Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33245 | |
Entity Registrant Name | EMPLOYERS HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 04-3850065 | |
Entity Address, Address Line One | 10375 Professional Circle | |
Entity Address, City or Town | Reno, | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89521 | |
City Area Code | 888 | |
Local Phone Number | 682-6671 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | EIG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,876,967 | |
Entity Central Index Key | 0001379041 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturity securities at fair value (amortized cost $2,400.0 at March 31, 2023 and $2,366.7 at December 31, 2022, less CECL allowance of $5.9 at March 31, 2023 and $4.5 at December 31, 2022) | $ 2,248.3 | $ 2,186.3 |
Equity securities at fair value (cost $143.3 at March 31, 2023 and $144.2 at December 31, 2022) | 204.1 | 197 |
Equity securities at cost | 6.7 | 6.7 |
Other invested assets (cost $65.9 at March 31, 2023 and $54.4 at December 31, 2022) | 72.6 | 59.7 |
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 58.6 | 119.1 |
Total investments | 2,590.3 | 2,568.8 |
Cash and cash equivalents | 86.7 | 89.2 |
Restricted cash and cash equivalents | 0.2 | 0.2 |
Accrued investment income | 20.6 | 19 |
Premiums receivable (less CECL allowance of $14.0 at March 31, 2023 and $12.8 at December 31, 2022) | 326.1 | 305.9 |
Reinsurance recoverable for: | ||
Paid losses | 7.2 | 6.8 |
Unpaid losses (less CECL allowance of $0.9 at March 31, 2023 and $0.9 at December 31, 2022) | 439.4 | 444.5 |
Deferred policy acquisition costs | 52.2 | 48.3 |
Deferred income tax asset, net | 53.6 | 62.7 |
Property and equipment, net | 11.2 | 12 |
Operating lease right-of-use assets | 10.8 | 11.5 |
Intangible assets, net | 13.6 | 13.6 |
Goodwill | 36.2 | 36.2 |
Contingent commission receivable—LPT Agreement | 13.9 | 13.9 |
Cloud computing arrangements | 40 | 42.9 |
Other assets | 42 | 41.2 |
Total assets | 3,744 | 3,716.7 |
Liabilities and stockholders’ equity | ||
Unpaid losses and loss adjustment expenses | 1,953.7 | 1,960.7 |
Unearned premiums | 359.9 | 339.5 |
Commissions and premium taxes payable | 52.7 | 58.2 |
Accounts payable and accrued expenses | 20.4 | 28.7 |
Deferred reinsurance gain—LPT Agreement | 104.1 | 106.1 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 182.5 | 182.5 |
Operating lease liability | 12.8 | 13.6 |
Non-cancellable obligations | 23.5 | 26.1 |
Other liabilities | 60.3 | 57.1 |
Total liabilities | 2,769.9 | 2,772.5 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,985,389 and 57,876,287 shares issued and 27,001,967 and 27,160,748 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 0.6 | 0.6 |
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 415.6 | 414.6 |
Retained earnings | 1,312.1 | 1,295.6 |
Accumulated other comprehensive loss, net of tax | (115.1) | (138.9) |
Treasury stock, at cost (30,983,422 shares at March 31, 2023 and 30,715,539 shares at December 31, 2022) | (639.1) | (627.7) |
Total stockholders’ equity | 974.1 | 944.2 |
Total liabilities and stockholders’ equity | $ 3,744 | $ 3,716.7 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Available for sale: | ||
Debt securities, available-for-sale, amortized cost | $ 2,400 | $ 2,366.7 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 5.9 | 4.5 |
Equity Securities, FV-NI, Cost | 143.3 | 144.2 |
Other Investments and Securities, at Cost | 65.9 | 54.4 |
Available for sale, short-term investments, at amortized cost | 58.6 | 119.1 |
Accounts Receivable, Allowance for Credit Loss, Current | 14 | 12.8 |
Reinsurance recoverables on unpaid losses, allowance | $ 0.9 | $ 0.9 |
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 57,985,389 | 57,876,287 |
Common stock, shares outstanding (in shares) | 27,001,967 | 27,160,748 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock, at cost (in shares) | 30,983,422 | 30,715,539 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Net premiums earned | $ 172.7 | $ 150.2 |
Net investment income | 27.6 | 19.1 |
Net realized and unrealized (losses) gains on investments | 6.4 | (17.3) |
Other (loss) income | (0.2) | 0 |
Total revenues | 206.5 | 152 |
Expenses | ||
Losses and loss adjustment expenses | 107.4 | 94.2 |
Commission expense | 23.4 | 20.9 |
Underwriting and general and administrative expenses | 44.4 | 39.3 |
Interest and financing expenses | 2.3 | 0.1 |
Total expenses | 177.5 | 154.5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 29 | (2.5) |
Income tax expense (benefit) | 5.4 | (0.2) |
Net income (loss) | 23.6 | (2.3) |
Comprehensive income (loss) | ||
Unrealized AFS investment gains (losses) arising during the period, net of tax (expense) benefit of $(6.0) and $23.4 for the three months ended March 31, 2023 and 2022, respectively | 22.5 | (88.4) |
Reclassification adjustment for realized AFS investment losses (gains) in net income, net of tax (benefit) of $(0.3) for the three months ended March 31, 2023 | 1.3 | 0.2 |
Other comprehensive income (loss), net of tax | 23.8 | (88.2) |
Total comprehensive income (loss) | 47.4 | (90.5) |
Net realized and unrealized gains (losses) on investments | ||
Net realized and unrealized (losses) gains on investments | $ 6.4 | $ (17.3) |
Earnings (loss) per common share (Note 13): | ||
Basic | $ 0.87 | $ (0.08) |
Diluted | 0.86 | (0.08) |
Cash dividends declared per common share and eligible plan awards | $ 0.26 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement Parenthetical [Abstract] | ||
Other comprehensive income (loss), reclassification adjustment for sale of securities included in net income, tax | $ (0.3) | $ 0 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax | $ (6) | $ 23.4 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income, Net | Treasury Stock, Common |
Stockholders' equity, shares at Dec. 31, 2021 | 57,690,254 | |||||
Stockholders' equity, value at Dec. 31, 2021 | $ 1,213.1 | $ 0.6 | $ 410.7 | $ 1,338.5 | $ 60.6 | $ (597.3) |
Stock-based obligations, shares | 0 | |||||
Stock-based obligations, value | $ 1.6 | $ 0 | 1.6 | 0 | 0 | 0 |
Stock-options exercised, shares | 41,665 | 41,665 | ||||
Stock-options exercised, value | $ 1 | $ 0 | 1 | 0 | 0 | 0 |
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares | 129,536 | |||||
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value | (2.2) | $ 0 | (2.2) | 0 | 0 | 0 |
Acquisition of common stock, shares | 0 | |||||
Acquisition of common stock, value | (6.7) | $ 0 | 0 | 0 | (6.7) | |
Dividends declared, shares | 0 | |||||
Dividends declared, value | (7) | $ 0 | 0 | (7) | 0 | 0 |
Net income | (2.3) | 0 | 0 | (2.3) | 0 | 0 |
Change in net unrealized gains in investments, net of tax | (88.2) | $ 0 | 0 | 0 | (88.2) | 0 |
Stockholders' equity, shares at Mar. 31, 2022 | 57,861,455 | |||||
Stockholders' equity, value at Mar. 31, 2022 | 1,109.3 | $ 0.6 | 411.1 | 1,329.2 | (27.6) | (604) |
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax | 23.4 | |||||
Stockholders' equity, shares at Dec. 31, 2021 | 57,690,254 | |||||
Stockholders' equity, value at Dec. 31, 2021 | $ 1,213.1 | $ 0.6 | 410.7 | 1,338.5 | 60.6 | (597.3) |
Stock-options exercised, shares | 41,665 | |||||
Stockholders' equity, shares at Dec. 31, 2022 | 57,876,287 | 57,876,287 | ||||
Stockholders' equity, value at Dec. 31, 2022 | $ 944.2 | $ 0.6 | 414.6 | 1,295.6 | (138.9) | (627.7) |
Stock-based obligations, shares | 0 | |||||
Stock-based obligations, value | $ 1.8 | $ 0 | 1.8 | 0 | 0 | 0 |
Stock-options exercised, shares | 23,500 | 23,500 | ||||
Stock-options exercised, value | $ 0.6 | $ 0 | 0.6 | 0 | 0 | 0 |
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares | 85,602 | |||||
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value | (1.4) | $ 0 | (1.4) | 0 | 0 | 0 |
Acquisition of common stock, shares | 0 | |||||
Acquisition of common stock, value | (11.4) | $ 0 | 0 | 0 | 0 | (11.4) |
Dividends declared, shares | 0 | |||||
Dividends declared, value | (7.1) | $ 0 | 0 | (7.1) | 0 | 0 |
Net income | 23.6 | 0 | 0 | 23.6 | 0 | 0 |
Change in net unrealized gains in investments, net of tax | $ 23.8 | $ 0 | 0 | 0 | 23.8 | 0 |
Stockholders' equity, shares at Mar. 31, 2023 | 57,985,389 | 57,985,389 | ||||
Stockholders' equity, value at Mar. 31, 2023 | $ 974.1 | $ 0.6 | $ 415.6 | $ 1,312.1 | $ (115.1) | $ (639.1) |
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax | $ (6.3) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders Equity (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Change in net unrealized (losses) gains on investments, net of tax | $ (6.3) | $ 23.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating activities | |||
Net income | $ 23.6 | $ (2.3) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 1.1 | 1.5 | |
Stock-based compensation | 1.8 | 1.6 | |
Amortization of cloud computing arrangements | 4.3 | 4 | $ 16.4 |
Amortization of premium on investments, net | 0.8 | 1 | |
Allowance for expected credit losses | (1.2) | (0.3) | |
Deferred income tax expense (benefit) | 2.8 | (6.8) | |
Net realized and unrealized (gains) losses on investments | (6.4) | 17.3 | |
Change in operating assets and liabilities: | |||
Premiums receivable | (21.4) | (13.2) | |
Reinsurance recoverable on paid and unpaid losses | 4.7 | 5.2 | |
Cloud computing arrangements | (1.4) | 0.5 | |
Operating lease right-of-use-assets | 0.7 | 0.7 | |
Current federal income taxes | 2.6 | 6.5 | |
Unpaid losses and loss adjustment expenses | 7 | (0.7) | |
Unearned premiums | 20.4 | 20.4 | |
Accounts payable, accrued expenses and other liabilities | (6.4) | (1) | |
Deferred reinsurance gain—LPT Agreement | (2) | (2.1) | |
Operating lease liabilities | (0.8) | (0.9) | |
Non-cancellable obligations | (2.6) | (2) | |
Other | (11.7) | (14) | |
Net cash provided by operating activities | 4.3 | 16.8 | |
Investing activities | |||
Purchases of fixed maturity securities | (106.7) | (196.8) | |
Payments to Acquire Equity Securities, FV-NI | (12.3) | (46.4) | |
Purchases of short-term investments | (10.5) | (9.6) | |
Purchases of other invested assets | (11.5) | (1.8) | |
Proceeds from sale of fixed maturity securities | 44.8 | 92 | |
Proceeds from Sale of Equity Securities, FV-NI | 12 | 71.4 | |
Proceeds from maturities and redemptions of fixed maturity securities | 27.5 | 63.6 | |
Proceeds from maturities of short-term investments | 71 | 16.8 | |
Net change in unsettled investment purchases and sales | (1) | 5.5 | |
Capital expenditures and other | (0.5) | (0.8) | |
Net cash provided by (used in) investing activities | 12.8 | (6.1) | |
Financing activities | |||
Acquisition of common stock | (11.1) | (6.7) | |
Cash transactions related to stock-based compensation | (0.8) | (1.2) | |
Dividends paid to stockholders | (7.6) | (7.4) | |
Proceeds from FHLBank Borrowings, Financing Activities | 0 | 60 | |
Proceeds from Lines of Credit | 0 | 10 | |
Repayments on line of credit advances | 0 | 10 | |
Financing cash flows from finance leases | 0.1 | 0 | |
Net cash (used in) provided by financing activities | (19.6) | 44.7 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (2.5) | 55.4 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at the beginning of the period | 89.4 | 75.3 | 75.3 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at the end of the period | 86.9 | 130.7 | 89.4 |
Cash and cash equivalents | 86.7 | 89.2 | |
Restricted cash and cash equivalents | 0.2 | 0.2 | |
Total cash, cash equivalents, restricted cash | $ 86.9 | $ 130.7 | $ 89.4 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | Basis of Presentation and Summary of Operations Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers’ compensation products and services. Unless otherwise indicated, all references to the “Company” refer to EHI, together with its subsidiaries. In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a retroactive 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement commenced on June 30, 1999 and will remain in effect until: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated, upon the mutual agreement of the parties; or (iii) the reinsurers’ aggregate maximum limit of liability is exhausted, whichever occurs first. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities and operations of the Fund, including the Fund’s rights and obligations associated with the LPT Agreement (See Note 9). The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company’s Consolidated Balance Sheets. The Company is entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is estimated based on both actual paid results to date and projections of expected paid losses under the LPT Agreement and is recorded as an asset on the Company’s Consolidated Balance Sheets. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company’s Form 10-K for the year ended December 31, 2022 (Annual Report). The Company operates through two reportable segments: Employers and Cerity . Each of the segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. This presentation allows the reader, as well as the Company's chief operating decision makers, to objectively analyze the business originated through each of these channels. Detailed financial information about the Company's operating segments is presented in Note 14. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments. Reclassifications Certain prior period information has been reclassified to conform to the current period presentation. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | New Accounting Standards Recently Issued Accounting Standards None. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) . This update provided optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (LIBOR), with optional expedients and exceptions related to the application of US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. Companies could apply this ASU at any time, but early adoption was only available through December 31, 2022 when it became effective. The Company determined that there was no impact of LIBOR transitioning on its existing contracts and investments. |
