Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | May 04, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
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) | 63,991,262 | ||
Entity Central Index Key | 0000860748 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
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, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | $ 1,180.9 | $ 1,320 |
Net Investment Income | 101.8 | 100 |
Change in Value of Alternative Energy Partnership Investments | 0.7 | (16.7) |
Other Income | 1.2 | 2.4 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) |
Net Realized Investment Gains | 6.4 | 1.5 |
Impairment Gains (Losses) | 2.1 | (8.9) |
Total Revenues | 1,294.8 | 1,370.1 |
Expenses: | ||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $1.9; 2022 - $18.6) | 1,052 | 1,123.2 |
Insurance Expenses | 269.3 | 304.8 |
Interest and Other Expenses | 77.4 | 54.1 |
Loss from Early Extinguishment of Debt | 0 | 3.7 |
Total Expenses | 1,398.7 | 1,485.8 |
Loss before Income Taxes | (103.9) | (115.7) |
Income Tax Benefit | 23.8 | 29.4 |
Net Loss | $ (80.1) | $ (86.3) |
Net Loss Per Unrestricted Share: | ||
Basic (in dollars per share) | $ (1.25) | $ (1.36) |
Diluted (in dollars per share) | $ (1.25) | $ (1.36) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Loss | $ (80.1) | $ (86.3) |
Other Comprehensive Loss Before Income Taxes: | ||
Change in Net Unrecognized Postretirement Benefit Costs | (0.5) | (0.1) |
Gain on Cash Flow Hedges | 0 | 6.1 |
Change in Discount Rate on Future Life Policyholder Benefits | (109.8) | 562.3 |
Other Comprehensive Income (Loss) Before Income Taxes | 76.9 | (83.7) |
Other Comprehensive Income Tax (Expense) Benefit | (16.7) | 17.5 |
Other Comprehensive Income (Loss), Net of Taxes | 60.2 | (66.2) |
Total Comprehensive Loss | (19.9) | (152.5) |
No Credit Losses Recognized in Condensed Consolidated Statements of Loss | ||
Other Comprehensive Loss Before Income Taxes: | ||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | 187.2 | (644.6) |
Credit Losses Recognized in Condensed Consolidated Statements of Loss | ||
Other Comprehensive Loss Before Income Taxes: | ||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | $ 0 | $ (7.4) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Debt Securities, Available-for-Sale | $ 7,189.4 | $ 6,894.8 |
Equity Securities, FV-NI, Current | 243.6 | 243.2 |
Equity Securities at Modified Cost | 37.1 | 38.4 |
Convertible Securities at Fair Value | 45.3 | 43.3 |
278400000 | 278.4 | 278.4 |
Company-Owned Life Insurance | 595.3 | 586.5 |
Loans to Policyholders | 283.1 | 283.4 |
Other Investments | 271.8 | 269.9 |
Total Investments | 9,097.3 | 8,789.5 |
Cash | 60.6 | 212.4 |
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $11.3; 2022 - $13.1) | 1,344 | 1,286.6 |
Other Receivables | 249.4 | 262.6 |
Deferred Policy Acquisition Costs | 651.5 | 635.6 |
Goodwill | 1,300.3 | 1,300.3 |
Current Income Tax Assets | 15 | 167.6 |
Deferred Income Tax Assets | 166 | 129 |
Other Assets | 519.6 | 530 |
Total Assets | 13,403.7 | 13,313.6 |
Insurance Reserves: | ||
Life and Health | 3,399.6 | 3,276.2 |
Property and Casualty | 2,721.1 | 2,756.9 |
Total Insurance Reserves | 6,120.7 | 6,033.1 |
Unearned Premiums | 1,778 | 1,704.4 |
Policyholder Obligations | 700.6 | 701.3 |
Accrued Expenses and Other Liabilities | 770 | 817.3 |
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,222.0; 2022 - $1,195.1) | 1,387.5 | 1,386.9 |
Total Liabilities | 10,756.8 | 10,643 |
Shareholders’ Equity: | ||
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 63,982,224 Shares Issued and Outstanding at March 31, 2023 and 63,912,762 Shares Issued and Outstanding at December 31, 2022 | 6.4 | 6.4 |
Paid-in Capital | 1,828.9 | 1,812.7 |
Retained Earnings | 1,266.3 | 1,366.4 |
Accumulated Other Comprehensive Loss | (454.7) | (514.9) |
Total Shareholders’ Equity | 2,646.9 | 2,670.6 |
Total Liabilities and Shareholders’ Equity | 13,403.7 | 13,313.6 |
Equity Method Limited Liability Investments | ||
Investments: | ||
Equity Method Investments | 218.7 | 217 |
Alternative Energy Partnership Investments | ||
Investments: | ||
Equity Method Investments | $ 17 | $ 16.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, at amortized cost | $ 7,923.6 | $ 7,811.8 |
Fixed maturities, allowance for credit losses | 7.4 | 9.6 |
Equity securities, at cost | 230.6 | 247.6 |
Premium receivables, allowance for credit losses | 11.3 | 13.1 |
Long-term Debt | $ 1,222 | $ 1,195.1 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 63,982,224 | 63,912,762 |
Common stock, shares outstanding (in shares) | 63,982,224 | 63,912,762 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (80.1) | $ (86.3) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: | ||
Net Realized Investment Gains | (6.4) | (1.5) |
Impairment Gains (Losses) | (2.1) | 8.9 |
Depreciation and Amortization of Property, Equipment and Software | 11.9 | 13.4 |
Amortization of Intangibles Assets Acquired | 4.3 | 6.2 |
Loss from Early Extinguishment of Debt | 0 | 3.7 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 0.8 | (5.8) |
(Increase) Decrease in Value of Equity and Convertible Securities | (1.7) | 28.2 |
Receivables from Policyholders | (57.4) | 14.2 |
Reinsurance Recoverables | 4.1 | (0.3) |
Deferred Policy Acquisition Costs | (15.9) | (1.6) |
Insurance Reserves | (21.8) | (8.7) |
Unearned Premiums | 73.6 | (8.2) |
Income Taxes | 106.2 | (28.2) |
Other Assets and Liabilities | (9.6) | 31.1 |
Net Cash Provided by (Used in) Operating Activities, Total | 5.2 | (18.2) |
Cash Flows from Investing Activities: | ||
Proceeds from Sales, Calls and Maturities of Fixed Maturities | 154 | 128.6 |
Proceeds from the Sales or Paydowns of Investments: | ||
Equity Securities | 19.5 | 249.7 |
Mortgage Loans | 18.6 | 22.8 |
Other Investments | 2.6 | 20.5 |
Payments to Acquire Investments [Abstract] | ||
Payments to Acquire Debt Securities, Available-for-Sale | (293.3) | (527.2) |
Payments to Acquire Equity Securities, FV-NI | (13.2) | (21.3) |
Payments to Acquire Real Estate Held-for-investment | (0.2) | 0 |
Payment to Acquire Life Insurance Policy, Investing Activities | 0 | (100) |
Payments to Acquire Mortgage Notes Receivable | (13.3) | (21.3) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 4.7 | 1.9 |
Net Sales of Short-term Investments | 0.7 | 40.3 |
Acquisition of Software and Long-lived Assets | (10) | (16) |
Other | 1.1 | 0.7 |
Net Cash Provided by (Used in) Investing Activities, Total | (138.2) | (225.1) |
Cash Flows from Financing Activities: | ||
Repayment of Long-term Debt | 0 | (280) |
Proceeds from Issuance of Senior Long-term Debt | 0 | 396.3 |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 145.6 |
Proceeds from Policyholder Contract Obligations | 89.3 | 208.6 |
Repayment of Policyholder Contract Obligations | (90) | (57.8) |
Proceeds from Shares Issued under Employee Stock Purchase Plan | 1 | 1.3 |
Dividends Paid | (19.4) | (19.8) |
Other | 0.3 | 0.3 |
Net Cash Provided by (Used in) Financing Activities, Total | (18.8) | 392.4 |
Net (decrease) increase in cash | (151.8) | 149.1 |
Cash, Beginning of Year | 212.4 | 148.2 |
Cash, End of Period | 60.6 | 297.3 |
Senior Notes, 3.800 Percent Due February 23, 2033 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | 0 | (1.2) |
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | 0 | (0.9) |
Alternative Energy Partnership Investments | ||
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: | ||
Income (Loss) from Equity Method Investments | $ 0.7 | $ (16.7) |
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 Loss |
Beginning balance (in shares) at Dec. 31, 2021 | 63.7 | ||||
Beginning balance at Dec. 31, 2021 | $ 3,129.7 | $ 6.4 | $ 1,790.7 | $ 1,734.2 | $ (401.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Loss | (86.3) | (86.3) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (66.2) | (66.2) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (19.6) | (19.6) | |||
Shares Issued Under Employee Stock Purchase Plan (Note 13) | $ 0 | 1.3 | |||
Shares Issued Under Employee Stock Purchase Plan (Note 13) | 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 | 2,969.2 | $ 6.4 | 1,803.1 | 1,627.5 | (467.8) |
Beginning balance (in shares) at Dec. 31, 2022 | 63.9 | ||||
Beginning balance at Dec. 31, 2022 | 2,670.6 | $ 6.4 | 1,812.7 | 1,366.4 | (514.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Loss | (80.1) | (80.1) | |||
Other Comprehensive Income (Loss), Net of Tax | $ 60.2 | 60.2 | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (19.4) | (19.4) | |||
Shares Issued Under Employee Stock Purchase Plan (Note 13) | 1 | $ 0 | 1 | ||
Equity-based Compensation Cost | 15.6 | 15.6 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.1 | ||||
Equity-based Awards, Net of Shares Exchanged | (1) | $ 0 | (0.4) | (0.6) | |
Ending balance (in shares) at Mar. 31, 2023 | 64 | ||||
Ending balance at Mar. 31, 2023 | $ 2,646.9 | $ 6.4 | $ 1,828.9 | $ 1,266.3 | $ (454.7) |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Changes in deferred profit liability | $ 19.2 | $ 20.3 |
Changes in liability for future policyholder benefits | $ 1.9 | $ 18.6 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies The unaudited Condensed Consolidated Financial Statements include the accounts of Kemper Corporation (“Kemper”) and its subsidiaries which include property and casualty, life subsidiaries and a health subsidiary through the date of its sale of December 1, 2022 (collectively referred to herein as the “Company”). The unaudited 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 periods presented. The preparation of 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, annualizing the results of operations for the three months ended March 31, 2023 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, 2022 except for Note 6 “Liability for Future Policyholder Benefits”, Note 7 “Deferred Policy Acquisition Costs”, Note 12 ”Other Comprehensive Loss and Accumulated Other Comprehensive Loss” and Note 15 “Policyholder Obligations” which were impacted due to the implementation of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 Financial Services-Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts. Adoption of New Accounting Guidance The Company has adopted all recently issued accounting pronouncements with effective dates prior to January 1, 2023. Other than discussed below, there were no adoptions of such accounting pronouncements during the three months ended March 31, 2023 that had a material impact on the Company’s Condensed Consolidated Financial Statements. Guidance Adopted in 2023 The Company adopted Financial Accounting Standards Board ASU 2018-12 for the liability for future policyholder benefits and deferred acquisition costs on a modified retrospective basis as of January 1, 2023, such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021. The new standard requires cash flow assumptions used to measure the liability for future policyholder benefits for nonparticipating traditional and limited pay long-duration contracts be updated at least annually with the recognition and remeasurement recorded in net income. It also requires 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. ASU 2018-12 also simplifies the amortization of deferred acquisition costs to a constant level basis over the expected term of the contract, requires all market risk benefits to be measured at fair value, and enhances certain presentation and disclosure requirements, as discussed in Notes 6 and 7. As a result of the adoption of ASU 2018-12, beginning retained earnings was reduced by $25.1 million and Accumulated Other Comprehensive Income (“AOCI”) reduced by $1,030.3 million as of January 1, 2021. The table below presents the transition adjustment for the adoption of ASU 2018-12: Pre-Adoption Balance 12/31/2020 Adjustments to AOCI Adjustments to Retained Earnings Post- Adoption Balance 1/1/2021 Retained Earnings $ (2,071.2) — 25.1 $ (2,046.1) AOCI $ (680.5) 1,030.3 — $ 349.8 Note 1 - Basis of Presentation and Accounting Policies (Continued) For the liability for future policyholder benefits, the net transition adjustment is related to the difference in the historical discount rates used pre-transition and the discount rate at December 31, 2020. At transition, there were no adjustments related to premium deficiencies, as the balance is only applicable to Kemper’s universal life contracts which are stated at account value. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Loss for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Earned Premiums $ 1,338.6 (18.6) $ 1,320.0 Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses $ 1,153.4 (30.2) $ 1,123.2 Insurance Expenses $ 304.0 0.8 $ 304.8 Income Tax Benefit $ 31.7 (2.3) $ 29.4 Net Loss $ (94.8) 8.5 $ (86.3) Net Loss Per Unrestricted Share: Basic $ (1.49) $ 0.13 $ (1.36) Diluted $ (1.49) $ 0.13 $ (1.36) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet as of December 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Deferred Policy Acquisition Costs $ 625.6 10.0 $ 635.6 Deferred Income Tax Assets $ 189.4 (60.4) $ 129.0 Total Assets $ 13,364.0 (50.4) $ 13,313.6 Life and Health Insurance Reserves $ 3,554.0 (277.8) $ 3,276.2 Total Liabilities $ 10,920.8 (277.8) $ 10,643.0 Retained Earnings $ 1,380.1 (13.7) $ 1,366.4 Accumulated Other Comprehensive (Loss) Income $ (756.0) 241.1 $ (514.9) Total Shareholders’ Equity $ 2,443.2 227.4 $ 2,670.6 The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Change in Discount Rate on Future Life Policyholder Benefits $ — 562.3 $ 562.3 Other Comprehensive Loss Before Income Taxes $ (646.0) 562.3 $ (83.7) Other Comprehensive Income Tax Benefit $ 135.6 (118.1) $ 17.5 Other Comprehensive Loss, Net of Taxes $ (510.4) 444.2 $ (66.2) Total Comprehensive Loss $ (605.2) 452.7 $ (152.5) Note 1 - Basis of Presentation and Accounting Policies (Continued) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Cash Flows from Operating Activities: Net Loss $ (94.8) 8.5 $ (86.3) Change in Deferred Policy Acquisition Costs $ (2.4) 0.8 $ (1.6) Change in Insurance Reserves $ 2.9 (11.6) $ (8.7) Change in Income Taxes $ (30.5) 2.3 $ (28.2) Net Cash Used in Operating Activities $ (18.2) — $ (18.2) Guidance Not Yet Adopted In March 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which expands the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain criteria. The proportional amortization method results in the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period, and a net presentation within the income tax line item. ASU 2023-02 is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. The Company is currently evaluating impact of this guidance on its financial statements. Significant Accounting Policies Related to ASU 2018-12 The below outlines those significant accounting policies related to ASU 2018-12 that are effective January 1, 2023. Liability for Future Policyholder Benefits A liability for future policyholder benefits, which is the present value of estimated future policyholder benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. The liability is estimated using current assumptions that include discount rate, mortality, lapses and expenses. These current assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors. The liability is adjusted for differences between actual and expected experience. Each quarter, the Company reviews and updates its estimate of cash flows expected over the lifetime of a group of contracts using actual historical experience and current future cash flow assumptions to calculate its revised net premium ratio. The revised net premium ratios are then used to calculate an updated liability for future policyholder benefits for the current reporting period, discounted at the original contract issuance discount rate. The Company has elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Resulting changes in the liability due to differences in actual versus expected experience, changes in current cash flow assumptions, and prefunding and payout of benefits compared to the carrying amount of the liability as of that same date are recorded as a separate component of benefit expense in the Condensed Consolidated Statements of Loss. The current discount rate assumption is an equivalent spot rate curve of annually compounded rates at monthly increments that is derived based on A-credit rated fixed-income instruments reflecting the duration characteristics of the liability. The Company utilizes published corporate yield curves from Bloomberg’s BVAL Investment Grade Corporate Sector curve. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in Other Comprehensive Income (Loss). For liability cash flows that are projected beyond the maximum observable point on the yield curve, the underlying yield curve is held constant. Deferred Profit Liability For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policyholder benefits, including discount rate, mortality, lapses, and expenses. Note 1 - Basis of Presentation and Accounting Policies (Continued) The DPL is amortized and recognized as premium revenue in proportion to insurance in force for nonparticipating limited-payment contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash flows for the liability for future policyholder benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either an increase or decrease to Earned Premiums. Deferred Policy Acquisition Costs Deferred costs are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. These deferred costs are amortized on a constant level basis for grouped contracts over the expected term of the related contracts to approximate straight-line amortization. The expected term of the contract used for amortization is determined using mortality and termination assumptions that are based on the Company’s experience, industry data, and other factors and are consistent with those used for the liability for future policyholder benefits. If those projected assumptions change in future periods, they will be reflected in the straight-line amortization horizon at that time. Unexpected terminations, due to higher mortality and termination experience than expected, are recognized in the current period as a reduction of the capitalized balances. Amortization of deferred policy acquisition costs is included in Insurance Expenses in the Condensed Consolidated Statements of Loss. |
