 317.5 Investments in Fixed Maturities $ 7,810.4 $ 270.7 $ (288.1) $ (9.1) $ 7,783.9 Note 6 - Investments (Continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 610.1 $ 29.2 $ (1.9) $ — $ 637.4 States and Political Subdivisions 1,752.5 144.6 (7.0) — 1,890.1 Foreign Governments 6.7 — (1.2) — 5.5 Corporate Securities: Bonds and Notes 3,929.0 481.4 (16.0) (7.5) 4,386.9 Redeemable Preferred Stocks 7.0 0.4 — — 7.4 Collateralized Loan Obligations 756.0 0.9 (4.8) — 752.1 Other Mortgage- and Asset-backed 296.9 12.4 (1.8) — 307.5 Investments in Fixed Maturities $ 7,358.2 $ 668.9 $ (32.7) $ (7.5) $ 7,986.9 Other Receivables included $1.9 million and $0.6 million of unsettled sales of Investments in Fixed Maturities at March 31, 2022 and December 31, 2021, respectively. Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $73.4 million and $12.7 million at March 31, 2022 and December 31, 2021, respectively. The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2022 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 154.3 $ 155.8 Due after One Year to Five Years 1,055.8 1,059.2 Due after Five Years to Ten Years 1,578.8 1,549.2 Due after Ten Years 3,275.8 3,318.2 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,745.7 1,701.5 Investments in Fixed Maturities $ 7,810.4 $ 7,783.9 The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at March 31, 2022 consisted of securities issued by the Government National Mortgage Association with a fair value of $390.7 million, securities issued by the Federal National Mortgage Association with a fair value of $65.8 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $29.5 million, and securities issued by other non-governmental issuers with a fair value of $1,215.5 million. Note 6 - Investments (Continued) An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2022 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 410.7 $ (24.5) $ 4.0 $ (0.6) $ 414.7 $ (25.1) States and Political Subdivisions 822.9 (98.1) 26.8 (4.7) 849.7 (102.8) Foreign Governments 2.1 (0.7) 2.1 (0.5) 4.2 (1.2) Corporate Securities: Bonds and Notes 1,488.5 (107.2) 168.4 (23.7) 1,656.9 (130.9) Redeemable Preferred Stocks 5.3 (0.2) — — 5.3 (0.2) Collateralized Loan Obligations 533.4 (6.5) 228.6 (5.9) 762.0 (12.4) Other Mortgage- and Asset-backed 222.9 (15.5) 0.1 — 223.0 (15.5) Total Fixed Maturities $ 3,485.8 $ (252.7) $ 430.0 $ (35.4) $ 3,915.8 $ (288.1) Investment-grade fixed maturity investments comprised $270.9 million and below-investment-grade fixed maturity investments comprised $17.2 million of the unrealized losses on investments in fixed maturities at March 31, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 6% of the amortized cost basis of the investment. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 168.7 $ (1.8) $ 1.2 $ (0.1) $ 169.9 $ (1.9) States and Political Subdivisions 385.0 (6.9) 1.5 (0.1) 386.5 (7.0) Foreign Governments 2.2 (0.6) 2.6 (0.6) 4.8 (1.2) Corporate Securities: Bonds and Notes 596.8 (13.1) 49.3 (2.9) 646.1 (16.0) Redeemable Preferred Stocks 0.1 — — — 0.1 — Collateralized Loan Obligations 250.9 (2.6) 192.6 (2.2) 443.5 (4.8) Other Mortgage- and Asset-backed 100.1 (1.8) — — 100.1 (1.8) Total Fixed Maturities $ 1,503.8 $ (26.8) $ 247.2 $ (5.9) $ 1,751.0 $ (32.7) Investment-grade fixed maturity investments comprised $23.7 million and below-investment-grade fixed maturity investments comprised $9.0 million of the unrealized losses on investments in fixed maturities at December 31, 2021. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. Note 6 - Investments (Continued) At March 31, 2022 and December 31, 2021, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at March 31, 2022 and December 31, 2021. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date. Fixed Maturities - Expected Credit Losses The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for three months ended March 31, 2022. Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 7.5 $ 7.5 Additions for Securities for which No Previous Expected Credit Losses were 3.8 3.8 Reduction Due to Sales — — Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized 1.3 1.3 Write-offs Charged Against Allowance (3.5) (3.5) End of the Period $ 9.1 $ 9.1 The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the three months ended March 31, 2021. Foreign Governments Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 0.3 $ 3.0 $ 3.3 Additions for Securities for which No Previous Expected Credit Losses were — 1.3 1.3 Reduction Due to Sales — (0.3) (0.3) Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized 0.2 0.3 0.5 Write-offs Charged Against Allowance (0.2) — (0.2) End of the Period $ 0.3 $ 4.3 $ 4.6 Equity Securities Investments in Equity Securities at Fair Value were $571.5 million and $830.6 million at March 31, 2022 and December 31, 2021, respectively. Net unrealized losses arising during the three months ended March 31, 2022 and recognized in earnings, related to such investments still held as of March 31, 2022, were $24.0 million. Investments in Equity Securities at Modified Cost were $35.2 million and $32.3 million at March 31, 2022 and December 31, 2021, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and Note 6 - Investments (Continued) other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statement of Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the three months ended March 31, 2022. The Company did not recognize any impairment on Equity Securities at Modified Cost for three months ended March 31, 2022 as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $10.0 million of cumulative impairments on Equity Securities at Modified Cost held as of March 31, 2022. There were no unsettled purchases of Investments in Equity Securities at March 31, 2022. There were $2.7 million of unsettled purchases of Investments in Equity Securities at December 31, 2021. There were no unsettled sales of Investments in Equity Securities at March 31, 2022 and December 31, 2021, respectively. Equity Method Limited Liability Investments Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity. The Company’s maximum exposure to loss at March 31, 2022 is limited to the total carrying value of $230.0 million. In addition, the Company had outstanding commitments totaling approximately $92.2 million to fund Equity Method Limited Liability Investments at March 31, 2022. At March 31, 2022, 3.2% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 10.8% was reported with a one month lag and the remainder was reported with more than a one month lag. There were $0.5 million of unsettled purchases of Equity Method Limited Liability Investments at March 31, 2022. There were no unsettled purchases of Equity Method Limited Liability Investments at December 31, 2021. There were $4.7 million and $1.2 million unsettled sales of Equity Method Limited Liability Investments at March 31, 2022 and December 31, 2021, respectively. Alternative Energy Partnership Investments Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation at Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments. The Company’s maximum exposure to loss at March 31, 2022 is limited to the total carrying value of $22.4 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of March 31, 2022. Alternative Energy Partnership Investments are reported on a three month lag. Other Investments The carrying values of the Company’s Other Investments at March 31, 2022 and December 31, 2021 were: (Dollars in Millions) Mar 31, Dec 31, Company-Owned Life Insurance $ 556.4 $ 448.1 Loans to Policyholders at Unpaid Principal 284.7 286.2 Real Estate at Depreciated Cost 93.3 94.0 Mortgage Loans and Other 100.8 97.3 Total $ 1,035.2 $ 925.6 Note 6 - Investments (Continued) Net Investment Income Net Investment Income for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Investment Income: Interest on Fixed Income Securities $ 68.7 $ 69.0 Dividends on Equity Securities Excluding Alternative Investments 1.5 2.1 Alternative Investments: Equity Method Limited Liability Investments 13.3 22.5 Limited Liability Investments Included in Equity Securities 7.6 4.5 Total Alternative Investments 20.9 27.0 Short-term Investments 0.1 1.2 Loans to Policyholders 5.5 5.5 Real Estate 2.2 2.4 Other 10.0 4.7 Total Investment Income 108.9 111.9 Investment Expenses: Real Estate 2.5 2.1 Other Investment Expenses 6.4 6.7 Total Investment Expenses 8.9 8.8 Net Investment Income $ 100.0 $ 103.1 Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Fixed Maturities: Gains on Sales $ 0.4 $ 13.2 Losses on Sales (0.8) (1.1) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company classifies its investments in Fixed Maturities as available-for-sale and reports these investments at fair value. The Company reports equity investments with readily determinable fair values as Equity Securities at Fair Value. Certain investments that are measured at fair value using the net asset value practical expedient are not required to be classified using the fair value hierarchy, but are presented in the following two tables to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheets. The valuation of assets measured at fair value in Company’s Condensed Consolidated Balance Sheets at March 31, 2022 is summarized below. The Company has no material liabilities that are measured and reported at fair value. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 127.3 $ 503.1 $ — $ — $ 630.4 States and Political Subdivisions — 1,770.2 — — 1,770.2 Foreign Governments — 5.0 — — 5.0 Corporate Securities: Bonds and Notes — 3,950.5 205.6 — 4,156.1 Redeemable Preferred Stock — 1.2 5.6 — 6.8 Collateralized Loan Obligations — 897.9 — — 897.9 Other Mortgage and Asset-backed — 311.3 6.2 — 317.5 Total Investments in Fixed Maturities 127.3 7,439.2 217.4 — 7,783.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 33.0 — — 33.0 Other Industries — 14.9 1.5 — 16.4 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 1.4 0.4 — 1.8 Other Equity Interests: Exchange Traded Funds 201.6 — — — 201.6 Limited Liability Companies and Limited Partnerships — — — 317.8 317.8 Total Investments in Equity Securities at Fair Value 203.9 48.3 1.5 317.8 571.5 Convertible Securities at Fair Value — 46.1 — — 46.1 Total $ 331.2 $ 7,533.6 $ 218.9 $ 317.8 $ 8,401.5 At March 31, 2022, the Company had unfunded commitments to invest an additional $101.2 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests when funded. Note 7 - Fair Value Measurements (Continued) The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2021 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 132.8 $ 504.6 $ — $ — $ 637.4 States and Political Subdivisions — 1,890.1 — — 1,890.1 Foreign Governments — 5.5 — — 5.5 Corporate Securities: Bonds and Notes — 4,150.1 236.8 — 4,386.9 Redeemable Preferred Stocks — 1.3 6.1 — 7.4 Collateralized Loan Obligations — 752.1 — — 752.1 Other Mortgage and Asset-backed — 300.5 7.0 — 307.5 Total Investments in Fixed Maturities 132.8 7,604.2 249.9 — 7,986.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 34.2 — — 34.2 Other Industries — 16.1 1.5 — 17.6 Common Stocks: Finance, Insurance and Real Estate 18.9 — — — 18.9 Other Industries 2.9 — — — 2.9 Other Equity Interests: Exchange Traded Funds 432.0 — — — 432.0 Limited Liability Companies and Limited Partnerships — — — 325.0 325.0 Total Investments in Equity Securities at Fair Value 453.8 50.3 1.5 325.0 830.6 Other Investments: Convertible Securities at Fair Value — 46.4 — — 46.4 Total $ 586.6 $ 7,700.9 $ 251.4 $ 325.0 $ 8,863.9 The Company’s investments in Fixed Maturities that are classified as Level 1 primarily consist of U.S. Treasury Bonds and Notes. The Company’s investments in Equity Securities at Fair Value that are classified as Level 1 consist of either investments in publicly-traded common stocks or exchange traded funds. The Company’s investments in Fixed Maturities that are classified as Level 2 primarily consist of investments in corporate bonds, obligations of states and political subdivisions, collateralized loan obligations, and mortgage-backed securities of U.S. government agencies. The Company’s investments in Equity Securities at Fair Value that are classified as Level 2 primarily consist of investments in preferred stocks. The Company uses a leading, nationally recognized provider of market data and analytics to price the vast majority of the Company’s Level 2 measurements. The provider utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Because many fixed maturity securities do not trade on a daily basis, the provider’s evaluated pricing Note 7 - Fair Value Measurements (Continued) applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, the provider uses model processes to develop prepayment and interest rate scenarios. The pricing provider’s models and processes also take into account market convention. For each asset class, teams of its evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The Company generally validates the measurements obtained from its primary pricing provider by comparing them with measurements obtained from one additional pricing provider that provides either prices from recent market transactions, quotes in inactive markets or evaluations based on its own proprietary models. The Company investigates significant differences related to the values provided. On completion of its investigation, management exercises judgment to determine the price selected and whether adjustments, if any, to the price obtained from the Company’s primary pricing provider would warrant classification of the price as Level 3. In instances where a measurement cannot be obtained from either pricing provider, the Company generally will evaluate bid prices from one or more binding quotes obtained from market makers to value investments in inactive markets and classified by the Company as Level 2. The Company generally classifies securities when it receives non-binding quotes or indications as Level 3 securities unless the Company can validate the quote or indication against recent transactions in the market. The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at March 31, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 98.5 3.5 % - 11.0 % 6.7 % Non-investment-grade: Senior Debt Market Yield 40.1 5.9 - 26.0 10.1 Junior Debt Market Yield 51.6 6.0 - 28.5 16.0 Other Various 27.2 Total Level 3 Fixed Maturity Investments $ 217.4 The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2021. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 87.9 2.3 % - 10.3 % 5.4 % Non-investment-grade: Senior Debt Market Yield 76.1 5.1 - 20.2 8.5 Junior Debt Market Yield 53.9 6.0 - 27.5 15.0 Other Various 32.0 Total Level 3 Fixed Maturity Investments $ 249.9 Note 7 - Fair Value Measurements (Continued) For an investment in a fixed maturity security, an increase in the yield used to determine the fair value of the security will decrease the fair value of the security. A decrease in the yield used to determine fair value will increase the fair value of the security, but for callable securities the fair value increase is generally limited to par, unless security is currently callable at a premium.. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Period $ 236.8 $ 6.1 $ — $ 7.0 $ 1.5 $ 251.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (5.7) — — — — (5.7) Included in Other Comprehensive Income (Loss) (1.7) (0.5) — (0.8) — (3.0) Purchases 13.7 — — — — 13.7 Settlements — — — — — — Sales (42.8) — — — — (42.8) Transfers into Level 3 5.3 — — — — 5.3 Transfers out of Level 3 — — — — — — Balance at End of Period $ 205.6 $ 5.6 $ — $ 6.2 $ 1.5 $ 218.9 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2021 is presented below. Fixed Maturities (Dollars in Millions) Corporate States and Political Sub- divisions Redeemable Collateralized Loan Obligations Other Mortgage- Total Balance at Beginning of Year $ 433.0 $ — $ 6.2 $ — $ 10.0 $ 449.2 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (1.1) — — — — (1.1) Included in Other Comprehensive Income (Loss) (3.7) — (0.5) — (0.8) (5.0) Purchases 17.8 — — — — 17.8 Settlements — — — — — — Sales (30.9) — — — (0.2) (31.1) Transfers into Level 3 — — — — — — Transfers out of Level 3 (0.6) — — — — (0.6) Balance at End of Period $ 414.5 $ — $ 5.7 $ — $ 9.0 $ 429.2 The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. Note 7 - Fair Value Measurements (Continued) Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. March 31, 2022 December 31, 2021 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 284.7 $ 284.7 $ 286.2 $ 286.2 Short-term Investments 243.8 243.8 284.1 284.1 Mortgage Loans 99.8 99.8 96.8 96.8 Company-Owned Life Insurance 556.4 556.4 $ 448.1 $ 448.1 Equity Securities at Modified Cost 35.2 35.2 32.3 32.3 Financial Liabilities: Long-term Debt $ 1,385.2 $ 1,343.9 $ 1,121.9 $ 1,152.1 Policyholder Obligations 553.1 553.1 401.9 401.9 The fair value measurement for loans to policyholders are categorized as Level 3 within the fair value hierarchy. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The Mortgage Loans fair value measurement is considered equal to amortized cost given the short term nature of the investments. The fair value measurement of Equity Securities at Modified Cost is estimated using inputs that are considered Level 3 measurements. The fair value of Company-Owned Life Insurance approximates cash surrender value. The fair value of Long-term Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Policyholder Obligations presented in the preceding table consist of advances from the FHLB of Chicago, and the inputs used in the valuation are considered Level 2 measurements. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entity Disclosure | Variable Interest Entities The Company invests in an Alternative Energy Partnership formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits. This entity was formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers. The Company’s interest in the Alternative Energy Partnership Investment is considered an investment in a variable interest entity (“VIE”). To determine whether the investment should be consolidated in the Consolidated Financial Statements, the Company evaluates whether it is the primary beneficiary of the VIE. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has determined that it is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the economic performance of the entity and therefore is not required to consolidate the VIE. The project sponsor governs the entity and the Company only has consent rights that have been deemed protective in nature and does not participate in key economic decisions of the entity. The investment is accounted for using the equity method of accounting and included in Alternative Energy Partnership Investments in the Consolidated Balance Sheets. The Company uses the HLBV equity method to account for earnings and losses. This method provides an earnings allocation that appropriately reflects the substantive economics of the investment. Earnings and losses on the investment are reported in Change in Value of Alternative Energy Partnership Investments and investment tax credits are recognized in Income Tax Expense (Benefit) on the Condensed Consolidated Statements of Income. Note 8 - Variable Interest Entities (Continued) The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments as of the periods indicated: Three Months Ended (Dollars in millions) Mar 31, 2022 Mar 31, 2021 Fundings $ — $ 48.5 Cash distribution from investment 0.4 — Gain (loss) on investments in Alternative Energy Partnership (16.7) (15.4) Income tax credits recognized 3.9 28.4 Tax benefit (expense) recognized from Alternative Energy Partnership 3.1 0.2 The following table represents the carrying value of the associated assets and liabilities and the associated maximum loss exposure of the Alternative Energy Partnership Investments as of the dates indicated: (Dollars in millions) Mar 31, 2022 Cash $ 19.3 Equipment, net of depreciation 271.1 Other assets 2.9 Total unconsolidated assets 293.3 Maximum loss exposure 22.4 The Company’s maximum loss exposure in the event that all of the assets in the Alternative Energy Partnership are deemed worthless is $22.4 million, which is the carrying value of the investment at March 31, 2022. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the three months ended March 31, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2022 505.8 (3.7) (52.1) (1.9) 448.1 Other Comprehensive Income (Loss) Before Reclassifications (515.1) (5.8) — 4.7 (516.2) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $(1.5), $—, $—, $— and $(1.5) 5.8 — — — 5.8 Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $135.2, $1.6, $—, $(1.2) and $135.6 (509.3) (5.8) — 4.7 (510.4) Balance as of March 31, 2022 (3.5) (9.5) (52.1) 2.8 (62.3) Note 9 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Continued) (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2021 730.6 (2.1) (45.7) (2.3) 680.5 Other Comprehensive Income (Loss) Before Reclassifications (281.5) (1.7) 0.8 0.1 (282.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $2.1, $—, $—, $— and $2.1 (7.7) — — — (7.7) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $74.8, $0.4, $0.5, $— and $75.7 (289.2) (1.7) 0.8 0.1 (290.0) Balance as of March 31, 2021 441.4 (3.8) (44.9) (2.2) 390.5 Amounts reclassified from Accumulated Other Comprehensive Income (Loss) shown above are reported in Net Income (Loss) as follows: Components of AOCI Consolidated Statements of Income Line Item Affected by Reclassifications Net unrealized Gains (Losses) on Other Investments and Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Realized Gains on Sales of Investments and Impairment Losses Net Unrecognized Postretirement Benefit Costs Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses, Insurance Expenses, and Interest and Other Expenses Gain (Loss) on Cash Flow Hedges Interest and Other Expenses |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders’ Equity Common Stock Repurchases On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to an additional $200.0 million of Kemper’s common stock, in addition to $133.3 million remaining under the August 6, 2014 authorization, bringing the remaining share repurchase authorization to approximately $333.3 million. As of March 31, 2022 the remaining share repurchase authorization was $171.6 million under the repurchase program. During the three months ended March 31, 2022 Kemper did not repurchase any shares of its common stock. During the three months ended March 31, 2021 Kemper repurchased and retired approximately 590,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $47.1 million and an average cost per share of $79.36. These purchases were made in the open market in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. Employee Stock Purchase Plan |
Pension Benefits and Postretire
Pension Benefits and Postretirement Benefits Other Than Pensions | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than PensionsThe Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 3,145 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, Note 11 - Pension Benefits and Postretirement Benefits Other Than Pensions (Continued) benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan is generally non-contributory, but participation requires or required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who are or were required to contribute to the Pension Plan are based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funds the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). The components of Pension (Benefit) Expense for the Pension Plan for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Interest Cost on Projected Benefit Obligation $ 2.2 $ 1.8 Expected Return on Plan Assets (1.9) (2.3) Amortization of Prior Service Cost 0.2 — Amortization of Net Actuarial Loss 0.4 0.7 Total Pension (Benefit) Expense $ 0.9 $ 0.2 The Company sponsors two other than pension postretirement benefit (“OPEB”) plans (together the “OPEB Plans”) that together provide medical, dental and/or life insurance benefits to approximately 400 retired and 500 active employees. The components of OPEB benefits for the OPEB Plans for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Service Cost $ 0.1 $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation — — Amortization of Prior Service Credit (0.3) (0.3) Amortization of Net Gain (0.4) (0.4) Total OPEB (Benefit) Expense $ (0.6) $ (0.6) The non-service cost components of the Pension Plan and OPEB Plans are presented within the Interest and Other Expenses line item in the Condensed Consolidated Statements of Income. |
Policyholder Contract Liabiliti
Policyholder Contract Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Policyholder Contract Liabilities | Policyholder Obligations Policyholder Obligations at March 31, 2022 and December 31, 2021 were as follows: (Dollars in Millions) Mar 31, Dec 31, FHLB Funding Agreements $ 553.1 $ 401.9 Universal Life-type Policyholder Account Balances 101.9 102.1 Total $ 655.0 $ 504.0 Kemper’s subsidiary, United Insurance Company of America ("United Insurance") has entered into funding agreements with the Federal Home Loan Bank (“FHLB”) of Chicago in exchange for cash, which it uses for spread lending purposes. During the three months ended March 31, 2022, United Insurance received advances of $208.4 million from the FHLB of Chicago and made repayments of $57.1 million under the spread lending program. Note 12 - Policyholder Obligations (Continued) When a funding agreement is issued, United Insurance is then required to post collateral in the form of eligible securities including mortgage-backed, government, and agency debt instruments for each of the advances that are entered. The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. Upon any event of default by United Insurance, the FHLB’s recovery on the collateral is limited to the amount of United Insurance’s liability under the funding agreements to the FHLB of Chicago. United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at March 31, 2022 and December 31, 2021 is presented below. (Dollars in Millions) Mar 31, Dec 31, Liability under Funding Agreements $ 553.1 $ 401.9 Fair Value of Collateral Pledged 622.5 556.6 FHLB of Chicago Common Stock Owned at Cost 14.7 11.8 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Amended and Extended Credit Agreement On March 15, 2022, the Company entered into an amended and extended credit agreement. The amended and extended credit agreement increased the borrowing capacity of the existing unsecured credit agreement to $600.0 million and extended the maturity date to March 15, 2027. Furthermore, the amended and extended credit agreement provides for an accordion feature whereby the Company can increase the revolving credit borrowing capacity by $200.0 million to a total of $800.0 million. There were no outstanding borrowings under the credit agreement at either March 31, 2022 or December 31, 2021. The Company incurred $2.2 million debt issuance costs in relation to the amended agreement. As of March 31, 2022 there were $2.6 million of remaining unamortized costs under the credit agreement, which will be amortized under the remaining term of the credit agreement. Long-term Debt The Company designates debt obligations as either short-term or long-term based on maturity date at issuance, or in the case of the 2022 Senior Notes, based on the date of assumption. Total amortized cost of Long-term Debt outstanding at March 31, 2022 and December 31, 2021 was: (Dollars in Millions) Mar 31, Dec 31, Senior Notes: 5.000% Senior Notes due September 19, 2022 $ — $ 276.7 4.350% Senior Notes due February 15, 2025 449.1 449.0 2.400% Senior Notes due September 30, 2030 396.3 396.2 3.800% Senior Notes due February 23, 2032 395.1 — 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 144.7 — Total Long-term Debt Outstanding $ 1,385.2 $ 1,121.9 Note 13 - Debt (Continued) Redemption of 5.000% Senior Notes Due 2022 The liabilities of Infinity Property and Casualty Corporation (“Infinity”) at the date of Infinity’s acquisition included $275.0 million principal amount, 5.000% Senior Notes due September 19, 2022 (the “2022 Senior Notes”). The 2022 Senior Notes were recorded at fair value as of the acquisition date, $282.1 million, with the $7.1 million premium being amortized as a reduction to interest expense over the remaining term, resulting in an effective interest rate of 4.36%. On November 30, 2018, Kemper executed a guarantee to fully and unconditionally guarantee the payment and performance obligations of the 2022 Senior Notes. On February 23, 2022, Kemper issued a notice of redemption for the entire $275.0 million aggregate principal outstanding of the 2022 Senior Notes at a redemption price equal to 100% of their principal, plus accrued and unpaid interest on the redemption date. On March 25, 2022, Kemper completed the redemption, and the 2022 Senior Notes were repaid in full. The Company recognized a Loss from Early Extinguishment of Debt of $3.7 million in its March 31, 2022 Condensed Consolidated Statement of Income. The Company used the proceeds received from Kemper’s 2032 Senior Notes offering to repay the 2022 Senior Notes. See “ 3.800% Senior Notes Due 2032” below for additional information regarding the debt issuance. 