Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Jul. 24, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | KEMPER Corporation | |
Trading Symbol | KMPR | |
Entity Central Index Key | 860,748 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding at July 31, 2017 | 64,747,142 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Earned Premiums | $ 1,052.9 | $ 598.2 | $ 2,320.8 | $ 1,744.1 |
Net Investment Income | 92 | 85.9 | 249.6 | 244.6 |
Other Income | 37.8 | 1 | 40.2 | 2.9 |
Income from Change in Fair Value of Equity Securities | 11 | 0 | 12.1 | 0 |
Net Realized Gains on Sales of Investments | 3.6 | 8.1 | 10 | 45 |
Other-than-temporary Impairment Losses: | ||||
Total Other-than-temporary Impairment Losses | (1.8) | (2.9) | (2.3) | (10.7) |
Portion of Losses Recognized in Other Comprehensive Income | 0 | 0 | 0 | 0.2 |
Net Impairment Losses Recognized in Earnings | (1.8) | (2.9) | (2.3) | (10.5) |
Total Revenues | 1,195.5 | 690.3 | 2,630.4 | 2,026.1 |
Expenses: | ||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses | 757.3 | 440.1 | 1,693.7 | 1,364.9 |
Insurance Expenses | 296 | 163.7 | 627.3 | 485.2 |
Interest and Other Expenses | 61.7 | 18.2 | 116.4 | 59.1 |
Total Expenses | 1,115 | 622 | 2,437.4 | 1,909.2 |
Income from Continuing Operations before Income Taxes | 80.5 | 68.3 | 193 | 116.9 |
Income Tax Benefit (Expense) | 11.8 | (20.5) | (9.6) | (32.9) |
Income from Continuing Operations | 92.3 | 47.8 | 183.4 | 84 |
Income (Loss) from Discontinued Operations | (0.1) | (0.1) | 0.2 | 0 |
Net Income | $ 92.2 | $ 47.7 | $ 183.6 | $ 84 |
Income from Continuing Operations Per Unrestricted Share: | ||||
Basic (in dollars per share) | $ 1.42 | $ 0.92 | $ 3.26 | $ 1.63 |
Diluted (in dollars per share) | 1.40 | 0.92 | 3.23 | 1.62 |
Net Income Per Unrestricted Share: | ||||
Basic (in dollars per share) | 1.42 | 0.92 | 3.26 | 1.63 |
Diluted (in dollars per share) | 1.40 | 0.92 | 3.23 | 1.62 |
Dividends Paid to Shareholders Per Share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 92.2 | $ 47.7 | $ 183.6 | $ 84 |
Other Comprehensive Income (Loss) Before Income Taxes: | ||||
Unrealized Holding Gains (Losses) | (49.9) | 15.6 | (232.1) | 82.8 |
Foreign Currency Translation Adjustments | 0 | 0.1 | 0.3 | 0.9 |
Decrease (Increase) in Net Unrecognized Postretirement Benefit Costs | 0.2 | (0.1) | 0.8 | (0.4) |
Gain (Loss) on Cash Flow Hedges | 0.9 | (0.1) | 1.1 | (6.6) |
Other Comprehensive Income (Loss) Before Income Taxes | (48.8) | 15.5 | (229.9) | 76.7 |
Other Comprehensive Income Tax Benefit (Expense) | 10.2 | (5.7) | 48.3 | (27.3) |
Other Comprehensive Income (Loss) | (38.6) | 9.8 | (181.6) | 49.4 |
Total Comprehensive Income | $ 53.6 | $ 57.5 | $ 2 | $ 133.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investments: | ||
Fixed Maturities at Fair Value (Amortized Cost: 2018 - $5,972.4; 2017 - $5,021.6) | $ 6,108.6 | $ 5,382.7 |
Equity Securities at Fair Value | 526 | |
Equity Securities at Fair Value | 815.8 | |
Equity Securities at Modified Cost | 50.9 | 0 |
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings | 170 | 161 |
Fair Value Option Investments | 0 | 77.5 |
Short-term Investments at Cost which Approximates Fair Value | 688.5 | 235.5 |
Cash and Cash Equivalents, Fair Value Disclosure | 688.5 | 235.5 |
Other Investments | 412.8 | 422.2 |
Total Investments | 8,246.6 | 6,804.9 |
Cash | 92.8 | 45.7 |
Receivables from Policyholders | 1,029.9 | 366 |
Other Receivables | 243.1 | 194.3 |
Deferred Policy Acquisition Costs | 447.4 | 365.3 |
Goodwill | 1,091.2 | 323 |
Current Income Tax Assets | 58.1 | 6.1 |
Other Assets | 563.5 | 270.9 |
Total Assets | 11,772.6 | 8,376.2 |
Insurance Reserves: | ||
Life and Health | 3,551.4 | 3,521 |
Property and Casualty | 1,819.1 | 1,016.8 |
Total Insurance Reserves | 5,370.5 | 4,537.8 |
Unearned Premiums | 1,470.9 | 653.9 |
Deferred Income Tax Liabilities | 40.4 | 14.8 |
Liabilities for Unrecognized Tax Benefits | 4.5 | 8.1 |
Debt, Current and Non-current, at Amortized Cost (Fair Value: 2018 - $1,127.7; 2017 - $614.6) | 1,123.7 | 592.3 |