Valuation of Financial Instrume
Valuation of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Valuation of Financial Instruments Financial Instruments Carried at Fair Value The carrying value and the estimated fair value of the Company’s financial instruments at fair value were as follows: March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Financial assets Total investments at fair value $ 2,511.0 $ 2,511.0 $ 2,502.4 $ 2,502.4 Cash and cash equivalents 86.7 86.7 89.2 89.2 Restricted cash and cash equivalents 0.2 0.2 0.2 0.2 Assets and liabilities recorded at fair value on the Company’s Consolidated Balance Sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows: • Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date. • Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date. • Level 3 - Inputs that are unobservable that reflect management’s best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date. The Company uses third party pricing services to assist with its investment accounting function. The ultimate pricing source varies depending on the investment security and pricing service used, but investment securities valued on the basis of observable inputs (Levels 1 and 2) are generally assigned values on the basis of actual transactions. Securities valued on the basis of pricing models with significant unobservable inputs or non-binding broker quotes are classified as Level 3. The Company performs quarterly analyses on the prices it receives from third parties to determine whether the prices are reasonable estimates of fair value, including confirming the fair values of these securities through observable market prices using an alternative pricing source, as it is ultimately management’s responsibility to ensure that the fair values reflected in the Company’s consolidated financial statements are appropriate. If differences are noted in these analyses, the Company may obtain additional information from other pricing services to validate the quoted price. The Company bases all of its estimates of fair value for assets on the bid prices, when available, as they represent what a third-party market participant would be willing to pay in an arm’s length transaction. For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speed assumptions. There were no material adjustments to the valuation methodology utilized by third party pricing services as of March 31, 2023 and December 31, 2022. These methods of valuation only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable. As of March 31, 2023, the Company held $25.9 million of fixed maturity securities at fair value that were designated Level 3. These private placement securities were designated as Level 3 securities d ue to the limited amount of observable market information available. The following table presents the Company’s investments at fair value and the corresponding fair value measurements. March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in millions) Fixed maturity securities: U.S. Treasuries $ — $ 89.7 $ — $ — $ 90.8 $ — U.S. Agencies — 2.1 — — 2.1 — States and municipalities — 330.9 — — 317.6 — Corporate securities — 891.0 16.5 — 851.9 16.2 Residential mortgage-backed securities — 360.6 — — 360.2 — Commercial mortgage-backed securities — 55.6 — — 55.1 — Asset-backed securities — 91.6 9.4 — 58.1 8.0 Collateralized loan obligations — 232.0 — — 260.9 — Foreign government securities — 10.5 — — 10.2 — Other securities — 158.4 — — 155.2 — Total fixed maturity securities $ — $ 2,222.4 $ 25.9 $ — $ 2,162.1 $ 24.2 Equity securities at fair value: Industrial and miscellaneous $ 173.9 $ — $ — $ 165.3 $ — $ — Other 30.2 — — 31.7 — — Total equity securities at fair value $ 204.1 $ — $ — $ 197.0 $ — $ — Short-term investments $ 50.6 $ 8.0 $ — $ 119.1 $ — $ — Total investments at fair value $ 254.7 $ 2,230.4 $ 25.9 $ 316.1 $ 2,162.1 $ 24.2 Financial Instruments Carried at Cost All of the Company's insurance subsidiaries are members of the Federal Home Loan Bank of San Francisco (FHLB). Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. The Company’s investment in FHLB stock is recorded at cost, which approximates fair value, as purchases and sales of these securities are at par value with the issuer. FHLB stock is considered a restricted security and is periodically evaluated by the Company for impairment based on the ultimate recovery of par value. Financial Instruments Carried at Net Asset Value The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company’s Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have fund terms of 3 to 12 years, subject to two or three one Additionally, certain cash equivalents, principally money market securities, are measured using NAV, which approximates fair value. The following table presents cash and investments carried at NAV on the Company’s Consolidated Balance Sheets. March 31, 2023 December 31, 2022 (in millions) Cash equivalents carried at NAV $ 71.8 $ 65.5 Other invested assets carried at NAV 72.6 59.7 The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the three months ended March 31, 2023. Level 3 Securities (in millions) Beginning balance, January 1, 2023 $ 24.2 Purchases 1.5 Unrealized gains included in comprehensive income (loss) 0.2 Ending balance, March 31, 2023 $ 25.9 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s available-for-sale (AFS) investments were as follows: Amortized Allowance for Current Expected Credit Losses Gross Gross Estimated (in millions) At March 31, 2023 Fixed maturity securities U.S. Treasuries $ 93.0 $ — $ 0.2 $ (3.5) $ 89.7 U.S. Agencies 2.2 — — (0.1) 2.1 States and municipalities 335.9 — 1.7 (6.7) 330.9 Corporate securities 990.1 (4.7) 2.9 (80.8) 907.5 Residential mortgage-backed securities 397.8 — 0.5 (37.7) 360.6 Commercial mortgage-backed securities 61.2 — — (5.6) 55.6 Asset-backed securities 107.3 — 0.1 (6.4) 101.0 Collateralized loan obligations 238.1 — — (6.1) 232.0 Foreign government securities 13.0 — — (2.5) 10.5 Other securities (1) 161.4 (1.2) 0.6 (2.4) 158.4 Total fixed maturity securities $ 2,400.0 $ (5.9) $ 6.0 $ (151.8) $ 2,248.3 Short-term investments 58.6 — — — 58.6 Total AFS investments $ 2,458.6 $ (5.9) $ 6.0 $ (151.8) $ 2,306.9 At December 31, 2022 Fixed maturity securities U.S. Treasuries $ 95.1 $ — $ 0.1 $ (4.4) $ 90.8 U.S. Agencies 2.2 — — (0.1) 2.1 States and municipalities 326.7 — 0.8 (9.9) 317.6 Corporate securities 963.4 (2.8) 2.0 (94.5) 868.1 Residential mortgage-backed securities 403.5 — 0.3 (43.6) 360.2 Commercial mortgage-backed securities 61.5 — — (6.4) 55.1 Asset-backed securities 74.0 — 0.1 (8.0) 66.1 Collateralized loan obligations 268.1 — — (7.2) 260.9 Foreign government securities 13.0 — — (2.8) 10.2 Other securities (1) 159.2 (1.7) 0.6 (2.9) 155.2 Total fixed maturity securities $ 2,366.7 $ (4.5) $ 3.9 $ (179.8) $ 2,186.3 Short-term investments 119.1 — — — 119.1 Total AFS investments $ 2,485.8 $ (4.5) $ 3.9 $ (179.8) $ 2,305.4 (1) Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value. The cost and estimated fair value of the Company’s equity securities recorded at fair value at March 31, 2023 and December 31, 2022 were as follows: Cost Estimated Fair Value (in millions) At March 31, 2023 Equity securities at fair value Industrial and miscellaneous $ 115.2 $ 173.9 Other 28.1 30.2 Total equity securities at fair value $ 143.3 $ 204.1 At December 31, 2022 Equity securities at fair value Industrial and miscellaneous $ 115.3 $ 165.3 Other 28.9 31.7 Total equity securities at fair value $ 144.2 $ 197.0 The Company had Other invested assets totaling $72.6 million and $59.7 million (initial cost of $65.9 million and $54.4 million) at March 31, 2023 and December 31, 2022, respectively, consisting of private equity limited partnerships, which are carried at NAV based on information provided by the general partner. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Changes in the value of these investments are recorded through Net realized and unrealized gains and losses on the Company’s Consolidated Statements of Comprehensive Income (Loss). The amortized cost and estimated fair value of the Company’s fixed maturity securities at March 31, 2023, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (in millions) Due in one year or less $ 80.8 $ 80.1 Due after one year through five years 844.0 816.3 Due after five years through ten years 582.3 528.5 Due after ten years 82.7 74.3 Mortgage and asset-backed securities 804.3 749.1 Total $ 2,394.1 $ 2,248.3 The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 Estimated Fair Value Gross Number of Issues Estimated Fair Value Gross Number of Issues (dollars in millions) Less than 12 months: Fixed maturity securities U.S. Treasuries $ 45.4 $ (0.7) 6 $ 76.8 $ (3.5) 13 U.S. Agencies 2.2 (0.1) 1 2.1 (0.1) 1 States and municipalities 109.4 (2.3) 40 193.4 (9.0) 68 Corporate securities 363.9 (12.5) 127 763.3 (76.4) 335 Residential mortgage-backed securities 142.0 (4.6) 76 236.8 (17.9) 186 Commercial mortgage-backed securities 11.1 (0.5) 4 52.5 (5.7) 22 Asset-backed securities 39.4 (0.8) 24 27.6 (2.6) 22 Collateralized loan obligations 87.3 (1.4) 15 209.9 (5.5) 37 Other securities 42.5 (0.5) 132 81.6 (1.8) 224 Total fixed maturity securities 843.2 (23.4) 425 1,644.0 (122.5) 908 Total less than 12 months $ 843.2 $ (23.4) 425 $ 1,644.0 $ (122.5) 908 12 months or greater: Fixed maturity securities U.S. Treasuries $ 35.0 $ (2.8) 10 $ 11.2 $ (0.9) 4 States and municipalities 41.3 (4.4) 18 5.4 (0.9) 3 Corporate securities 502.5 (68.3) 286 84.6 (18.1) 84 Residential mortgage-backed securities 199.5 (33.1) 167 106.6 (25.7) 65 Commercial mortgage-backed securities 44.5 (5.1) 21 2.6 (0.7) 3 Asset-backed securities 43.4 (5.6) 21 27.7 (5.4) 11 Collateralized loan obligations 139.7 (4.7) 29 36.9 (1.7) 11 Foreign government securities 10.2 (2.5) 3 10.2 (2.8) 3 Other securities 61.4 (1.9) 185 38.4 (1.1) 119 Total fixed maturity securities 1,077.5 (128.4) 740 323.6 (57.3) 303 Total 12 months or greater $ 1,077.5 $ (128.4) 740 $ 323.6 $ (57.3) 303 As of March 31, 2023 and December 31, 2022, the Company had an allowance for current expected credit losses (CECL) on AFS debt securities of $5.9 million and $4.5 million, respectively (See Note 5). Those fixed maturity securities whose total fair value was less than amortized cost at March 31, 2023 and December 31, 2022, were those in which the Company had no intent, need or requirement to sell at an amount less than their amortized cost. Realized gains and losses on investments include the gain or loss on a security at the time of sale compared to its original or adjusted cost (equity securities and other invested assets) or amortized cost (fixed maturity securities). Realized losses on fixed maturity securities are also recognized when securities are written down as a result of an other-than-temporary impairment or for changes in CECL. Net realized gains and losses on investments and the change in unrealized gains and losses on the Company’s investments recorded at fair value are determined on a specific-identification basis and were as follows: Gross Realized Gains Gross Realized Losses Net (Increase) Decrease in CECL Allowance Change in Net Unrealized Gains (Losses) Changes in Fair Value Reflected in Earnings Changes in Fair Value Reflected in AOCI, before tax (in millions) Three Months Ended March 31, 2023 Fixed maturity securities 0.4 $ (0.6) $ (1.4) $ 30.1 $ (1.6) $ 30.1 Equity securities 0.1 (1.3) — 7.9 6.7 — Other invested assets — — — 1.3 1.3 — Total investments $ 0.5 $ (1.9) $ (1.4) $ 39.3 $ 6.4 $ 30.1 Three Months Ended March 31, 2022 Fixed maturity securities $ 1.9 $ (0.2) $ (2.0) $ (111.6) $ (0.3) $ (111.6) Equity securities 20.6 (2.0) — (35.7) (17.1) — Other invested assets — — — 0.1 0.1 — Total investments $ 22.5 $ (2.2) $ (2.0) $ (147.2) $ (17.3) $ (111.6) Proceeds from the sales of fixed maturity securities were $44.8 million for the three months ended March 31, 2023, compared to $92.0 million for the three months ended March 31, 2022. Net investment income was as follows: Three Months Ended March 31, 2023 2022 (in millions) Fixed maturity securities $ 23.7 $ 18.7 Equity securities 1.8 1.6 Other invested assets 0.9 0.4 Short-term investments 1.2 — Cash equivalents and restricted cash 0.9 — Gross investment income 28.5 20.7 Investment expenses (0.9) (1.6) Net investment income $ 27.6 $ 19.1 The Company is required by various state laws and regulations to support, through securities on deposit or otherwise, its outstanding loss reserves in certain states in which it does business. These laws and regulations govern not only the amount but also the types of securities that are eligible for deposit. As of March 31, 2023 and December 31, 2022, securities having a fair value of $795.4 million and $745.9 million, respectively, were on deposit. Additionally, standby letters of credit from the FHLB were in place in lieu of $70.0 million of securities on deposit as of March 31, 2023 and December 31, 2022 (See Note 10). |