4.350% Senior Notes Due 2025 Kemper has $450.0 million aggregate principal of 4.350% senior notes due February 15, 2025 (the “2025 Senior Notes”). Kemper initially issued $250.0 million of the notes in February of 2015 and issued an additional $200.0 million of the notes in June of 2017. The additional notes are fungible with the initial notes issued in 2015, and together are treated as part of a single series for all purposes under the indenture governing the 2025 Senior Notes. The 2025 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time at Kemper’s option at specified redemption prices. 2.400% Senior Notes Due 2030 Kemper has $400.0 million aggregate principal of 2.400% senior notes due September 30, 2030 (the “2030 Senior Notes”). The net proceeds of issuance were $395.8 million, net of discount and transaction costs for an effective yield of 2.52%. The 2030 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices. 3.800% Senior Notes Due 2032 On February 15, 2022, Kemper offered and sold $400.0 million aggregate principal of 3.800% senior notes due February 23, 2032 (the “2032 Senior Notes”). The net proceeds of issuance were $395.1 million, net of discount and transaction costs for an effective yield of 3.950%. The 2032 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices. In anticipation of the issuance of the 2032 Senior Notes and for risk management purposes, the Company entered into a derivative transaction to hedge the risk of changes in the debt cash flows attributable to changes in the benchmark U.S. Treasury interest rate during the period leading up to the debt issuance (“Treasury Lock”). The effective portion of the gain on the derivative instrument upon discontinuance was $5.9 million before taxes, and is reported as a component of Accumulated Other Comprehensive Income (Loss). Beginning with the issuance of the 2032 Senior Notes described in the preceding paragraph, such gain is being amortized into earnings and reported in Interest and Other Expenses in the same periods that the hedged items affect earnings. Amortization, reported in Interest and Other Expenses, was $0.1 million for the three months ended March 31, 2022. The Company expects to reclassify $0.5 million of net gain on derivative instruments from AOCI to earnings for the twelve months ended March 31, 2023 as interest expense on the debt is recognized. 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 On March 10, 2022, Kemper issued $150.0 million aggregate principal amount of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due March 15, 2062 (the “2062 Junior Debentures”). The net proceeds from issuance were $144.7 million, net of discount and transaction costs. The 2062 Junior Debentures will bear interest from and including the date Note 13 - Debt (Continued) of original issue to, but excluding, March 15, 2027 (the “First Reset Date”) at the fixed rate of 5.875% per annum. The interest rate on the First Reset Date, and subsequent Reset Dates, will be equal to the Five-Year Treasury Rate as of the most recent Reset Date plus 4.140% to be reset on each Reset Date. Interest is due quarterly in arrears beginning on June 15, 2022. The Company has the option to defer interest payments for one or more optional deferral periods of up to five consecutive years, provided that no optional deferral period shall extend beyond March 15, 2062, or any earlier accelerated maturity date arising from an event of default or any earlier redemption of the 2062 Junior Debentures. The 2062 Junior Debentures are unsecured and may be redeemed in whole or in part on the First Reset Date or any time thereafter, at a redemption price equal to the principal amount of the debentures being redeemed plus any accrued and unpaid interest. Short-term Debt Kemper’s subsidiaries, United Insurance, Trinity Universal Insurance Company (“Trinity”) and Alliance are members of the FHLBs of Chicago, Dallas and San Francisco, respectively. As a requirement of membership in the FHLBs, United Insurance, Trinity and Alliance maintain a certain level of investment in FHLB stock. The Company periodically uses short-term FHLB borrowings for a combination of cash management and risk management purposes, in addition to long-term FHLB borrowings for spread lending purposes. There were no short-term debt advances from the FHLBs of Chicago, Dallas or San Francisco outstanding at March 31, 2022 or December 31, 2021. For information on United Insurance’s funding agreement with the FHLB of Chicago in connection with the spread lending program, see Note 12, “Policyholder Obligations,” to the Condensed Consolidated Financial Statements. Interest Expense and Interest Paid Interest Expense, including facility fees, accretion of discount, amortization of premium and amortization of issuance costs, was $12.7 million for the three months ended March 31, 2022. Interest paid, including facility fees, was $22.0 million for the three months ended March 31, 2022. Interest Expense, including facility fees, accretion of discount and amortization of issuance costs, was $11.1 million for the three months ended March 31, 2021. Interest paid, including facility fees, was $21.7 million for the three months ended March 31, 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one one The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Mar 31, Dec 31, Operating Lease Right-of-Use Assets $ 60.4 $ 64.4 Operating Lease Liabilities 80.1 84.8 Note 14 - Leases (Continued) Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.1 Operating Lease Cost 5.6 5.1 Variable Lease Cost 0.1 — Short-Term Lease Cost (1) 1.2 0.9 Total Lease Expense $ 6.9 $ 6.1 Less: Sub-Lease Income 0.1 — Total Lease Cost $ 6.8 $ 6.1 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.2 $ 5.4 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 4.6 Financing Cash Flows from Finance Leases — 0.1 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.0 2.3 Significant judgments and assumptions for determining lease asset and liability at March 31, 2022 and 2021 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases 0.8 years 0.5 years Weighted-average Remaining Lease Term - Operating Leases 5.8 years 6.6 years Weighted-average Discount Rate - Finance Leases 0.6 % 4.0 % Weighted-average Discount Rate - Operating Leases 3.4 % 4.0 % Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Note 14 - Leases (Continued) Future minimum lease payments under operating leases at March 31, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 18.2 2023 21.7 2024 15.7 2025 10.2 2026 4.5 2027 and Thereafter 20.5 Total Future Payments $ 90.8 Less Imputed Interest 10.7 Present Value of Minimum Lease Payments $ 80.1 |
Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one one The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Mar 31, Dec 31, Operating Lease Right-of-Use Assets $ 60.4 $ 64.4 Operating Lease Liabilities 80.1 84.8 Note 14 - Leases (Continued) Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.1 Operating Lease Cost 5.6 5.1 Variable Lease Cost 0.1 — Short-Term Lease Cost (1) 1.2 0.9 Total Lease Expense $ 6.9 $ 6.1 Less: Sub-Lease Income 0.1 — Total Lease Cost $ 6.8 $ 6.1 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.2 $ 5.4 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 4.6 Financing Cash Flows from Finance Leases — 0.1 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.0 2.3 Significant judgments and assumptions for determining lease asset and liability at March 31, 2022 and 2021 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases 0.8 years 0.5 years Weighted-average Remaining Lease Term - Operating Leases 5.8 years 6.6 years Weighted-average Discount Rate - Finance Leases 0.6 % 4.0 % Weighted-average Discount Rate - Operating Leases 3.4 % 4.0 % Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Note 14 - Leases (Continued) Future minimum lease payments under operating leases at March 31, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 18.2 2023 21.7 2024 15.7 2025 10.2 2026 4.5 2027 and Thereafter 20.5 Total Future Payments $ 90.8 Less Imputed Interest 10.7 Present Value of Minimum Lease Payments $ 80.1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The statute of limitations related to Kemper and its eligible subsidiaries’ consolidated Federal income tax returns is closed for all tax years up to and including 2011. As a result of the Company filing amended federal income tax returns, tax years 2012 and 2013 are under limited examination with respect to carryback adjustments associated with the amended returns. The statute of limitations related to tax years 2014, 2015, 2016 and 2017 has been extended to September 30, 2022. Tax years 2018, 2019 and 2020 are subject to a statute of three years from the extended due dates of October 15, 2019, 2020, and 2021, respectively. The expiration of the statute of limitations related to the various state income tax returns that Kemper and its subsidiaries file varies by state. There were no unrecognized tax benefits at March 31, 2022 or December 31, 2021. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In the ordinary course of its businesses, the Company is involved in legal proceedings- including lawsuits, arbitration, regulatory examinations, audits and inquiries. Based on currently available information, the Company does not believe that it is reasonably possible that any of its pending legal proceedings will have a material effect on the Company’s interim Condensed Consolidated Financial Statements and Notes to the interim Condensed Consolidated Financial Statements. Over the last decade there have been multiple initiatives that intend, in various ways, to impose new duties on life insurance companies to proactively search for information related to the deaths of their insureds. These initiatives, which include legislation, audits, regulatory examinations and litigation, seek to alter the terms of life insurance contracts by imposing requirements that did not exist and were not contemplated at the time the issuing companies entered into such contracts. In 2016, the Company voluntarily began implementation of a comprehensive process to compare the records of its life insurance subsidiaries against one or more death verification databases to determine if any of its insureds may be deceased. Attempts to estimate the ultimate outcomes of the aforementioned initiatives entail uncertainties including but not limited to the (i) scope and interpretation of pertinent statutes, including the matching criteria and methodologies to be used in comparing policy records against a death verification database, (ii) universe of policies affected, (iii) results of audits, examinations and other actions by regulators, (iv) results of the Company’s voluntary process, and (v) outcomes of any related litigation. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Adoption of New Accounting Guidance and Guidance Not Yet Adopted | Adoption of New Accounting Guidance The Company has adopted all recently issued accounting pronouncements with effective dates prior to January 1, 2022. There were no adoptions of such accounting pronouncements during the three months ended March 31, 2022 that had a material impact on the Company’s interim Condensed Consolidated Financial Statements. Guidance Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts . ASU 2018-12 amends the accounting model for certain long-duration insurance contracts and requires the insurer to provide additional disclosures in annual and interim reporting periods. In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of ASU 2018-12 by one year for public business entities. ASU 2018-12 is now effective for fiscal years beginning after December 15, 2022, and interim periods within those annual periods. The amendments in ASU 2018-12 (i) require cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited pay long duration contracts to be updated at least annually with the recognition and remeasurement recorded in net income, require the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting period, and recognized in other comprehensive income, (ii) simplify the amortization of deferred acquisition costs to be amortized on a constant level basis over the expected term of the contract, (iii) require all market risk benefits to be measured at fair value, and (iv) enhance certain presentation and disclosure requirements which include disaggregated rollforwards for liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, deferred acquisition costs, and information about significant inputs, judgments and methods used in the measurement. The Company plans to adopt using the modified retrospective transition method and is currently evaluating the impact of this guidance on its financial statements. |
Net Income Per Unrestricted S_2
Net Income Per Unrestricted Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | A reconciliation of the numerator and denominator used in the calculation of Basic Net Income (Loss) Per Unrestricted Share and Diluted Net Income (Loss) Per Unrestricted Share for the three months ended March 31, 2022 and 2021 is presented below. Three Months Ended (Dollars in Millions, except per share amounts) Mar 31, Mar 31, Net Income (Loss) $ (94.8) $ 123.2 Less: Net Income Attributed to Participating Awards — 0.1 Net Income (Loss) Attributed to Unrestricted Shares (94.8) 123.1 Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — Diluted Net Income (Loss) Attributed to Unrestricted Shares $ (94.8) $ 123.1 (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,743.7 65,424.6 Equity-based Compensation Equivalent Shares — 1,128.2 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,743.7 66,552.8 (Per Unrestricted Share in Whole Dollars) Basic Net Income (Loss) Per Unrestricted Share $ (1.49) $ 1.88 Diluted Net Income (Loss) Per Unrestricted Share $ (1.49) $ 1.85 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the three months ended March 31, 2022 and 2021, because the effect of inclusion would be anti-dilutive, is presented below. Three Months Ended (Number of Shares in Thousands) Mar 31, Mar 31, Equity-based Compensation Equivalent Shares 2,550.8 1,212.8 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 2,550.8 1,212.8 |