Property and Casualty Insurance Reserves | Property and Casualty Insurance Reserves Property and casualty insurance reserve activity for the three months ended March 31, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,756.9 $ 2,772.7 Less Reinsurance Recoverables at Beginning of Year 39.6 41.9 Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year 2,717.3 2,730.8 Incurred Losses and Loss Adjustment Expenses (“ LAE”) Related to: Current Year 944.0 1,041.9 Prior Years 41.9 (2.7) Total Incurred Losses and LAE 985.9 1,039.2 Paid Losses and LAE Related to: Current Year 325.5 373.9 Prior Years 690.9 676.9 Total Paid Losses and LAE 1,016.4 1,050.8 Property and Casualty Insurance Reserves, Net of Reinsurance at End of Period 2,686.8 2,719.2 Plus Reinsurance Recoverables at End of Period 34.3 40.9 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,721.1 $ 2,760.1 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 Loss in the period of change. For the three months ended March 31, 2023, the Company increased its property and casualty insurance reserves by $41.9 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed adversely by $22.9 million due primarily to higher than expected emergence in loss patterns related to third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages. Commercial automobile insurance loss and LAE reserves developed adversely by $8.2 million due to higher than expected emergence in loss patterns related to 2021 and 2022 bodily injury coverages. Preferred personal automobile insurance loss and LAE reserves developed adversely by $3.4 million due to higher than expected emergence in loss patterns related to the third and fourth accident quarters of 2022 within the physical damage coverages. Homeowners loss and LAE reserves developed adversely by $5.5 million. Other lines loss and LAE reserves developed adversely by $1.9 million due to higher than expected loss patterns related to fourth quarter 2022 non-weather and weather related losses. 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. 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 Note 5 - Property and Casualty Insurance Reserves (Continued) 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, 2023. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,286.6 $ 13.1 Provision for Expected Credit Losses 11.0 Write-offs of Uncollectible Receivables from Policyholders (12.8) Balance at End of Period $ 1,344.0 $ 11.3 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 tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the three months ended March 31, 2023 and March 31, 2022: Present Value of Expected Net Premiums Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 688.6 $ 669.0 Beginning Balance at Original Discount Rate $ 728.9 $ 599.8 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances from Expected Experience 0.7 12.5 Adjusted Beginning of Year Balance 729.6 612.3 Issuances 31.8 41.6 Interest Accrual 7.0 5.1 Net Premiums Collected (23.9) (21.1) Ending Balance at Original Discount Rate 744.5 637.9 Effect of Changes in Discount Rate Assumptions (22.1) 23.1 Balance, End of Period $ 722.4 $ 661.0 Present Value of Expected Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 3,561.0 $ 4,933.1 Beginning Balance at Original Discount Rate $ 3,906.2 $ 3,788.1 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances From Expected Experience 0.3 12.7 Adjusted Beginning of Year Balance 3,906.5 3,800.8 Issuances 31.8 41.6 Interest Accrual 42.4 40.8 Benefit Payments (63.8) (71.0) Ending Balance at Original Discount Rate 3,916.9 3,812.2 Effect of Changes in Discount Rate Assumptions (217.4) 536.5 Balance, End of Period $ 3,699.5 $ 4,348.7 Net Liability for Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Net Liability for Future Policyholder Benefits $ 2,977.1 $ 3,687.7 Less: Reinsurance Recoverable — — Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable $ 2,977.1 $ 3,687.7 The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows: Mar 31, 2023 Mar 31, 2022 Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) 14.9 17.1 Note 6 - Liability for Future Policyholder Benefits (Continued) The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows: Mar 31, 2023 Mar 31, 2022 Present Value of Expected Future Policyholder benefits $ 3,699.5 $ 4,348.7 Less: Present Value of Expected Net Premiums 722.4 661.0 Net Liability for Future Policyholder benefits 2,977.1 3,687.7 Deferred Profit Liability 272.6 213.9 Other 1 149.9 202.6 Total Life and Health Insurance Reserves $ 3,399.6 $ 4,104.2 1 Other primarily consists of Accident and Health and Universal Life reserves The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows: Mar 31, 2023 Mar 31, 2022 Expected Future Benefit Payments, undiscounted $ 10,177.7 $ 9,536.9 Expected Future Gross Premiums, undiscounted $ 4,464.2 $ 3,808.5 Expected Future Gross Premiums, discounted $ 2,931.1 $ 2,912.1 The amount of revenue and interest recognized in the Condensed Consolidated Statements of Loss is as follows: Three Months Ended Mar 31, Mar 31, Gross Premiums or Assessments $ 103.8 $ 101.4 Interest Expense $ 35.4 $ 35.6 The weighted-average interest rate is as follows: Mar 31, 2023 Mar 31, 2022 Interest Accretion Rate 4.55 % 4.55 % Current Discount Rate 5.05 % 3.76 % Significant assumption inputs to the calculation of the liability for future policyholder benefits for term life, permanent limited pay, permanent recurring pay, and guaranteed issue products include mortality, lapses, and discount rates (both accretion and current). In the first quarter of 2023, the Company reviewed all significant assumptions and did not make any changes to mortality and lapse assumptions as actual experience for mortality and lapse across these products was materially consistent with the underlying assumptions. Market data that underlies current discount rates was updated from December 31, 2022. |
Net Income Per Unrestricted Sha
Net Income Per Unrestricted Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Unrestricted Share | Net Loss 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 Loss Per Unrestricted Share and Diluted Net Loss Per Unrestricted Share for the three months ended March 31, 2023 and 2022 is presented below. Three Months Ended (Dollars in Millions, except per share amounts) Mar 31, Mar 31, Net Loss $ (80.1) $ (86.3) Less: Net Loss Attributed to Participating Awards — — Net Loss Attributed to Unrestricted Shares (80.1) (86.3) Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — Diluted Net Loss Attributed to Unrestricted Shares $ (80.1) $ (86.3) (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,946.6 63,743.7 Equity-based Compensation Equivalent Shares — — Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,946.6 63,743.7 (Per Unrestricted Share in Whole Dollars) Basic Net Loss Per Unrestricted Share $ (1.25) $ (1.36) Diluted Net Loss Per Unrestricted Share $ (1.25) $ (1.36) |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions Disposition of Reserve National Insurance Company In July 2022, the Company entered into a definitive agreement to sell Reserve National Insurance Company and its wholly-owned subsidiaries (collectively, “Reserve National”) to Medical Mutual of Ohio, for approximately $90.0 million in total consideration. The sale closed on December 1, 2022 and a loss of $1.6 million, net of income tax, was recorded for the year ended December 31, 2022. Subsequent adjustments to this purchase price could occur pursuant to the definitive agreement but Note 3 - Dispositions (Continued) are not expected to be material. The Company reported Reserve National’s results of operations in the Life & Health Insurance segment through December 1, 2022. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life 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 specialty automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are preferred 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. Earned Premiums by product line for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Specialty Property & Casualty Insurance: Personal Automobile $ 787.9 $ 901.7 Commercial Automobile 156.3 119.9 Preferred Property & Casualty Insurance: Preferred Automobile 78.2 96.0 Homeowners 52.2 51.3 Other Personal Lines 7.0 8.3 Life & Health Insurance: Life 82.2 82.7 Accident and Health 5.9 45.8 Property 11.2 14.3 Total Earned Premiums $ 1,180.9 $ 1,320.0 Note 4 - Business Segments (Continued) Segment Revenues, including a reconciliation to Total Revenues, for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 944.2 $ 1,021.6 Net Investment Income 38.5 34.9 Change in Value of Alternative Energy Partnership Investments 0.4 (8.4) Other Income 0.9 1.7 Total Specialty Property & Casualty Insurance 984.0 1,049.8 Preferred Property & Casualty Insurance: Earned Premiums 137.4 155.6 Net Investment Income 10.5 12.5 Change in Value of Alternative Energy Partnership Investments 0.1 (3.9) Total Preferred Property & Casualty Insurance 148.0 164.2 Life & Health Insurance: Earned Premiums 99.3 142.8 Net Investment Income 49.8 49.4 Change in Value of Alternative Energy Partnership Investments 0.2 (4.4) Other Loss (0.4) — Total Life & Health Insurance 148.9 187.8 Total Segment Revenues 1,280.9 1,401.8 Income (Loss) from Change in Fair Value of Equity and Convertible Securities 1.7 (28.2) Net Realized Investment Gains 6.4 1.5 Net Impairment Gains (Losses) Recognized in Earnings 2.1 (8.9) Other 3.7 3.9 Total Revenues $ 1,294.8 $ 1,370.1 Note 4 - Business Segments (Continued) Segment Operating Income (Loss), including a reconciliation to Loss before Income Taxes, for the three months ended March 31, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (74.7) $ (60.2) Preferred Property & Casualty Insurance (12.2) (9.5) Life & Health Insurance 14.8 12.0 Total Segment Operating Loss (72.1) (57.7) Corporate and Other Operating Loss From: Other (12.9) (14.0) Corporate and Other Operating Loss (12.9) (14.0) Adjusted Consolidated Operating Loss (85.0) (71.7) Income (Loss) from Change in Fair Value of Equity and Convertible Securities 1.7 (28.2) Net Realized Investment Gains 6.4 1.5 Impairment Gains (Losses) 2.1 (8.9) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (29.1) (4.7) Loss from Early Extinguishment of Debt — (3.7) Loss before Income Taxes $ (103.9) $ (115.7) Segment Net Operating Income (Loss), including a reconciliation to Net Loss, for the three months ended March 31, 2023 and 2022 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 $ (58.4) $ (44.7) Preferred Property & Casualty Insurance (9.5) (6.1) Life & Health Insurance 13.2 11.6 Total Segment Net Operating Loss (54.7) (39.2) Corporate and Other Net Operating Loss From: Other (10.5) (12.4) Total Corporate and Other Net Operating Income Loss (10.5) (12.4) Adjusted Consolidated Net Operating Loss (65.2) (51.6) Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities 1.3 (22.3) Net Realized Investment Gains 5.1 1.2 Impairment Gains (Losses) 1.7 (7.0) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (23.0) (3.7) Loss from Early Extinguishment of Debt — (2.9) Net Loss $ (80.1) $ (86.3) |
Property and Casualty Insurance
Property and Casualty Insurance Reserves | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,756.9 $ 2,772.7 Less Reinsurance Recoverables at Beginning of Year 39.6 41.9 Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year 2,717.3 2,730.8 Incurred Losses and Loss Adjustment Expenses (“ LAE”) Related to: Current Year 944.0 1,041.9 Prior Years 41.9 (2.7) Total Incurred Losses and LAE 985.9 1,039.2 Paid Losses and LAE Related to: Current Year 325.5 373.9 Prior Years 690.9 676.9 Total Paid Losses and LAE 1,016.4 1,050.8 Property and Casualty Insurance Reserves, Net of Reinsurance at End of Period 2,686.8 2,719.2 Plus Reinsurance Recoverables at End of Period 34.3 40.9 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,721.1 $ 2,760.1 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 Loss in the period of change. For the three months ended March 31, 2023, the Company increased its property and casualty insurance reserves by $41.9 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed adversely by $22.9 million due primarily to higher than expected emergence in loss patterns related to third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages. Commercial automobile insurance loss and LAE reserves developed adversely by $8.2 million due to higher than expected emergence in loss patterns related to 2021 and 2022 bodily injury coverages. Preferred personal automobile insurance loss and LAE reserves developed adversely by $3.4 million due to higher than expected emergence in loss patterns related to the third and fourth accident quarters of 2022 within the physical damage coverages. Homeowners loss and LAE reserves developed adversely by $5.5 million. Other lines loss and LAE reserves developed adversely by $1.9 million due to higher than expected loss patterns related to fourth quarter 2022 non-weather and weather related losses. 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. 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 Note 5 - Property and Casualty Insurance Reserves (Continued) 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, 2023. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,286.6 $ 13.1 Provision for Expected Credit Losses 11.0 Write-offs of Uncollectible Receivables from Policyholders (12.8) Balance at End of Period $ 1,344.0 $ 11.3 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 tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the three months ended March 31, 2023 and March 31, 2022: Present Value of Expected Net Premiums Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 688.6 $ 669.0 Beginning Balance at Original Discount Rate $ 728.9 $ 599.8 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances from Expected Experience 0.7 12.5 Adjusted Beginning of Year Balance 729.6 612.3 Issuances 31.8 41.6 Interest Accrual 7.0 5.1 Net Premiums Collected (23.9) (21.1) Ending Balance at Original Discount Rate 744.5 637.9 Effect of Changes in Discount Rate Assumptions (22.1) 23.1 Balance, End of Period $ 722.4 $ 661.0 Present Value of Expected Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 3,561.0 $ 4,933.1 Beginning Balance at Original Discount Rate $ 3,906.2 $ 3,788.1 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances From Expected Experience 0.3 12.7 Adjusted Beginning of Year Balance 3,906.5 3,800.8 Issuances 31.8 41.6 Interest Accrual 42.4 40.8 Benefit Payments (63.8) (71.0) Ending Balance at Original Discount Rate 3,916.9 3,812.2 Effect of Changes in Discount Rate Assumptions (217.4) 536.5 Balance, End of Period $ 3,699.5 $ 4,348.7 Net Liability for Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Net Liability for Future Policyholder Benefits $ 2,977.1 $ 3,687.7 Less: Reinsurance Recoverable — — Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable $ 2,977.1 $ 3,687.7 The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows: Mar 31, 2023 Mar 31, 2022 Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) 14.9 17.1 Note 6 - Liability for Future Policyholder Benefits (Continued) The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows: Mar 31, 2023 Mar 31, 2022 Present Value of Expected Future Policyholder benefits $ 3,699.5 $ 4,348.7 Less: Present Value of Expected Net Premiums 722.4 661.0 Net Liability for Future Policyholder benefits 2,977.1 3,687.7 Deferred Profit Liability 272.6 213.9 Other 1 149.9 202.6 Total Life and Health Insurance Reserves $ 3,399.6 $ 4,104.2 1 Other primarily consists of Accident and Health and Universal Life reserves The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows: Mar 31, 2023 Mar 31, 2022 Expected Future Benefit Payments, undiscounted $ 10,177.7 $ 9,536.9 Expected Future Gross Premiums, undiscounted $ 4,464.2 $ 3,808.5 Expected Future Gross Premiums, discounted $ 2,931.1 $ 2,912.1 The amount of revenue and interest recognized in the Condensed Consolidated Statements of Loss is as follows: Three Months Ended Mar 31, Mar 31, Gross Premiums or Assessments $ 103.8 $ 101.4 Interest Expense $ 35.4 $ 35.6 The weighted-average interest rate is as follows: Mar 31, 2023 Mar 31, 2022 Interest Accretion Rate 4.55 % 4.55 % Current Discount Rate 5.05 % 3.76 % Significant assumption inputs to the calculation of the liability for future policyholder benefits for term life, permanent limited pay, permanent recurring pay, and guaranteed issue products include mortality, lapses, and discount rates (both accretion and current). In the first quarter of 2023, the Company reviewed all significant assumptions and did not make any changes to mortality and lapse assumptions as actual experience for mortality and lapse across these products was materially consistent with the underlying assumptions. Market data that underlies current discount rates was updated from December 31, 2022. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 8 - Investments Fixed Maturities The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2023 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 633.6 $ 3.4 $ (73.0) $ — $ 564.0 States and Political Subdivisions 1,794.8 23.1 (194.2) (0.8) 1,622.9 Foreign Governments 4.8 — (0.8) — 4.0 Corporate Securities: Bonds and Notes 4,097.0 31.4 (418.5) (6.6) 3,703.3 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,033.0 0.1 (51.2) — 981.9 Other Mortgage- and Asset-backed 351.4 0.3 (46.4) — 305.3 Investments in Fixed Maturities $ 7,923.6 $ 58.3 $ (785.1) $ (7.4) $ 7,189.4 Note 8 - Investments (Continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 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 $ 612.5 $ 1.3 $ (85.8) $ — $ 528.0 States and Political Subdivisions 1,797.6 10.3 (238.3) (0.7) 1,568.9 Foreign Governments 5.0 — (0.9) — 4.1 Corporate Securities: Bonds and Notes 4,030.3 17.7 (499.7) (8.9) 3,539.4 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,014.7 — (60.8) — 953.9 Other Mortgage- and Asset-backed 342.7 0.1 (50.3) — 292.5 Investments in Fixed Maturities $ 7,811.8 $ 29.4 $ (936.8) $ (9.6) $ 6,894.8 Other Receivables included $11.4 million and $5.8 million of unsettled sales of Investments in Fixed Maturities at March 31, 2023 and December 31, 2022, respectively. Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $3.7 million and $25.9 million at March 31, 2023 and December 31, 2022, respectively. The amortized cost and estimated fair value of the Company’s Investments in Fixed Maturities at March 31, 2023 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 152.7 $ 144.4 Due after One Year to Five Years 1,000.6 969.2 Due after Five Years to Ten Years 1,193.0 1,058.3 Due after Ten Years 3,705.0 3,305.5 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,872.3 1,712.0 Investments in Fixed Maturities $ 7,923.6 $ 7,189.4 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, 2023 consisted of securities issued by the Government National Mortgage Association with a fair value of $259.6 million, securities issued by the Federal National Mortgage Association with a fair value of $97.5 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $67.9 million, and securities issued by other non-governmental issuers with a fair value of $1,287.0 million. Note 8 - Investments (Continued) An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2023 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 $ 123.6 $ (7.3) $ 330.9 $ (65.7) $ 454.5 $ (73.0) States and Political Subdivisions 332.1 (17.5) 724.1 (176.7) 1,056.2 (194.2) Foreign Governments 0.6 — 2.4 (0.8) 3.0 (0.8) Corporate Securities: Bonds and Notes 1,811.8 (132.9) 1,312.7 (285.6) 3,124.5 (418.5) Redeemable Preferred Stocks 3.0 (0.2) 4.7 (0.8) 7.7 (1.0) Collateralized Loan Obligations 278.5 (11.9) 694.2 (39.3) 972.7 (51.2) Other Mortgage- and Asset-backed 105.6 (8.5) 189.6 (37.9) 295.2 (46.4) Total Fixed Maturities $ 2,655.2 $ (178.3) $ 3,258.6 $ (606.8) $ 5,913.8 $ (785.1) Investment-grade fixed maturity investments comprised $753.7 million and below-investment-grade Fixed Maturity Investments comprised $31.4 million of the unrealized losses on investments in fixed maturities at March 31, 2023. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11.3% of the amortized cost basis of the investment. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 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 $ 337.3 $ (49.3) $ 126.5 $ (36.5) $ 463.8 $ (85.8) States and Political Subdivisions 854.7 (140.6) 276.8 (97.7) 1,131.5 (238.3) Foreign Governments 0.1 — 2.6 (0.9) 2.7 (0.9) Corporate Securities: Bonds and Notes 2,730.6 (373.9) 424.4 (125.8) 3,155.0 (499.7) Redeemable Preferred Stocks 7.7 (1.0) — — 7.7 (1.0) Collateralized Loan Obligations 568.2 (34.2) 373.9 (26.6) 942.1 (60.8) Other Mortgage- and Asset-backed 205.4 (28.9) 79.5 (21.4) 284.9 (50.3) Total Fixed Maturities $ 4,704.0 $ (627.9) $ 1,283.7 $ (308.9) $ 5,987.7 $ (936.8) Investment-grade fixed maturity investments comprised $904.0 million and below-investment-grade Fixed Maturity Investments comprised $32.8 million of the unrealized losses on Investments in Fixed Maturities at December 31, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment. Note 8 - Investments (Continued) 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, 2023. States and Political Subdivisions Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 0.7 $ 8.9 $ 9.6 Additions for Securities for which No Previous Expected Credit Losses were — 0.3 0.3 Reduction Due to Sales — (1.9) (1.9) Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized 0.1 (0.7) (0.6) Write-offs Charged Against Allowance — — — End of the Period $ 0.8 $ 6.6 $ 7.4 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, 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 Net Increase 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 Equity Securities at Fair Value Investments in Equity Securities at Fair Value were $243.6 million and $243.2 million at March 31, 2023 and December 31, 2022, respectively. Net unrealized gains arising during the three months ended March 31, 2023 and recognized in earnings, related to such investments still held as of March 31, 2023, were $4.4 million. There were no unsettled purchases of Investments in Equity Securities at Fair Value at March 31, 2023. There were no unsettled purchases of Investments in Equity Securities at Fair Value at December 31, 2022. There were no unsettled sales of Investments in Equity Securities at Fair Value at March 31, 2023 and December 31, 2022, 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, 2023 is limited to the total carrying value of $218.7 million. In addition, the Company had outstanding commitments totaling approximately $96.4 million to fund Equity Method Limited Liability Investments at March 31, 2023. At March 31, 2023, 2.0% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 5.6% was reported with a one month lag and the remainder was reported with more than a one month lag. Note 8 - Investments (Continued) There were no unsettled purchases of Equity Method Limited Liability Investments at March 31, 2023 and December 31, 2022, respectively. There were $29.9 million and $35.2 million unsettled sales of Equity Method Limited Liability Investments at March 31, 2023 and December 31, 2022, respectively. Unsettled sales of Equity Method Limited Liability Investments are carried within Other Receivables on the Condensed Consolidated Balance Sheets. 