Current Expected Credit Losses
Current Expected Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
Credit Losses | Current Expected Credit Losses Premiums Receivable Premiums receivable balances are all due within one year or less. The Company currently determines the allowance for premiums receivable based on an internal aging schedule using collectability and historical payment patterns, as well as current and expected future market conditions to determine the appropriateness of the allowance. Historical payment patterns and future market conditions provide the basis for the estimation along with similar risk characteristics and the Company's business strategy, which have not changed significantly over time. Changes in the allowance for CECL are recorded through underwriting and general and administrative expenses. The table below shows the changes in CECL on premiums receivable. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on premiums receivable $ 12.8 $ 10.3 Net change in CECL provision 3.3 3.2 Write-offs charged against CECL (0.7) (0.9) Recoveries collected (1.4) (2.6) Ending balance of CECL on premiums receivable $ 14.0 $ 10.0 Reinsurance Recoverable In assessing an allowance for reinsurance assets, which includes reinsurance recoverables and contingent commission receivables, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and ratings to determine the appropriateness of the allowance. Historically, the Company has not experienced a credit loss from reinsurance transactions. In assessing future default, the Company evaluated the allowance for CECL under the ratings-based method using the A.M. Best Average Cumulative Net Impairment Rates. Reinsurer ratings are also assessed through this process. Changes in CECL are recorded through underwriting and general and administrative expenses. The table below shows the changes in CECL on reinsurance recoverables. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on reinsurance recoverables $ 0.9 $ 0.6 Net change in CECL provision — — Ending balance of CECL on reinsurance recoverables $ 0.9 $ 0.6 Investments The Company assesses all AFS debt securities in an unrealized loss position for CECL. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria is met, the security's amortized cost basis is written down to its fair value. For AFS debt securities that do not meet either criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Any impairment that has not been recorded through an allowance for CECL is recognized in Accumulated other comprehensive loss on the Company's Consolidated Balance Sheets. Changes in CECL are recorded through realized capital losses. As of March 31, 2023, the Company established an aggregate allowance for CECL in the amount of $5.9 million. For the Company’s investments in fixed-income debt securities, the allowance for CECL was determined by: (i) observing the credit characteristics of those debt securities that may have demonstrated a credit loss as of that date and by comparing the present value of cash flows expected to be collected to its amortized cost basis; and (ii) observing the credit characteristics of those debt securities that are expected to demonstrate a credit loss in the future by comparing the present value of cash flows expected to be collected to its amortized cost basis. The expected present value of cash flows are calculated using scenario based credit loss models derived from the discounted cash flows under the Comprehensive Capital Analysis Review framework, which is adopted by the Federal Reserve. As of March 31, 2023, the Company did not intend to sell any of its AFS debt securities in which its amortized cost exceeded its fair value. Accrued interest receivable on AFS debt securities totaled $20.6 million at March 31, 2023 and is excluded from the estimate of CECL based on historically timely payments. The table below shows the changes in the allowance for CECL on available-for-sale securities. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on AFS securities $ 4.5 $ 0.2 Net change in CECL provision 2.0 2.2 Reductions in allowance from disposals (0.2) — Recoveries of amounts previously written off (0.4) (0.2) Ending balance of CECL on AFS securities $ 5.9 $ 2.2 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Property and equipment consists of the following: As of March 31, As of December 31, 2023 2022 (in millions) Furniture and equipment $ 3.8 $ 3.3 Leasehold improvements 4.5 5.0 Computers and software 47.7 47.6 Automobiles 0.7 0.8 Property and equipment, gross 56.7 56.7 Accumulated depreciation (45.5) (44.7) Property and equipment, net $ 11.2 $ 12.0 Depreciation expenses related to property and equipment for the three months ended March 31, 2023 were $1.1 million and $5.3 million for the year ended December 31, 2022. Internally developed software costs of $0.3 million were capitalized during the three months ended March 31, 2023, and $1.2 million in internally developed software costs were capitalized during the year ended December 31, 2022. Cloud Computing Arrangements The Company’s capitalized costs associated with cloud computing arrangements totaled $40.0 million and $42.9 million, which were comprised of service contract fees and implementation costs associated with hosting arrangements as of March 31, 2023 and December 31, 2022, respectively. Total amortization for hosting arrangements were $4.3 million for the three months ended March 31, 2023, and $16.4 million for the year ended December 31, 2022. Leases The Company determines if an arrangement is a lease at the inception of the transaction. Operating leases for offices are presented as a right-of-use asset (ROU asset) and lease liability on the Company’s Consolidated Balance Sheets. Financing leases for automobiles are included in property and equipment and other liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liability represents the obligation to make lease payments arising from the lease transaction. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company uses collateralized incremental borrowing rates to determine the present value of lease payments. The ROU assets also include lease payments less any lease incentives within a lease agreement. The Company’s lease terms may include options to extend or terminate a lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As of March 31, 2023, the Company’s operating leases have remaining terms of 1 year to 5 years, with options to extend up to 10 years with no termination provision. The Company’s finance leases have an option to terminate after 1 year. Components of lease expense were as follows: Three Months Ended March 31, 2023 2022 (in millions) Operating lease expense $ 0.6 $ 0.9 Finance lease expense 0.1 — Total lease expense $ 0.7 $ 0.9 As of March 31, 2023 , the weighted average remaining lease term for o perating leases was 4.2 years and for finance leases was 2.6 years. The weighted average dis cou nt rate was 2.2% and 7.3% for operating and finance leases, respectively . Maturities of lease liabilities were as follows: As of March 31, 2023 Operating Leases Finance Leases (in millions) 2023 $ 2.7 $ 0.1 2024 3.2 0.1 2025 3.1 0.1 2026 2.8 — 2027 1.7 — Thereafter 0.2 — Total lease payments 13.7 0.3 Less: imputed interest (0.9) — Total $ 12.8 $ 0.3 Supplemental balance sheet information related to leases was as follows: As of March 31, As of December 31, 2023 2022 (in millions) Operating leases: Operating lease right-of-use asset $ 10.8 $ 11.5 Operating lease liability 12.8 13.6 Finance leases: Property and equipment, gross 0.7 0.8 Accumulated depreciation (0.4) (0.4) Property and equipment, net 0.3 0.4 Other liabilities $ 0.3 $ 0.4 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 0.6 $ 0.9 Financing cash flows used for finance leases 0.1 — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Income TaxesThe Company’s effective tax rate for the three months ended March 31, 2023 was 18.6% and the Company’s effective tax rate for the three months ended March 31, 2022 was 8.0%. The effective rates during each of the periods presented included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, and deferred gain amortization. |
Liability for Unpaid Losses and
Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract] | |
Liability for Unpaid Losses and Loss Adjustment Expenses | Liability for Unpaid Losses and Loss Adjustment Expenses The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Three Months Ended March 31, 2023 2022 (in millions) Unpaid losses and LAE at beginning of period $ 1,960.7 $ 1,981.2 Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 445.4 476.9 Net unpaid losses and LAE at beginning of period 1,515.3 1,504.3 Losses and LAE, net of reinsurance, incurred during the period related to: Current period 109.6 96.3 Prior periods (0.2) — Total net losses and LAE incurred during the period 109.4 96.3 Paid losses and LAE, net of reinsurance, related to: Current period 5.6 4.6 Prior periods 105.7 85.8 Total net paid losses and LAE during the period 111.3 90.4 Ending unpaid losses and LAE, net of reinsurance 1,513.4 1,510.2 Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 440.3 471.7 Unpaid losses and LAE at end of period $ 1,953.7 $ 1,981.9 Total net losses and LAE included in the above table exclude amortization of the deferred reinsurance gain—LPT Agreement, which totaled $2.0 million and $2.1 million for the three months ended March 31, 2023 and 2022, respectively (see Note 9). The change in incurred losses and LAE attributable to prior periods for the three months ended March 31, 2023, included $0.2 million of net favorable loss reserve development on the Company's assigned risk business. For each of the three months ended March 31, 2023 and 2022, the Company did not recognize any prior accident year loss reserve development on its voluntary risk business. These determinations were made in light of: (i) a full actuarial study not being performed during the periods; and (ii) the amount of indicated net prior year loss reserve development was consistent with our expectations. |
LPT Agreement
LPT Agreement | 3 Months Ended |
Mar. 31, 2023 | |
LPT Agreement [Abstract] | |
LPT Agreement | LPT Agreement The Company is party to the LPT Agreement under which $1.5 billion in liabilities for losses and LAE related to claims incurred by the Fund prior to July 1, 1995 were reinsured for consideration of $775.0 million. The LPT Agreement provides coverage up to $2.0 billion. The Company records its estimate of contingent profit commission in the accompanying Consolidated Balance Sheets as Contingent commission receivable–LPT Agreement and a corresponding liability is recorded in the accompanying Consolidated Balance Sheets in Deferred reinsurance gain–LPT Agreement. The Deferred Gain is being amortized using the recovery method. Amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries over the life of the LPT Agreement, except for the contingent profit commission, which is amortized through June 30, 2024, the date through which the Company is entitled to receive a contingent profit commission under the LPT Agreement. The amortization is recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income (loss). Any adjustments to the Deferred Gain are recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income (loss). The Company amortized $2.0 million and $2.1 million of the Deferred Gain for the three months ended March 31, 2023 and 2022, respectively. The remaining Deferred Gain was $104.1 million and $106.1 million as of March 31, 2023 and December 31, 2022, respectively. The estimated remaining liabilities subject to the LPT Agreement were $303.9 million and $308.6 million as of March 31, 2023 and December 31, 2022, respectively. Losses and LAE paid with respect to the LPT Agreement totaled $863.6 million and $858.9 million from inception through March 31, 2023 and December 31, 2022, respectively. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes Payable [Abstract] | |