Acquisition of Business (Tables
Acquisition of Business (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Based on the Company’s final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were: (Dollars in Millions) Fixed Maturities at Fair Value $ 151.2 Equity Securities at Fair Value 82.4 Short-term Investments at Cost which Approximates Fair Value 100.1 Cash 54.3 Receivables from Policyholders 148.9 Other Receivables 2.0 Goodwill 198.0 Current Income Tax Assets 0.3 Other Assets 81.4 Property and Casualty Insurance Reserves (211.1) Unearned Premiums (177.8) Deferred Income Tax Liabilities (7.8) Accrued Expenses and Other Liabilities (51.0) Total Purchase Price $ 370.9 |
Schedule of Intangible Assets and Goodwill | Identifiable definite and indefinite lived intangible assets acquired consisted of the following: (Dollars in Millions) Definite Life Intangibles Value of Business Acquired $ 42.9 Customer Relationships 4.8 Agent Relationships 7.2 Internal-Use Software 6.5 Trade Names 1.8 Indefinite Life Intangible Assets Insurance Licenses 2.5 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of AAC occurred on January 1, 2020. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the acquired intangible assets and the exclusion of certain acquisition related costs considered to be non-recurring in nature. Note 3 - Acquisition of Business (Continued) Three Months Ended (Dollars in millions) Mar 31, Mar 31, Total Revenues $ 1,388.7 $ 1,443.2 Total Expenses 1,515.9 1,303.9 Income (Loss) from Continuing Operations before Income Taxes (127.2) 139.3 Net Income (Loss) $ (95.3) $ 136.8 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services | Earned Premiums by product line for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Specialty Property & Casualty Insurance: Personal Automobile $ 901.7 $ 785.4 Commercial Automobile 119.9 92.2 Preferred Property & Casualty Insurance: Personal Automobile 96.0 103.0 Homeowners 51.3 50.8 Other Personal Lines 8.3 8.4 Life & Health Insurance: Life 101.3 98.1 Accident and Health 45.8 47.4 Property 14.3 15.5 Total Earned Premiums $ 1,338.6 $ 1,200.8 |
Reconciliation of Revenue from Segments to Consolidated | Segment Revenues, including a reconciliation to Total Revenues, for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 1,021.6 $ 877.6 Net Investment Income 34.9 35.0 Change in Value of Alternative Energy Partnership Investments (8.4) (7.3) Other Income 1.7 0.9 Total Specialty Property & Casualty Insurance 1,049.8 906.2 Preferred Property & Casualty Insurance: Earned Premiums 155.6 162.2 Net Investment Income 12.5 15.9 Change in Value of Alternative Energy Partnership Investments (3.9) (4.1) Total Preferred Property & Casualty Insurance 164.2 174.0 Life & Health Insurance: Earned Premiums 161.4 161.0 Net Investment Income 49.4 51.1 Change in Value of Alternative Energy Partnership Investments (4.4) (4.0) Other Income — 0.1 Total Life & Health Insurance 206.4 208.2 Total Segment Revenues 1,420.4 1,288.4 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (28.2) 52.2 Net Realized Gains on Sales of Investments 1.5 13.8 Net Impairment Losses Recognized in Earnings (8.9) (4.0) Other 3.9 1.6 Total Revenues $ 1,388.7 $ 1,352.0 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (60.2) $ 85.2 Preferred Property & Casualty Insurance (9.5) 3.0 Life & Health Insurance 1.2 (0.8) Total Segment Operating Income (Loss) (68.5) 87.4 Corporate and Other Operating Income (Loss) From: Other (14.0) (11.5) Corporate and Other Operating Income (Loss) (14.0) (11.5) Adjusted Consolidated Operating Income (Loss) (82.5) 75.9 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (28.2) 52.2 Net Realized Gains on Sales of Investments 1.5 13.8 Impairment Losses (8.9) (4.0) Acquisition Related Transaction, Integration and Other Costs (4.7) (16.3) Loss from Early Extinguishment of Debt (3.7) — Income (Loss) before Income Taxes $ (126.5) $ 121.6 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions and Net of Income Taxes) Mar 31, Mar 31, Segment Net Operating Income (Loss): Specialty Property & Casualty Insurance $ (44.7) $ 80.1 Preferred Property & Casualty Insurance (6.1) 9.6 Life & Health Insurance 3.1 7.3 Total Segment Net Operating Income (Loss) (47.7) 97.0 Corporate and Other Net Operating Income (Loss) From: Other (12.4) (9.8) Total Corporate and Other Net Operating Income (Loss) (12.4) (9.8) Adjusted Consolidated Net Operating Income (Loss) (60.1) 87.2 Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities (22.3) 41.2 Net Realized Gains on Sales of Investments 1.2 10.9 Impairment Losses (7.0) (3.2) Acquisition Related Transaction, Integration and Other Costs (3.7) (12.9) Loss from Early Extinguishment of Debt (2.9) — Net Income (Loss) $ (94.8) $ 123.2 |
Property and Casualty Insuran_2
Property and Casualty Insurance Reserves (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Liability for Unpaid Claims Adjustment Expense by Expense Type | Property and casualty insurance reserve activity for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,772.7 $ 1,982.5 Less Reinsurance Recoverables at Beginning of Year 41.9 50.1 Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year 2,730.8 1,932.4 Incurred Losses and LAE Related to: Current Year 1,041.9 777.0 Prior Years (2.7) 0.1 Total Incurred Losses and LAE 1,039.2 777.1 Paid Losses and LAE Related to: Current Year 373.9 258.0 Prior Years 676.9 500.3 Total Paid Losses and LAE 1,050.8 758.3 Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period 2,719.2 1,951.2 Plus Reinsurance Recoverables at End of Period 40.9 48.3 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,760.1 $ 1,999.5 |
Premium Receivable, Allowance for Credit Loss | The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the three months ended March 31, 2022. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,418.7 $ 13.6 Provision for Expected Credit Losses 11.3 Write-offs of Uncollectible Receivables from Policyholders (11.9) Balance at End of Period $ 1,404.5 $ 13.0 The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the three months ended March 31, 2021. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,194.5 $ 20.9 Provision for Expected Credit Losses 12.8 Write-offs of Uncollectible Receivables from Policyholders (22.4) Balance at End of Period $ 1,260.9 $ 11.3 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2022 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 154.3 $ 155.8 Due after One Year to Five Years 1,055.8 1,059.2 Due after Five Years to Ten Years 1,578.8 1,549.2 Due after Ten Years 3,275.8 3,318.2 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,745.7 1,701.5 Investments in Fixed Maturities $ 7,810.4 $ 7,783.9 |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2022 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 410.7 $ (24.5) $ 4.0 $ (0.6) $ 414.7 $ (25.1) States and Political Subdivisions 822.9 (98.1) 26.8 (4.7) 849.7 (102.8) Foreign Governments 2.1 (0.7) 2.1 (0.5) 4.2 (1.2) Corporate Securities: Bonds and Notes 1,488.5 (107.2) 168.4 (23.7) 1,656.9 (130.9) Redeemable Preferred Stocks 5.3 (0.2) — — 5.3 (0.2) Collateralized Loan Obligations 533.4 (6.5) 228.6 (5.9) 762.0 (12.4) Other Mortgage- and Asset-backed 222.9 (15.5) 0.1 — 223.0 (15.5) Total Fixed Maturities $ 3,485.8 $ (252.7) $ 430.0 $ (35.4) $ 3,915.8 $ (288.1) An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 168.7 $ (1.8) $ 1.2 $ (0.1) $ 169.9 $ (1.9) States and Political Subdivisions 385.0 (6.9) 1.5 (0.1) 386.5 (7.0) Foreign Governments 2.2 (0.6) 2.6 (0.6) 4.8 (1.2) Corporate Securities: Bonds and Notes 596.8 (13.1) 49.3 (2.9) 646.1 (16.0) Redeemable Preferred Stocks 0.1 — — — 0.1 — Collateralized Loan Obligations 250.9 (2.6) 192.6 (2.2) 443.5 (4.8) Other Mortgage- and Asset-backed 100.1 (1.8) — — 100.1 (1.8) Total Fixed Maturities $ 1,503.8 $ (26.8) $ 247.2 $ (5.9) $ 1,751.0 $ (32.7) |
Allowance for Credit Losses | The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for three months ended March 31, 2022. Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 7.5 $ 7.5 Additions for Securities for which No Previous Expected Credit Losses were 3.8 3.8 Reduction Due to Sales — — Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized 1.3 1.3 Write-offs Charged Against Allowance (3.5) (3.5) End of the Period $ 9.1 $ 9.1 The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the three months ended March 31, 2021. Foreign Governments Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 0.3 $ 3.0 $ 3.3 Additions for Securities for which No Previous Expected Credit Losses were — 1.3 1.3 Reduction Due to Sales — (0.3) (0.3) Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized 0.2 0.3 0.5 Write-offs Charged Against Allowance (0.2) — (0.2) End of the Period $ 0.3 $ 4.3 $ 4.6 |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at March 31, 2022 and December 31, 2021 were: (Dollars in Millions) Mar 31, Dec 31, Company-Owned Life Insurance $ 556.4 $ 448.1 Loans to Policyholders at Unpaid Principal 284.7 286.2 Real Estate at Depreciated Cost 93.3 94.0 Mortgage Loans and Other 100.8 97.3 Total $ 1,035.2 $ 925.6 |
Investment Income | Net Investment Income for the three months ended March 31, 2022 and 2021 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Investment Income: Interest on Fixed Income Securities $ 68.7 $ 69.0 Dividends on Equity Securities Excluding Alternative Investments 1.5 2.1 Alternative Investments: Equity Method Limited Liability Investments 13.3 22.5 Limited Liability Investments Included in Equity Securities 7.6 4.5 Total Alternative Investments 20.9 27.0 Short-term Investments 0.1 1.2 Loans to Policyholders 5.5 5.5 Real Estate 2.2 2.4 Other 10.0 4.7 Total Investment Income 108.9 111.9 Investment Expenses: Real Estate 2.5 2.1 Other Investment Expenses 6.4 6.7 Total Investment Expenses 8.9 8.8 Net Investment Income $ 100.0 $ 103.1 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Fixed Maturities: Gains on Sales $ 0.4 $ 13.2 Losses on Sales (0.8) (1.1) |
Investments in Fixed Maturities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2022 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 644.8 $ 10.7 $ (25.1) $ — $ 630.4 States and Political Subdivisions 1,808.6 64.4 (102.8) — 1,770.2 Foreign Governments 6.2 — (1.2) — 5.0 Corporate Securities: Bonds and Notes 4,103.5 192.6 (130.9) (9.1) 4,156.1 Redeemable Preferred Stocks 7.0 — (0.2) — 6.8 Collateralized Loan Obligations 909.7 0.6 (12.4) — 897.9 Other Mortgage- and Asset-backed 330.6 2.4 (15.5) — 317.5 Investments in Fixed Maturities $ 7,810.4 $ 270.7 $ (288.1) $ (9.1) $ 7,783.9 Note 6 - Investments (Continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 610.1 $ 29.2 $ (1.9) $ — $ 637.4 States and Political Subdivisions 1,752.5 144.6 (7.0) — 1,890.1 Foreign Governments 6.7 — (1.2) — 5.5 Corporate Securities: Bonds and Notes 3,929.0 481.4 (16.0) (7.5) 4,386.9 Redeemable Preferred Stocks 7.0 0.4 — — 7.4 Collateralized Loan Obligations 756.0 0.9 (4.8) — 752.1 Other Mortgage- and Asset-backed 296.9 12.4 (1.8) — 307.5 Investments in Fixed Maturities $ 7,358.2 $ 668.9 $ (32.7) $ (7.5) $ 7,986.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The valuation of assets measured at fair value in Company’s Condensed Consolidated Balance Sheets at March 31, 2022 is summarized below. The Company has no material liabilities that are measured and reported at fair value. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 127.3 $ 503.1 $ — $ — $ 630.4 States and Political Subdivisions — 1,770.2 — — 1,770.2 Foreign Governments — 5.0 — — 5.0 Corporate Securities: Bonds and Notes — 3,950.5 205.6 — 4,156.1 Redeemable Preferred Stock — 1.2 5.6 — 6.8 Collateralized Loan Obligations — 897.9 — — 897.9 Other Mortgage and Asset-backed — 311.3 6.2 — 317.5 Total Investments in Fixed Maturities 127.3 7,439.2 217.4 — 7,783.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 33.0 — — 33.0 Other Industries — 14.9 1.5 — 16.4 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 1.4 0.4 — 1.8 Other Equity Interests: Exchange Traded Funds 201.6 — — — 201.6 Limited Liability Companies and Limited Partnerships — — — 317.8 317.8 Total Investments in Equity Securities at Fair Value 203.9 48.3 1.5 317.8 571.5 Convertible Securities at Fair Value — 46.1 — — 46.1 Total $ 331.2 $ 7,533.6 $ 218.9 $ 317.8 $ 8,401.5 The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2021 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 132.8 $ 504.6 $ — $ — $ 637.4 States and Political Subdivisions — 1,890.1 — — 1,890.1 Foreign Governments — 5.5 — — 5.5 Corporate Securities: Bonds and Notes — 4,150.1 236.8 — 4,386.9 Redeemable Preferred Stocks — 1.3 6.1 — 7.4 Collateralized Loan Obligations — 752.1 — — 752.1 Other Mortgage and Asset-backed — 300.5 7.0 — 307.5 Total Investments in Fixed Maturities 132.8 7,604.2 249.9 — 7,986.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 34.2 — — 34.2 Other Industries — 16.1 1.5 — 17.6 Common Stocks: Finance, Insurance and Real Estate 18.9 — — — 18.9 Other Industries 2.9 — — — 2.9 Other Equity Interests: Exchange Traded Funds 432.0 — — — 432.0 Limited Liability Companies and Limited Partnerships — — — 325.0 325.0 Total Investments in Equity Securities at Fair Value 453.8 50.3 1.5 325.0 830.6 Other Investments: Convertible Securities at Fair Value — 46.4 — — 46.4 Total $ 586.6 $ 7,700.9 $ 251.4 $ 325.0 $ 8,863.9 |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at March 31, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 98.5 3.5 % - 11.0 % 6.7 % Non-investment-grade: Senior Debt Market Yield 40.1 5.9 - 26.0 10.1 Junior Debt Market Yield 51.6 6.0 - 28.5 16.0 Other Various 27.2 Total Level 3 Fixed Maturity Investments $ 217.4 The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2021. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 87.9 2.3 % - 10.3 % 5.4 % Non-investment-grade: Senior Debt Market Yield 76.1 5.1 - 20.2 8.5 Junior Debt Market Yield 53.9 6.0 - 27.5 15.0 Other Various 32.0 Total Level 3 Fixed Maturity Investments $ 249.9 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Period $ 236.8 $ 6.1 $ — $ 7.0 $ 1.5 $ 251.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (5.7) — — — — (5.7) Included in Other Comprehensive Income (Loss) (1.7) (0.5) — (0.8) — (3.0) Purchases 13.7 — — — — 13.7 Settlements — — — — — — Sales (42.8) — — — — (42.8) Transfers into Level 3 5.3 — — — — 5.3 Transfers out of Level 3 — — — — — — Balance at End of Period $ 205.6 $ 5.6 $ — $ 6.2 $ 1.5 $ 218.9 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2021 is presented below. Fixed Maturities (Dollars in Millions) Corporate States and Political Sub- divisions Redeemable Collateralized Loan Obligations Other Mortgage- Total Balance at Beginning of Year $ 433.0 $ — $ 6.2 $ — $ 10.0 $ 449.2 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (1.1) — — — — (1.1) Included in Other Comprehensive Income (Loss) (3.7) — (0.5) — (0.8) (5.0) Purchases 17.8 — — — — 17.8 Settlements — — — — — — Sales (30.9) — — — (0.2) (31.1) Transfers into Level 3 — — — — — — Transfers out of Level 3 (0.6) — — — — (0.6) Balance at End of Period $ 414.5 $ — $ 5.7 $ — $ 9.0 $ 429.2 The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. |