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 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, 2023 is limited to the total carrying value of $17.0 million. The Company had no outstanding commitments to fund Alternative Energy Partnership Investments as of March 31, 2023. Alternative Energy Partnership Investments are reported on a three month lag. Loans to Policyholders Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. The carrying values of the Company’s Loans to Policyholders at Unpaid Principal investment at March 31, 2023 and December 31, 2022 were $283.1 million and $283.4 million, respectively. Other Investments The carrying values of the Company’s Other Investments at March 31, 2023 and December 31, 2022 were: (Dollars in Millions) Mar 31, Dec 31, Equity Securities at Modified Cost $ 37.1 $ 38.4 Convertible Securities at Fair Value 45.3 43.3 Real Estate at Depreciated Cost 93.0 93.6 Mortgage Loans 85.7 91.1 Other 10.7 3.5 Total $ 271.8 $ 269.9 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 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 Statements of Loss 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, 2023. The Company did not recognize any impairment on Equity Securities at Modified Cost for three months ended March 31, 2023 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 $9.6 million of cumulative impairments on Equity Securities at Modified Cost held as of March 31, 2023. Note 8 - Investments (Continued) Net Investment Income Net Investment Income for the three months ended March 31, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Investment Income: Interest on Fixed Income Securities $ 86.2 $ 68.7 Dividends on Equity Securities Excluding Alternative Investments 1.0 1.5 Alternative Investments: Equity Method Limited Liability Investments 1.1 13.3 Limited Liability Investments Included in Equity Securities 2.6 7.6 Total Alternative Investments 3.7 20.9 Short-term Investments 2.3 0.1 Loans to Policyholders 5.4 5.5 Real Estate 2.4 2.2 Company-Owned Life Insurance 8.8 8.3 Other 3.0 1.7 Total Investment Income 112.8 108.9 Investment Expenses: Real Estate 2.1 2.5 Other Investment Expenses 8.9 6.4 Total Investment Expenses 11.0 8.9 Net Investment Income $ 101.8 $ 100.0 Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Fixed Maturities: Gains on Sales $ 1.1 $ 0.4 Losses on Sales (3.3) (0.8) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Note 9 - Derivatives The Company’s earnings, cash flows, and financial position are subject to fluctuations due to changes in prevailing interest rates. From time to time, the Company uses derivative financial instruments to reduce fluctuations of earnings related to interest rate exposure. The Company entered into derivative agreements with maturity dates throughout 2023. Derivative instruments are carried at fair value on the Condensed Consolidated Balance Sheets. Derivative instruments in a gain position are presented within Other Investments and those in a loss position are included in Accrued Expenses and Other Liabilities. Changes in the fair values of derivatives are recorded on the Condensed Consolidated Statements of Loss within Net Realized Investment Gains or Accumulated Other Comprehensive Loss along with the corresponding change in the designated hedge assets. Note 9 - Derivatives (Continued) Interest Rate Risk The Company’s debt securities valuations utilize the Treasury designated benchmark rate, exposing the Company to variability due to changes in interest rates. Interest Swap Lock The Company entered into an interest swap lock agreement in the third quarter of 2022 classified as cash flow hedges to manage exposure to changes in future purchase prices of fixed maturity securities attributable to changes in the benchmark (Treasury) interest rate. The Company assesses the effectiveness of cash flow hedges using the hypothetical derivative method. Based on the results of the assessment, the hedge was determined to be effective. The interest swap lock agreement was closed out in the first quarter of 2023. Ultra-Long Treasury Futures During 2023, the Company entered into two transactions of exchange-traded ultra-long Treasury futures (“Treasury Futures”) in order to manage exposure to upcoming changes in the benchmark (Treasury) interest rate of forecasted transactions. These derivatives expire quarterly, with the longest future transaction being executed in 2024. A portion of the futures qualified for hedge accounting as a cash flow hedge. The remaining futures did not qualify for hedge accounting. The results are shown in the Treasury Futures section below. Reverse Treasury Lock During 2022 the Company entered into a Reverse Treasury Lock agreement to manage reinvestment risk on future purchases of fixed maturity securities. The Reverse Treasury Lock agreement did not qualify for hedge accounting and matured in the first quarter of 2023. The results are shown in the Reverse Treasury Lock section below. Primary Risks Managed by Derivatives The following table presents the derivative instruments, primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives: March 31, 2023 December 31, 2022 (Dollars in Millions) Estimated Fair Value Estimated Fair Value Derivative Instrument Primary Underlying Risk Exposure Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Derivatives Designated as Hedging Instruments: Interest Swap Lock Interest Rate Risk $ — $ — $ — $ 5.0 $ — $ 0.4 Treasury Futures Interest Rate Risk $ 100.0 $ 3.5 $ — $ — $ — $ — Derivatives Not Designated or Not Qualifying as Hedging Instruments: Treasury Futures Interest Rate Risk $ 100.0 $ 4.5 $ — $ — $ — $ — Reverse Treasury Lock Interest Rate Risk $ — $ — $ — $ 100.0 $ 1.7 $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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. Note 10 - Fair Value Measurements (Continued) The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at March 31, 2023 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 Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 120.8 $ 443.2 $ — $ — $ 564.0 States and Political Subdivisions — 1,622.9 — — 1,622.9 Foreign Governments — 4.0 — — 4.0 Corporate Securities: Bonds and Notes — 3,507.2 196.1 — 3,703.3 Redeemable Preferred Stock — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 981.9 — — 981.9 Other Mortgage- and Asset-backed — 300.0 5.3 — 305.3 Total Investments in Fixed Maturities 120.8 6,860.4 208.2 — 7,189.4 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 28.8 — — 28.8 Other Industries — 9.6 1.6 — 11.2 Common Stocks: Finance, Insurance and Real Estate 0.6 — — — 0.6 Other Industries 0.2 — 0.4 — 0.6 Other Equity Interests: Exchange Traded Funds 6.8 — — — 6.8 Limited Liability Companies and Limited Partnerships — — — 195.6 195.6 Total Investments in Equity Securities at Fair Value 7.6 38.4 2.0 195.6 243.6 Other Investments: Convertible Securities at Fair Value — 45.3 — — 45.3 Derivative Investments Designated as Cash Flow Hedges — 3.5 — — 3.5 Derivative Instruments Not Designated as Hedges — 4.5 — — 4.5 Total Assets $ 128.4 $ 6,952.1 $ 210.2 $ 195.6 $ 7,486.3 Note 10 - Fair Value Measurements (Continued) The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2022 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 103.6 $ 424.4 $ — $ — $ 528.0 States and Political Subdivisions — 1,568.9 — — 1,568.9 Foreign Governments — 4.1 — — 4.1 Corporate Securities: Bonds and Notes — 3,323.4 216.0 — 3,539.4 Redeemable Preferred Stocks — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 953.9 — — 953.9 Other Mortgage- and Asset-backed — 287.4 5.1 — 292.5 Total Investments in Fixed Maturities 103.6 6,563.3 227.9 — 6,894.8 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 29.0 — — 29.0 Other Industries — 9.2 1.6 — 10.8 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 0.3 0.4 0.5 — 1.2 Other Equity Interests: Exchange Traded Funds 12.2 — — — 12.2 Limited Liability Companies and Limited Partnerships — — — 189.1 189.1 Total Investments in Equity Securities at Fair Value 13.4 38.6 2.1 189.1 243.2 Convertible Securities at Fair Value — 43.3 — — 43.3 Other Investments: Derivative Instruments Not Designated as Hedges — 1.7 — — 1.7 Total Assets $ 117.0 $ 6,646.9 $ 230.0 $ 189.1 $ 7,183.0 Liabilities: Accrued Expenses and Other Liabilities: Derivative Instruments Designated as Cash Flow Hedges $ — $ (0.4) $ — $ — $ (0.4) Total Liabilities $ — $ (0.4) $ — $ — $ (0.4) Note 10 - Fair Value Measurements (Continued) 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’s Derivative Instruments Designated as Fair Value Hedges that are classified as Level 2 primarily consist of hedges against the Company’s available for sale debt securities portfolio. 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 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, 2023. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 64.1 4.2% - 14.0% 8.9 % Non-investment-grade: Senior Debt Market Yield 48.6 4.6 - 36.7 12.8 Junior Debt Market Yield 36.8 11.5 - 23.3 15.2 Other Various 58.7 Total Level 3 Fixed Maturity Investments $ 208.2 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, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 56.5 4.6% - 14.5% 9.2 % Non-investment-grade: Senior Debt Market Yield 72.9 4.6 - 36.7 10.9 Junior Debt Market Yield 42.1 8.8 - 22.5 15.1 Other Various 56.4 Total Level 3 Fixed Maturity Investments $ 227.9 Note 10 - 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, 2023 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Period $ 216.0 $ 6.8 $ 5.1 $ 2.1 $ 230.0 Total Gains (Losses): Included in Condensed Consolidated Statements of Loss 0.4 — — (0.5) (0.1) Included in Other Comprehensive (Loss) Income 1.5 — 0.2 — 1.7 Purchases 19.4 — — — 19.4 Settlements — — — — — Sales (41.2) — — — (41.2) Transfers into Level 3 — — — 0.4 0.4 Transfers out of Level 3 — — — — — Balance at End of Period $ 196.1 $ 6.8 $ 5.3 $ 2.0 $ 210.2 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, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Year $ 236.8 $ 6.1 $ 7.0 $ 1.5 $ 251.4 Total Losses: Included in Condensed Consolidated Statements of Loss (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 to changes in the availability of market observable inputs. Note 10 - Fair Value Measurements (Continued) The table below shows investments reported at fair value using NAV and their unfunded commitments by asset class as of March 31, 2023 and December 31, 2022. (Dollars in Millions) March 31, 2023 December 31, 2022 Asset Class Fair Value Using NAV Unfunded Fair Value Using NAV Unfunded Reported as Equity Method Limited Liability Investments: Mezzanine Debt $ 117.3 $ 53.3 $ 114.3 $ 51.6 Senior Debt 21.8 40.7 21.6 42.0 Distressed Debt 8.3 — 9.4 — Secondary Transactions 9.1 1.7 9.3 1.7 Hedge Fund 0.1 — 0.5 — Leveraged Buyout 9.2 0.7 8.9 0.6 Growth Equity 1.2 — 1.2 — Real Estate 43.3 — 43.3 — Other 8.4 — 8.5 — Total Equity Method Limited Liability Investments 218.7 96.4 217.0 95.9 Alternative Energy Partnership Investments 17.0 — 16.3 — Reported as Other Equity Interests at Fair Value: Mezzanine Debt 111.4 62.4 106.0 56.0 Senior Debt 21.9 6.0 21.9 6.0 Distressed Debt 12.7 13.0 12.5 13.0 Secondary Transactions 3.1 4.3 3.5 4.2 Hedge Funds 17.7 — 18.1 — Leveraged Buyout 22.3 7.9 21.6 9.0 Growth Equity 6.3 6.7 5.4 7.9 Real Estate 0.2 0.2 — — Other — — 0.1 0.2 Total Reported as Other Equity Interests at Fair Value 195.6 100.5 189.1 96.3 Reported as Equity Securities at Modified Cost: Other 8.3 — 8.3 — Total Reported as Equity Securities at Modified Cost 8.3 — 8.3 — Total Investments in Limited Liability Companies and Limited Partnerships $ 439.6 $ 196.9 $ 430.7 $ 192.2 At March 31, 2023, the Company had unfunded commitments to invest an additional $196.9 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests and Equity Method Limited Liability Investments if funded. The fund investments included above (excluding Hedge Funds) are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. The funds are generally expected to have approximately 10 year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one or two-year increments. Note 10 - Fair Value Measurements (Continued) The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of the hedge fund investments are redeemable monthly or quarterly. The following table includes information related to the Company’s investments in certain private equity funds or hedge funds that calculate a net asset value per share: Asset Class Investment Category Includes Mezzanine Debt Funds with investments in junior or subordinated debt and potentially minority equity securities issued by private companies. Senior Debt Funds with investments in senior or first lien debt and potentially minority equity securities typically issued by private companies. Distressed Debt Funds with debt or minority equity investments that are made opportunistically in companies that are in or near default or under financial strain with potential to have an active role in restructuring company. Secondary Transactions Funds that focus on purchasing third party fund interests from investors seeking liquidity within their own portfolio. Hedge Fund Funds that focus primarily on investing in public securities with strategy of generating uncorrelated returns to the public markets. Leveraged Buyout Funds with control equity investments in more mature, positive cash flowing, private companies that are typically purchased with the use of financial leverage. Growth Equity Funds that invest in early or venture stage companies with high growth potential with view towards generating realizations through sale or initial public offering (“IPO”) of company. Real Estate Funds with investments in multi-family housing properties. Other Consists of direct investments of preferred equity or minority common equity investments into private companies structured as limited partnerships or limited liability companies. Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. March 31, 2023 December 31, 2022 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 283.1 $ 283.1 $ 283.4 $ 283.4 Short-term Investments 278.4 278.4 278.4 278.4 Mortgage Loans 85.7 85.7 91.1 91.1 Company-Owned Life Insurance 595.3 595.3 $ 586.5 $ 586.5 Equity Securities at Modified Cost 37.1 37.1 38.4 38.4 Financial Liabilities: Long-term Debt $ 1,387.5 $ 1,222.0 $ 1,386.9 $ 1,195.1 Policyholder Obligations 601.0 601.0 601.0 601.0 Loans to policyholders are carried at unpaid principal balance which approximates fair value and are categorized as Level 3 within the fair value hierarchy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. 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 cash surrender value of Company-Owned Life Insurance approximates fair value and is considered to be a Level 2 investment. 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 Note 10 - Fair Value Measurements (Continued) preceding table consist of advances from the Federal Home Loan Bank (“ 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, 2023 | |
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 Condensed 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 Loss. The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments for the three months ended March 31, 2023 and 2022. Three Months Ended (Dollars in millions) Mar 31, 2023 Mar 31, 2022 Fundings $ — $ — Cash Distribution from Investment 0.5 0.4 Income (Loss) on Investments in Alternative Energy Partnership 0.7 (16.7) Income Tax (Recapture) Credits Recognized (0.1) 3.9 Tax (Expense) Benefit Recognized from Alternative Energy Partnership (0.2) 3.1 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 March 31, 2023 and December 31, 2022. (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Cash $ 2.9 $ 3.0 Equipment, Net of Depreciation 259.1 261.7 Other Assets 5.7 5.1 Total Unconsolidated Assets 267.7 269.7 Maximum Loss Exposure 17.0 16.3 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | Other Comprehensive Loss and Accumulated Other Comprehensive Loss The tables below display the changes in Accumulated Other Comprehensive Loss by component for the three months ended March 31, 2023 and 2022. (Dollars in Millions) Net Unrealized Losses on Other Investments Net Unrealized Losses on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Change in Discount Rate on Future Life Policyholder Benefits Total Balance as of January 1, 2023 $ (719.4) $ (2.2) $ (37.2) $ 2.8 $ 241.1 $ (514.9) Other Comprehensive Income (Loss) Before Reclassifications 147.5 1.4 — — (86.7) 62.2 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $0.0, $0.4, $(0.1), $0.1, $0.0 and $0.4 (0.1) (1.4) (0.4) (0.1) — (2.0) Other Comprehensive Income (Loss) Net of Tax Benefit (Expense) of $(39.8), $(0.4), $0.0, $0.0, $23.1 and $(17.1) 147.4 — (0.4) (0.1) (86.7) 60.2 Balance as of March 31, 2023 $ (572.0) $ (2.2) $ (37.6) $ 2.7 $ 154.4 $ (454.7) (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Losses on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs (Loss) Gain on Cash Flow Hedges Change in Discount Rate on Future Life Policyholder Benefits Total Balance as of January 1, 2022, as Reported $ 505.8 $ (3.7) $ (52.1) $ (1.9) $ (849.7) $ (401.6) Other Comprehensive (Loss) Income Before Reclassifications (515.1) (5.8) — 4.7 444.2 (72.0) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $(1.5), $0.0, $0.0, $0.0, $0.0 and $(1.5) 5.8 — — — — 5.8 Other Comprehensive (Loss) Income Net of Tax (Expense) Benefit of $135.2, $1.6, $0.0, $(1.2), $(118.1) and $17.5 (509.3) (5.8) — 4.7 444.2 (66.2) Balance as of March 31, 2022 $ (3.5) $ (9.5) $ (52.1) $ 2.8 $ (405.5) $ (467.8) Amounts reclassified from Accumulated Other Comprehensive Loss shown above are reported in Net Loss as follows: Components of Accumulated Other Comprehensive Loss Consolidated Statements of Income Line Item Affected by Reclassifications Net Unrealized Gains (Losses) on Other Investments and Net Unrealized Losses on Investments with an Allowance for Credit Losses Net Realized Investment Gains (Losses) 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 Change in Discount Rate on Future Life Policyholder Benefits Not applicable |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023, the remaining share repurchase authorization was $171.6 million under the repurchase program. During the three months ended March 31, 2023 and 2022, Kemper did not repurchase any shares of its common stock. Employee Stock Purchase Plan During the three months ended March 31, 2023 and 2022, respectively, the Company issued approximately 18,000 and 22,000 shares under the Kemper Employee Stock Purchase Plan (“ESPP”) at an average discounted price of $46.46 and $48.06 per share. Compensation costs charged against income was $0.2 million for the three months ended March 31, 2023 and 2022, respectively. |
Pension Benefits and Postretire
Pension Benefits and Postretirement Benefits Other Than Pensions | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 3,100 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, 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 Expense for the Pension Plan for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Interest Cost on Projected Benefit Obligation $ 3.4 $ 2.2 Expected Return on Plan Assets (3.3) (1.9) Amortization of Prior Service Cost 0.2 0.2 Amortization of Net Actuarial Loss — 0.4 Total Pension Expense $ 0.3 $ 0.9 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 Benefit for the OPEB Plans for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Service Cost $ — $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation 0.1 — Amortization of Prior Service Credit (0.3) (0.3) Amortization of Net Gain (0.4) (0.4) Total OPEB Benefit $ (0.6) $ (0.6) |
Policyholder Contract Liabiliti
Policyholder Contract Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Policyholder Contract Liabilities | Policyholder Obligations Policyholder Obligations at March 31, 2023 and December 31, 2022 were as follows: (Dollars in Millions) Mar 31, Dec 31, FHLB Funding Agreements $ 601.0 $ 601.0 Universal Life-type Policyholder Account Balances 99.6 100.3 Total $ 700.6 $ 701.3 FHLB Funding Agreements Kemper’s subsidiary, United Insurance Company of America (“United Insurance”) has entered into funding agreements with the FHLB of Chicago in exchange for cash, which it uses for spread lending purposes. During the three months ended March 31, 2023, United Insurance received advances of $89.1 million from the FHLB of Chicago and made repayments of $89.1 million under the spread lending program. 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, 2023 and December 31, 2022 is presented below. (Dollars in Millions) Mar 31, Dec 31, Liability under Funding Agreements $ 601.0 $ 601.0 Fair Value of Collateral Pledged 772.9 744.6 FHLB of Chicago Common Stock Owned at Cost 17.5 17.5 Universal Life-type Policyholder Account Balances The Company’s weighted-average crediting rate for Universal Life-type Policyholder Account Balance s was 5.1% for the three months ended March 31, 2023 and March 31, 2022, respectively. Guaranteed minimum benefit amounts in excess of the current account balances for these contracts were $306.8 million and $311.4 million as of March 31, 2023 and December 31, 2022, respectively. The cash surrender value of the Company’s policyholder obligations for these contracts were $100.0 million |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