Debt Disclosure [Text Block] | FHLB Advances, Notes Payable and Other Financing Arrangements On December 15, 2020, EHI entered into a Credit Agreement (the Credit Agreement) with a syndicate of financial institutions. The Credit Agreement provides for a $75.0 million three-year revolving credit facility and is guaranteed by EHI's wholly- owned subsidiaries, Employers Group, Inc. and Cerity Group, Inc. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of EHI and its subsidiaries. Pursuant to the Credit Agreement, EHI also has an option to request an increase of the credit available under the facility up to a maximum facility amount of $125.0 million, subject to the consent of lenders and the satisfaction of certain conditions. On February 16, 2023, the Credit Agreement was amended (the Amended Credit Agreement) to: (i) formally replace the Eurodollar interest rate option with an Adjusted Term Secured Overnight Financing Rate (SOFR) option; (ii) amend the definition of "net worth," as referred to within the Amended Credit Agreement; and (iii) amend the minimum consolidated net worth covenant for fiscal quarters ending after September 30, 2022. The interest rates applicable to loans made under the Amended Credit Agreement are based on, at EHI's option, a base rate plus a specified margin, ranging from 0.25% to 1.25%, or the Adjusted Term SOFR rate plus a specified margin, ranging from 1.25% to 2.25%. In addition, EHI will pay a fee on each lender’s unused commitment, ranging from 0.20% to 0.50%. The applicable margin and the amount of such commitment fee vary based upon the financial strength rating of EHI’s insurance subsidiaries as most recently announced by A.M. Best or EHI’s debt to total capitalization ratio if such financial strength rating is not available. Interest paid and fees incurred pursuant to the Amended Credit Agreement or Credit Agreement, as applicable, during each of the three months ended March 31, 2023 and 2022 totaled $0.1 million. The Amended Credit Agreement contains covenants that require EHI and its consolidated subsidiaries to maintain: (i) a minimum consolidated net worth of no less than $900.0 million; and (ii) a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Amended Credit Agreement. Through March 31, 2023, EHI has remained in compliance with all of the covenants associated with this facility since its inception. EHI incurred $0.7 million in debt issuance costs in connection with the credit facility, which are being amortized over the three-year life of the facility in Interest and Financing expenses. The annual commitment and administrative fee on the unused portion of the facility is 0.30%, for a maximum of $225,000, and an annual agency fee of $25,000. Advances can be repaid at any time without prepayment penalties or additional fees. EHI had no borrowings outstanding under the facility at any time during the three months ended March 31, 2023. Other financing arrangements are comprised of the following: All of the Company's insurance subsidiaries are members of the FHLB. Membership allows the insurance subsidiaries access to collateralized advances, which may be used to support and enhance liquidity management. The amount of advances that may be taken is dependent on statutory admitted assets on a per company basis. During 2022, the Company's insurance subsidiaries, with the exception of CIC, had received aggregate advances of $182.5 million under their FHLB Standard Credit Program, all of which remained outstanding at March 31, 2023. The proceeds from these advances were used to purchase an equivalent amount of high-quality collateralized loan obligation securities. As of March 31, 2023, the Company's weighted average annual interest rate on these advances was 4.87%. Interest paid during the three months ended March 31, 2023 and 2022 totaled $2.2 million and less than $0.1 million, respectively. These advances can be repaid at any time without penalty and are collateralized by eligible investment securities. FHLB membership also allows the Company’s insurance subsidiaries access to standby letters of credit (Letter of Credit Agreements). The Letter of Credit Agreements currently in effect expire on March 31, 2024, and will remain evergreen with automatic one-year extensions unless the FHLB notifies the beneficiary at least 60 days prior to the then applicable expiration date of its election not to renew. The Letter of Credit Agreements may only be used to satisfy, in whole or in part, insurance deposit requirements with the State of California and are fully secured with eligible collateral at all times. The Letter of Credit Agreements are subject to annual maintenance charges and a fee of 15 basis points on issued amounts. As of both March 31, 2023 and December 31, 2022, letters of credit totaling $70.0 million, were issued in lieu of securities on deposit with the State of California under these Letter of Credit Agreements. As of March 31, 2023 and December 31, 2022, investment securities having a fair value of $320.1 million and $321.2 million, respectively, were pledged to the FHLB by the Company’s insurance subsidiaries in support of the collateralized advance facility and the Letter of Credit Agreements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income, Net | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of unrealized gains and losses on investments classified as AFS, net of deferred taxes. The following table summarizes the components of accumulated other comprehensive loss: March 31, 2023 December 31, 2022 (in millions) Net unrealized losses on investments, before taxes $ (145.7) $ (175.8) Deferred tax benefit on net unrealized gains and losses 30.6 36.9 Total accumulated other comprehensive loss $ (115.1) $ (138.9) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based compensation | Stock-Based Compensation The Company awarded restricted stock units (RSUs) and performance share units (PSUs) to certain employees and non-employee Directors of the Company as follows: Number Awarded Weighted Average Fair Value on Date of Grant Aggregate Fair Value on Date of Grant (in millions) March 2023 RSUs (1) 12,732 44.27 0.6 RSUs (1) 64,520 41.14 2.7 PSUs (2) 81,800 41.14 3.4 (1) The RSUs awarded in March 2023, which were awarded on two separate dates, were awarded to certain employees of the Company and vest 25% on March 15, 2024 and each of the subsequent three anniversaries of that date. The RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with a change of control of the Company. (2) The PSUs awarded in March 2023 were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 250% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level. Recipients of RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when and if, the underlying award vests and becomes payable. If the underlying award does not vest or is forfeited, dividend equivalents with respect to the underlying award fail to become payable and are forfeited. There were 23,500 stock options exercised during the three months ended March 31, 2023 and there were 41,665 stock options exercised during the three months ended March 31, 2022 and the year ended December 31, 2022. As of March 31, 2023, the Company had 282,672 RSUs, and 222,045 PSUs (based on the target number of PSUs awarded) outstanding. As of March 31, 2023, the Company no longer had any stock options outstanding. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings (Loss) Per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilutive impact of all common stock equivalents on earnings per share. Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested and stock options were to be exercised. Outstanding PSUs and RSUs are not considered in the Company’s diluted earnings per share computations in any period that involves a net loss because their inclusion would be anti-dilutive. Recipients of RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when and if, the underlying award vests and becomes payable. Therefore, these awards are not considered participating securities for the purposes of determining earnings per share. The following table presents the net income (loss) and the weighted average number of shares outstanding used in the earnings per common share calculations. Three Months Ended March 31, 2023 2022 (in millions, except share data) Net income (loss) $ 23.6 $ (2.3) Weighted average number of shares outstanding—basic 27,176,823 27,802,972 Effect of dilutive securities: PSUs 141,246 204,029 Stock options 8,286 22,877 RSUs 66,323 47,730 Potential dilutive shares 215,855 274,636 Weighted average number of shares outstanding—diluted 27,392,678 28,077,608 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting The Company has determined that it has two reportable segments: Employers and Cerity. Each of these segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. The nature and composition of each reportable segment and its Corporate and Other activities are as follows: The Employers segment represents the traditional business offered through the EMPLOYERS brand name (Employers) through its agents, including business originated from its strategic partnerships and alliances. The Cerity segment represents the business offered under the Cerity brand name, which includes the Company's direct-to-customer business. Corporate and Other activities consist of those holding company expenses that are not considered to be underwriting in nature, the financial impact of the LPT agreement, and legacy business assumed and ceded by CIC. These expenses are not considered to be part of a reportable segment and are not otherwise allocated to a reportable segment. The Company has determined that it is not practicable to report identifiable assets by segment since certain assets are used interchangeably among the segments. The following table summarizes the Company's written premium and components of net income (loss) before income taxes by reportable segment. Employers Cerity Corporate and Other Total (in millions) Three Months Ended March 31, 2023 Gross premiums written $ 194.2 $ 0.7 $ — $ 194.9 Net premiums written 192.4 0.7 — 193.1 Net premiums earned 171.3 1.4 — 172.7 Net investment income 24.8 1.7 1.1 27.6 Net realized and unrealized gains on investments 5.6 0.2 0.6 6.4 Other (loss) income (0.2) — — (0.2) Total revenues 201.5 3.3 1.7 206.5 Losses and loss adjustment expenses 108.5 0.9 (2.0) 107.4 Commission expense 23.3 0.1 — 23.4 Underwriting and general and administrative expenses 37.4 4.5 2.5 44.4 Interest and financing expenses 2.2 — 0.1 2.3 Total expenses 171.4 5.5 0.6 177.5 Net income (loss) before income taxes $ 30.1 $ (2.2) $ 1.1 $ 29.0 Three Months Ended March 31, 2022 Gross premiums written $ 171.2 $ 1.2 $ — $ 172.4 Net premiums written 169.2 1.2 — 170.4 Net premiums earned 149.6 0.6 — 150.2 Net investment income 17.6 0.7 0.8 19.1 Net realized and unrealized losses on investments (15.6) (0.4) (1.3) (17.3) Total revenues 151.6 0.9 (0.5) 152.0 Losses and loss adjustment expenses 95.9 0.4 (2.1) 94.2 Commission expense 20.9 — — 20.9 Underwriting and general and administrative expenses 32.8 3.2 3.3 39.3 Interest and financing expenses — — 0.1 0.1 Total expenses 149.6 3.6 1.3 154.5 Net income (loss) before income taxes $ 2.0 $ (2.7) $ (1.8) $ (2.5) Entity-Wide Disclosures The Company operates solely within the U.S. and does not have revenue from transactions with a single policyholder accounting for 10% or more of its revenues. In-force premiums represent the estimated annual premium on all policies that are active and in-force on such date. More specifically, in-force premiums include policy endorsements but exclude estimated final audit premiums. The Company's management focuses on in-force premium because it represents premium that is available for renewal in the future. The following table shows our in-force premiums, in-force premiums including estimated final audit premium, and number of policies in-force for each of our largest states and all other states combined for the periods presented: March 31, 2023 December 31, 2022 March 31, 2022 December 31, 2021 State In-force Premiums Policies In-force Premiums Policies In-force Policies In-force Policies (dollars in millions) California $ 282.9 42,908 $ 279.7 42,876 $ 260.4 41,588 $ 258.4 40,704 Florida 50.5 9,560 49.4 9,417 41.1 8,275 41.1 7,989 New York 28.5 7,478 27.3 7,497 25.0 7,382 24.5 7,307 Other (43 states and D.C.) 269.0 62,738 266.1 58,710 252.0 57,216 247.4 55,350 Total in-force $ 630.9 122,684 $ 622.5 118,500 $ 578.5 114,461 $ 571.4 111,350 Estimated audit premium 43.0 — 42.5 — 45.4 — 42.3 — Total in-force, including $ 673.9 122,684 $ 665.0 118,500 $ 623.9 114,461 $ 613.7 111,350 |