Fair Value, by Balance Sheet Grouping | Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. March 31, 2022 December 31, 2021 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 284.7 $ 284.7 $ 286.2 $ 286.2 Short-term Investments 243.8 243.8 284.1 284.1 Mortgage Loans 99.8 99.8 96.8 96.8 Company-Owned Life Insurance 556.4 556.4 $ 448.1 $ 448.1 Equity Securities at Modified Cost 35.2 35.2 32.3 32.3 Financial Liabilities: Long-term Debt $ 1,385.2 $ 1,343.9 $ 1,121.9 $ 1,152.1 Policyholder Obligations 553.1 553.1 401.9 401.9 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments as of the periods indicated: Three Months Ended (Dollars in millions) Mar 31, 2022 Mar 31, 2021 Fundings $ — $ 48.5 Cash distribution from investment 0.4 — Gain (loss) on investments in Alternative Energy Partnership (16.7) (15.4) Income tax credits recognized 3.9 28.4 Tax benefit (expense) recognized from Alternative Energy Partnership 3.1 0.2 The following table represents the carrying value of the associated assets and liabilities and the associated maximum loss exposure of the Alternative Energy Partnership Investments as of the dates indicated: (Dollars in millions) Mar 31, 2022 Cash $ 19.3 Equipment, net of depreciation 271.1 Other assets 2.9 Total unconsolidated assets 293.3 Maximum loss exposure 22.4 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Schedule of Comprehensive Income | The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the three months ended March 31, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2022 505.8 (3.7) (52.1) (1.9) 448.1 Other Comprehensive Income (Loss) Before Reclassifications (515.1) (5.8) — 4.7 (516.2) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $(1.5), $—, $—, $— and $(1.5) 5.8 — — — 5.8 Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $135.2, $1.6, $—, $(1.2) and $135.6 (509.3) (5.8) — 4.7 (510.4) Balance as of March 31, 2022 (3.5) (9.5) (52.1) 2.8 (62.3) | (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2021 730.6 (2.1) (45.7) (2.3) 680.5 Other Comprehensive Income (Loss) Before Reclassifications (281.5) (1.7) 0.8 0.1 (282.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $2.1, $—, $—, $— and $2.1 (7.7) — — — (7.7) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $74.8, $0.4, $0.5, $— and $75.7 (289.2) (1.7) 0.8 0.1 (290.0) Balance as of March 31, 2021 441.4 (3.8) (44.9) (2.2) 390.5 |
Pension Benefits and Postreti_2
Pension Benefits and Postretirement Benefits Other Than Pensions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of Pension (Benefit) Expense for the Pension Plan for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Interest Cost on Projected Benefit Obligation $ 2.2 $ 1.8 Expected Return on Plan Assets (1.9) (2.3) Amortization of Prior Service Cost 0.2 — Amortization of Net Actuarial Loss 0.4 0.7 Total Pension (Benefit) Expense $ 0.9 $ 0.2 |
Postretirement Benefits Other than Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of OPEB benefits for the OPEB Plans for the three months ended March 31, 2022 and 2021 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Service Cost $ 0.1 $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation — — Amortization of Prior Service Credit (0.3) (0.3) Amortization of Net Gain (0.4) (0.4) Total OPEB (Benefit) Expense $ (0.6) $ (0.6) |
Policyholder Contract Liabili_2
Policyholder Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Liability for Future Policy Benefits, by Product Segment | Policyholder Obligations at March 31, 2022 and December 31, 2021 were as follows: (Dollars in Millions) Mar 31, Dec 31, FHLB Funding Agreements $ 553.1 $ 401.9 Universal Life-type Policyholder Account Balances 101.9 102.1 Total $ 655.0 $ 504.0 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at March 31, 2022 and December 31, 2021 is presented below. (Dollars in Millions) Mar 31, Dec 31, Liability under Funding Agreements $ 553.1 $ 401.9 Fair Value of Collateral Pledged 622.5 556.6 FHLB of Chicago Common Stock Owned at Cost 14.7 11.8 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total amortized cost of Long-term Debt outstanding at March 31, 2022 and December 31, 2021 was: (Dollars in Millions) Mar 31, Dec 31, Senior Notes: 5.000% Senior Notes due September 19, 2022 $ — $ 276.7 4.350% Senior Notes due February 15, 2025 449.1 449.0 2.400% Senior Notes due September 30, 2030 396.3 396.2 3.800% Senior Notes due February 23, 2032 395.1 — 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 144.7 — Total Long-term Debt Outstanding $ 1,385.2 $ 1,121.9 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Mar 31, Dec 31, Operating Lease Right-of-Use Assets $ 60.4 $ 64.4 Operating Lease Liabilities 80.1 84.8 Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.1 Operating Lease Cost 5.6 5.1 Variable Lease Cost 0.1 — Short-Term Lease Cost (1) 1.2 0.9 Total Lease Expense $ 6.9 $ 6.1 Less: Sub-Lease Income 0.1 — Total Lease Cost $ 6.8 $ 6.1 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.2 $ 5.4 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 4.6 Financing Cash Flows from Finance Leases — 0.1 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.0 2.3 Significant judgments and assumptions for determining lease asset and liability at March 31, 2022 and 2021 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases 0.8 years 0.5 years Weighted-average Remaining Lease Term - Operating Leases 5.8 years 6.6 years Weighted-average Discount Rate - Finance Leases 0.6 % 4.0 % Weighted-average Discount Rate - Operating Leases 3.4 % 4.0 % |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases | Future minimum lease payments under operating leases at March 31, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 18.2 2023 21.7 2024 15.7 2025 10.2 2026 4.5 2027 and Thereafter 20.5 Total Future Payments $ 90.8 Less Imputed Interest 10.7 Present Value of Minimum Lease Payments $ 80.1 |
Net Income Per Unrestricted S_3
Net Income Per Unrestricted Share - Reconciliation of Numerator and Denominator Used in Calculation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Income (Loss) | $ (94.8) | $ 123.2 |
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares | 0 | 0 |
Diluted Net Income (Loss) Attributed to Unrestricted Shares | $ (94.8) | $ 123.1 |
Weighted-Average Unrestricted Shares Outstanding (in shares) | 63,743,700 | 65,424,600 |
Equity-based Compensation Equivalent Shares (in shares) | 0 | 1,128,200 |
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in shares) | 63,743,700 | 66,552,800 |
Basic (in dollars per share) | $ (1.49) | $ 1.88 |
Diluted (in dollars per share) | $ (1.49) | $ 1.85 |
Common Stock | ||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Income (Loss) | $ (94.8) | $ 123.1 |
Participating Awards | ||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Income (Loss) | $ 0 | $ 0.1 |
Net Income Per Unrestricted S_4
Net Income Per Unrestricted Share - Antidilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,550,800 | 1,212,800 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,550,800 | 1,212,800 |
Acquisition of Business - Narra
Acquisition of Business - Narrative (Details) - USD ($) | Nov. 23, 2020 | Mar. 31, 2022 |
Minimum | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Maximum | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | |
American Access Casualty Company | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 370,900,000 |
Acquisition of Business - Recog
Acquisition of Business - Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Millions | Apr. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 370.9 |
Property and Casualty Insurance Reserves [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (211.1) |
Unearned Premium [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (177.8) |
Deferred Income Tax Liabilities [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (7.8) |
Other Liabilities [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (51) |
Fixed Maturities at Fair Value | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 151.2 |
Equity Securities at Fair Value | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 82.4 |
Short-term Investments [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 100.1 |
Cash [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 54.3 |
Premiums Receivable [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 148.9 |
Receivables Other than Premium Receivable [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2 |
Goodwill [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 198 |
Current Income Tax Asset [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 0.3 |
Other Assets [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 81.4 |
Acquisition of Business - Intan
Acquisition of Business - Intangible Assets (Details) $ in Millions | Apr. 01, 2021USD ($) |
American Access Casualty Company | |
Business Acquisition [Line Items] | |
Present Value of Future Insurance Profits, Net | $ 42.9 |
License | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 2.5 |
Customer Relationships | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4.8 |
Agent Relationships | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7.2 |
Software Development | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6.5 |
Trade Names | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.8 |
Acquisition of Business - Pro F
Acquisition of Business - Pro Forma Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Total Revenues | $ 1,388.7 | $ 1,443.2 |
Total Expenses | 1,515.9 | 1,303.9 |
Net Income | (127.2) | 139.3 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ (95.3) | $ 136.8 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Business Segments - Earned Prem
Business Segments - Earned Premiums by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums | $ 1,338.6 | $ 1,200.8 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 1,021.6 | 877.6 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 155.6 | 162.2 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 161.4 | 161 |
Operating Segments | Personal Automobile | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 901.7 | 785.4 |
Operating Segments | Commercial Automobile | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 119.9 | 92.2 |
Operating Segments | Personal Automobile | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 96 | 103 |
Operating Segments | Homeowners | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 51.3 | 50.8 |
Operating Segments | Other Personal Lines | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 8.3 | 8.4 |
Operating Segments | Life | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 101.3 | 98.1 |
Operating Segments | Accident and Health | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 45.8 | 47.4 |
Operating Segments | Property | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | $ 14.3 | $ 15.5 |
Business Segments - Segment Rev
Business Segments - Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums | $ 1,338.6 | $ 1,200.8 |
Net Investment Income | 100 | 103.1 |
Change in Value of Alternative Energy Partnership Investments | (16.7) | (15.4) |
Other Income (Loss) | 2.4 | 1.5 |
Total Revenues | 1,388.7 | 1,352 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (28.2) | 52.2 |
Net Impairment Losses Recognized in Earnings | (8.9) | (4) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,420.4 | 1,288.4 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 1,021.6 | 877.6 |
Net Investment Income | 34.9 | 35 |
Change in Value of Alternative Energy Partnership Investments | (8.4) | (7.3) |
Other Income (Loss) | 1.7 | 0.9 |
Total Revenues | 1,049.8 | 906.2 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 155.6 | 162.2 |
Net Investment Income | 12.5 | 15.9 |
Change in Value of Alternative Energy Partnership Investments | (3.9) | (4.1) |
Total Revenues | 164.2 | 174 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums | 161.4 | 161 |
Net Investment Income | 49.4 | 51.1 |
Change in Value of Alternative Energy Partnership Investments | (4.4) | (4) |
Other Income (Loss) | 0 | 0.1 |
Total Revenues | 206.4 | 208.2 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (28.2) | 52.2 |
Gain (Loss) on Sale of Investments | 1.5 | 13.8 |
Net Impairment Losses Recognized in Earnings | (8.9) | (4) |
Other | $ 3.9 | $ 1.6 |
Business Segments - Segment Ope
Business Segments - Segment Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | $ (82.5) | $ 75.9 |
Corporate and Other Operating Income (Loss) From: | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (28.2) | 52.2 |
Debt and Equity Securities, Realized Gain (Loss) | 1.5 | 13.8 |
Impairment Losses | 8.9 | 4 |
Loss from Early Extinguishment of Debt | (3.7) | 0 |