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 an additional $200.0 million for a total maximum capacity of $800.0 million. Financial covenants within the agreement limit the Company from accessing the maximum capacity. The amount available as of March 31, 2023 was $520.0 million. There were no outstanding borrowings under the credit agreement at either March 31, 2023 or December 31, 2022. Note 16 - Debt (Continued) 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, 2023 and December 31, 2022 was: (Dollars in Millions) Mar 31, Dec 31, Senior Notes: 4.350% Senior Notes due February 15, 2025 $ 449.4 $ 449.3 2.400% Senior Notes due September 30, 2030 396.7 396.6 3.800% Senior Notes due February 23, 2032 395.6 395.5 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 145.8 145.5 Total Long-term Debt Outstanding $ 1,387.5 $ 1,386.9 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, 2023. 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, 2024 as interest expense on the debt is recognized. Note 16 - Debt (Continued) 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 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 American Access Casualty Company (“AAC”), are members of the FHLBs of Chicago, Dallas and Chicago respectively. Alliance United Insurance Company (“Alliance”) was a member of the FHLB of San Francisco until it surrendered all California licenses on January 30, 2023 and ceased to exist as an insurance company. As a requirement of membership in the FHLBs, United Insurance, Trinity, and AAC 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 or Dallas outstanding at March 31, 2023 or December 31, 2022. For information on United Insurance’s funding agreement with the FHLB of Chicago in connection with the spread lending program, see Note 15, “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 $14.1 million for the three months ended March 31, 2023. Interest paid, including facility fees, was $24.8 million for the three months ended March 31, 2023. Interest Expense, including facility fees, accretion of discount 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. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 40.0 $ 45.1 Operating Lease Liabilities 68.5 72.6 Note 17 - Leases (Continued) Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statements of Loss. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Operating Lease Cost $ 4.1 $ 5.6 Variable Lease Cost 0.1 0.1 Short-Term Lease Cost (1) — 1.2 Total Lease Expense $ 4.2 $ 6.9 Less: Sub-Lease Income — 0.1 Total Lease Cost $ 4.2 $ 6.8 (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 leases for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.1 $ 6.2 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 5.5 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.4 1.0 As of March 31, 2023, the Company does not have any finance leases. Significant judgments and assumptions for determining lease asset and liability at March 31, 2023 and 2022 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases N/A 0.8 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 5.8 years Weighted-average Discount Rate - Finance Leases N/A 0.6 % Weighted-average Discount Rate - Operating Leases 3.6 % 3.4 % 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 17 - Leases (Continued) Future minimum lease payments under operating leases at March 31, 2023 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2023 $ 17.3 2024 17.6 2025 13.0 2026 6.5 2027 4.2 2028 and Thereafter 17.9 Total Future Payments $ 76.5 Less Imputed Interest 8.0 Present Value of Minimum Lease Payments $ 68.5 |
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 $ 40.0 $ 45.1 Operating Lease Liabilities 68.5 72.6 Note 17 - Leases (Continued) Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statements of Loss. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Operating Lease Cost $ 4.1 $ 5.6 Variable Lease Cost 0.1 0.1 Short-Term Lease Cost (1) — 1.2 Total Lease Expense $ 4.2 $ 6.9 Less: Sub-Lease Income — 0.1 Total Lease Cost $ 4.2 $ 6.8 (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 leases for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.1 $ 6.2 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 5.5 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.4 1.0 As of March 31, 2023, the Company does not have any finance leases. Significant judgments and assumptions for determining lease asset and liability at March 31, 2023 and 2022 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases N/A 0.8 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 5.8 years Weighted-average Discount Rate - Finance Leases N/A 0.6 % Weighted-average Discount Rate - Operating Leases 3.6 % 3.4 % 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 17 - Leases (Continued) Future minimum lease payments under operating leases at March 31, 2023 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2023 $ 17.3 2024 17.6 2025 13.0 2026 6.5 2027 4.2 2028 and Thereafter 17.9 Total Future Payments $ 76.5 Less Imputed Interest 8.0 Present Value of Minimum Lease Payments $ 68.5 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
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 well as 2018. As a result of the Company filing amended federal income tax returns, tax years 2012 and 2013 are under limited examination with respect to carry-back adjustments associated with the amended returns. The statute of limitations related to tax years 2014, 2015, 2016 and 2017 has been extended to December 31, 2023. Tax years 2019, 2020 and 2021 are subject to a statute of three years from the extended due dates of October 15, 2020, 2021, and 2022, 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, 2023 or December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income Tax Benefit. For the three months ended March 31, 2023, federal income tax refunds received, net of income taxes paid, were $124.7 million. For the three months ended March 31, 2022, federal income taxes paid, net of refunds received, were $0.1 million. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesIn 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 Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements. |
Deferred Costs, Capitalized, Pr
Deferred Costs, Capitalized, Prepaid, and Other Assets | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs The following table presents the balances and changes in Deferred Policy Acquisition Costs for the Life and Health and Property and Casualty business for the three months ended March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Life and Health Property and Casualty Total Life and Health Property and Casualty Total Balance, Beginning of Year $ 404.5 $ 231.1 $ 635.6 $ 419.3 $ 268.7 $ 688.0 Capitalizations 15.4 149.5 164.9 16.5 165.7 182.2 Amortization Expense (5.6) (142.3) (147.9) (7.2) (171.5) (178.7) Experience Adjustment (1.1) — (1.1) (1.9) — (1.9) Balance, End of Period $ 413.2 $ 238.3 $ 651.5 $ 426.7 $ 262.9 $ 689.6 Costs directly associated with the successful acquisition of business, principally commissions and certain premium taxes and policy issuance costs, are deferred. Costs deferred on property and casualty insurance contracts are amortized over the period in which premiums are earned. Costs deferred on traditional life insurance products and other long-duration insurance contracts are amortized on a constant level basis over the expected life of the contracts in accordance with the assumptions used to estimate the liability for future policyholder benefits for nonparticipating traditional and limited-payment contracts. The underlying assumptions for deferred policy acquisition costs and the liability for future policyholder benefits were updated concurrently. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023. Other than discussed below, there were no adoptions of such accounting pronouncements during the three months ended March 31, 2023 that had a material impact on the Company’s Condensed Consolidated Financial Statements. Guidance Adopted in 2023 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liability for Future Policy Benefit, Activity | The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the three months ended March 31, 2023 and March 31, 2022: Present Value of Expected Net Premiums Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 688.6 $ 669.0 Beginning Balance at Original Discount Rate $ 728.9 $ 599.8 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances from Expected Experience 0.7 12.5 Adjusted Beginning of Year Balance 729.6 612.3 Issuances 31.8 41.6 Interest Accrual 7.0 5.1 Net Premiums Collected (23.9) (21.1) Ending Balance at Original Discount Rate 744.5 637.9 Effect of Changes in Discount Rate Assumptions (22.1) 23.1 Balance, End of Period $ 722.4 $ 661.0 Present Value of Expected Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Balance, Beginning of Year $ 3,561.0 $ 4,933.1 Beginning Balance at Original Discount Rate $ 3,906.2 $ 3,788.1 Effect of Changes in Cash Flow Assumptions — — Effect of Actual Variances From Expected Experience 0.3 12.7 Adjusted Beginning of Year Balance 3,906.5 3,800.8 Issuances 31.8 41.6 Interest Accrual 42.4 40.8 Benefit Payments (63.8) (71.0) Ending Balance at Original Discount Rate 3,916.9 3,812.2 Effect of Changes in Discount Rate Assumptions (217.4) 536.5 Balance, End of Period $ 3,699.5 $ 4,348.7 Net Liability for Future Policyholder Benefits Mar 31, 2023 Mar 31, 2022 Net Liability for Future Policyholder Benefits $ 2,977.1 $ 3,687.7 Less: Reinsurance Recoverable — — Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable $ 2,977.1 $ 3,687.7 |
Weighted-Average Liability Duration | The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows: Mar 31, 2023 Mar 31, 2022 Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) 14.9 17.1 |
Reconciliation of Net Liability for Future Policyholder Benefits | The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows: Mar 31, 2023 Mar 31, 2022 Present Value of Expected Future Policyholder benefits $ 3,699.5 $ 4,348.7 Less: Present Value of Expected Net Premiums 722.4 661.0 Net Liability for Future Policyholder benefits 2,977.1 3,687.7 Deferred Profit Liability 272.6 213.9 Other 1 149.9 202.6 Total Life and Health Insurance Reserves $ 3,399.6 $ 4,104.2 1 Other primarily consists of Accident and Health and Universal Life reserves |
Undiscounted Expected Gross Premiums and Expected Future Benefit Payments | The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows: Mar 31, 2023 Mar 31, 2022 Expected Future Benefit Payments, undiscounted $ 10,177.7 $ 9,536.9 Expected Future Gross Premiums, undiscounted $ 4,464.2 $ 3,808.5 Expected Future Gross Premiums, discounted $ 2,931.1 $ 2,912.1 |
Weighted Average Interest Rate for Future Policyholder Benfits | The weighted-average interest rate is as follows: Mar 31, 2023 Mar 31, 2022 Interest Accretion Rate 4.55 % 4.55 % Current Discount Rate 5.05 % 3.76 % |
Accounting Standards Update and Change in Accounting Principle | The table below presents the transition adjustment for the adoption of ASU 2018-12: Pre-Adoption Balance 12/31/2020 Adjustments to AOCI Adjustments to Retained Earnings Post- Adoption Balance 1/1/2021 Retained Earnings $ (2,071.2) — 25.1 $ (2,046.1) AOCI $ (680.5) 1,030.3 — $ 349.8 Note 1 - Basis of Presentation and Accounting Policies (Continued) For the liability for future policyholder benefits, the net transition adjustment is related to the difference in the historical discount rates used pre-transition and the discount rate at December 31, 2020. At transition, there were no adjustments related to premium deficiencies, as the balance is only applicable to Kemper’s universal life contracts which are stated at account value. The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Loss for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Earned Premiums $ 1,338.6 (18.6) $ 1,320.0 Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses $ 1,153.4 (30.2) $ 1,123.2 Insurance Expenses $ 304.0 0.8 $ 304.8 Income Tax Benefit $ 31.7 (2.3) $ 29.4 Net Loss $ (94.8) 8.5 $ (86.3) Net Loss Per Unrestricted Share: Basic $ (1.49) $ 0.13 $ (1.36) Diluted $ (1.49) $ 0.13 $ (1.36) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet as of December 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Deferred Policy Acquisition Costs $ 625.6 10.0 $ 635.6 Deferred Income Tax Assets $ 189.4 (60.4) $ 129.0 Total Assets $ 13,364.0 (50.4) $ 13,313.6 Life and Health Insurance Reserves $ 3,554.0 (277.8) $ 3,276.2 Total Liabilities $ 10,920.8 (277.8) $ 10,643.0 Retained Earnings $ 1,380.1 (13.7) $ 1,366.4 Accumulated Other Comprehensive (Loss) Income $ (756.0) 241.1 $ (514.9) Total Shareholders’ Equity $ 2,443.2 227.4 $ 2,670.6 The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Change in Discount Rate on Future Life Policyholder Benefits $ — 562.3 $ 562.3 Other Comprehensive Loss Before Income Taxes $ (646.0) 562.3 $ (83.7) Other Comprehensive Income Tax Benefit $ 135.6 (118.1) $ 17.5 Other Comprehensive Loss, Net of Taxes $ (510.4) 444.2 $ (66.2) Total Comprehensive Loss $ (605.2) 452.7 $ (152.5) Note 1 - Basis of Presentation and Accounting Policies (Continued) The effects of adoption of ASU 2018-12 on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022 were as follows: Prior to Adoption Effect of Adoption Post- Adoption Balance Cash Flows from Operating Activities: Net Loss $ (94.8) 8.5 $ (86.3) Change in Deferred Policy Acquisition Costs $ (2.4) 0.8 $ (1.6) Change in Insurance Reserves $ 2.9 (11.6) $ (8.7) Change in Income Taxes $ (30.5) 2.3 $ (28.2) Net Cash Used in Operating Activities $ (18.2) — $ (18.2) |
Liability for Future Policy Benefits Interest Expense and Premiums | The amount of revenue and interest recognized in the Condensed Consolidated Statements of Loss is as follows: Three Months Ended Mar 31, Mar 31, Gross Premiums or Assessments $ 103.8 $ 101.4 Interest Expense $ 35.4 $ 35.6 |
Net Income Per Unrestricted S_2
Net Income Per Unrestricted Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Loss Per Unrestricted Share and Diluted Net Loss Per Unrestricted Share for the three months ended March 31, 2023 and 2022 is presented below. Three Months Ended (Dollars in Millions, except per share amounts) Mar 31, Mar 31, Net Loss $ (80.1) $ (86.3) Less: Net Loss Attributed to Participating Awards — — Net Loss Attributed to Unrestricted Shares (80.1) (86.3) Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — Diluted Net Loss Attributed to Unrestricted Shares $ (80.1) $ (86.3) (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,946.6 63,743.7 Equity-based Compensation Equivalent Shares — — Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,946.6 63,743.7 (Per Unrestricted Share in Whole Dollars) Basic Net Loss Per Unrestricted Share $ (1.25) $ (1.36) Diluted Net Loss Per Unrestricted Share $ (1.25) $ (1.36) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services | Earned Premiums by product line for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Specialty Property & Casualty Insurance: Personal Automobile $ 787.9 $ 901.7 Commercial Automobile 156.3 119.9 Preferred Property & Casualty Insurance: Preferred Automobile 78.2 96.0 Homeowners 52.2 51.3 Other Personal Lines 7.0 8.3 Life & Health Insurance: Life 82.2 82.7 Accident and Health 5.9 45.8 Property 11.2 14.3 Total Earned Premiums $ 1,180.9 $ 1,320.0 |
Reconciliation of Revenue from Segments to Consolidated | Segment Revenues, including a reconciliation to Total Revenues, for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 944.2 $ 1,021.6 Net Investment Income 38.5 34.9 Change in Value of Alternative Energy Partnership Investments 0.4 (8.4) Other Income 0.9 1.7 Total Specialty Property & Casualty Insurance 984.0 1,049.8 Preferred Property & Casualty Insurance: Earned Premiums 137.4 155.6 Net Investment Income 10.5 12.5 Change in Value of Alternative Energy Partnership Investments 0.1 (3.9) Total Preferred Property & Casualty Insurance 148.0 164.2 Life & Health Insurance: Earned Premiums 99.3 142.8 Net Investment Income 49.8 49.4 Change in Value of Alternative Energy Partnership Investments 0.2 (4.4) Other Loss (0.4) — Total Life & Health Insurance 148.9 187.8 Total Segment Revenues 1,280.9 1,401.8 Income (Loss) from Change in Fair Value of Equity and Convertible Securities 1.7 (28.2) Net Realized Investment Gains 6.4 1.5 Net Impairment Gains (Losses) Recognized in Earnings 2.1 (8.9) Other 3.7 3.9 Total Revenues $ 1,294.8 $ 1,370.1 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment Operating Income (Loss), including a reconciliation to Loss before Income Taxes, for the three months ended March 31, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (74.7) $ (60.2) Preferred Property & Casualty Insurance (12.2) (9.5) Life & Health Insurance 14.8 12.0 Total Segment Operating Loss (72.1) (57.7) Corporate and Other Operating Loss From: Other (12.9) (14.0) Corporate and Other Operating Loss (12.9) (14.0) Adjusted Consolidated Operating Loss (85.0) (71.7) Income (Loss) from Change in Fair Value of Equity and Convertible Securities 1.7 (28.2) Net Realized Investment Gains 6.4 1.5 Impairment Gains (Losses) 2.1 (8.9) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (29.1) (4.7) Loss from Early Extinguishment of Debt — (3.7) Loss before Income Taxes $ (103.9) $ (115.7) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Segment Net Operating Income (Loss), including a reconciliation to Net Loss, for the three months ended March 31, 2023 and 2022 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 $ (58.4) $ (44.7) Preferred Property & Casualty Insurance (9.5) (6.1) Life & Health Insurance 13.2 11.6 Total Segment Net Operating Loss (54.7) (39.2) Corporate and Other Net Operating Loss From: Other (10.5) (12.4) Total Corporate and Other Net Operating Income Loss (10.5) (12.4) Adjusted Consolidated Net Operating Loss (65.2) (51.6) Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities 1.3 (22.3) Net Realized Investment Gains 5.1 1.2 Impairment Gains (Losses) 1.7 (7.0) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (23.0) (3.7) Loss from Early Extinguishment of Debt — (2.9) Net Loss $ (80.1) $ (86.3) |
Property and Casualty Insuran_2
Property and Casualty Insurance Reserves (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,756.9 $ 2,772.7 Less Reinsurance Recoverables at Beginning of Year 39.6 41.9 Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year 2,717.3 2,730.8 Incurred Losses and Loss Adjustment Expenses (“ LAE”) Related to: Current Year 944.0 1,041.9 Prior Years 41.9 (2.7) Total Incurred Losses and LAE 985.9 1,039.2 Paid Losses and LAE Related to: Current Year 325.5 373.9 Prior Years 690.9 676.9 Total Paid Losses and LAE 1,016.4 1,050.8 Property and Casualty Insurance Reserves, Net of Reinsurance at End of Period 2,686.8 2,719.2 Plus Reinsurance Recoverables at End of Period 34.3 40.9 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,721.1 $ 2,760.1 |
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, 2023. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,286.6 $ 13.1 Provision for Expected Credit Losses 11.0 Write-offs of Uncollectible Receivables from Policyholders (12.8) Balance at End of Period $ 1,344.0 $ 11.3 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 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of the Company’s Investments in Fixed Maturities at March 31, 2023 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 152.7 $ 144.4 Due after One Year to Five Years 1,000.6 969.2 Due after Five Years to Ten Years 1,193.0 1,058.3 Due after Ten Years 3,705.0 3,305.5 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,872.3 1,712.0 Investments in Fixed Maturities $ 7,923.6 $ 7,189.4 |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2023 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 $ 123.6 $ (7.3) $ 330.9 $ (65.7) $ 454.5 $ (73.0) States and Political Subdivisions 332.1 (17.5) 724.1 (176.7) 1,056.2 (194.2) Foreign Governments 0.6 — 2.4 (0.8) 3.0 (0.8) Corporate Securities: Bonds and Notes 1,811.8 (132.9) 1,312.7 (285.6) 3,124.5 (418.5) Redeemable Preferred Stocks 3.0 (0.2) 4.7 (0.8) 7.7 (1.0) Collateralized Loan Obligations 278.5 (11.9) 694.2 (39.3) 972.7 (51.2) Other Mortgage- and Asset-backed 105.6 (8.5) 189.6 (37.9) 295.2 (46.4) Total Fixed Maturities $ 2,655.2 $ (178.3) $ 3,258.6 $ (606.8) $ 5,913.8 $ (785.1) An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 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 $ 337.3 $ (49.3) $ 126.5 $ (36.5) $ 463.8 $ (85.8) States and Political Subdivisions 854.7 (140.6) 276.8 (97.7) 1,131.5 (238.3) Foreign Governments 0.1 — 2.6 (0.9) 2.7 (0.9) Corporate Securities: Bonds and Notes 2,730.6 (373.9) 424.4 (125.8) 3,155.0 (499.7) Redeemable Preferred Stocks 7.7 (1.0) — — 7.7 (1.0) Collateralized Loan Obligations 568.2 (34.2) 373.9 (26.6) 942.1 (60.8) Other Mortgage- and Asset-backed 205.4 (28.9) 79.5 (21.4) 284.9 (50.3) Total Fixed Maturities $ 4,704.0 $ (627.9) $ 1,283.7 $ (308.9) $ 5,987.7 $ (936.8) |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at March 31, 2023 and December 31, 2022 were: (Dollars in Millions) Mar 31, Dec 31, Equity Securities at Modified Cost $ 37.1 $ 38.4 Convertible Securities at Fair Value 45.3 43.3 Real Estate at Depreciated Cost 93.0 93.6 Mortgage Loans 85.7 91.1 Other 10.7 3.5 Total $ 271.8 $ 269.9 |