Long-term Debt, Fair Value | 1,127.7 | 614.6 |
Accrued Expenses and Other Liabilities | 698.8 | 453.7 |
Total Liabilities | 8,708.8 | 6,260.6 |
Shareholders’ Equity: | ||
Common Stock, $0.10 Par Value, 100 Million Shares Authorized; 64,737,807 Shares Issued and Outstanding at September 30, 2018 and 51,462,405 Shares Issued and Outstanding at December 31, 2017 | 6.5 | 5.1 |
Paid-in Capital | 1,661.3 | 673.1 |
Retained Earnings | 1,365.1 | 1,243 |
Accumulated Other Comprehensive Income | 30.9 | 194.4 |
Total Shareholders’ Equity | 3,063.8 | 2,115.6 |
Total Liabilities and Shareholders’ Equity | $ 11,772.6 | $ 8,376.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized Cost of Fixed Maturity Securities | $ 5,972.4 | $ 5,021.6 |
Long-term Debt, Fair Value | $ 1,127.7 | $ 614.6 |
Common Stock, Par Value (usd per share) | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 64,737,807 | 51,462,405 |
Common Stock, Shares, Outstanding | 64,737,807 | 51,462,405 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities: | ||
Net Income | $ 183.6 | $ 84 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Amortization of Intangible Assets Acquired | 106.1 | 3.9 |
Equity in Earnings of Equity Method Limited Liability Investments | (8.1) | (21.9) |
Distribution of Accumulated Earnings of Equity Method Limited Liability Investments | 9.2 | 15.9 |
Decrease (Increase) in Value of Fair Value Option Investments Reported in Investment Income | 0 | (0.9) |
Decrease (Increase) in Value of Equity Securities at Fair Value | (12.1) | 0 |
Amortization of Investment Securities and Depreciation of Investment Real Estate | 6.9 | 12.8 |
Net Realized Gains on Sales of Investments | (10) | (45) |
Net Impairment Losses Recognized in Earnings | 2.3 | 10.5 |
Depreciation of Property and Equipment | 12.2 | 9.8 |
Increase in Receivables | (102.3) | (27.2) |
Increase in Deferred Policy Acquisition Costs | (82.1) | (29.6) |
Increase in Insurance Reserves | 131.8 | 71.4 |
Increase in Unearned Premiums | 102.3 | 53.3 |
Change in Income Taxes | 4.6 | 27.4 |
Change in Accrued Expenses and Other Liabilities | (10.5) | (1.5) |
Other, Net | 11.4 | 1.6 |
Net Cash Provided by Operating Activities | 345.3 | 164.5 |
Investing Activities: | ||
Sales, Paydowns and Maturities of Fixed Maturities | 2,133.7 | 367.7 |
Purchases of Fixed Maturities | (1,520.7) | (401.8) |
Sales of Equity Securities | 186.6 | 230.3 |
Purchases of Equity Securities | (344.3) | (233.5) |
Return of Investment of Equity Method Limited Liability Investments | 7.3 | 36.3 |
Acquisitions of Equity Method Limited Liability Investments | (17.4) | (14.5) |
Sales of Fair Value Option Investments | 0 | 42.2 |
Purchases of Fair Value Option Investments | 0 | 7 |
Decrease (Increase) in Short-term Investments | (351.6) | 40.4 |
Improvements of Investment Real Estate | (1) | (1.3) |
Sales of Investment Real Estate | 0 | 26.2 |
Increase (Decrease) in Other Investments | 0.6 | (1.3) |
Acquisition and Development of Software | (53.9) | (28.8) |
Other, Net | 4.6 | (4.4) |
Acquisition of Business, Net of Cash Acquired | 560.6 | 0 |
Net Cash Provided (Used) by Investing Activities | (516.7) | 50.5 |
Financing Activities: | ||
Net Proceeds from Issuance of Long-term Debt | 249 | 200.2 |
Repayment of Long-term Debt | 0 | (360) |
Dividends and Dividend Equivalents Paid | (40.7) | (37.1) |
Proceeds from Advances from FHLB | 10 | |
Cash Exercise of Stock Options | 0.7 | 3.7 |
Other, Net | (0.5) | 0.1 |
Net Cash Provided (Used) by Financing Activities | 218.5 | (193.1) |
Increase in Cash | 47.1 | 21.9 |
Cash, Beginning of Year | 45.7 | 115.7 |