Income (Loss) before Income Taxes | (126.5) | 121.6 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (68.5) | 87.4 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (60.2) | 85.2 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (9.5) | 3 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | 1.2 | (0.8) |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (14) | (11.5) |
Corporate and Other Operating Income (Loss) From: | ||
Other | (14) | (11.5) |
Segment Reconciling Items | ||
Corporate and Other Operating Income (Loss) From: | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (28.2) | 52.2 |
Debt and Equity Securities, Realized Gain (Loss) | 1.5 | 13.8 |
Impairment Losses | 8.9 | 4 |
Acquisition Related Transaction, Integration and Other Costs | (4.7) | (16.3) |
Loss from Early Extinguishment of Debt | $ (2.9) | $ 0 |
Business Segments - Segment Net
Business Segments - Segment Net Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | $ (60.1) | $ 87.2 |
Loss from Early Extinguishment of Debt | (3.7) | 0 |
Net Income (Loss) | (94.8) | 123.2 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (47.7) | 97 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (44.7) | 80.1 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (6.1) | 9.6 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | 3.1 | 7.3 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (12.4) | (9.8) |
Other | (12.4) | (9.8) |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Change in Fair Value of Equity and Convertible Securities | (22.3) | 41.2 |
Net Realized Gains on Sales of Investments | 1.2 | 10.9 |
Impairment Losses | (7) | (3.2) |
Acquisition Related Transaction, Integration and Other Costs | (3.7) | (12.9) |
Loss from Early Extinguishment of Debt | $ (2.9) | $ 0 |
Property and Casualty Insuran_3
Property and Casualty Insurance Reserves - Reserve Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | $ 2,772.7 | |
Incurred Losses and LAE Related to: | ||
Incurred Losses and LAE Related to Prior Years | (2.7) | $ 0.1 |
Paid Losses and LAE Related to: | ||
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | 2,760.1 | |
Property, Liability and Casualty Insurance Product Line | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | 2,772.7 | 1,982.5 |
Less Reinsurance Recoverables at Beginning of Year | 41.9 | 50.1 |
Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year | 2,730.8 | 1,932.4 |
Incurred Losses and LAE Related to: | ||
Incurred Losses and LAE Related to Current Year | 1,041.9 | 777 |
Incurred Losses and LAE Related to Prior Years | (2.7) | 0.1 |
Total Incurred Losses and LAE | 1,039.2 | 777.1 |
Paid Losses and LAE Related to: | ||
Paid Losses and LAE Related to Current Year | 373.9 | 258 |
Paid Losses and LAE Related to Prior Years | 676.9 | 500.3 |
Total Paid Losses and LAE | 1,050.8 | 758.3 |
Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period | 2,719.2 | 1,951.2 |
Plus Reinsurance Recoverables at End of Period | 40.9 | 48.3 |
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | $ 2,760.1 | $ 1,999.5 |
Property and Casualty Insuran_4
Property and Casualty Insurance Reserves - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ 2.7 | $ (0.1) |
Personal Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | 8.3 | 4 |
Personal Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (1.6) | (1.3) |
Homeowners | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | 4.4 | 2.6 |
Other Personal Lines | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (3.2) | (2.3) |
Commercial Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ (5.2) | $ (3) |
Property and Casualty Insuran_5
Property and Casualty Insurance Reserves - Allowance for Credit Losses from Policyholders (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 13.6 | $ 20.9 | ||
Premium Receivable, Allowance for Credit Loss, Ending Balance | 13 | 11.3 | ||
Premiums Receivable, Net | 1,404.5 | 1,260.9 | $ 1,418.7 | $ 1,194.5 |
Premium receivables, allowance for credit losses | 13 | 11.3 | $ 13.6 | $ 20.9 |
Provision for Expected Credit Losses | 11.3 | 12.8 | ||
Premium Receivable, Allowance for Credit Loss, Writeoff | $ 11.9 | $ 22.4 |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | $ 7,810,400,000 | $ 7,358,200,000 | ||
Gross unrealized gains | 270,700,000 | |||
Gross unrealized loss | (288,100,000) | |||
Fixed maturities, allowance for credit losses | (9,100,000) | (7,500,000) | $ (4,600,000) | $ (3,300,000) |
Fixed maturities at fair value | 7,783,900,000 | 7,986,900,000 | ||
Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 7,358,200,000 | |||
Gross unrealized gains | 668,900,000 | |||
Gross unrealized loss | (32,700,000) | |||
Fixed maturities at fair value | 7,986,900,000 | |||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 288,100,000 | 32,700,000 | ||
Investments in Fixed Maturities | Investment-grade | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 270,900,000 | 23,700,000 | ||
U.S. Government and Government Agencies and Authorities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 644,800,000 | 610,100,000 | ||
Gross unrealized gains | 10,700,000 | 29,200,000 | ||
Gross unrealized loss | (25,100,000) | (1,900,000) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 630,400,000 | 637,400,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 25,100,000 | 1,900,000 | ||
States and Political Subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 1,808,600,000 | 1,752,500,000 | ||
Gross unrealized gains | 64,400,000 | 144,600,000 | ||
Gross unrealized loss | (102,800,000) | (7,000,000) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 1,770,200,000 | 1,890,100,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 102,800,000 | 7,000,000 | ||
Foreign Governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 6,200,000 | 6,700,000 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized loss | (1,200,000) | (1,200,000) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | (300,000) | (300,000) |
Fixed maturities at fair value | 5,000,000 | 5,500,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1,200,000 | 1,200,000 | ||
Bonds and Notes | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 4,103,500,000 | 3,929,000,000 | ||
Gross unrealized gains | 192,600,000 | 481,400,000 | ||
Gross unrealized loss | (130,900,000) | (16,000,000) | ||
Fixed maturities, allowance for credit losses | (9,100,000) | (7,500,000) | (4,300,000) | $ (3,000,000) |
Fixed maturities at fair value | 4,156,100,000 | 4,386,900,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 130,900,000 | 16,000,000 | ||
Redeemable Preferred Stocks | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 7,000,000 | 7,000,000 | ||
Gross unrealized gains | 0 | 400,000 | ||
Gross unrealized loss | (200,000) | 0 | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 6,800,000 | 7,400,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 200,000 | $ 0 | ||
Collateralized Loan Obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 909,700,000 | 756,000,000 | ||
Gross unrealized gains | 600,000 | 900,000 | ||
Gross unrealized loss | (12,400,000) | (4,800,000) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 897,900,000 | 752,100,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 12,400,000 | 4,800,000 | ||
Other Mortgage- and Asset-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 330,600,000 | 296,900,000 | ||
Gross unrealized gains | 2,400,000 | 12,400,000 | ||
Gross unrealized loss | (15,500,000) | (1,800,000) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 317,500,000 | 307,500,000 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 15,500,000 | $ 1,800,000 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | $ 1,701,500,000 | |||
Fixed maturities, allowance for credit losses | 9,100,000 | $ 4,600,000 | $ 7,500,000 | $ 3,300,000 |
Equity securities | 571,500,000 | 830,600,000 | ||
Equity securities, FV-NI, unrealized gain (loss) | (24,000,000) | |||
Equity securities without readily determinable fair value, impairment loss, cumulative amount | 10,000,000 | |||
Other Receivables | 203,400,000 | 207,300,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | $ 571,500,000 | 830,600,000 | ||
Percentage of Equity Method Limited Liability Investments reported with a lag | 3.20% | |||
Percentage of Equity Method Limited Liability Investments reported with a One Month Lag | 10.80% | |||
Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | $ 390,700,000 | |||
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 65,800,000 | |||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 29,500,000 | |||
Other Non-Governmental Issuers | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,215,500,000 | |||
Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 288,100,000 | 32,700,000 | ||
12 Months or Longer | 35,400,000 | 5,900,000 | ||
Other Receivables | 1,900,000 | 600,000 | ||
Other liabilities | 73,400,000 | 12,700,000 | ||
Equity Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Other Receivables | 0 | |||
Other liabilities | 2,700,000 | |||
Equity Securities | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 571,500,000 | 830,600,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 571,500,000 | 830,600,000 | ||
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 203,900,000 | 453,800,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 203,900,000 | 453,800,000 | ||
Preferred Stocks | Other Industries | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 16,400,000 | 17,600,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 16,400,000 | 17,600,000 | ||
Preferred Stocks | Other Industries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 0 | 0 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 0 | 0 | ||
Common Stock | Other Industries | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 1,800,000 | 2,900,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 1,800,000 | 2,900,000 | ||
Common Stock | Other Industries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 1,400,000 | 2,900,000 | ||
Equity Securities at Fair Value (Cost: 2022 - $466.0; 2021 - $618.7) | 1,400,000 | 2,900,000 | ||
Bonds and Notes | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 130,900,000 | 16,000,000 | ||
12 Months or Longer | 23,700,000 | 2,900,000 | ||
Fixed maturities, allowance for credit losses | 9,100,000 | 4,300,000 | 7,500,000 | $ 3,000,000 |
Equity Method Investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Other Receivables | 4,700,000 | 1,200,000 | ||
Other liabilities | 500,000 | 0 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 22,400,000 | |||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | $ 48,500,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Equity Method Limited Liability Investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding commitments to fund equity method limited liability investments | 92,200,000 | |||
Investment-grade | Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 270,900,000 | 23,700,000 | ||
Non-investment-grade | Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 17,200,000 | $ 9,000,000 | ||
Percentage of unrealized loss position to amortized cost basis of available for sale security average | 6.00% | 4.00% |
Investments - Amortized Costs a
Investments - Amortized Costs and Estimated Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in One Year or Less | $ 154.3 | |
Due after One Year to Five Years | 1,055.8 | |
Due after Five Years to Ten Years | 1,578.8 | |
Due after Ten Years | 3,275.8 | |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,745.7 | |
Fixed maturities, at amortized cost | 7,810.4 | $ 7,358.2 |
Fair Value | ||
Due in One Year or Less | 155.8 | |
Due after One Year to Five Years | 1,059.2 | |
Due after Five Years to Ten Years | 1,549.2 | |
Due after Ten Years | 3,318.2 | |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,701.5 | |
Fixed Maturities at Fair Value (Amortized Cost: 2022 - $7,810.4; 2021 - $7,358.2 Allowance for Credit Losses: 2022 - $9.1; 2021 - $7.5) | $ 7,783.9 | $ 7,986.9 |
Investments - Continuous Unreal
Investments - Continuous Unrealized Loss (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
U.S. Government and Government Agencies and Authorities | |||
Fair Value | |||
Less Than 12 Months | $ 410.7 | $ 168.7 | |
12 Months or Longer | 4 | 1.2 | |
Total | 414.7 | 169.9 | |
Unrealized Losses | |||
Less Than 12 Months | (24.5) | (1.8) | |
12 Months or Longer | (0.6) | (0.1) | |
Total | (25.1) | (1.9) | |
States and Political Subdivisions | |||
Fair Value | |||
Less Than 12 Months | 822.9 | 385 | |
12 Months or Longer | 26.8 | 1.5 | |
Total | 849.7 | 386.5 | |
Unrealized Losses | |||
Less Than 12 Months | (98.1) | (6.9) | |
12 Months or Longer | (4.7) | (0.1) | |
Total | (102.8) | (7) | |
Foreign Governments | |||
Fair Value | |||
Less Than 12 Months | 2.1 | 2.2 | |
12 Months or Longer | 2.1 | 2.6 | |
Total | 4.2 | 4.8 | |
Unrealized Losses | |||
Less Than 12 Months | (0.7) | (0.6) | |
12 Months or Longer | (0.5) | (0.6) | |
Total | (1.2) | (1.2) | |
Bonds and Notes | |||
Fair Value | |||
Less Than 12 Months | 1,488.5 | 596.8 | |
12 Months or Longer | 168.4 | 49.3 | |
Total | 1,656.9 | 646.1 | |
Unrealized Losses | |||
Less Than 12 Months | (107.2) | (13.1) | |
12 Months or Longer | (23.7) | (2.9) | |
Total | (130.9) | (16) | |
Redeemable Preferred Stocks | |||
Fair Value | |||
Less Than 12 Months | 5.3 | $ 0.1 | |
12 Months or Longer | 0 | 0 | |
Total | 5.3 | 0.1 | |
Unrealized Losses | |||
Less Than 12 Months | (0.2) | 0 | |
12 Months or Longer | 0 | 0 | |
Total | (0.2) | $ 0 | |
Collateralized Loan Obligations | |||
Fair Value | |||
Less Than 12 Months | 533.4 | 250.9 | |
12 Months or Longer | 228.6 | 192.6 | |
Total | 762 | 443.5 | |
Unrealized Losses | |||
Less Than 12 Months | (6.5) | (2.6) | |
12 Months or Longer | (5.9) | (2.2) | |
Total | (12.4) | (4.8) | |
Other Mortgage- and Asset-backed | |||
Fair Value | |||
Less Than 12 Months | 222.9 | 100.1 | |
12 Months or Longer | 0.1 | 0 | |
Total | 223 | 100.1 | |
Unrealized Losses | |||
Less Than 12 Months | (15.5) | (1.8) | |
12 Months or Longer | 0 | 0 | |
Total | (15.5) | (1.8) | |
Investments in Fixed Maturities | |||
Fair Value | |||
Less Than 12 Months | 3,485.8 | 1,503.8 | |
12 Months or Longer | 430 | 247.2 | |
Total | 3,915.8 | 1,751 | |
Unrealized Losses | |||
Less Than 12 Months | (252.7) | (26.8) | |
12 Months or Longer | (35.4) | (5.9) | |
Total | (288.1) | (32.7) | |