Investment Income | Net Investment Income for the three months ended March 31, 2023 and 2022 was: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Investment Income: Interest on Fixed Income Securities $ 86.2 $ 68.7 Dividends on Equity Securities Excluding Alternative Investments 1.0 1.5 Alternative Investments: Equity Method Limited Liability Investments 1.1 13.3 Limited Liability Investments Included in Equity Securities 2.6 7.6 Total Alternative Investments 3.7 20.9 Short-term Investments 2.3 0.1 Loans to Policyholders 5.4 5.5 Real Estate 2.4 2.2 Company-Owned Life Insurance 8.8 8.3 Other 3.0 1.7 Total Investment Income 112.8 108.9 Investment Expenses: Real Estate 2.1 2.5 Other Investment Expenses 8.9 6.4 Total Investment Expenses 11.0 8.9 Net Investment Income $ 101.8 $ 100.0 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Fixed Maturities: Gains on Sales $ 1.1 $ 0.4 Losses on Sales (3.3) (0.8) |
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, 2023 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 633.6 $ 3.4 $ (73.0) $ — $ 564.0 States and Political Subdivisions 1,794.8 23.1 (194.2) (0.8) 1,622.9 Foreign Governments 4.8 — (0.8) — 4.0 Corporate Securities: Bonds and Notes 4,097.0 31.4 (418.5) (6.6) 3,703.3 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,033.0 0.1 (51.2) — 981.9 Other Mortgage- and Asset-backed 351.4 0.3 (46.4) — 305.3 Investments in Fixed Maturities $ 7,923.6 $ 58.3 $ (785.1) $ (7.4) $ 7,189.4 Note 8 - Investments (Continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 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 $ 612.5 $ 1.3 $ (85.8) $ — $ 528.0 States and Political Subdivisions 1,797.6 10.3 (238.3) (0.7) 1,568.9 Foreign Governments 5.0 — (0.9) — 4.1 Corporate Securities: Bonds and Notes 4,030.3 17.7 (499.7) (8.9) 3,539.4 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,014.7 — (60.8) — 953.9 Other Mortgage- and Asset-backed 342.7 0.1 (50.3) — 292.5 Investments in Fixed Maturities $ 7,811.8 $ 29.4 $ (936.8) $ (9.6) $ 6,894.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at March 31, 2023 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 Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 120.8 $ 443.2 $ — $ — $ 564.0 States and Political Subdivisions — 1,622.9 — — 1,622.9 Foreign Governments — 4.0 — — 4.0 Corporate Securities: Bonds and Notes — 3,507.2 196.1 — 3,703.3 Redeemable Preferred Stock — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 981.9 — — 981.9 Other Mortgage- and Asset-backed — 300.0 5.3 — 305.3 Total Investments in Fixed Maturities 120.8 6,860.4 208.2 — 7,189.4 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 28.8 — — 28.8 Other Industries — 9.6 1.6 — 11.2 Common Stocks: Finance, Insurance and Real Estate 0.6 — — — 0.6 Other Industries 0.2 — 0.4 — 0.6 Other Equity Interests: Exchange Traded Funds 6.8 — — — 6.8 Limited Liability Companies and Limited Partnerships — — — 195.6 195.6 Total Investments in Equity Securities at Fair Value 7.6 38.4 2.0 195.6 243.6 Other Investments: Convertible Securities at Fair Value — 45.3 — — 45.3 Derivative Investments Designated as Cash Flow Hedges — 3.5 — — 3.5 Derivative Instruments Not Designated as Hedges — 4.5 — — 4.5 Total Assets $ 128.4 $ 6,952.1 $ 210.2 $ 195.6 $ 7,486.3 The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2022 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 103.6 $ 424.4 $ — $ — $ 528.0 States and Political Subdivisions — 1,568.9 — — 1,568.9 Foreign Governments — 4.1 — — 4.1 Corporate Securities: Bonds and Notes — 3,323.4 216.0 — 3,539.4 Redeemable Preferred Stocks — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 953.9 — — 953.9 Other Mortgage- and Asset-backed — 287.4 5.1 — 292.5 Total Investments in Fixed Maturities 103.6 6,563.3 227.9 — 6,894.8 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 29.0 — — 29.0 Other Industries — 9.2 1.6 — 10.8 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 0.3 0.4 0.5 — 1.2 Other Equity Interests: Exchange Traded Funds 12.2 — — — 12.2 Limited Liability Companies and Limited Partnerships — — — 189.1 189.1 Total Investments in Equity Securities at Fair Value 13.4 38.6 2.1 189.1 243.2 Convertible Securities at Fair Value — 43.3 — — 43.3 Other Investments: Derivative Instruments Not Designated as Hedges — 1.7 — — 1.7 Total Assets $ 117.0 $ 6,646.9 $ 230.0 $ 189.1 $ 7,183.0 Liabilities: Accrued Expenses and Other Liabilities: Derivative Instruments Designated as Cash Flow Hedges $ — $ (0.4) $ — $ — $ (0.4) Total Liabilities $ — $ (0.4) $ — $ — $ (0.4) |
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, 2023. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 64.1 4.2% - 14.0% 8.9 % Non-investment-grade: Senior Debt Market Yield 48.6 4.6 - 36.7 12.8 Junior Debt Market Yield 36.8 11.5 - 23.3 15.2 Other Various 58.7 Total Level 3 Fixed Maturity Investments $ 208.2 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, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 56.5 4.6% - 14.5% 9.2 % Non-investment-grade: Senior Debt Market Yield 72.9 4.6 - 36.7 10.9 Junior Debt Market Yield 42.1 8.8 - 22.5 15.1 Other Various 56.4 Total Level 3 Fixed Maturity Investments $ 227.9 |
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, 2023 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Period $ 216.0 $ 6.8 $ 5.1 $ 2.1 $ 230.0 Total Gains (Losses): Included in Condensed Consolidated Statements of Loss 0.4 — — (0.5) (0.1) Included in Other Comprehensive (Loss) Income 1.5 — 0.2 — 1.7 Purchases 19.4 — — — 19.4 Settlements — — — — — Sales (41.2) — — — (41.2) Transfers into Level 3 — — — 0.4 0.4 Transfers out of Level 3 — — — — — Balance at End of Period $ 196.1 $ 6.8 $ 5.3 $ 2.0 $ 210.2 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, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Year $ 236.8 $ 6.1 $ 7.0 $ 1.5 $ 251.4 Total Losses: Included in Condensed Consolidated Statements of Loss (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 to changes in the availability of market observable inputs. Note 10 - Fair Value Measurements (Continued) The table below shows investments reported at fair value using NAV and their unfunded commitments by asset class as of March 31, 2023 and December 31, 2022. (Dollars in Millions) March 31, 2023 December 31, 2022 Asset Class Fair Value Using NAV Unfunded Fair Value Using NAV Unfunded Reported as Equity Method Limited Liability Investments: Mezzanine Debt $ 117.3 $ 53.3 $ 114.3 $ 51.6 Senior Debt 21.8 40.7 21.6 42.0 Distressed Debt 8.3 — 9.4 — Secondary Transactions 9.1 1.7 9.3 1.7 Hedge Fund 0.1 — 0.5 — Leveraged Buyout 9.2 0.7 8.9 0.6 Growth Equity 1.2 — 1.2 — Real Estate 43.3 — 43.3 — Other 8.4 — 8.5 — Total Equity Method Limited Liability Investments 218.7 96.4 217.0 95.9 Alternative Energy Partnership Investments 17.0 — 16.3 — Reported as Other Equity Interests at Fair Value: Mezzanine Debt 111.4 62.4 106.0 56.0 Senior Debt 21.9 6.0 21.9 6.0 Distressed Debt 12.7 13.0 12.5 13.0 Secondary Transactions 3.1 4.3 3.5 4.2 Hedge Funds 17.7 — 18.1 — Leveraged Buyout 22.3 7.9 21.6 9.0 Growth Equity 6.3 6.7 5.4 7.9 Real Estate 0.2 0.2 — — Other — — 0.1 0.2 Total Reported as Other Equity Interests at Fair Value 195.6 100.5 189.1 96.3 Reported as Equity Securities at Modified Cost: Other 8.3 — 8.3 — Total Reported as Equity Securities at Modified Cost 8.3 — 8.3 — Total Investments in Limited Liability Companies and Limited Partnerships $ 439.6 $ 196.9 $ 430.7 $ 192.2 At March 31, 2023, the Company had unfunded commitments to invest an additional $196.9 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests and Equity Method Limited Liability Investments if funded. The fund investments included above (excluding Hedge Funds) are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. The funds are generally expected to have approximately 10 year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one or two-year increments. Note 10 - Fair Value Measurements (Continued) The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of the hedge fund investments are redeemable monthly or quarterly. The following table includes information related to the Company’s investments in certain private equity funds or hedge funds that calculate a net asset value per share: Asset Class Investment Category Includes Mezzanine Debt Funds with investments in junior or subordinated debt and potentially minority equity securities issued by private companies. Senior Debt Funds with investments in senior or first lien debt and potentially minority equity securities typically issued by private companies. Distressed Debt Funds with debt or minority equity investments that are made opportunistically in companies that are in or near default or under financial strain with potential to have an active role in restructuring company. Secondary Transactions Funds that focus on purchasing third party fund interests from investors seeking liquidity within their own portfolio. Hedge Fund Funds that focus primarily on investing in public securities with strategy of generating uncorrelated returns to the public markets. Leveraged Buyout Funds with control equity investments in more mature, positive cash flowing, private companies that are typically purchased with the use of financial leverage. Growth Equity Funds that invest in early or venture stage companies with high growth potential with view towards generating realizations through sale or initial public offering (“IPO”) of company. Real Estate Funds with investments in multi-family housing properties. Other Consists of direct investments of preferred equity or minority common equity investments into private companies structured as limited partnerships or limited liability companies. |
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, 2023 December 31, 2022 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 283.1 $ 283.1 $ 283.4 $ 283.4 Short-term Investments 278.4 278.4 278.4 278.4 Mortgage Loans 85.7 85.7 91.1 91.1 Company-Owned Life Insurance 595.3 595.3 $ 586.5 $ 586.5 Equity Securities at Modified Cost 37.1 37.1 38.4 38.4 Financial Liabilities: Long-term Debt $ 1,387.5 $ 1,222.0 $ 1,386.9 $ 1,195.1 Policyholder Obligations 601.0 601.0 601.0 601.0 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 for the three months ended March 31, 2023 and 2022. Three Months Ended (Dollars in millions) Mar 31, 2023 Mar 31, 2022 Fundings $ — $ — Cash Distribution from Investment 0.5 0.4 Income (Loss) on Investments in Alternative Energy Partnership 0.7 (16.7) Income Tax (Recapture) Credits Recognized (0.1) 3.9 Tax (Expense) Benefit Recognized from Alternative Energy Partnership (0.2) 3.1 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 March 31, 2023 and December 31, 2022. (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Cash $ 2.9 $ 3.0 Equipment, Net of Depreciation 259.1 261.7 Other Assets 5.7 5.1 Total Unconsolidated Assets 267.7 269.7 Maximum Loss Exposure 17.0 16.3 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Schedule of Comprehensive Income | The tables below display the changes in Accumulated Other Comprehensive Loss by component for the three months ended March 31, 2023 and 2022. (Dollars in Millions) Net Unrealized Losses on Other Investments Net Unrealized Losses on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Change in Discount Rate on Future Life Policyholder Benefits Total Balance as of January 1, 2023 $ (719.4) $ (2.2) $ (37.2) $ 2.8 $ 241.1 $ (514.9) Other Comprehensive Income (Loss) Before Reclassifications 147.5 1.4 — — (86.7) 62.2 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $0.0, $0.4, $(0.1), $0.1, $0.0 and $0.4 (0.1) (1.4) (0.4) (0.1) — (2.0) Other Comprehensive Income (Loss) Net of Tax Benefit (Expense) of $(39.8), $(0.4), $0.0, $0.0, $23.1 and $(17.1) 147.4 — (0.4) (0.1) (86.7) 60.2 Balance as of March 31, 2023 $ (572.0) $ (2.2) $ (37.6) $ 2.7 $ 154.4 $ (454.7) | (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Losses on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs (Loss) Gain on Cash Flow Hedges Change in Discount Rate on Future Life Policyholder Benefits Total Balance as of January 1, 2022, as Reported $ 505.8 $ (3.7) $ (52.1) $ (1.9) $ (849.7) $ (401.6) Other Comprehensive (Loss) Income Before Reclassifications (515.1) (5.8) — 4.7 444.2 (72.0) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $(1.5), $0.0, $0.0, $0.0, $0.0 and $(1.5) 5.8 — — — — 5.8 Other Comprehensive (Loss) Income Net of Tax (Expense) Benefit of $135.2, $1.6, $0.0, $(1.2), $(118.1) and $17.5 (509.3) (5.8) — 4.7 444.2 (66.2) Balance as of March 31, 2022 $ (3.5) $ (9.5) $ (52.1) $ 2.8 $ (405.5) $ (467.8) |
Pension Benefits and Postreti_2
Pension Benefits and Postretirement Benefits Other Than Pensions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of Pension Expense for the Pension Plan for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Interest Cost on Projected Benefit Obligation $ 3.4 $ 2.2 Expected Return on Plan Assets (3.3) (1.9) Amortization of Prior Service Cost 0.2 0.2 Amortization of Net Actuarial Loss — 0.4 Total Pension Expense $ 0.3 $ 0.9 |
Postretirement Benefits Other than Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of OPEB Benefit for the OPEB Plans for the three months ended March 31, 2023 and 2022 were: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Service Cost $ — $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation 0.1 — Amortization of Prior Service Credit (0.3) (0.3) Amortization of Net Gain (0.4) (0.4) Total OPEB Benefit $ (0.6) $ (0.6) |
Policyholder Contract Liabili_2
Policyholder Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Liability for Future Policy Benefits, by Product Segment | Policyholder Obligations at March 31, 2023 and December 31, 2022 were as follows: (Dollars in Millions) Mar 31, Dec 31, FHLB Funding Agreements $ 601.0 $ 601.0 Universal Life-type Policyholder Account Balances 99.6 100.3 Total $ 700.6 $ 701.3 |
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, 2023 and December 31, 2022 is presented below. (Dollars in Millions) Mar 31, Dec 31, Liability under Funding Agreements $ 601.0 $ 601.0 Fair Value of Collateral Pledged 772.9 744.6 FHLB of Chicago Common Stock Owned at Cost 17.5 17.5 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total amortized cost of Long-term Debt outstanding at March 31, 2023 and December 31, 2022 was: (Dollars in Millions) Mar 31, Dec 31, Senior Notes: 4.350% Senior Notes due February 15, 2025 $ 449.4 $ 449.3 2.400% Senior Notes due September 30, 2030 396.7 396.6 3.800% Senior Notes due February 23, 2032 395.6 395.5 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 145.8 145.5 Total Long-term Debt Outstanding $ 1,387.5 $ 1,386.9 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | he 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 $ 40.0 $ 45.1 Operating Lease Liabilities 68.5 72.6 Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statements of Loss. Additional information regarding the Company’s lease cost is presented below. Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Lease Cost: Operating Lease Cost $ 4.1 $ 5.6 Variable Lease Cost 0.1 0.1 Short-Term Lease Cost (1) — 1.2 Total Lease Expense $ 4.2 $ 6.9 Less: Sub-Lease Income — 0.1 Total Lease Cost $ 4.2 $ 6.8 (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 leases for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended (Dollars in Millions) Mar 31, Mar 31, Operating Cash Flows from Operating Lease (Fixed Payments) $ 6.1 $ 6.2 Operating Cash Flows from Operating Lease (Liability Reduction) 5.5 5.5 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 1.4 1.0 As of March 31, 2023, the Company does not have any finance leases. Significant judgments and assumptions for determining lease asset and liability at March 31, 2023 and 2022 are presented below. Three Months Ended Mar 31, Mar 31, Weighted-average Remaining Lease Term - Finance Leases N/A 0.8 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 5.8 years Weighted-average Discount Rate - Finance Leases N/A 0.6 % Weighted-average Discount Rate - Operating Leases 3.6 % 3.4 % |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases | uture minimum lease payments under operating leases at March 31, 2023 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2023 $ 17.3 2024 17.6 2025 13.0 2026 6.5 2027 4.2 2028 and Thereafter 17.9 Total Future Payments $ 76.5 Less Imputed Interest 8.0 Present Value of Minimum Lease Payments $ 68.5 |
Deferred Costs, Capitalized, _2
Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | The following table presents the balances and changes in Deferred Policy Acquisition Costs for the Life and Health and Property and Casualty business for the three months ended March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Life and Health Property and Casualty Total Life and Health Property and Casualty Total Balance, Beginning of Year $ 404.5 $ 231.1 $ 635.6 $ 419.3 $ 268.7 $ 688.0 Capitalizations 15.4 149.5 164.9 16.5 165.7 182.2 Amortization Expense (5.6) (142.3) (147.9) (7.2) (171.5) (178.7) Experience Adjustment (1.1) — (1.1) (1.9) — (1.9) Balance, End of Period $ 413.2 $ 238.3 $ 651.5 $ 426.7 $ 262.9 $ 689.6 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' equity | $ (2,646.9) | $ (2,969.2) | $ (2,670.6) | $ (3,129.7) | |
Retained earnings | 1,266.3 | 1,366.4 | |||
Accumulated Other Comprehensive Loss | (454.7) | (514.9) | |||
Present Value of Expected Future Policyholder benefits | 3,699.5 | 4,348.7 | 3,561 | 4,933.1 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 3,916.9 | 3,812.2 | 3,906.2 | 3,788.1 | |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (217.4) | 536.5 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0.3 | 12.7 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,906.5 | 3,800.8 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 31.8 | 41.6 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 42.4 | 40.8 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (63.8) | (71) | |||
Net Liability for Future Policyholder benefits | 10,177.7 | 9,536.9 | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 4,464.2 | 3,808.5 | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 2,931.1 | 2,912.1 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Liability for Future Policy Benefit, after Reinsurance | 2,977.1 | 3,687.7 | |||
Net Liability for Future Policyholder benefits | 2,977.1 | 3,687.7 | 3,687.7 | ||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 722.4 | 661 | 688.6 | 669 | |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 744.5 | 637.9 | 728.9 | 599.8 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0.7 | 12.5 | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 729.6 | 612.3 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 31.8 | 41.6 | |||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 7 | 5.1 | |||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | 23.9 | 21.1 | |||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (22.1) | 23.1 | |||
Deferred Policy Acquisition Costs | 651.5 | 689.6 | 635.6 | 688 | |
Deferred Policy Acquisition Cost, Capitalization | 164.9 | 182.2 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (147.9) | (178.7) | |||
Deferred Policy Acquisition Cost, Experience Adjustment | (1.1) | (1.9) | |||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | (1,180.9) | (1,320) | |||
Income Tax Benefit | 23.8 | 29.4 | |||
Net Loss | $ (80.1) | $ (86.3) | |||
Basic (in dollars per share) | $ (1.25) | $ (1.36) | |||
Diluted (in dollars per share) | $ (1.25) | $ (1.36) | |||
Assets | $ (13,403.7) | (13,313.6) | |||
Liabilities | (10,756.8) | (10,643) | |||
Stockholders' Equity Attributable to Parent | 2,646.9 | 2,670.6 | |||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $1.9; 2022 - $18.6) | 1,052 | $ 1,123.2 | |||
Insurance Expenses | 269.3 | 304.8 | |||
Deferred Income Tax Assets | (166) | (129) | |||
Life and Health | (3,399.6) | (3,276.2) | |||
Change in Discount Rate on Future Life Policyholder Benefits | (109.8) | 562.3 | |||
Other Comprehensive Income (Loss), before Tax | 76.9 | (83.7) | |||