Valuation of Financial Instru_2
Valuation of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Estimated fair value of financial instruments table | The carrying value and the estimated fair value of the Company’s financial instruments at fair value were as follows: March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Financial assets Total investments at fair value $ 2,511.0 $ 2,511.0 $ 2,502.4 $ 2,502.4 Cash and cash equivalents 86.7 86.7 89.2 89.2 Restricted cash and cash equivalents 0.2 0.2 0.2 0.2 |
Fair value, assets and liabilities measured on recurring basis table | The following table presents the Company’s investments at fair value and the corresponding fair value measurements. March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in millions) Fixed maturity securities: U.S. Treasuries $ — $ 89.7 $ — $ — $ 90.8 $ — U.S. Agencies — 2.1 — — 2.1 — States and municipalities — 330.9 — — 317.6 — Corporate securities — 891.0 16.5 — 851.9 16.2 Residential mortgage-backed securities — 360.6 — — 360.2 — Commercial mortgage-backed securities — 55.6 — — 55.1 — Asset-backed securities — 91.6 9.4 — 58.1 8.0 Collateralized loan obligations — 232.0 — — 260.9 — Foreign government securities — 10.5 — — 10.2 — Other securities — 158.4 — — 155.2 — Total fixed maturity securities $ — $ 2,222.4 $ 25.9 $ — $ 2,162.1 $ 24.2 Equity securities at fair value: Industrial and miscellaneous $ 173.9 $ — $ — $ 165.3 $ — $ — Other 30.2 — — 31.7 — — Total equity securities at fair value $ 204.1 $ — $ — $ 197.0 $ — $ — Short-term investments $ 50.6 $ 8.0 $ — $ 119.1 $ — $ — Total investments at fair value $ 254.7 $ 2,230.4 $ 25.9 $ 316.1 $ 2,162.1 $ 24.2 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Financial Instruments Carried at Net Asset Value The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company’s Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have fund terms of 3 to 12 years, subject to two or three one Additionally, certain cash equivalents, principally money market securities, are measured using NAV, which approximates fair value. March 31, 2023 December 31, 2022 (in millions) Cash equivalents carried at NAV $ 71.8 $ 65.5 Other invested assets carried at NAV 72.6 59.7 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the three months ended March 31, 2023. Level 3 Securities (in millions) Beginning balance, January 1, 2023 $ 24.2 Purchases 1.5 Unrealized gains included in comprehensive income (loss) 0.2 Ending balance, March 31, 2023 $ 25.9 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Debt Securities, Available-for-sale | The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s available-for-sale (AFS) investments were as follows: Amortized Allowance for Current Expected Credit Losses Gross Gross Estimated (in millions) At March 31, 2023 Fixed maturity securities U.S. Treasuries $ 93.0 $ — $ 0.2 $ (3.5) $ 89.7 U.S. Agencies 2.2 — — (0.1) 2.1 States and municipalities 335.9 — 1.7 (6.7) 330.9 Corporate securities 990.1 (4.7) 2.9 (80.8) 907.5 Residential mortgage-backed securities 397.8 — 0.5 (37.7) 360.6 Commercial mortgage-backed securities 61.2 — — (5.6) 55.6 Asset-backed securities 107.3 — 0.1 (6.4) 101.0 Collateralized loan obligations 238.1 — — (6.1) 232.0 Foreign government securities 13.0 — — (2.5) 10.5 Other securities (1) 161.4 (1.2) 0.6 (2.4) 158.4 Total fixed maturity securities $ 2,400.0 $ (5.9) $ 6.0 $ (151.8) $ 2,248.3 Short-term investments 58.6 — — — 58.6 Total AFS investments $ 2,458.6 $ (5.9) $ 6.0 $ (151.8) $ 2,306.9 At December 31, 2022 Fixed maturity securities U.S. Treasuries $ 95.1 $ — $ 0.1 $ (4.4) $ 90.8 U.S. Agencies 2.2 — — (0.1) 2.1 States and municipalities 326.7 — 0.8 (9.9) 317.6 Corporate securities 963.4 (2.8) 2.0 (94.5) 868.1 Residential mortgage-backed securities 403.5 — 0.3 (43.6) 360.2 Commercial mortgage-backed securities 61.5 — — (6.4) 55.1 Asset-backed securities 74.0 — 0.1 (8.0) 66.1 Collateralized loan obligations 268.1 — — (7.2) 260.9 Foreign government securities 13.0 — — (2.8) 10.2 Other securities (1) 159.2 (1.7) 0.6 (2.9) 155.2 Total fixed maturity securities $ 2,366.7 $ (4.5) $ 3.9 $ (179.8) $ 2,186.3 Short-term investments 119.1 — — — 119.1 Total AFS investments $ 2,485.8 $ (4.5) $ 3.9 $ (179.8) $ 2,305.4 (1) Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value. |
Equity securities table | The cost and estimated fair value of the Company’s equity securities recorded at fair value at March 31, 2023 and December 31, 2022 were as follows: Cost Estimated Fair Value (in millions) At March 31, 2023 Equity securities at fair value Industrial and miscellaneous $ 115.2 $ 173.9 Other 28.1 30.2 Total equity securities at fair value $ 143.3 $ 204.1 At December 31, 2022 Equity securities at fair value Industrial and miscellaneous $ 115.3 $ 165.3 Other 28.9 31.7 Total equity securities at fair value $ 144.2 $ 197.0 |
Other invested assets | The Company had Other invested assets totaling $72.6 million and $59.7 million (initial cost of $65.9 million and $54.4 million) at March 31, 2023 and December 31, 2022, respectively, consisting of private equity limited partnerships, which are carried at NAV based on information provided by the general partner. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Changes in the value of these investments are recorded through Net realized and unrealized gains and losses on the Company’s Consolidated Statements of Comprehensive Income (Loss). |
Investments classified by contractual maturity date table | The amortized cost and estimated fair value of the Company’s fixed maturity securities at March 31, 2023, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (in millions) Due in one year or less $ 80.8 $ 80.1 Due after one year through five years 844.0 816.3 Due after five years through ten years 582.3 528.5 Due after ten years 82.7 74.3 Mortgage and asset-backed securities 804.3 749.1 Total $ 2,394.1 $ 2,248.3 |
Unrealized loss on investments table | The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 Estimated Fair Value Gross Number of Issues Estimated Fair Value Gross Number of Issues (dollars in millions) Less than 12 months: Fixed maturity securities U.S. Treasuries $ 45.4 $ (0.7) 6 $ 76.8 $ (3.5) 13 U.S. Agencies 2.2 (0.1) 1 2.1 (0.1) 1 States and municipalities 109.4 (2.3) 40 193.4 (9.0) 68 Corporate securities 363.9 (12.5) 127 763.3 (76.4) 335 Residential mortgage-backed securities 142.0 (4.6) 76 236.8 (17.9) 186 Commercial mortgage-backed securities 11.1 (0.5) 4 52.5 (5.7) 22 Asset-backed securities 39.4 (0.8) 24 27.6 (2.6) 22 Collateralized loan obligations 87.3 (1.4) 15 209.9 (5.5) 37 Other securities 42.5 (0.5) 132 81.6 (1.8) 224 Total fixed maturity securities 843.2 (23.4) 425 1,644.0 (122.5) 908 Total less than 12 months $ 843.2 $ (23.4) 425 $ 1,644.0 $ (122.5) 908 12 months or greater: Fixed maturity securities U.S. Treasuries $ 35.0 $ (2.8) 10 $ 11.2 $ (0.9) 4 States and municipalities 41.3 (4.4) 18 5.4 (0.9) 3 Corporate securities 502.5 (68.3) 286 84.6 (18.1) 84 Residential mortgage-backed securities 199.5 (33.1) 167 106.6 (25.7) 65 Commercial mortgage-backed securities 44.5 (5.1) 21 2.6 (0.7) 3 Asset-backed securities 43.4 (5.6) 21 27.7 (5.4) 11 Collateralized loan obligations 139.7 (4.7) 29 36.9 (1.7) 11 Foreign government securities 10.2 (2.5) 3 10.2 (2.8) 3 Other securities 61.4 (1.9) 185 38.4 (1.1) 119 Total fixed maturity securities 1,077.5 (128.4) 740 323.6 (57.3) 303 Total 12 months or greater $ 1,077.5 $ (128.4) 740 $ 323.6 $ (57.3) 303 |
Unrealized gain (loss) on investments | Net realized gains and losses on investments and the change in unrealized gains and losses on the Company’s investments recorded at fair value are determined on a specific-identification basis and were as follows: Gross Realized Gains Gross Realized Losses Net (Increase) Decrease in CECL Allowance Change in Net Unrealized Gains (Losses) Changes in Fair Value Reflected in Earnings Changes in Fair Value Reflected in AOCI, before tax (in millions) Three Months Ended March 31, 2023 Fixed maturity securities 0.4 $ (0.6) $ (1.4) $ 30.1 $ (1.6) $ 30.1 Equity securities 0.1 (1.3) — 7.9 6.7 — Other invested assets — — — 1.3 1.3 — Total investments $ 0.5 $ (1.9) $ (1.4) $ 39.3 $ 6.4 $ 30.1 Three Months Ended March 31, 2022 Fixed maturity securities $ 1.9 $ (0.2) $ (2.0) $ (111.6) $ (0.3) $ (111.6) Equity securities 20.6 (2.0) — (35.7) (17.1) — Other invested assets — — — 0.1 0.1 — Total investments $ 22.5 $ (2.2) $ (2.0) $ (147.2) $ (17.3) $ (111.6) |
Investment income table | Net investment income was as follows: Three Months Ended March 31, 2023 2022 (in millions) Fixed maturity securities $ 23.7 $ 18.7 Equity securities 1.8 1.6 Other invested assets 0.9 0.4 Short-term investments 1.2 — Cash equivalents and restricted cash 0.9 — Gross investment income 28.5 20.7 Investment expenses (0.9) (1.6) Net investment income $ 27.6 $ 19.1 |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | The table below shows the changes in CECL on premiums receivable. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on premiums receivable $ 12.8 $ 10.3 Net change in CECL provision 3.3 3.2 Write-offs charged against CECL (0.7) (0.9) Recoveries collected (1.4) (2.6) Ending balance of CECL on premiums receivable $ 14.0 $ 10.0 |
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | The table below shows the changes in CECL on reinsurance recoverables. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on reinsurance recoverables $ 0.9 $ 0.6 Net change in CECL provision — — Ending balance of CECL on reinsurance recoverables $ 0.9 $ 0.6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | The table below shows the changes in the allowance for CECL on available-for-sale securities. Three Months Ended March 31, 2023 2022 (in millions) Beginning balance of CECL on AFS securities $ 4.5 $ 0.2 Net change in CECL provision 2.0 2.2 Reductions in allowance from disposals (0.2) — Recoveries of amounts previously written off (0.4) (0.2) Ending balance of CECL on AFS securities $ 5.9 $ 2.2 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Table Text Block] | Property and equipment consists of the following: As of March 31, As of December 31, 2023 2022 (in millions) Furniture and equipment $ 3.8 $ 3.3 Leasehold improvements 4.5 5.0 Computers and software 47.7 47.6 Automobiles 0.7 0.8 Property and equipment, gross 56.7 56.7 Accumulated depreciation (45.5) (44.7) Property and equipment, net $ 11.2 $ 12.0 |
Lease, Cost [Table Text Block] | Components of lease expense were as follows: Three Months Ended March 31, 2023 2022 (in millions) Operating lease expense $ 0.6 $ 0.9 Finance lease expense 0.1 — Total lease expense $ 0.7 $ 0.9 |
Lessee, Operating and Finance Lease Liability Maturity [Table Text Block] | Maturities of lease liabilities were as follows: As of March 31, 2023 Operating Leases Finance Leases (in millions) 2023 $ 2.7 $ 0.1 2024 3.2 0.1 2025 3.1 0.1 2026 2.8 — 2027 1.7 — Thereafter 0.2 — Total lease payments 13.7 0.3 Less: imputed interest (0.9) — Total $ 12.8 $ 0.3 |
Supplemental Balance Sheet Information related to Leases [Table Text Block] | Supplemental balance sheet information related to leases was as follows: As of March 31, As of December 31, 2023 2022 (in millions) Operating leases: Operating lease right-of-use asset $ 10.8 $ 11.5 Operating lease liability 12.8 13.6 Finance leases: Property and equipment, gross 0.7 0.8 Accumulated depreciation (0.4) (0.4) Property and equipment, net 0.3 0.4 Other liabilities $ 0.3 $ 0.4 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 0.6 $ 0.9 Financing cash flows used for finance leases 0.1 — |
Liability for Unpaid Losses a_2
Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract] | |