Investments in Fixed Maturities | Non-investment-grade | |||
Unrealized Losses | |||
Total | $ (17.2) | $ (9) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | $ 7,500,000 | $ 3,300,000 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 3,800,000 | 1,300,000 |
Reduction Due to Sales | 300,000 | |
End of the Period | 9,100,000 | 4,600,000 |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 1,300,000 | 500,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | (3,500,000) | (200,000) |
Foreign Governments | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | 0 | 300,000 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 0 | |
Reduction Due to Sales | 0 | |
End of the Period | 0 | 300,000 |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 200,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | (200,000) | |
Bonds and Notes | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | 7,500,000 | 3,000,000 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 3,800,000 | 1,300,000 |
Reduction Due to Sales | 300,000 | |
End of the Period | 9,100,000 | 4,300,000 |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 1,300,000 | 300,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $ (3,500,000) | $ 0 |
Investments - Schedule of Other
Investments - Schedule of Other Investments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Company-Owned Life Insurance | $ 556.4 | $ 448.1 |
Loans to Policyholders at Unpaid Principal | 284.7 | 286.2 |
Real Estate at Depreciated Cost | 93.3 | 94 |
Mortgage Loans and Other | 100.8 | 97.3 |
Total | $ 1,035.2 | $ 925.6 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Investment income | $ 108.9 | $ 111.9 |
Investment expenses | 8.9 | 8.8 |
Net Investment Income | 100 | 103.1 |
Fixed Maturities | ||
Net Investment Income [Line Items] | ||
Investment income | 68.7 | 69 |
Equity Securities | ||
Net Investment Income [Line Items] | ||
Investment income | 1.5 | 2.1 |
Total Alternative Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 20.9 | 27 |
Equity Method Limited Liability Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 13.3 | 22.5 |
Limited Liability Investments Included in Equity Securities | ||
Net Investment Income [Line Items] | ||
Investment income | 7.6 | 4.5 |
Short-term Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 0.1 | 1.2 |
Loans to Policyholders | ||
Net Investment Income [Line Items] | ||
Investment income | 5.5 | 5.5 |
Real Estate | ||
Net Investment Income [Line Items] | ||
Investment income | 2.2 | 2.4 |
Investment expenses | 2.5 | 2.1 |
Other | ||
Net Investment Income [Line Items] | ||
Investment income | 10 | 4.7 |
Investment expenses | $ 6.4 | $ 6.7 |
Investments - Net Realized Gain
Investments - Net Realized Gains on Sales of Investments (Details) - Fixed Maturities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Gains on Sales | $ 0.4 | $ 13.2 |
Losses on Sales | $ (0.8) | $ (1.1) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | $ 7,783,900,000 | $ 7,986,900,000 | ||
Equity securities | 571,500,000 | 830,600,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 13,700,000 | $ 17,800,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,300,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 218,900,000 | 429,200,000 | 251,400,000 | $ 449,200,000 |
Included in Condensed Consolidated Statement of Operations | (5,700,000) | (1,100,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (600,000) | ||
Included in Other Comprehensive Income (Loss) | (3,000,000) | (5,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (42,800,000) | (31,100,000) | ||
Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,500,000 | 1,500,000 | ||
Included in Condensed Consolidated Statement of Operations | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | 0 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | ||
States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Included in Condensed Consolidated Statement of Operations | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,600,000 | 5,700,000 | 6,100,000 | $ 6,200,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Included in Other Comprehensive Income (Loss) | (500,000) | (500,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | $ 0 | ||
Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 7,986,900,000 | |||
U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 630,400,000 | 637,400,000 | ||
States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 1,770,200,000 | 1,890,100,000 | ||
Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 5,000,000 | 5,500,000 | ||
Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 4,156,100,000 | 4,386,900,000 | ||
Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 6,800,000 | 7,400,000 | ||
Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 897,900,000 | 752,100,000 | ||
Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 317,500,000 | 307,500,000 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 46,100,000 | 46,400,000 | ||
Total | 8,401,500,000 | 8,863,900,000 | ||
Fair Value, Measurements, Recurring | Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 7,783,900,000 | 7,986,900,000 | ||
Fair Value, Measurements, Recurring | U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 630,400,000 | 637,400,000 | ||
Fair Value, Measurements, Recurring | States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 1,770,200,000 | 1,890,100,000 | ||
Fair Value, Measurements, Recurring | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 5,000,000 | 5,500,000 | ||
Fair Value, Measurements, Recurring | Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 4,156,100,000 | 4,386,900,000 | ||
Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 6,800,000 | |||
Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 7,400,000 | |||
Fair Value, Measurements, Recurring | Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 897,900,000 | 752,100,000 | ||
Fair Value, Measurements, Recurring | Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 317,500,000 | 307,500,000 | ||
Fair Value, Measurements, Recurring | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 571,500,000 | 830,600,000 | ||
Fair Value, Measurements, Recurring | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 201,600,000 | 432,000,000 | ||
Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 317,800,000 | 325,000,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 0 | 0 | ||
Total | 331,200,000 | 586,600,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 127,300,000 | 132,800,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 127,300,000 | 132,800,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 203,900,000 | 453,800,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 201,600,000 | 432,000,000 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Limited Liability Companies and Limited Partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 46,100,000 | 46,400,000 | ||
Total | 7,533,600,000 | 7,700,900,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 7,439,200,000 | 7,604,200,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 503,100,000 | 504,600,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 1,770,200,000 | 1,890,100,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 5,000,000 | 5,500,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 3,950,500,000 | 4,150,100,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 1,200,000 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 1,300,000 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 897,900,000 | 752,100,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 311,300,000 | 300,500,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 48,300,000 | 50,300,000 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Limited Liability Companies and Limited Partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 0 | 0 | ||
Total | 218,900,000 | 251,400,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 217,400,000 | 249,900,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 205,600,000 | 236,800,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 5,600,000 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 6,100,000 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 6,200,000 | 7,000,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,500,000 | 1,500,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Limited Liability Companies and Limited Partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 33,000,000 | 34,200,000 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 900,000 | 18,900,000 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 900,000 | 18,900,000 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 33,000,000 | 34,200,000 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Other Industries | Fair Value, Measurements, Recurring | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 16,400,000 | 17,600,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,800,000 | 2,900,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Other Industries | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,400,000 | 2,900,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 14,900,000 | 16,100,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 400,000 | 0 | ||
Other Industries | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,500,000 | 1,500,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | |||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 0 | 0 | ||
Total | 317,800,000 | 325,000,000 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Investments in Fixed Maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | U.S. Government and Government Agencies and Authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | States and Political Subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Bonds and Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | |||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | |||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Collateralized Loan Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Mortgage- and Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 317,800,000 | 325,000,000 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 317,800,000 | 325,000,000 | ||
Measured at Net Asset Value | Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Measured at Net Asset Value | Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Measured at Net Asset Value | Other Industries | Fair Value, Measurements, Recurring | Preferred Stocks | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Measured at Net Asset Value | Other Industries | Fair Value, Measurements, Recurring | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers out of Level 3 | $ 0 | $ 0.6 |
Limited Liability Companies and Limited Partnerships | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments | $ 101.2 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information for Level 3 Inputs (Details) - Market Yield - Significant Unobservable Inputs (Level 3) $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.059 | 0.051 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.260 | 0.202 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Weighted-average Yield | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.101 | 0.085 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.060 | 0.060 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.285 | 0.275 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Weighted-average Yield | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.160 | 0.150 |
Private Placement | Investment-grade | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 98.5 | $ 87.9 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.035 | 0.023 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.110 | 0.103 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Weighted-average Yield | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.067 | 0.054 |
Senior Debt | Non-investment-grade | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 40.1 | $ 76.1 |
Junior Debt | Non-investment-grade | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 51.6 | 53.9 |
Other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 27.2 | 32 |
Investments in Fixed Maturities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 217.4 | $ 249.9 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Inputs Reconciliation (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 218,900,000 | $ 429,200,000 | $ 251,400,000 | $ 449,200,000 |
Included in Condensed Consolidated Statement of Operations | (5,700,000) | (1,100,000) | ||
Included in Other Comprehensive Income (Loss) | (3,000,000) | (5,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 13,700,000 | 17,800,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (42,800,000) | (31,100,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,300,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (600,000) | ||
Bonds and Notes | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 205,600,000 | 414,500,000 | 236,800,000 | 433,000,000 |
Included in Condensed Consolidated Statement of Operations | (5,700,000) | (1,100,000) | ||
Included in Other Comprehensive Income (Loss) | (1,700,000) | (3,700,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 13,700,000 | 17,800,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (42,800,000) | (30,900,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5,300,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (600,000) | ||
States and Political Subdivisions | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Included in Condensed Consolidated Statement of Operations | 0 | |||
Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Redeemable Preferred Stocks | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,600,000 | 5,700,000 | 6,100,000 | 6,200,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | (500,000) | (500,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Collateralized Loan Obligations | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | 0 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Other Mortgage- and Asset-backed | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,200,000 | 9,000,000 | 7,000,000 | $ 10,000,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | (800,000) | (800,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (200,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Equity Securities | ||||