Other Comprehensive Income Tax (Expense) Benefit | (16.7) | 17.5 | |||
Other Comprehensive Income (Loss), Net of Taxes | 60.2 | (66.2) | |||
Total Comprehensive Loss | (19.9) | (152.5) | |||
Increase (Decrease) in Deferred Policy Acquisition Costs | 15.9 | 1.6 | |||
Insurance Reserves | (21.8) | (8.7) | |||
Income Taxes | 106.2 | (28.2) | |||
Net Cash Provided by (Used in) Operating Activities | $ 5.2 | (18.2) | |||
Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | 1,380.1 | ||||
Accumulated Other Comprehensive Loss | (756) | ||||
Deferred Policy Acquisition Costs | 625.6 | ||||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | (1,338.6) | ||||
Income Tax Benefit | (31.7) | ||||
Net Loss | $ (94.8) | ||||
Basic (in dollars per share) | $ (1.49) | ||||
Diluted (in dollars per share) | $ (1.49) | ||||
Assets | (13,364) | ||||
Liabilities | (10,920.8) | ||||
Stockholders' Equity Attributable to Parent | 2,443.2 | ||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $1.9; 2022 - $18.6) | $ 1,153.4 | ||||
Insurance Expenses | 304 | ||||
Deferred Income Tax Assets | (189.4) | ||||
Life and Health | (3,554) | ||||
Change in Discount Rate on Future Life Policyholder Benefits | 0 | ||||
Other Comprehensive Income (Loss), before Tax | (646) | ||||
Other Comprehensive Income Tax (Expense) Benefit | 135.6 | ||||
Other Comprehensive Income (Loss), Net of Taxes | (510.4) | ||||
Total Comprehensive Loss | (605.2) | ||||
Increase (Decrease) in Deferred Policy Acquisition Costs | (2.4) | ||||
Insurance Reserves | 2.9 | ||||
Income Taxes | (30.5) | ||||
Net Cash Provided by (Used in) Operating Activities | $ (18.2) | ||||
Term Life Insurance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.55% | 4.55% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.05% | 3.76% | |||
Life & Health Insurance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Costs | $ 413.2 | $ 426.7 | 404.5 | 419.3 | |
Deferred Policy Acquisition Cost, Capitalization | 15.4 | 16.5 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (5.6) | (7.2) | |||
Deferred Policy Acquisition Cost, Experience Adjustment | (1.1) | (1.9) | |||
Property and Casualty Insurance Reserves | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Costs | 238.3 | 262.9 | 231.1 | $ 268.7 | |
Deferred Policy Acquisition Cost, Capitalization | 149.5 | 165.7 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (142.3) | (171.5) | |||
Deferred Policy Acquisition Cost, Experience Adjustment | $ 0 | 0 | |||
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Adjustments to Retained Earnings for Net Pemiums | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 25.1 | ||||
Accumulated Other Comprehensive Loss | 0 | ||||
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Adjustments to AOCI | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | 0 | ||||
Accumulated Other Comprehensive Loss | 1,030.3 | ||||
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Pre Adoption Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | (2,071.2) | ||||
Accumulated Other Comprehensive Loss | (680.5) | ||||
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Post Adoption Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | (2,046.1) | ||||
Accumulated Other Comprehensive Loss | $ 349.8 | ||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | (13.7) | ||||
Accumulated Other Comprehensive Loss | 241.1 | ||||
Deferred Policy Acquisition Costs | 10 | ||||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | (18.6) | ||||
Income Tax Benefit | 2.3 | ||||
Net Loss | $ 8.5 | ||||
Basic (in dollars per share) | $ 0.13 | ||||
Diluted (in dollars per share) | $ 0.13 | ||||
Assets | (50.4) | ||||
Liabilities | (277.8) | ||||
Stockholders' Equity Attributable to Parent | 227.4 | ||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $1.9; 2022 - $18.6) | $ (30.2) | ||||
Insurance Expenses | 0.8 | ||||
Deferred Income Tax Assets | (60.4) | ||||
Life and Health | $ (277.8) | ||||
Change in Discount Rate on Future Life Policyholder Benefits | 562.3 | ||||
Other Comprehensive Income (Loss), before Tax | 562.3 | ||||
Other Comprehensive Income Tax (Expense) Benefit | 118.1 | ||||
Other Comprehensive Income (Loss), Net of Taxes | 444.2 | ||||
Total Comprehensive Loss | 452.7 | ||||
Increase (Decrease) in Deferred Policy Acquisition Costs | 0.8 | ||||
Insurance Reserves | (11.6) | ||||
Income Taxes | 2.3 | ||||
Net Cash Provided by (Used in) Operating Activities | $ 0 |
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, 2023 | Mar. 31, 2022 | |
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Loss | $ (80.1) | $ (86.3) |
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares | 0 | 0 |
Diluted Net Loss Attributed to Unrestricted Shares | $ (80.1) | $ (86.3) |
Weighted-Average Unrestricted Shares Outstanding (in shares) | 63,946,600 | 63,743,700 |
Equity-based Compensation Equivalent Shares (in shares) | 0 | 0 |
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in shares) | 63,946,600 | 63,743,700 |
Basic (in dollars per share) | $ (1.25) | $ (1.36) |
Diluted (in dollars per share) | $ (1.25) | $ (1.36) |
Common Stock | ||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Loss | $ (80.1) | $ (86.3) |
Participating Awards | ||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||
Net Loss | $ 0 | $ 0 |
Dispositions (Details)
Dispositions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 90 |
Reserve National Insurance Company | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Loss on disposal, net of tax | $ 1.6 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
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, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | $ 1,180.9 | $ 1,320 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 944.2 | 1,021.6 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 137.4 | 155.6 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 99.3 | 142.8 |
Operating Segments | Personal Automobile | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 787.9 | 901.7 |
Operating Segments | Commercial Automobile | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 156.3 | 119.9 |
Operating Segments | Preferred Automobile | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 78.2 | 96 |
Operating Segments | Homeowners | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 52.2 | 51.3 |
Operating Segments | Other Personal Lines | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 7 | 8.3 |
Operating Segments | Life | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 82.2 | 82.7 |
Operating Segments | Accident and Health | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 5.9 | 45.8 |
Operating Segments | Property | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | $ 11.2 | $ 14.3 |
Business Segments - Segment Rev
Business Segments - Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | $ 1,180.9 | $ 1,320 |
Net Investment Income | 101.8 | 100 |
Change in Value of Alternative Energy Partnership Investments | 0.7 | (16.7) |
Other Income | 1.2 | 2.4 |
Total Revenues | 1,294.8 | 1,370.1 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) |
Impairment Gains (Losses) | 2.1 | (8.9) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,280.9 | 1,401.8 |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 944.2 | 1,021.6 |
Net Investment Income | 38.5 | 34.9 |
Change in Value of Alternative Energy Partnership Investments | 0.4 | (8.4) |
Other Income | 0.9 | 1.7 |
Total Revenues | 984 | 1,049.8 |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 137.4 | 155.6 |
Net Investment Income | 10.5 | 12.5 |
Change in Value of Alternative Energy Partnership Investments | 0.1 | (3.9) |
Total Revenues | 148 | 164.2 |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $19.2; 2022 - $20.3) | 99.3 | 142.8 |
Net Investment Income | 49.8 | 49.4 |
Change in Value of Alternative Energy Partnership Investments | 0.2 | (4.4) |
Other Income | (0.4) | 0 |
Total Revenues | 148.9 | 187.8 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) |
Gain (Loss) on Sale of Investments | 6.4 | 1.5 |
Impairment Gains (Losses) | 2.1 | (8.9) |
Other | $ 3.7 | $ 3.9 |
Business Segments - Segment Ope
Business Segments - Segment Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | $ (85) | $ (71.7) |
Corporate and Other Operating Loss From: | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) |
Debt and Equity Securities, Realized Gain (Loss) | 6.4 | 1.5 |
Impairment Gains (Losses) | 2.1 | (8.9) |
Loss from Early Extinguishment of Debt | 0 | (3.7) |
Loss before Income Taxes | (103.9) | (115.7) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (72.1) | (57.7) |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (74.7) | (60.2) |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (12.2) | (9.5) |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | 14.8 | 12 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | (12.9) | (14) |
Corporate and Other Operating Loss From: | ||
Other | (12.9) | (14) |
Segment Reconciling Items | ||
Corporate and Other Operating Loss From: | ||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) |
Debt and Equity Securities, Realized Gain (Loss) | 6.4 | 1.5 |
Impairment Gains (Losses) | 2.1 | (8.9) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (4.7) |
Loss from Early Extinguishment of Debt | $ 0 | $ (2.9) |
Business Segments - Segment Net
Business Segments - Segment Net Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | $ (65.2) | $ (51.6) |
Loss from Early Extinguishment of Debt | 0 | (3.7) |
Net Loss | (80.1) | (86.3) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (54.7) | (39.2) |
Operating Segments | Specialty Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (58.4) | (44.7) |
Operating Segments | Preferred Property & Casualty Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (9.5) | (6.1) |
Operating Segments | Life & Health Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | 13.2 | 11.6 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Segment Net Operating Income (Loss) | (10.5) | (12.4) |
Other | (10.5) | (12.4) |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Change in Fair Value of Equity and Convertible Securities | 1.3 | (22.3) |
Net Realized Investment Gains | 5.1 | 1.2 |
Impairment Gains (Losses) | 1.7 | (7) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (23) | (3.7) |
Loss from Early Extinguishment of Debt | $ 0 | $ (2.9) |
Financial Services, Insurance (
Financial Services, Insurance (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | ||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | $ 722.4 | $ 661 | $ 688.6 | $ 669 |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 744.5 | 637.9 | $ 728.9 | $ 599.8 |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0.7 | 12.5 | ||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 729.6 | 612.3 | ||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 31.8 | 41.6 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 7 | 5.1 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (23.9) | (21.1) | ||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (22.1) | $ 23.1 |
Financial Services, Insurance_2
Financial Services, Insurance (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | $ 722.4 | $ 661 | $ 688.6 | $ 669 |
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 744.5 | 637.9 | $ 728.9 | $ 599.8 |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0.7 | 12.5 | ||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 729.6 | 612.3 | ||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 31.8 | 41.6 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 7 | 5.1 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | 23.9 | 21.1 | ||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (22.1) | $ 23.1 |
Liability for Future Policyhold
Liability for Future Policyholder Benefits - Reconciliation of the Net Liability for Future Benefits to Life and Health Insurance Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | ||||
Present Value of Expected Future Policyholder benefits | $ 3,699.5 | $ 4,348.7 | $ 3,561 | $ 4,933.1 |
Net Liability for Future Policyholder benefits | 2,977.1 | 3,687.7 | $ 3,687.7 | |
Deferred Profit Liability | 272.6 | 213.9 | ||
A&H and Other Reserves | 149.9 | 202.6 | ||
Total Life and Health Insurance Reserves | 3,399.6 | 4,104.2 | ||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 103.8 | 101.4 | ||
Liability for Future Policy Benefit, Interest Expense | $ 35.4 | $ 35.6 |
Property and Casualty Insuran_3
Property and Casualty Insurance Reserves - Reserve Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | $ 2,756.9 | |
Incurred Losses and Loss Adjustment Expenses (“ LAE”) Related to: | ||
Incurred Losses and LAE Related to Prior Years | $ (2.7) | |
Paid Losses and LAE Related to: | ||
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | 2,721.1 | |
Property, Liability and Casualty Insurance Product Line | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | 2,756.9 | 2,772.7 |
Less Reinsurance Recoverables at Beginning of Year | 39.6 | 41.9 |
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year | 2,717.3 | 2,730.8 |
Incurred Losses and Loss Adjustment Expenses (“ LAE”) Related to: | ||
Incurred Losses and LAE Related to Current Year | 944 | 1,041.9 |
Incurred Losses and LAE Related to Prior Years | 41.9 | (2.7) |
Total Incurred Losses and LAE | 985.9 | 1,039.2 |
Paid Losses and LAE Related to: | ||
Paid Losses and LAE Related to Current Year | 325.5 | 373.9 |
Paid Losses and LAE Related to Prior Years | 690.9 | 676.9 |
Total Paid Losses and LAE | 1,016.4 | 1,050.8 |
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Period | 2,686.8 | 2,719.2 |
Plus Reinsurance Recoverables at End of Period | 34.3 | 40.9 |
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | $ 2,721.1 | $ 2,760.1 |
Property and Casualty Insuran_4
Property and Casualty Insurance Reserves - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ 2.7 | |
Personal Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ (22.9) | 8.3 |
Preferred Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (3.4) | (1.6) |
Homeowners | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (5.5) | 4.4 |
Other Personal Lines | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (1.9) | (3.2) |
Commercial Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ (8.2) | $ (5.2) |
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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 13.1 | $ 13.6 | ||
Premium Receivable, Allowance for Credit Loss, Ending Balance | 11.3 | 13 | ||
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $11.3; 2022 - $13.1) | 1,344 | 1,404.5 | $ 1,286.6 | $ 1,418.7 |
Receivables from policyholders, net of allowance for expected credit losses | 1,344 | 1,286.6 | ||
Premium receivables, allowance for credit losses | 11.3 | 13 | $ 13.1 | $ 13.6 |
Provision for Expected Credit Losses | 11 | 11.3 | ||
Premium Receivable, Allowance for Credit Loss, Writeoff | $ 12.8 | $ 11.9 |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | $ 7,923.6 | |||
Gross unrealized gains | 58.3 | |||
Gross unrealized loss | (785.1) | |||
Fixed maturities, allowance for credit losses | (7.4) | $ (9.6) | $ 9.1 | $ 7.5 |
Fixed maturities at fair value | 7,189.4 | |||
Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 7,811.8 | |||
Gross unrealized gains | 29.4 | |||
Gross unrealized loss | (936.8) | |||
Fixed maturities at fair value | 6,894.8 | |||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 785.1 | 936.8 | ||
Investments in Fixed Maturities | Investment-grade | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 904 | |||
U.S. Government and Government Agencies and Authorities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 633.6 | 612.5 | ||
Gross unrealized gains | 3.4 | 1.3 | ||
Gross unrealized loss | (73) | (85.8) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 564 | 528 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 73 | 85.8 | ||
States and Political Subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 1,794.8 | 1,797.6 | ||
Gross unrealized gains | 23.1 | 10.3 | ||
Gross unrealized loss | (194.2) | (238.3) | ||
Fixed maturities, allowance for credit losses | (0.8) | (0.7) | ||
Fixed maturities at fair value | 1,622.9 | 1,568.9 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 194.2 | 238.3 | ||
Foreign Governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 4.8 | 5 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized loss | (0.8) | (0.9) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 4 | 4.1 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 0.8 | 0.9 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 4,097 | 4,030.3 | ||
Gross unrealized gains | 31.4 | 17.7 | ||
Gross unrealized loss | (418.5) | (499.7) | ||
Fixed maturities, allowance for credit losses | (6.6) | (8.9) | 9.1 | $ 7.5 |
Fixed maturities at fair value | 3,703.3 | 3,539.4 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 418.5 | 499.7 | ||
Redeemable Preferred Stocks | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 9 | 9 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized loss | (1) | (1) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 8 | 8 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1 | $ 1 | ||
Collateralized Loan Obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 1,033 | 1,014.7 | ||
Gross unrealized gains | 0.1 | 0 | ||
Gross unrealized loss | (51.2) | (60.8) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 981.9 | 953.9 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 51.2 | 60.8 | ||
Other Mortgage- and Asset-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 351.4 | 342.7 | ||
Gross unrealized gains | 0.3 | 0.1 | ||
Gross unrealized loss | (46.4) | (50.3) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 305.3 | 292.5 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 46.4 | $ 50.3 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | $ 1,712,000,000 | |||
Fixed maturities, allowance for credit losses | (7,400,000) | $ 9,100,000 | $ (9,600,000) | $ 7,500,000 |
Equity securities | 243,600,000 | 243,200,000 | ||
Equity securities, FV-NI, unrealized gain (loss) | 4,400,000 | |||
Equity securities without readily determinable fair value, impairment loss, cumulative amount | 9,600,000 | |||
Other Receivables | 249,400,000 | 262,600,000 | ||
Equity Securities, FV-NI, Current | $ 243,600,000 | 243,200,000 | ||
Percentage of Equity Method Limited Liability Investments reported with a lag | 2% | |||
Percentage of Equity Method Limited Liability Investments reported with a One Month Lag | 5.60% | |||
Company-Owned Life Insurance | $ 595,300,000 | 586,500,000 | ||
Loans to Policyholders | 283,100,000 | |||
Loans to Policyholders | 283,100,000 | 283,400,000 | ||
Government National Mortgage Association Certificates and Obligations (GNMA) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 259,600,000 | |||
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 97,500,000 | |||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 67,900,000 | |||
Other Non-Governmental Issuers | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 1,287,000,000 | |||
Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 785,100,000 | 936,800,000 | ||
12 Months or Longer | 606,800,000 | 308,900,000 | ||
Other Receivables | 11,400,000 | 5,800,000 | ||
Other liabilities | 3,700,000 | 25,900,000 | ||
Equity Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Other Receivables | 0 | |||
Other liabilities | 0 | |||
Equity Securities | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 243,600,000 | 243,200,000 | ||
Equity Securities, FV-NI, Current | 243,600,000 | 243,200,000 | ||
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 | 7,600,000 | 13,400,000 | ||
Equity Securities, FV-NI, Current | 7,600,000 | 13,400,000 | ||
Preferred Stocks | Other Industries | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 11,200,000 | 10,800,000 | ||
Equity Securities, FV-NI, Current | 11,200,000 | 10,800,000 | ||
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, FV-NI, Current | 0 | 0 | ||
Common Stock | Other Industries | Fair Value, Measurements, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity securities | 600,000 | 1,200,000 | ||
Equity Securities, FV-NI, Current | 600,000 | 1,200,000 | ||
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 | 200,000 | 300,000 | ||
Equity Securities, FV-NI, Current | 200,000 | 300,000 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 418,500,000 | 499,700,000 | ||
12 Months or Longer | 285,600,000 | 125,800,000 | ||
Fixed maturities, allowance for credit losses | (6,600,000) | 9,100,000 | (8,900,000) | $ 7,500,000 |
Equity Method Investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Other Receivables | 29,900,000 | 35,200,000 | ||
Other liabilities | 0 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 17,000,000 | 16,300,000 | ||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | $ 0 | ||