Cash, End of Period | $ 92.8 | $ 137.6 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC and include the accounts of Kemper Corporation and its subsidiaries (individually and collectively referred to herein as the “Company”) and are unaudited. All significant intercompany accounts and transactions have been eliminated. Certain financial information that is normally included in annual financial statements, including certain financial statement footnote disclosures, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements include all adjustments necessary for a fair presentation. The preparation of interim financial statements relies heavily on estimates. This factor and other factors, such as the seasonal nature of some portions of the insurance business, as well as market conditions, call for caution in drawing specific conclusions from interim results. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in the 2017 Annual Report. Adoption of New Accounting Guidance Guidance Adopted in 2018 Effective January 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Most significantly, ASU 2016-01 requires companies to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily-determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (“Modified Cost”). ASU 2016-01 also simplifies the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that an impairment of an equity investment without readily-determinable fair value exists, an entity is required to re-measure such investment at fair value. The Company applied the modified retrospective transition method, except for the provisions regarding equity investments without readily determinable fair values, which were applied on a prospective basis, with no impact on the Company’s Total Shareholders’ Equity. The Company recognized a $17.7 million increase to Retained Earnings, and a corresponding reduction to Accumulated Other Comprehensive Income (“AOCI”), as of January 1, 2018, which represents the accumulated net unrealized gains on Equity Securities at Fair Value immediately prior to the adoption of ASU 2016-01. The Company has recorded equity investments without readily-determinable fair values under the caption Equity Securities at Modified Cost in the Condensed Consolidated Balance Sheets. As a result of adopting ASU 2016-01, the Company revised its accounting policy as of January 1, 2018 and no longer classifies equity investments as available-for-sale or trading securities. Equity securities with readily-determinable fair values, including equity securities which the Company previously classified as Fair Value Option Investments, are classified as Equity Securities at Fair Value in the Condensed Consolidated Balance Sheet at September 30, 2018 with changes in fair value recorded as Income from Change in Fair Value of Equity Securities in the Condensed Consolidated Statement of Income for the nine and three months ended September 30, 2018 . The Company anticipates ASU 2016-01 will result in increased volatility within the Condensed Consolidated Statements of Income in future periods. Effective January 1, 2018, the Company early adopted ASU 2018-02, Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income . ASU 2018-02 provides companies the option to reclassify tax effects stranded in AOCI, as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”), to retained earnings. The Company elected to reclassify tax effects stranded in AOCI and recognized a decrease to Retained Earnings and a corresponding increase to AOCI of $35.9 million as of January 1, 2018. The adoption of ASU 2018-02 had no impact on Total Shareholders’ Equity. On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. ASU 2014-09 specifically excludes insurance contracts, lease contracts and investments from its scope. Accordingly, the adoption of ASU 2014-09 had no material impact on the Company’s net income or its financial position. Note 1 - Basis of Presentation (continued) Guidance Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842 ), by amending the Accounting Standards Codification and creating a new topic on accounting for leases. ASU 2016-02 introduces a lessee model that requires most leases to be reported on the balance sheet of a lessee. ASU 2016-02 also aligns many of the underlying principles of the new lessor model with those in ASC Topic 606, Revenue from Contracts with