Changes in the liability for unpaid losses and LAE table | The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Three Months Ended March 31, 2023 2022 (in millions) Unpaid losses and LAE at beginning of period $ 1,960.7 $ 1,981.2 Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 445.4 476.9 Net unpaid losses and LAE at beginning of period 1,515.3 1,504.3 Losses and LAE, net of reinsurance, incurred during the period related to: Current period 109.6 96.3 Prior periods (0.2) — Total net losses and LAE incurred during the period 109.4 96.3 Paid losses and LAE, net of reinsurance, related to: Current period 5.6 4.6 Prior periods 105.7 85.8 Total net paid losses and LAE during the period 111.3 90.4 Ending unpaid losses and LAE, net of reinsurance 1,513.4 1,510.2 Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 440.3 471.7 Unpaid losses and LAE at end of period $ 1,953.7 $ 1,981.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of accumulated other comprehensive income (loss) table | The following table summarizes the components of accumulated other comprehensive loss: March 31, 2023 December 31, 2022 (in millions) Net unrealized losses on investments, before taxes $ (145.7) $ (175.8) Deferred tax benefit on net unrealized gains and losses 30.6 36.9 Total accumulated other comprehensive loss $ (115.1) $ (138.9) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Share-based compensation arrangements by share-based payment award table | The Company awarded restricted stock units (RSUs) and performance share units (PSUs) to certain employees and non-employee Directors of the Company as follows: Number Awarded Weighted Average Fair Value on Date of Grant Aggregate Fair Value on Date of Grant (in millions) March 2023 RSUs (1) 12,732 44.27 0.6 RSUs (1) 64,520 41.14 2.7 PSUs (2) 81,800 41.14 3.4 (1) The RSUs awarded in March 2023, which were awarded on two separate dates, were awarded to certain employees of the Company and vest 25% on March 15, 2024 and each of the subsequent three anniversaries of that date. The RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with a change of control of the Company. (2) The PSUs awarded in March 2023 were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 250% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net income and weighted average common shares outstanding used in earnings per share calculations table | The following table presents the net income (loss) and the weighted average number of shares outstanding used in the earnings per common share calculations. Three Months Ended March 31, 2023 2022 (in millions, except share data) Net income (loss) $ 23.6 $ (2.3) Weighted average number of shares outstanding—basic 27,176,823 27,802,972 Effect of dilutive securities: PSUs 141,246 204,029 Stock options 8,286 22,877 RSUs 66,323 47,730 Potential dilutive shares 215,855 274,636 Weighted average number of shares outstanding—diluted 27,392,678 28,077,608 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Income before income taxes by segment [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Employers Cerity Corporate and Other Total (in millions) Three Months Ended March 31, 2023 Gross premiums written $ 194.2 $ 0.7 $ — $ 194.9 Net premiums written 192.4 0.7 — 193.1 Net premiums earned 171.3 1.4 — 172.7 Net investment income 24.8 1.7 1.1 27.6 Net realized and unrealized gains on investments 5.6 0.2 0.6 6.4 Other (loss) income (0.2) — — (0.2) Total revenues 201.5 3.3 1.7 206.5 Losses and loss adjustment expenses 108.5 0.9 (2.0) 107.4 Commission expense 23.3 0.1 — 23.4 Underwriting and general and administrative expenses 37.4 4.5 2.5 44.4 Interest and financing expenses 2.2 — 0.1 2.3 Total expenses 171.4 5.5 0.6 177.5 Net income (loss) before income taxes $ 30.1 $ (2.2) $ 1.1 $ 29.0 Three Months Ended March 31, 2022 Gross premiums written $ 171.2 $ 1.2 $ — $ 172.4 Net premiums written 169.2 1.2 — 170.4 Net premiums earned 149.6 0.6 — 150.2 Net investment income 17.6 0.7 0.8 19.1 Net realized and unrealized losses on investments (15.6) (0.4) (1.3) (17.3) Total revenues 151.6 0.9 (0.5) 152.0 Losses and loss adjustment expenses 95.9 0.4 (2.1) 94.2 Commission expense 20.9 — — 20.9 Underwriting and general and administrative expenses 32.8 3.2 3.3 39.3 Interest and financing expenses — — 0.1 0.1 Total expenses 149.6 3.6 1.3 154.5 Net income (loss) before income taxes $ 2.0 $ (2.7) $ (1.8) $ (2.5) |
Revenue from External Customers by Geographic Areas [Table Text Block] | March 31, 2023 December 31, 2022 March 31, 2022 December 31, 2021 State In-force Premiums Policies In-force Premiums Policies In-force Policies In-force Policies (dollars in millions) California $ 282.9 42,908 $ 279.7 42,876 $ 260.4 41,588 $ 258.4 40,704 Florida 50.5 9,560 49.4 9,417 41.1 8,275 41.1 7,989 New York 28.5 7,478 27.3 7,497 25.0 7,382 24.5 7,307 Other (43 states and D.C.) 269.0 62,738 266.1 58,710 252.0 57,216 247.4 55,350 Total in-force $ 630.9 122,684 $ 622.5 118,500 $ 578.5 114,461 $ 571.4 111,350 Estimated audit premium 43.0 — 42.5 — 45.4 — 42.3 — Total in-force, including $ 673.9 122,684 $ 665.0 118,500 $ 623.9 114,461 $ 613.7 111,350 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 2 |
Reinsurance Quota Share, Percentage | 100% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | $ 2,511 | $ 2,502.4 |
Total Investments at fair value, estimated fair value | 2,511 | 2,502.4 |
Cash and cash equivalents | 86.7 | 89.2 |
Cash and cash equivalents, estimated fair value | 86.7 | 89.2 |
Restricted cash and cash equivalents | 0.2 | 0.2 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 0.2 | $ 0.2 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments, Fair Value Inputs (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | $ 2,248.3 | $ 2,186.3 |
Equity Securities, FV-NI | 204.1 | 197 |
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 58.6 | 119.1 |
Investments | 2,590.3 | 2,568.8 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 204.1 | 197 |
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 50.6 | 119.1 |
Investments | 254.7 | 316.1 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 8 | 0 |
Investments | 2,230.4 | 2,162.1 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 0 | 0 |
Investments | 25.9 | 24.2 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 2,222.4 | 2,162.1 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 25.9 | 24.2 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 89.7 | 90.8 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 89.7 | 90.8 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 2.1 | 2.1 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 2.1 | 2.1 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 330.9 | 317.6 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 330.9 | 317.6 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 907.5 | 868.1 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 891 | 851.9 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 16.5 | 16.2 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 360.6 | 360.2 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 360.6 | 360.2 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 55.6 | 55.1 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 55.6 | 55.1 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 101 | 66.1 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 91.6 | 58.1 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 9.4 | 8 |
Foreign Government Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 10.5 | 10.2 |
Foreign Government Debt | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Foreign Government Debt | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 10.5 | 10.2 |
Foreign Government Debt | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 232 | 260.9 |
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 232 | 260.9 |
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 158.4 | 155.2 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 158.4 | 155.2 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, fair value | 0 | 0 |
Industrial and Miscellaneous [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 173.9 | 165.3 |
Industrial and Miscellaneous [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 173.9 | 165.3 |
Industrial and Miscellaneous [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Industrial and Miscellaneous [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 30.2 | 31.7 |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 30.2 | 31.7 |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Other [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | $ 0 | $ 0 |
Valuation of Financial Instru_3
Valuation of Financial Instruments Investments at NAV (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Investments at NAV [Abstract] | ||
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments | 1 year | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 44 | |
Cash Equivalents Measured at Net Asset Value | 71.8 | $ 65.5 |
Other invested assets at NAV | $ 72.6 | $ 59.7 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments | 1 year | |
Maximum [Member] | ||
Investments at NAV [Abstract] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 12 years | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 12 years | |
Minimum [Member] | ||
Investments at NAV [Abstract] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 3 years | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 3 years |
Fair Value Measures nd Disclosu
Fair Value Measures nd Disclosures on recurring basis, unobservable inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | $ 1.5 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 25.9 | $ 24.2 |
Investments Available for Sale
Investments Available for Sale Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | $ 2,400 | $ 2,366.7 | ||
Debt securities, available-for-sale, gross unrealized gain | 6 | 3.9 | ||
Debt securities, available-for-sale, gross unrealized loss | (151.8) | (179.8) | ||
Fixed maturity securities, fair value | 2,248.3 | 2,186.3 | ||
Total AFS, amortized cost | 2,458.6 | 2,485.8 | ||
Total AFS, gross unrealized gain | 6 | 3.9 | ||
Total AFS, gross unrealized loss | 151.8 | 179.8 | ||
Short-term investments at fair value (amortized cost $58.6 at March 31, 2023 and $119.1 at December 31, 2022) | 58.6 | 119.1 | ||
Total AFS investments | 2,306.9 | 2,305.4 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (5.9) | (4.5) | $ (2.2) | $ (0.2) |
Other invested assets (cost $65.9 at March 31, 2023 and $54.4 at December 31, 2022) | 72.6 | 59.7 | ||
Other invested assets at NAV | 72.6 | 59.7 | ||
Investment Owned, at Cost | 65.9 | 54.4 | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 93 | 95.1 | ||
Debt securities, available-for-sale, gross unrealized gain | 0.2 | 0.1 | ||
Debt securities, available-for-sale, gross unrealized loss | (3.5) | (4.4) | ||
Fixed maturity securities, fair value | 89.7 | 90.8 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 2.2 | 2.2 | ||
Debt securities, available-for-sale, gross unrealized gain | 0 | 0 | ||
Debt securities, available-for-sale, gross unrealized loss | (0.1) | (0.1) | ||
Fixed maturity securities, fair value | 2.1 | 2.1 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 335.9 | 326.7 | ||
Debt securities, available-for-sale, gross unrealized gain | 1.7 | 0.8 | ||
Debt securities, available-for-sale, gross unrealized loss | (6.7) | (9.9) | ||
Fixed maturity securities, fair value | 330.9 | 317.6 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 990.1 | 963.4 | ||
Debt securities, available-for-sale, gross unrealized gain | 2.9 | 2 | ||
Debt securities, available-for-sale, gross unrealized loss | (80.8) | (94.5) | ||
Fixed maturity securities, fair value | 907.5 | 868.1 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (4.7) | (2.8) | ||
Residential Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 397.8 | 403.5 | ||
Debt securities, available-for-sale, gross unrealized gain | 0.5 | 0.3 | ||
Debt securities, available-for-sale, gross unrealized loss | (37.7) | (43.6) | ||
Fixed maturity securities, fair value | 360.6 | 360.2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 61.2 | 61.5 | ||
Debt securities, available-for-sale, gross unrealized gain | 0 | 0 | ||
Debt securities, available-for-sale, gross unrealized loss | (5.6) | (6.4) | ||
Fixed maturity securities, fair value | 55.6 | 55.1 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 107.3 | 74 | ||
Debt securities, available-for-sale, gross unrealized gain | 0.1 | 0.1 | ||
Debt securities, available-for-sale, gross unrealized loss | (6.4) | (8) | ||
Fixed maturity securities, fair value | 101 | 66.1 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Foreign Government Debt | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 13 | 13 | ||
Debt securities, available-for-sale, gross unrealized gain | 0 | 0 | ||
Debt securities, available-for-sale, gross unrealized loss | (2.5) | (2.8) | ||
Fixed maturity securities, fair value | 10.5 | 10.2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Collateralized Loan Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 238.1 | 268.1 | ||
Debt securities, available-for-sale, gross unrealized gain | 0 | 0 | ||