Total Gains (Losses): | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,500,000 | $ 1,500,000 | ||
Included in Condensed Consolidated Statement of Operations | 0 | |||
Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Loans to Policyholders | $ 284.7 | $ 286.2 |
Short-term Investments at Cost which Approximates Fair Value | 243.8 | 284.1 |
Mortgage Loans | 99.8 | 96.8 |
Long-term Debt | 1,385.2 | 1,121.9 |
Policyholder Obligations | 655 | 504 |
Fair Value | ||
Short-term Investments | 243.8 | 284.1 |
Long-term Debt | 1,343.9 | 1,152.1 |
Company-Owned Life Insurance | 556.4 | 448.1 |
Equity Securities at Modified Cost | 35.2 | 32.3 |
Equity Securities, FV-NI | 35.2 | 32.3 |
Federal Home Loan Bank of Chicago | ||
Fair Value | ||
Policyholder Obligations | 553.1 | 401.9 |
Loans to Policyholders | ||
Fair Value | ||
Loans | 284.7 | 286.2 |
Mortgage Loans | ||
Fair Value | ||
Loans | 99.8 | 96.8 |
United Insurance Company of America | FHLB Funding Agreements | Federal Home Loan Bank of Chicago | ||
Carrying Value | ||
Policyholder Obligations | $ 553.1 | $ 401.9 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Income Tax Expense (Benefit) | $ (31,700,000) | $ (1,600,000) | |
Other Assets | 566,400,000 | $ 592,200,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | 48,500,000 | |
Proceeds from Equity Method Investment, Distribution | 400,000 | 0 | |
Income (Loss) from Equity Method Investments | (16,700,000) | (15,400,000) | |
Income Tax Credits and Adjustments | 3,900,000 | 28,400,000 | |
Income Tax Expense (Benefit) | 3,100,000 | $ 200,000 | |
Cash and Cash Equivalents, at Carrying Value | 19,300,000 | ||
Property, Plant and Equipment, Net | 271,100,000 | ||
Other Assets | 2,900,000 | ||
Assets | 293,300,000 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 22,400,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Attributable to Parent | $ 3,394.5 | $ 4,007.7 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (52.1) | $ (45.7) | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (1.9) | (2.3) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | (9.5) | $ (3.8) | (3.7) | (2.1) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (5.8) | (1.7) | ||
Reclassification from AOCI, Current Period, Tax | 0 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 1.6 | 0.4 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (5.8) | (1.7) | ||
Accumulated Other Comprehensive Income | ||||
Stockholders' Equity Attributable to Parent | (62.3) | 390.5 | 448.1 | 680.5 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (516.2) | (282.3) | ||
Reclassification from AOCI, Current Period, Tax | (1.5) | 2.1 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 5.8 | (7.7) | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 135.6 | 75.7 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (510.4) | (290) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | (52.1) | (44.9) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 0.8 | ||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0.5 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0.8 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | 2.8 | (2.2) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 4.7 | 0.1 | ||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (1.2) | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4.7 | 0.1 | ||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | ||||
Stockholders' Equity Attributable to Parent | (3.5) | 441.4 | $ 505.8 | $ 730.6 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (515.1) | (281.5) | ||
Reclassification from AOCI, Current Period, Tax | (1.5) | 2.1 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 5.8 | (7.7) | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 135.2 | 74.8 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (509.3) | $ (289.2) |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 06, 2020 | Aug. 06, 2014 | |
Class of Stock [Line Items] | ||||||
Remaining authorized repurchase amount | $ 171.6 | $ 333.3 | $ 133.3 | |||
Repurchases of common stock | $ 0 | $ 47.1 | ||||
Weighted-average Remaining Lease Term - Finance Leases | 9 months 18 days | 6 months | ||||
Weighted-average Remaining Lease Term - Operating Leases | 5 years 9 months 18 days | 6 years 7 months 6 days | ||||
Weighted-average Discount Rate - Finance Leases | 0.60% | 4.00% | ||||
Weighted-average Discount Rate - Operating Leases | 3.40% | 4.00% | ||||
Value of additional shares authorized to be repurchased | $ 200 | |||||
Employee Stock Purchase Plan | Employee Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued under employee stock purchase plan (in shares) | 22,000 | 15,000 | ||||
Price per share (in dollars per share) | $ 48.06 | $ 67.76 | ||||
Compensation costs | $ 0.2 | $ 0.2 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchases of common stock (in shares) | 0 | 600,000 | ||||
Repurchases of common stock | $ 0 | $ 0 | ||||
Average cost per share (in dollars per share) | $ 79.36 | |||||
Stock Repurchased and Retired During Period, Value | $ 47.1 | |||||
Stock Repurchased and Retired During Period, Shares | 590,000 |
Pension Benefits and Postreti_3
Pension Benefits and Postretirement Benefits Other Than Pensions - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022employees | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of participants and beneficiaries | 3,145 |
Percentage of Compensation, Defined Benefit Plan Employee Contribution | 3.00% |
Postretirement Benefits Other than Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of retired employees covered | 400 |
Number of active employees covered | 500 |
Pension Benefits and Postreti_4
Pension Benefits and Postretirement Benefits Other Than Pensions - Pension Income (Details) - Pension Plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest Cost on Projected Benefit Obligation | $ 2.2 | $ 1.8 |
Expected Return on Plan Assets | (1.9) | (2.3) |
Amortization of Prior Service Credit | 0.2 | |
Amortization of Net Actuarial Loss | 0.4 | 0.7 |
Total Pension (Benefit) Expense | $ 0.9 | $ 0.2 |
Pension Benefits and Postreti_5
Pension Benefits and Postretirement Benefits Other Than Pensions - Components of OPEB Benefits (Details) - Postretirement Benefits Other than Pensions - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 0.1 | $ 0.1 |
Interest Cost on Accumulated Postretirement Benefit Obligation | 0 | 0 |
Amortization of Prior Service Credit | (0.3) | (0.3) |
Amortization of Net Gain | (0.4) | (0.4) |
Total Pension (Benefit) Expense | $ (0.6) | $ (0.6) |
Policyholder Contract Liabili_3
Policyholder Contract Liabilities - Policyholder Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 655 | $ 504 |
FHLB Funding Agreements | United Insurance Company of America | Federal Home Loan Bank of Chicago | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | 553.1 | 401.9 |
Universal Life-type Policyholder Account Balances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 101.9 | $ 102.1 |
Policyholder Contract Liabili_4
Policyholder Contract Liabilities - Narrative (Details) - United Insurance Company of America - Federal Home Loan Bank of Chicago $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Home Loan Bank, amount of advances | $ 208.4 |
Payments of FHLBank borrowings | $ 57.1 |
Policyholder Contract Liabili_5
Policyholder Contract Liabilities - Supplemental Financial Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 655 | $ 504 |
Federal Home Loan Bank of Chicago | United Insurance Company of America | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Fair Value of Collateral Pledged | 622.5 | 556.6 |
FHLB of Chicago Common Stock Owned at Cost | 14.7 | 11.8 |
Federal Home Loan Bank of Chicago | United Insurance Company of America | FHLB Funding Agreements | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 553.1 | $ 401.9 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jun. 04, 2019 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 15, 2022 | Dec. 31, 2021 | Sep. 22, 2020 | Jul. 02, 2018 | Jun. 08, 2018 | Feb. 28, 2015 |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 1,385,200,000 | $ 1,121,900,000 | ||||||||
Interest and other expenses | 12,700,000 | $ 11,100,000 | ||||||||
Interest paid, including capitalized interest, operating and investing activities | 22,000,000 | $ 21,700,000 | ||||||||
Derivative, Gain on Derivative | 5,900,000 | |||||||||
2.400% Senior Notes due September 30, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 395,800,000 | |||||||||
Senior Notes, 3.800 Percent Due February 23, 2033 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 395,100,000 | |||||||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 144,700,000 | |||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 449,000,000 | |||||||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 0 | 276,700,000 | ||||||||
Stated interest rate | 5.00% | |||||||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | Infinity Property and Casualty Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 275,000,000 | |||||||||
Business combination, liabilities assumed, long-term debt | 282,100,000 | |||||||||
Unamortized premium | $ 7,100,000 | |||||||||
Effective interest rate | 4.36% | |||||||||
Senior Notes | 4.350% Senior Notes due February 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 449,100,000 | |||||||||
Stated interest rate | 4.35% | |||||||||
Long-term debt, gross | $ 450,000,000 | |||||||||
Face amount of debt | $ 250,000,000 | |||||||||
Increase in senior notes | $ 200,000,000 | |||||||||
Senior Notes | 2.400% Senior Notes due September 30, 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 396,300,000 | 396,200,000 | ||||||||
Stated interest rate | 2.40% | |||||||||
Long-term debt, gross | 400,000,000 | |||||||||
Effective interest rate | 2.52% | |||||||||
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2033 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 395,100,000 | 0 | ||||||||
Stated interest rate | 3.80% | |||||||||
Long-term debt, gross | 400,000,000 | |||||||||
Effective interest rate | 3.95% | |||||||||
Senior Notes | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 144,700,000 | $ 0 | ||||||||
Long-term debt, gross | 150,000,000 | |||||||||
Revolving Credit Facility | Notes Payable under Revolving Credit Agreement | Second Amended and Restated Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | $ 600,000,000 | ||||||||
Increase in revolving credit borrowing capacity | 200,000,000 | |||||||||
Debt issuance costs | 2,200,000 | |||||||||
Remaining unamortized costs | $ 2,600,000 | |||||||||
Line of credit facility, amount outstanding | $ 0 |
Debt - Long Term Debt (Details)
Debt - Long Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Feb. 15, 2022 | Dec. 31, 2021 | Sep. 22, 2020 | Jul. 02, 2018 | |
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 1,385.2 | $ 1,121.9 | |||
Derivative, Gain (Loss) on Derivative, Net | 0.5 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.1 | ||||
Federal Home Loan Bank Advances | 0 | ||||
2.400% Senior Notes due September 30, 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 395.8 | ||||
Senior Notes, 3.800 Percent Due February 23, 2033 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 395.1 | ||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 144.7 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 449 | ||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 0 | 276.7 | |||
Stated interest rate | 5.00% | ||||
Senior Notes | 4.350% Senior Notes due February 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 449.1 | ||||
Stated interest rate | 4.35% | ||||
Senior Notes | 2.400% Senior Notes due September 30, 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 396.3 | 396.2 | |||
Stated interest rate | 2.40% | ||||
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2033 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 395.1 | 0 | |||
Stated interest rate | 3.80% | ||||
Senior Notes | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 144.7 | $ 0 | |||
Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.875% |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2022 |
Minimum | Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Minimum | Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Maximum | Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 15 years |
Maximum | Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 5 years |
Leases - Right of Use Assets an
Leases - Right of Use Assets and Liabilities (Details) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease Right-of-Use Assets | $ 60.4 | $ 64.4 |
Operating Lease Liabilities | $ 80.1 | $ 84.8 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease Cost | ||
Amortization of Right-of-Use Assets - Finance Leases | $ 0 | $ 0.1 |
Operating Lease Cost | 5.6 | 5.1 |
Variable Lease, Cost | 0.1 | 0 |
Short-Term Lease Cost | 1.2 | 0.9 |
Total Lease Expense | 6.9 | 6.1 |
Less: Sublease Income | 0.1 | 0 |
Lease, Cost | $ 6.8 | $ 6.1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Cash Flows from Operating Lease (Fixed Payments) | $ 6.2 | $ 5.4 |
Operating Cash Flows from Operating Lease (Liability Reduction) | 5.5 | 4.6 |
Financing Cash Flows from Finance Leases | 0 | 0.1 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ 1 | $ 2.3 |
Leases - Lease Weighted Average
Leases - Lease Weighted Average (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
Weighted-average Remaining Lease Term - Finance Leases | 9 months 18 days | 6 months |
Weighted-average Remaining Lease Term - Operating Leases | 5 years 9 months 18 days | 6 years 7 months 6 days |
Weighted-average Discount Rate - Finance Leases | 0.60% | 4.00% |
Weighted-average Discount Rate - Operating Leases | 3.40% | 4.00% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Finance and Operating Leases (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | $ 18.2 | |
2023 | 21.7 | |
2024 | 15.7 | |
2025 | 10.2 | |
2026 | 4.5 | |
2027 and Thereafter | 20.5 | |
Total Future Payments | 90.8 | |
Less Imputed Interest | 10.7 | |
Present Value of Minimum Lease Payments | $ 80.1 | $ 84.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | |
Income taxes paid, net | $ 100,000 | $ 30,100,000 |