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 | 96,400,000 | |||
Variable Interest Entity, Not Primary Beneficiary | Alternative Energy Partnership Investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding commitments to fund equity method limited liability investments | $ 0 | 0 | ||
Investment-grade | Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 904,000,000 | |||
Non-investment-grade | Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 32,800,000 | |||
Percentage of unrealized loss position to amortized cost basis of available for sale security average | 11.30% | 11% |
Investments - Amortized Costs a
Investments - Amortized Costs and Estimated Fair Value (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Amortized Cost | |
Due in One Year or Less | $ 152.7 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 1,000.6 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 1,193 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 3,705 |
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost | 1,872.3 |
Fixed maturities, at amortized cost | 7,923.6 |
Fair Value | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 144.4 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 969.2 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 1,058.3 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 3,305.5 |
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 1,712 |
Debt Securities, Available-for-Sale | $ 7,189.4 |
Investments - Continuous Unreal
Investments - Continuous Unrealized Loss (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
U.S. Government and Government Agencies and Authorities | |||
Fixed Maturities: | |||
Fair Value | $ 123.6 | $ 337.3 | |
Fair Value | 330.9 | 126.5 | |
Fair Value | 454.5 | 463.8 | |
Fixed Maturities: | |||
Unrealized Losses | (7.3) | (49.3) | |
Unrealized Losses | (65.7) | (36.5) | |
Unrealized Losses | (73) | (85.8) | |
States and Political Subdivisions | |||
Fixed Maturities: | |||
Fair Value | 332.1 | 854.7 | |
Fair Value | 724.1 | 276.8 | |
Fair Value | 1,056.2 | 1,131.5 | |
Fixed Maturities: | |||
Unrealized Losses | (17.5) | (140.6) | |
Unrealized Losses | (176.7) | (97.7) | |
Unrealized Losses | (194.2) | (238.3) | |
Foreign Governments | |||
Fixed Maturities: | |||
Fair Value | 0.6 | 0.1 | |
Fair Value | 2.4 | 2.6 | |
Fair Value | 3 | 2.7 | |
Fixed Maturities: | |||
Unrealized Losses | 0 | 0 | |
Unrealized Losses | (0.8) | (0.9) | |
Unrealized Losses | (0.8) | (0.9) | |
Corporate Debt Securities [Member] | |||
Fixed Maturities: | |||
Fair Value | 1,811.8 | 2,730.6 | |
Fair Value | 1,312.7 | 424.4 | |
Fair Value | 3,124.5 | 3,155 | |
Fixed Maturities: | |||
Unrealized Losses | (132.9) | (373.9) | |
Unrealized Losses | (285.6) | (125.8) | |
Unrealized Losses | (418.5) | (499.7) | |
Redeemable Preferred Stocks | |||
Fixed Maturities: | |||
Fair Value | 3 | $ 7.7 | |
Fair Value | 4.7 | 0 | |
Fair Value | 7.7 | 7.7 | |
Fixed Maturities: | |||
Unrealized Losses | (0.2) | (1) | |
Unrealized Losses | (0.8) | 0 | |
Unrealized Losses | (1) | $ (1) | |
Collateralized Loan Obligations | |||
Fixed Maturities: | |||
Fair Value | 278.5 | 568.2 | |
Fair Value | 694.2 | 373.9 | |
Fair Value | 972.7 | 942.1 | |
Fixed Maturities: | |||
Unrealized Losses | (11.9) | (34.2) | |
Unrealized Losses | (39.3) | (26.6) | |
Unrealized Losses | (51.2) | (60.8) | |
Other Mortgage- and Asset-backed | |||
Fixed Maturities: | |||
Fair Value | 105.6 | 205.4 | |
Fair Value | 189.6 | 79.5 | |
Fair Value | 295.2 | 284.9 | |
Fixed Maturities: | |||
Unrealized Losses | (8.5) | (28.9) | |
Unrealized Losses | (37.9) | (21.4) | |
Unrealized Losses | (46.4) | (50.3) | |
Investments in Fixed Maturities | |||
Fixed Maturities: | |||
Fair Value | 2,655.2 | 4,704 | |
Fair Value | 3,258.6 | 1,283.7 | |
Fair Value | 5,913.8 | 5,987.7 | |
Fixed Maturities: | |||
Unrealized Losses | (178.3) | (627.9) | |
Unrealized Losses | (606.8) | (308.9) | |
Unrealized Losses | $ (785.1) | (936.8) | |
Investments in Fixed Maturities | Non-investment-grade | |||
Fixed Maturities: | |||
Unrealized Losses | $ (32.8) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | $ (9.6) | $ 7.5 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 0.3 | (3.8) |
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized | (0.6) | (1.3) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | (7.4) | 9.1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | 0 | (3.5) |
Foreign Governments | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | (8.9) | 7.5 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 0.3 | (3.8) |
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized | (0.7) | (1.3) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | (6.6) | 9.1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | 0 | $ (3.5) |
States and Political Subdivisions | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | (0.7) | |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 0 | |
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 0.1 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | (0.8) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $ 0 |
Investments - Schedule of Other
Investments - Schedule of Other Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Convertible Securities at Fair Value | $ 45.3 | $ 43.3 |
Real Estate at Depreciated Cost | 93 | 93.6 |
Mortgage Loans | 85.7 | 91.1 |
Investments and Other Noncurrent Assets | 10.7 | 3.5 |
Total | 271.8 | 269.9 |
Equity Securities at Modified Cost | $ 37.1 | $ 38.4 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Investment Income [Line Items] | ||
Investment income | $ 112.8 | $ 108.9 |
Investment expenses | 11 | 8.9 |
Net Investment Income | 101.8 | 100 |
Fixed Maturities | ||
Net Investment Income [Line Items] | ||
Investment income | 86.2 | 68.7 |
Equity Securities | ||
Net Investment Income [Line Items] | ||
Investment income | 1 | 1.5 |
Total Alternative Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 3.7 | 20.9 |
Equity Method Limited Liability Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 1.1 | 13.3 |
Limited Liability Investments Included in Equity Securities | ||
Net Investment Income [Line Items] | ||
Investment income | 2.6 | 7.6 |
Short-term Investments | ||
Net Investment Income [Line Items] | ||
Investment income | 2.3 | 0.1 |
Loans to Policyholders | ||
Net Investment Income [Line Items] | ||
Investment income | 5.4 | 5.5 |
Real Estate | ||
Net Investment Income [Line Items] | ||
Investment income | 2.4 | 2.2 |
Investment expenses | 2.1 | 2.5 |
Other Investment Expenses | ||
Net Investment Income [Line Items] | ||
Investment expenses | 8.9 | 6.4 |
Universal Life-type Policyholder Account Balances | ||
Net Investment Income [Line Items] | ||
Investment income | 3 | 1.7 |
Cash Surrender Value | ||
Net Investment Income [Line Items] | ||
Investment income | $ 8.8 | $ 8.3 |
Investments - Net Realized Gain
Investments - Net Realized Gains on Sales of Investments (Details) - Fixed Maturities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Investment Income [Line Items] | ||
Gains on Sales | $ 1.1 | $ 0.4 |
Losses on Sales | $ (3.3) | $ (0.8) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Feb. 15, 2022 | |
Included in Condensed Consolidated Statement of Operations | $ (0.1) | $ (5.7) | ||
Included in Other Comprehensive Income (Loss) | 1.7 | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (41.2) | (42.8) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.1 | |||
Not Designated as Hedging Instrument | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 4.5 | $ 1.7 | ||
Not Designated as Hedging Instrument | Reverse Treasury Lock | ||||
Derivative, Notional Amount | 0 | 100 | ||
Not Designated as Hedging Instrument | Treasury Lock | ||||
Derivative, Notional Amount | 100 | 0 | ||
Equity Securities | ||||
Included in Condensed Consolidated Statement of Operations | (0.5) | 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 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Redeemable Preferred Stocks | ||||
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 0 | (0.5) | ||
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 out of Level 3 | $ 0 | |||
Senior Notes, 3.800 Percent Due February 23, 2033 | Senior Notes | ||||
Stated interest rate | 3.80% | |||
Fair Value Hedging | Designated as Hedging Instrument | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 3.5 | 0.4 | ||
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||||
Derivative, Notional Amount | 0 | 5 | ||
Fair Value Hedging | Designated as Hedging Instrument | Treasury Lock | ||||
Derivative, Notional Amount | $ 100 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | $ 7,189,400,000 | $ 6,894,800,000 | ||
Equity securities | 243,600,000 | 243,200,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,400,000 | $ 13,700,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 400,000 | 5,300,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 210,200,000 | 218,900,000 | 230,000,000 | $ 251,400,000 |
Included in Condensed Consolidated Statement of Operations | (100,000) | (5,700,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 1,700,000 | (3,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (41,200,000) | (42,800,000) | ||
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 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 400,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,000,000 | 1,500,000 | 2,100,000 | 1,500,000 |
Included in Condensed Consolidated Statement of Operations | (500,000) | 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 | ||
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 | 6,800,000 | 5,600,000 | 6,800,000 | $ 6,100,000 |
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) | 0 | (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 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Convertible debt at fair value | 45,300,000 | 43,300,000 | ||
Total Assets | 7,486,300,000 | 7,183,000,000 | ||
Derivative Asset | 4,500,000 | 1,700,000 | ||
Liabilities, Fair Value Disclosure | (400,000) | |||
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 | 7,189,400,000 | 6,894,800,000 | ||
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 | 564,000,000 | 528,000,000 | ||
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 | 1,622,900,000 | 1,568,900,000 | ||
Fair Value, Measurements, Recurring | Foreign Governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities at fair value | 4,000,000 | 4,100,000 | ||
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 | 3,703,300,000 | 3,539,400,000 | ||
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 | 8,000,000 | |||
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 | 8,000,000 | |||
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 | 981,900,000 | 953,900,000 | ||
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 | 305,300,000 | 292,500,000 | ||
Fair Value, Measurements, Recurring | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 243,600,000 | 243,200,000 | ||
Fair Value, Measurements, Recurring | Exchange Traded Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 6,800,000 | 12,200,000 | ||
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 | 195,600,000 | 189,100,000 | ||
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | (400,000) | |||
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 | |||
Total Assets | 128,400,000 | 117,000,000 | ||
Convertible Securities, Fair Value Disclosures | 0 | |||
Derivative Asset | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | |||
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 | 120,800,000 | 103,600,000 | ||
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 | 120,800,000 | 103,600,000 | ||
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 | 7,600,000 | 13,400,000 | ||
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 | 6,800,000 | 12,200,000 | ||
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 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 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 | 45,300,000 | 43,300,000 | ||
Total Assets | 6,952,100,000 | 6,646,900,000 | ||
Derivative Asset | 1,700,000 | |||
Derivative Liability | (400,000) | |||
Liabilities, Fair Value Disclosure | (400,000) | |||
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 | 6,860,400,000 | 6,563,300,000 | ||
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 | 443,200,000 | 424,400,000 | ||
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 | 1,622,900,000 | 1,568,900,000 | ||
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 | 4,000,000 | 4,100,000 | ||
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 | 3,507,200,000 | 3,323,400,000 | ||
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 | 1,200,000 | |||
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 | 981,900,000 | 953,900,000 | ||
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 | 300,000,000 | 287,400,000 | ||
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 | 38,400,000 | 38,600,000 | ||
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 Assets | 210,200,000 | 230,000,000 | ||
Derivative Asset | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | |||
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 | 208,200,000 | 227,900,000 | ||
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 | 196,100,000 | 216,000,000 | ||
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 | 6,800,000 | |||
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 | 6,800,000 | |||
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 | 5,300,000 | 5,100,000 | ||
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 | 2,000,000 | 2,100,000 | ||
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 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 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 | 28,800,000 | 29,000,000 | ||
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 | 600,000 | 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 | 600,000 | 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 | 28,800,000 | 29,000,000 | ||
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 | 11,200,000 | 10,800,000 | ||
Other Industries | Fair Value, Measurements, Recurring | Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 600,000 | 1,200,000 | ||
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 | 200,000 | 300,000 | ||
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 | 9,600,000 | 9,200,000 | ||
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 | 0 | 400,000 | ||
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 | 1,600,000 | 1,600,000 | ||
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 | 400,000 | 500,000 | ||
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 Assets | 195,600,000 | 189,100,000 | ||
Derivative Asset | 0 | 0 | ||
Liabilities, Fair Value Disclosure | 0 | |||
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 | 195,600,000 | 189,100,000 | ||
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 | 195,600,000 | 189,100,000 | ||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability | 0 | |||
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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unfunded commitments | $ 192.2 | ||
Transfers out of Level 3 | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale | 7,189.4 | 6,894.8 | |
Equity Securities, FV-NI, Current | 243.6 | 243.2 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets | 7,486.3 | 7,183 | |
Convertible debt at fair value | 45.3 | 43.3 | |
Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets | 195.6 | 189.1 | |
Convertible debt at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets | 210.2 | 230 | |
Convertible debt at fair value | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets | 128.4 | 117 | |
Convertible debt at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets | 6,952.1 | 6,646.9 | |
Convertible debt at fair value | 45.3 | 43.3 | |
Limited Liability Companies and Limited Partnerships | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 195.6 | 189.1 | |
Limited Liability Companies and Limited Partnerships | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 195.6 | 189.1 | |
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 | 196.9 | ||
Limited Liability Companies and Limited Partnerships | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Limited Liability Companies and Limited Partnerships | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Limited Liability Companies and Limited Partnerships | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
U.S. Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 564 | 528 | |
U.S. Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
U.S. Government and Government Agencies and Authorities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
U.S. Government and Government Agencies and Authorities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 120.8 | 103.6 | |
U.S. Government and Government Agencies and Authorities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 443.2 | 424.4 | |
States and Political Subdivisions | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 1,622.9 | 1,568.9 | |
States and Political Subdivisions | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
States and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
States and Political Subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 1,622.9 | 1,568.9 | |
Foreign Governments | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 4 | 4.1 | |
Foreign Governments | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Foreign Governments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Foreign Governments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Foreign Governments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 4 | 4.1 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 3,703.3 | 3,539.4 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 196.1 | 216 | |
Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 3,507.2 | 3,323.4 | |
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 8 | ||
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | ||
Redeemable Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 6.8 | ||
Redeemable Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | ||
Redeemable Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 1.2 | ||
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 981.9 | 953.9 | |
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 981.9 | 953.9 | |
Other Mortgage- and Asset-backed | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 305.3 | 292.5 | |
Other Mortgage- and Asset-backed | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Other Mortgage- and Asset-backed | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 5.3 | 5.1 | |
Other Mortgage- and Asset-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Other Mortgage- and Asset-backed | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 300 | 287.4 | |
Investments in Fixed Maturities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 7,189.4 | 6,894.8 | |
Investments in Fixed Maturities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 0 | 0 | |
Investments in Fixed Maturities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 208.2 | 227.9 | |
Investments in Fixed Maturities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 120.8 | 103.6 | |
Investments in Fixed Maturities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale | 6,860.4 | 6,563.3 | |
Preferred Stocks | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 28.8 | 29 | |
Preferred Stocks | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Preferred Stocks | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 11.2 | 10.8 | |
Preferred Stocks | Fair Value, Measurements, Recurring | Other Industries | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 1.6 | 1.6 | |
Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 28.8 | 29 | |
Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 9.6 | 9.2 | |
Common Stock | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0.6 | 0.9 | |
Common Stock | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Common Stock | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0.6 | 1.2 | |
Common Stock | Fair Value, Measurements, Recurring | Other Industries | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Common Stock | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Common Stock | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0.4 | 0.5 | |
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0.6 | 0.9 | |
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0.2 | 0.3 | |
Common Stock | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Common Stock | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0.4 | |
Exchange Traded Funds | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 6.8 | 12.2 | |