Debt securities, available-for-sale, gross unrealized loss | (6.1) | (7.2) | ||
Fixed maturity securities, fair value | 232 | 260.9 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Other Debt Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, amortized cost | 161.4 | 159.2 | ||
Debt securities, available-for-sale, gross unrealized gain | 0.6 | 0.6 | ||
Debt securities, available-for-sale, gross unrealized loss | (2.4) | (2.9) | ||
Fixed maturity securities, fair value | 158.4 | 155.2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (1.2) | (1.7) | ||
Short-term Investments [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total AFS, amortized cost | 58.6 | 119.1 | ||
Total AFS, gross unrealized gain | 0 | 0 | ||
Total AFS, gross unrealized loss | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Securities and Other [Line Items] | ||
Equity Securities, FV-NI, Cost | $ 143.3 | $ 144.2 |
Equity Securities, FV-NI | 204.1 | 197 |
Industrial and Miscellaneous [Member] | ||
Schedule of Equity Securities and Other [Line Items] | ||
Equity Securities, FV-NI, Cost | 115.2 | 115.3 |
Equity Securities, FV-NI | 173.9 | 165.3 |
Other [Member] | ||
Schedule of Equity Securities and Other [Line Items] | ||
Equity Securities, FV-NI, Cost | 28.1 | 28.9 |
Equity Securities, FV-NI | $ 30.2 | $ 31.7 |
Investments Other Invested Asse
Investments Other Invested Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Invest Assets [Abstract] | ||
Other invested assets at NAV | $ 72.6 | $ 59.7 |
Investment Owned, at Cost | 65.9 | 54.4 |
Total other invested assets | $ 72.6 | $ 59.7 |
Investments, Amortized Cost and
Investments, Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less, amortized cost | $ 80.8 | |
Due after one year through five years, amortized cost | 844 | |
Due after five years through ten years, amortized cost | 582.3 | |
Due after ten years, amortized cost | 82.7 | |
Mortgage and asset-backed securities, amortized cost | 804.3 | |
Total, amortized cost | 2,394.1 | |
Estimated Fair Value | ||
Due in one year or less, fair value | 80.1 | |
Due after one year through five years, fair value | 816.3 | |
Due after five years through ten years, fair value | 528.5 | |
Due after ten years, fair value | 74.3 | |
Mortgage and asset-backed securities, fair value | 749.1 | |
Total, fair value | $ 2,248.3 | $ 2,186.3 |
Investments, Continuous Loss Po
Investments, Continuous Loss Position (Details) $ in Millions | Mar. 31, 2023 USD ($) shares shares | Dec. 31, 2022 USD ($) shares |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 843.2 | $ 1,644 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,077.5 | 323.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23.4) | (122.5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (128.4) | $ (57.3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 425 | 908 |
Debt Securities, number of issues in loss position, 12 months or greater | 740 | 303 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 843.2 | $ 1,644 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,077.5 | 323.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23.4) | (122.5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (128.4) | $ (57.3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 425 | 908 |
Debt Securities, number of issues in loss position, 12 months or greater | shares | 740 | 303 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 45.4 | $ 76.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 35 | 11.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (0.7) | (3.5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2.8) | $ (0.9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 6 | 13 |
Debt Securities, number of issues in loss position, 12 months or greater | 10 | 4 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2.2 | $ 2.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (0.1) | $ (0.1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 1 | 1 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 109.4 | $ 193.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 41.3 | 5.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2.3) | (9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (4.4) | $ (0.9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 40 | 68 |
Debt Securities, number of issues in loss position, 12 months or greater | 18 | 3 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 363.9 | $ 763.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 502.5 | 84.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (12.5) | (76.4) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (68.3) | $ (18.1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 127 | 335 |
Debt Securities, number of issues in loss position, 12 months or greater | 286 | 84 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 142 | $ 236.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 199.5 | 106.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4.6) | (17.9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (33.1) | $ (25.7) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 76 | 186 |
Debt Securities, number of issues in loss position, 12 months or greater | 167 | 65 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 11.1 | $ 52.5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 44.5 | 2.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (0.5) | (5.7) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (5.1) | $ (0.7) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 4 | 22 |
Debt Securities, number of issues in loss position, 12 months or greater | 21 | 3 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 39.4 | $ 27.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 43.4 | 27.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (0.8) | (2.6) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (5.6) | $ (5.4) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 24 | 22 |
Debt Securities, number of issues in loss position, 12 months or greater | 21 | 11 |
Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 87.3 | $ 209.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 139.7 | 36.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1.4) | (5.5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (4.7) | $ (1.7) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 15 | 37 |
Debt Securities, number of issues in loss position, 12 months or greater | shares | 29 | 11 |
Foreign Government Debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 10.2 | $ 10.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2.5) | $ (2.8) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, 12 months or greater | shares | 3 | 3 |
Other Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 42.5 | $ 81.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 61.4 | 38.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (0.5) | (1.8) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1.9) | $ (1.1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, number of issues in loss position, less than 12 months | shares | 132 | 224 |
Debt Securities, number of issues in loss position, 12 months or greater | shares | 185 | 119 |
Investments Investments, Net Re
Investments Investments, Net Realized Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity securities: | ||
Equity Securities, FV-NI, Realized Gain | $ 0.1 | $ 20.6 |
Equity Securities, FV-NI, Realized Loss | 1.3 | 2 |
AFS, change in unrealized gains (losses) | ||
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI | 30.1 | (111.6) |
AFS, net realized gains (losses) | ||
Net realized and unrealized (losses) gains on investments | 6.4 | (17.3) |
Total gross realized gains | 0.5 | 22.5 |
Investments, Gross Realized Losses | (1.9) | (2.2) |
Total change in net unrealized gains (losses) | 39.3 | (147.2) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 7.9 | (35.7) |
Proceeds from sale of fixed maturity securities | 44.8 | 92 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (1.4) | (2) |
Debt Securities [Member] | ||
AFS, change in unrealized gains (losses) | ||
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI | 30.1 | (111.6) |
AFS, net realized gains (losses) | ||
Net realized and unrealized (losses) gains on investments | (1.6) | (0.3) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (1.4) | (2) |
Debt Securities, Available-for-sale, Realized Loss | 0.6 | 0.2 |
Debt Securities, Available-for-sale, Realized Gain | 0.4 | 1.9 |
Equity Securities [Member] | ||
AFS, change in unrealized gains (losses) | ||
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI | 0 | 0 |
AFS, net realized gains (losses) | ||
Net realized and unrealized (losses) gains on investments | 6.7 | (17.1) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 |
Other Investments [Member] | ||
AFS, change in unrealized gains (losses) | ||
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI | 0 | 0 |
AFS, net realized gains (losses) | ||
Net realized and unrealized (losses) gains on investments | 1.3 | 0.1 |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 |
Gain on Sale of Investments | 0 | 0 |
Loss on Sale of Investments | 0 | 0 |
Unrealized Gain (Loss) on Investments | $ 1.3 | $ 0.1 |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | $ 28.5 | $ 20.7 |
Investment expenses | 0.9 | 1.6 |
Net investment income | 27.6 | 19.1 |
Debt Securities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income | 23.7 | 18.7 |
Equity Securities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income | 1.8 | 1.6 |
Other Investments [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income | 0.9 | 0.4 |
Short-term Investments [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income | 1.2 | 0 |
Cash and Cash Equivalents [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income | $ 0.9 | $ 0 |
Investments Investments, Held i
Investments Investments, Held in Trust or on Deposit (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Other invested assets (cost $65.9 at March 31, 2023 and $54.4 at December 31, 2022) | $ 72.6 | $ 59.7 |
Deposit Assets [Abstract] | ||
Investments | 2,590.3 | 2,568.8 |
Assets Held-in-trust [Abstract] | ||
Funds Held under Reinsurance Agreements, Asset | 2.7 | 2.7 |
Federal Home Loan Bank [Member] | ||
Deposit Assets [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 70 | 70 |
Required by various state laws and regulations to hold securities or letters of credit in depository account [Member] | ||
Deposit Assets [Abstract] | ||
Investments | $ 795.4 | $ 745.9 |
Current Expected Credit Losse_2
Current Expected Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Expected Credit Losses [Abstract] | ||||
Premium Receivable, Allowance for Credit Loss | $ 14 | $ 10 | $ 12.8 | $ 10.3 |
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3.3 | 3.2 | ||
Premium Receivable, Allowance for Credit Loss, Writeoff | (0.7) | (0.9) | ||
Premium Receivable, Allowance for Credit Loss, Recovery | (1.4) | (2.6) | ||
Reinsurance recoverables on unpaid losses, allowance | 0.9 | 0.6 | 0.9 | 0.6 |
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 5.9 | 2.2 | 4.5 | $ 0.2 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (0.2) | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery | (0.4) | (0.2) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | 2 | $ 2.2 | ||
Accrued investment income | $ 20.6 | $ 19 |
Property and Equipment Property
Property and Equipment Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 56.7 | $ 56.7 | |
Accumulated depreciation, depletion and amortization, property and equipment | (45.5) | (44.7) | |
Property and equipment, net | 11.2 | 12 | |
Utilities operating expense, depreciation and amortization | 1.1 | 5.3 | |
Payments to develop software | 0.3 | 1.2 | |
Cloud computing arrangements | 40 | 42.9 | |
Amortization of cloud computing arrangements | 4.3 | $ 4 | 16.4 |
Furniture and equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 3.8 | 3.3 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 4.5 | 5 | |
Computer and software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 47.7 | 47.6 | |
Automobiles | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 0.7 | $ 0.8 |
Property and Equipment Leases (
Property and Equipment Leases (Details) | Mar. 31, 2023 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease term | 1 year |
Lessee, Finance Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease term | 5 years |
Lessee, operating lease, renewal term | 10 years |
Property and Equipment Leases,
Property and Equipment Leases, Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Components of Lease Expense [Abstract] | ||
Operating lease expense | $ 0.6 | $ 0.9 |
Finance lease expense | 0.1 | 0 |
Total lease expense | $ 0.7 | $ 0.9 |
Property and Equipment Leases_2