Exchange Traded Funds | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Exchange Traded Funds | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Exchange Traded Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 6.8 | 12.2 | |
Exchange Traded Funds | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 0 | 0 | |
Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 243.6 | 243.2 | |
Equity Securities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 195.6 | 189.1 | |
Equity Securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 2 | 2.1 | |
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | 7.6 | 13.4 | |
Equity Securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI, Current | $ 38.4 | $ 38.6 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information for Level 3 Inputs (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | $ 243.6 | $ 243.2 |
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 96.4 | 95.9 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 100.5 | 96.3 |
Equity Securities, FV-NI | 37.1 | 38.4 |
Fair Value, Equity Securities FV-NI, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Unfunded commitments | 192.2 | |
Mezzanine Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 53.3 | 51.6 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 62.4 | 56 |
Senior Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 40.7 | 42 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 6 | 6 |
Distressed Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 13 | 13 |
Secondary Transactions | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 1.7 | 1.7 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 4.3 | 4.2 |
Hedge Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Leveraged Buyout | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0.7 | 0.6 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 7.9 | 9 |
Equity Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 6.7 | 7.9 |
Real Estate Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Other Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Equity Method Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0.2 |
Alternative Energy Partnership Investments | Variable Interest Entity, Not Primary Beneficiary | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Outstanding commitments to fund equity method limited liability investments | 0 | 0 |
Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value Per Share, Unfunded Commitments | 0.2 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 7,486.3 | 7,183 |
Total Liabilities | 0.4 | |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0.4 | |
Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 195.6 | 189.1 |
Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 11.2 | 10.8 |
Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.6 | 1.2 |
Significant Unobservable Inputs (Level 3) | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unfunded commitments | 196.9 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 210.2 | 230 |
Total Liabilities | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 1.6 | 1.6 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.4 | 0.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 128.4 | 117 |
Total Liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.2 | 0.3 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 6,952.1 | 6,646.9 |
Derivative Liability | 0.4 | |
Total Liabilities | 0.4 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 9.6 | 9.2 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0.4 |
Fair Value Measured at Net Asset Value Per Share | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 439.6 | 430.7 |
Equity Method Investments, Fair Value Disclosure | 218.7 | 217 |
Alternative Investment | 195.6 | 189.1 |
Equity Securities, FV-NI | 8.3 | 8.3 |
Fair Value Measured at Net Asset Value Per Share | Mezzanine Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 117.3 | 114.3 |
Alternative Investment | 111.4 | 106 |
Fair Value Measured at Net Asset Value Per Share | Senior Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 21.8 | 21.6 |
Alternative Investment | 21.9 | 21.9 |
Fair Value Measured at Net Asset Value Per Share | Distressed Debt | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 8.3 | 9.4 |
Alternative Investment | 12.7 | 12.5 |
Fair Value Measured at Net Asset Value Per Share | Secondary Transactions | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 9.1 | 9.3 |
Alternative Investment | 3.1 | 3.5 |
Fair Value Measured at Net Asset Value Per Share | Hedge Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 0.1 | 0.5 |
Alternative Investment | 17.7 | 18.1 |
Fair Value Measured at Net Asset Value Per Share | Leveraged Buyout | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 9.2 | 8.9 |
Alternative Investment | 22.3 | 21.6 |
Fair Value Measured at Net Asset Value Per Share | Equity Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 1.2 | 1.2 |
Alternative Investment | 6.3 | 5.4 |
Fair Value Measured at Net Asset Value Per Share | Real Estate Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 43.3 | 43.3 |
Fair Value Measured at Net Asset Value Per Share | Other Funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 8.4 | 8.5 |
Alternative Investment | 0 | 0.1 |
Fair Value Measured at Net Asset Value Per Share | Alternative Energy Partnership Investments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 17 | 16.3 |
Fair Value Measured at Net Asset Value Per Share | Real Estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative Investment | 0.2 | 0 |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Assets | 195.6 | 189.1 |
Total Liabilities | 0 | |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 195.6 | 189.1 |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | $ 0 | $ 0 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.046 | 0.046 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.367 | 0.367 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.128 | 0.109 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.115 | 0.088 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.233 | 0.225 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.152 | 0.151 |
Private Placement | Investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 64.1 | $ 56.5 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.042 | 0.046 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.140 | 0.145 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.089 | 0.092 |
Senior Debt | Non-investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 48.6 | $ 72.9 |
Junior Debt | Non-investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 36.8 | 42.1 |
Other | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 58.7 | 56.4 |
Investments in Fixed Maturities | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 208.2 | $ 227.9 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Inputs Reconciliation (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total Losses: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 210,200,000 | $ 218,900,000 | $ 230,000,000 | $ 251,400,000 |
Included in Condensed Consolidated Statement of Operations | (100,000) | (5,700,000) | ||
Included in Other Comprehensive Income (Loss) | 1,700,000 | (3,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,400,000 | 13,700,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (41,200,000) | (42,800,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 400,000 | 5,300,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Total Losses: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 196,100,000 | 205,600,000 | 216,000,000 | 236,800,000 |
Included in Condensed Consolidated Statement of Operations | 400,000 | (5,700,000) | ||
Included in Other Comprehensive Income (Loss) | 1,500,000 | (1,700,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,400,000 | 13,700,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (41,200,000) | (42,800,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 5,300,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Redeemable Preferred Stocks | ||||
Total Losses: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,800,000 | 5,600,000 | 6,800,000 | 6,100,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 0 | (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 | |||
Other Mortgage- and Asset-backed | ||||
Total Losses: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,300,000 | 6,200,000 | 5,100,000 | 7,000,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 200,000 | (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 | 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 | ||
Equity Securities | ||||
Total Losses: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,000,000 | 1,500,000 | $ 2,100,000 | $ 1,500,000 |
Included in Condensed Consolidated Statement of Operations | (500,000) | 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 | 400,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | $ 0 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Loans to Policyholders | $ 283.1 | $ 283.4 |
278400000 | 278.4 | 278.4 |
Mortgage Loans | 85.7 | 91.1 |
Long-term Debt | 1,387.5 | 1,386.9 |
Policyholder Obligations | 700.6 | 701.3 |
Loans to Policyholders | 283.1 | |
Fair Value | ||
Short-term Investments | 278.4 | 278.4 |
Long-term Debt | 1,222 | 1,195.1 |
Company-Owned Life Insurance | 595.3 | 586.5 |
Equity Securities at Modified Cost | 37.1 | 38.4 |
Equity Securities, FV-NI | 37.1 | 38.4 |
Federal Home Loan Bank of Chicago | ||
Fair Value | ||
Policyholder Obligations | 601 | 601 |
Loans to Policyholders | ||
Fair Value | ||
Loans | 283.1 | 283.4 |
Mortgage Loans | ||
Fair Value | ||
Loans | 85.7 | 91.1 |
United Insurance Company of America | FHLB Funding Agreements | Federal Home Loan Bank of Chicago | ||
Carrying Value | ||
Policyholder Obligations | $ 601 | $ 601 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Income Tax Expense (Benefit) | $ (23,800,000) | $ (29,400,000) | |
Other Assets | 519,600,000 | $ 530,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution | 500,000 | 400,000 | |
Income (Loss) from Equity Method Investments | 700,000 | (16,700,000) | |
Income Tax Credits and Adjustments | (100,000) | 3,900,000 | |
Income Tax Expense (Benefit) | (200,000) | $ 3,100,000 | |
Cash and Cash Equivalents, at Carrying Value | 2,900,000 | 3,000,000 | |
Property, Plant and Equipment, Net | 259,100,000 | 261,700,000 | |
Other Assets | 5,700,000 | 5,100,000 | |
Assets | 267,700,000 | 269,700,000 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 17,000,000 | $ 16,300,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent | $ 2,646.9 | $ 2,670.6 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (37.2) | $ (52.1) | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 2.8 | (1.9) | ||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 241.1 | $ (849.7) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | (2.2) | (9.5) | (2.2) | (3.7) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 1.4 | (5.8) | ||
Reclassification from AOCI, Current Period, Tax | 0 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (1.4) | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (0.4) | 1.6 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | (5.8) | ||
Accumulated Other Comprehensive Loss | ||||
Stockholders' Equity Attributable to Parent | (454.7) | (467.8) | (514.9) | (401.6) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 62.2 | (72) | ||
Reclassification from AOCI, Current Period, Tax | 0.4 | (1.5) | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (2) | 5.8 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (17.1) | 17.5 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 60.2 | (66.2) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | (37.6) | (52.1) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 0 | ||
Reclassification from AOCI, Current Period, Tax | (0.1) | 0 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.4) | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.4) | 0 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Stockholders' Equity Attributable to Parent | 2.7 | 2.8 | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 4.7 | ||
Reclassification from AOCI, Current Period, Tax | 0.1 | 0 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.1) | 0 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | (1.2) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.1) | 4.7 | ||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | ||||
Stockholders' Equity Attributable to Parent | (572) | (3.5) | $ (719.4) | $ 505.8 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 147.5 | (515.1) | ||
Reclassification from AOCI, Current Period, Tax | 0 | (1.5) | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.1) | 5.8 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (39.8) | 135.2 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 147.4 | (509.3) | ||
AOCI, Liability for Future Policy Benefit, Parent | ||||
Stockholders' Equity Attributable to Parent | 154.4 | (405.5) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (86.7) | 444.2 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (86.7) | $ 444.2 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | May 06, 2020 | Aug. 06, 2014 | |
Class of Stock [Line Items] | ||||||
Remaining authorized repurchase amount | $ 171,600,000 | $ 333,300,000 | $ 133,300,000 | |||
Weighted-average Remaining Lease Term - Finance Leases | 9 months 18 days | |||||
Weighted-average Remaining Lease Term - Operating Leases | 5 years 7 months 6 days | 5 years 9 months 18 days | ||||
Weighted-average Discount Rate - Finance Leases | 0.60% | |||||
Weighted-average Discount Rate - Operating Leases | 3.60% | 3.40% | ||||
Value of additional shares authorized to be repurchased | $ 200,000,000 | |||||
Employee Stock Purchase Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Price per share (in dollars per share) | $ 46.46 | $ 48.06 | ||||
Compensation costs | $ 200,000 | |||||
Employee Stock Purchase Plan | Share-based Payment Arrangement | ||||||
Class of Stock [Line Items] | ||||||
Shares issued under employee stock purchase plan (in shares) | 18,000 | 22,000 |
Pension Benefits and Postreti_3
Pension Benefits and Postretirement Benefits Other Than Pensions - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 employees | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of participants and beneficiaries | 3,100 |
Percentage of Compensation, Defined Benefit Plan Employee Contribution | 3% |
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, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest Cost on Projected Benefit Obligation | $ 3.4 | $ 2.2 |
Expected Return on Plan Assets | (3.3) | (1.9) |
Amortization of Prior Service Credit | 0.2 | 0.2 |
Amortization of Net Actuarial Loss | 0 | 0.4 |
Total Pension Expense | $ 0.3 | $ 0.9 |
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, 2023 | Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 0 | $ 0.1 |
Interest Cost on Accumulated Postretirement Benefit Obligation | 0.1 | 0 |
Amortization of Prior Service Credit | (0.3) | (0.3) |
Amortization of Net Gain | (0.4) | (0.4) |
Total Pension Expense | $ (0.6) | $ (0.6) |
Policyholder Contract Liabili_3
Policyholder Contract Liabilities - Policyholder Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 700.6 | $ 701.3 |
United Insurance Company of America | Federal Home Loan Bank of Chicago | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB of Chicago Common Stock Owned at Cost | 17.5 | 17.5 |
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 | 601 | 601 |
Universal Life-type Policyholder Account Balances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 99.6 | $ 100.3 |
Policyholder Contract Liabili_4
Policyholder Contract Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Account Balance, Weighted Average Crediting Rate | 5.10% | |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | $ 306.8 | $ 311.4 |
Policyholder Account Balance, Cash Surrender Value | 100 | |
United Insurance Company of America | Federal Home Loan Bank of Chicago | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, amount of advances | 89.1 | |
Payments of FHLBank borrowings | $ 89.1 |
Policyholder Contract Liabili_5
Policyholder Contract Liabilities - Supplemental Financial Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 700.6 | $ 701.3 |
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 | 772.9 | 744.6 |
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 | $ 601 | $ 601 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Mar. 10, 2022 | Jun. 04, 2019 | Mar. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Feb. 15, 2022 | Sep. 22, 2020 | Jun. 08, 2018 | Feb. 28, 2015 | |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 1,387,500,000 | $ 1,386,900,000 | ||||||||
Interest and other expenses | 14,100,000 | $ 12,700,000 | ||||||||
Interest paid, including capitalized interest, operating and investing activities | 24,800,000 | $ 22,000,000 | ||||||||
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 | 4.350% Senior Notes due February 15, 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 449,400,000 | 449,300,000 | ||||||||
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 | 396,700,000 | 396,600,000 | ||||||||
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 | 395,600,000 | 395,500,000 | ||||||||
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, gross | 150,000,000 | |||||||||
Senior Notes | Senior Notes, 5.875 Percent Due March 15, 2062 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | 145,800,000 | $ 145,500,000 | ||||||||
Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.875% | |||||||||
Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062 | Five-Year Treasury Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.14% | |||||||||
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 | |||||||||
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, 2023 | Dec. 31, 2022 | Mar. 10, 2022 | Feb. 15, 2022 | Sep. 22, 2020 | |
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 1,387.5 | $ 1,386.9 | |||
Derivative, Gain (Loss) on Derivative, Net | 0.5 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.1 | ||||
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 | 4.350% Senior Notes due February 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 449.4 | 449.3 | |||
Stated interest rate | 4.35% | ||||
Senior Notes | 2.400% Senior Notes due September 30, 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 396.7 | 396.6 | |||
Stated interest rate | 2.40% | ||||
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2033 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 395.6 | 395.5 | |||
Stated interest rate | 3.80% | ||||
Senior Notes | Senior Notes, 5.875 Percent Due March 15, 2062 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 145.8 | $ 145.5 | |||
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, 2023 |
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, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease Right-of-Use Assets | $ 40 | $ 45.1 |
Operating Lease Liabilities | $ 68.5 | $ 72.6 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease Cost | ||
Operating Lease Cost | $ 4.1 | $ 5.6 |
Variable Lease, Cost | 0.1 | 0.1 |
Short-Term Lease Cost | 0 | 1.2 |
Total Lease Expense | 4.2 | 6.9 |
Less: Sublease Income | 0 | 0.1 |
Lease, Cost | $ 4.2 | $ 6.8 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating Cash Flows from Operating Lease (Fixed Payments) | $ 6.1 | $ 6.2 |
Operating Cash Flows from Operating Lease (Liability Reduction) | 5.5 | 5.5 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ 1.4 | $ 1 |
Leases - Lease Weighted Average
Leases - Lease Weighted Average (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
Weighted-average Remaining Lease Term - Finance Leases | 9 months 18 days | |
Weighted-average Remaining Lease Term - Operating Leases | 5 years 7 months 6 days | 5 years 9 months 18 days |
Weighted-average Discount Rate - Finance Leases | 0.60% | |
Weighted-average Discount Rate - Operating Leases | 3.60% | 3.40% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Finance and Operating Leases (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2023 | $ 17.3 | |
2024 | 17.6 | |
2025 | 13 | |
2026 | 6.5 | |
2027 | 4.2 | |
2028 and Thereafter | 17.9 | |
Total Future Payments | 76.5 | |
Less Imputed Interest | 8 | |
Present Value of Minimum Lease Payments | $ 68.5 | $ 72.6 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | |
Income taxes paid, net | $ 100,000 | |
Proceeds from Income Tax Refunds | $ 124,700,000 |
Deferred Costs, Capitalized, _3
Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Effect of Retrospective Application of Accounting Standards Update 2018-12 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 14 years 10 months 24 days | 17 years 1 month 6 days |