Property and Equipment Leases, Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, operating lease liabilities due | ||
Operating lease liabilities due next twelve months | $ 2.7 | |
Operating lease liabilities due year two | 3.2 | |
Operating lease liabilities due year three | 3.1 | |
Operating lease liabilities due year four | 2.8 | |
Operating lease liabilities due year five | 1.7 | |
Operating lease liabilities due after year five | 0.2 | |
Operating lease liabilities due | 13.7 | |
Less: inputed interest, Operating lease liability | (0.9) | |
Operating lease liability | $ 12.8 | $ 13.6 |
Operating lease, weighted average remaining lease term | 4 years 2 months 12 days | |
Operating lease, weighted average discount rate, percent | 2.20% | |
Lessee, finance lease liabilities due | ||
Finance lease liabilities due next twelve months | $ 0.1 | |
Finance lease liabilities due year two | 0.1 | |
Finance lease liabilities due year three | 0.1 | |
Finance lease liabilities due year four | 0 | |
Finance lease liabilities due year five | 0 | |
Finance lease liabilities due after year five | 0 | |
Finance lease liabilities due | 0.3 | |
Less: inputed interest, finance lease | 0 | |
Finance lease, liability | $ 0.3 | $ 0.4 |
Finance lease, weighted average remaining lease term | 2 years 7 months 6 days | |
Finance lease, weighted average discount rate, percent | 7.30% |
Property and Equipment Leases_3
Property and Equipment Leases, Supplement Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 10.8 | $ 11.5 |
Operating lease liability | 12.8 | 13.6 |
Property and equipment, gross | 56.7 | 56.7 |
Accumulated depreciation, depletion and amortization, property and equipment | (45.5) | (44.7) |
Property and equipment, net | 11.2 | 12 |
Other liabilities | 60.3 | 57.1 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 0.7 | 0.8 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 0.4 | 0.4 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 0.3 | 0.4 |
Finance lease, liability | $ 0.3 | $ 0.4 |
Property and Equipment Leases_4
Property and Equipment Leases, Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases, Supplement Balance Sheet Information [Abstract] | ||
Operating cash flows from operating leases | $ 0.6 | $ 0.9 |
Financing cash flows from finance leases | $ 0.1 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||
Income tax expense (benefit) | $ 5.4 | $ (0.2) |
Effective tax rate | 18.60% | 8% |
Liability for Unpaid Losses a_3
Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Unpaid losses and LAE at beginning of period | $ 1,960.7 | $ 1,981.2 |
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE | 445.4 | 476.9 |
Net unpaid losses and LAE at beginning of period | 1,515.3 | 1,504.3 |
Losses and LAE, net of reinsurance, incurred during the period related to: | ||
Current period | 109.6 | 96.3 |
Prior periods | (0.2) | 0 |
Total net losses and LAE incurred during the period | 109.4 | 96.3 |
Deduct payments for losses and LAE, net of reinsurance, related to: | ||
Current period | 5.6 | 4.6 |
Prior periods | 105.7 | 85.8 |
Total net paid losses and LAE during the period | 111.3 | 90.4 |
Ending unpaid losses and LAE, net of reinsurance | 1,513.4 | 1,510.2 |
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE | 440.3 | 471.7 |
Unpaid losses and LAE at end of period | 1,953.7 | 1,981.9 |
Impact of the LPT Agreement | 2 | $ 2.1 |
Involuntary Assigned Risk Business [Member] | ||
Losses and LAE, net of reinsurance, incurred during the period related to: | ||
Prior periods | $ (0.2) |
LPT Agreement (Details)
LPT Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Reinsurance Agreement [Line Items] | |||
Liabilities for the incurred but unpaid losses and LAE related to claims prior to July 1, 1995 | $ 1,500 | ||
Ceded premiums written | 775 | ||
Amortization of deferred gain | 2 | $ 2.1 | |
Net income | 23.6 | (2.3) | |
Deferred reinsurance gain—LPT Agreement | 104.1 | $ 106.1 | |
Estimated remaining liabilities - LPT Agreement | 303.9 | 308.6 | |
Paid losses and LAE claims related to LPT | 863.6 | $ 858.9 | |
Impact of the LPT Agreement | 2 | $ 2.1 | |
Indemnification Agreement [Member] | |||
Reinsurance Agreement [Line Items] | |||
Coverage provided under LPT Agreement | $ 2,000 |
Notes Payable Letters of Credit
Notes Payable Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Letters of Credit Facilities [Line Items] | |||
Letters of credit, unused capacity, commitment fee percentage | 15% | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 182,500 | $ 182,500 | |
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
Repayments on line of credit advances | $ 0 | $ 10,000 | |
Interest and financing expenses | 2,300 | 100 | |
Line of Credit Facility, Commitment Fee Amount | 25 | ||
Debt Issuance Costs, Gross | $ 700 | ||
Debt Instrument, Covenant Description | a minimum consolidated net worth of no less than $900.0 million | ||
Line of Credit Facility, Covenant Terms | a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Amended Credit Agreement | ||
Proceeds from FHLBank Advance, Investing Activities | $ 182,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||
Proceeds from Lines of Credit | 0 | 10,000 | |
Line of Credit Facility, Periodic Payment, Interest | 100 | 100 | |
Interest Expense, Loans from Other Federal Home Loan Banks | $ 2,200 | $ 100 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 4.87% | ||
Maximum [Member] | |||
Letters of Credit Facilities [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 125,000 | ||
Line of Credit Facility, Interest Rate at Period End | 1.25% | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||
Line of Credit Facility, Commitment Fee Amount | $ 225 | ||
Minimum [Member] | |||
Letters of Credit Facilities [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.25% | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Federal Home Loan Bank [Member] | |||
Letters of Credit Facilities [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | 70,000 | |
Letters of credit collateral amount | $ 320,100 | $ 321,200 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income [Abstract] | ||
Net unrealized losses on investments, before taxes | $ (145.7) | $ (175.8) |
Deferred tax benefit on net unrealized gains and losses | 30.6 | 36.9 |
Total accumulated other comprehensive loss | $ (115.1) | $ (138.9) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-options exercised | 23,500 | 41,665 | 41,665 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of outstanding options or share units | 282,672 | |||
Restricted Stock Units (RSUs) [Member] | Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation award, shares issued | [1] | 12,732 | ||
Share-based compensation options, exercise price on grant date | [1] | $ 44.27 | ||
Fair value of awards awarded on grant date | [1] | $ 0.6 | ||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation award, shares issued | [1] | 64,520 | ||
Share-based compensation options, exercise price on grant date | [1] | $ 41.14 | ||
Fair value of awards awarded on grant date | [1] | $ 2.7 | ||
Vesting rights for RSUs awarded | vest 25% on March 15, 2024 and each of the subsequent three anniversaries of that date | |||
Performance Shares [Member] | Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation award, shares issued | [2] | 81,800 | ||
Share-based compensation options, exercise price on grant date | $ 41.14 | |||
Fair value of awards awarded on grant date | [2] | $ 3.4 | ||
Performance share awards performance period | three years | |||
Performance share awards, minimum payout | 0% | |||
Performance share awards, maximum payout | 250% | |||
Number of outstanding options or share units | 222,045 | |||
[1]The RSUs awarded in March 2023, which were awarded on two separate dates, were awarded to certain employees of the Company and vest 25% on March 15, 2024 and each of the subsequent three anniversaries of that date. The RSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with a change of control of the Company.[2]The PSUs awarded in March 2023 were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 250% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||
Net income available to stockholders - basic and diluted | $ 23.6 | $ (2.3) |
Weighted average number of shares outstanding - basic | 27,176,823 | 27,802,972 |
Effect of dilutive securities: | ||
Dilutive securities | 215,855 | 274,636 |
Weighted average number of shares outstanding - diluted | 27,392,678 | 28,077,608 |
Performance Shares [Member] | ||
Effect of dilutive securities: | ||
Dilutive securities | 141,246 | 204,029 |
Stock Option [Member] | ||
Effect of dilutive securities: | ||
Dilutive securities | 8,286 | 22,877 |
Restricted Stock Units (RSUs) [Member] | ||
Effect of dilutive securities: | ||
Dilutive securities | 66,323 | 47,730 |
Segment Reporting Segment Net I
Segment Reporting Segment Net Income Before Taxes (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | 2 | |
Premiums Written, Gross | $ 194.9 | $ 172.4 |
Premiums Written, Net | 193.1 | 170.4 |
Net premiums earned | 172.7 | 150.2 |
Net investment income | 27.6 | 19.1 |
Net realized and unrealized (losses) gains on investments | 6.4 | (17.3) |
Other (loss) income | (0.2) | 0 |
Revenues | (206.5) | (152) |
Losses and loss adjustment expenses | 107.4 | 94.2 |
Commission expense | 23.4 | 20.9 |
Underwriting and general and administrative expenses | 44.4 | 39.3 |
Interest and financing expenses | 2.3 | 0.1 |
Operating Expenses | 177.5 | 154.5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 29 | (2.5) |
Employers Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums Written, Gross | 194.2 | 171.2 |
Premiums Written, Net | 192.4 | 169.2 |
Net premiums earned | 171.3 | 149.6 |
Net investment income | 24.8 | 17.6 |
Net realized and unrealized (losses) gains on investments | 5.6 | (15.6) |
Other (loss) income | (0.2) | |
Revenues | (201.5) | (151.6) |
Losses and loss adjustment expenses | 108.5 | 95.9 |
Commission expense | 23.3 | 20.9 |
Underwriting and general and administrative expenses | 37.4 | 32.8 |
Interest and financing expenses | 2.2 | 0 |
Operating Expenses | 171.4 | 149.6 |
Net (loss) income before income taxes | 30.1 | 2 |
Cerity Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums Written, Gross | 0.7 | 1.2 |
Premiums Written, Net | 0.7 | 1.2 |
Net premiums earned | 1.4 | 0.6 |
Net investment income | 1.7 | 0.7 |
Net realized and unrealized (losses) gains on investments | 0.2 | (0.4) |
Other (loss) income | 0 | |
Revenues | (3.3) | (0.9) |
Losses and loss adjustment expenses | 0.9 | 0.4 |
Commission expense | 0.1 | 0 |
Underwriting and general and administrative expenses | 4.5 | 3.2 |
Interest and financing expenses | 0 | 0 |
Operating Expenses | 5.5 | 3.6 |
Net (loss) income before income taxes | (2.2) | (2.7) |
Corporate Segment | ||
Segment Reporting Information [Line Items] | ||
Premiums Written, Gross | 0 | 0 |
Premiums Written, Net | 0 | 0 |
Net premiums earned | 0 | 0 |
Net investment income | 1.1 | 0.8 |
Net realized and unrealized (losses) gains on investments | 0.6 | (1.3) |
Other (loss) income | 0 | |
Revenues | (1.7) | (0.5) |
Losses and loss adjustment expenses | (2) | (2.1) |
Commission expense | 0 | 0 |
Underwriting and general and administrative expenses | 2.5 | 3.3 |
Interest and financing expenses | 0.1 | 0.1 |
Operating Expenses | 0.6 | 1.3 |
Net (loss) income before income taxes | $ 1.1 | $ (1.8) |
Segment Reporting Geographic In
Segment Reporting Geographic Information (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenue, Major Customer [Line Items] | ||||
Segment Reporting, Disclosure of Major Customers | 10 | |||
CALIFORNIA | ||||
Revenue, Major Customer [Line Items] | ||||
Premiums In Force | $ 282.9 | $ 279.7 | $ 260.4 | $ 258.4 |
Policies In force | 42,908 | 42,876 | 41,588 | 40,704 |
FLORIDA | ||||
Revenue, Major Customer [Line Items] | ||||
Premiums In Force | $ 50.5 | $ 49.4 | $ 41.1 | $ 41.1 |
Policies In force | 9,560 | 9,417 | 8,275 | 7,989 |
NEW YORK | ||||
Revenue, Major Customer [Line Items] | ||||
Premiums In Force | $ 28.5 | $ 27.3 | $ 25 | $ 24.5 |
Policies In force | 7,478 | 7,497 | 7,382 | 7,307 |
AllOtherStates [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Premiums In Force | $ 269 | $ 266.1 | $ 252 | $ 247.4 |
Policies In force | 62,738 | 58,710 | 57,216 | 55,350 |
UNITED STATES | ||||
Revenue, Major Customer [Line Items] | ||||
Premiums In Force | $ 630.9 | $ 622.5 | $ 578.5 | $ 571.4 |
Policies In force | 122,684 | 118,500 | 114,461 | 111,350 |
Final audit policies in-force | 0 | 0 | 0 | 0 |
Final audit premium | $ 43 | $ 42.5 | $ 45.4 | $ 42.3 |
Total in-force policies, includingfinal audit | 122,684 | 118,500 | 114,461 | 111,350 |
Total in-force, including final audit premium | $ 673.9 | $ 665 | $ 623.9 | $ 613.7 |