Customers, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, ASU 2016-02 addresses other concerns related to the current leases model. For example, ASU 2016-02 eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. ASU 2016-02 also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those years with early adoption permitted. The Company does not expect adoption to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that utilizes expected credit losses to provide for an allowance for credit losses for financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement includes the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. Credit losses on available-for-sale debt securities are measured in a manner similar to current GAAP, although the ASU requires that they be presented as an allowance rather than as a write-down. In situations where the estimate of credit loss on an available-for-sale debt security declines, entities will be able to record the reversal to income in the current period, which GAAP currently prohibits. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods with early adoption permitted for fiscal years beginning after December 31, 2018 and interim periods within such year. The Company is currently evaluating the impact of this guidance on its financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Derivatives and Hedging Activities. ASU 2017-12 aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments in ASU 2017-12 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Furthermore, the amendments make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administration of hedge documentation requirements and assessing hedge effectiveness. ASU 2017-12 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods with early adoption permitted. The Company does not expect adoption to have a material impact on its financial statements. In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts . ASU 2018-12 amends the accounting model for certain long-duration insurance contracts and requires the insurer to provide additional disclosures in annual and interim reporting periods. ASU 2018-12 is effective for fiscal years beginning after December 15, 2020, including interim periods therein. The amendments in ASU 2018-12 are intended to improve measurement of the liability for future policy benefits related to nonparticipating traditional and limited-payment contracts, measurement and presentation of market risk benefits, amortization of deferred acquisition costs, and enhance presentation and disclosures. The Company is currently evaluating the impact of this guidance on its financial statements. The Company has adopted all other recently issued accounting pronouncements with effective dates prior to October 1, 2018. There were no adoptions of such accounting pronouncements during the nine months ended September 30, 2018 that had a material impact on the Company’s Condensed Consolidated Financial Statements. With the possible exceptions of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2018-12, Financial Services—Insurance (Topic 944):Targeted Improvements to Accounting for Long-Duration Contracts , the Company does not expect the adoption of recently issued accounting pronouncements with effective dates after September 30, 2018 to have a material impact on the Company’s financial statements and/or disclosures. |
Acquisition of Business (Notes)
Acquisition of Business (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Subsequent Event- Acquisition of Infinity | On July 2, 2018, Kemper acquired 100% of the outstanding common stock of Infinity Property and Casualty Corporation (“Infinity”), pursuant to the terms of the merger agreement dated February 13, 2018, with total cash, stock and equity-based compensation consideration paid to Infinity shareholders of approximately $1.5 billion . In conjunction with closing the acquisition, Kemper issued 13,184,107 shares, with an aggregate fair value of $982.5 million based on Kemper’s July 2, 2018 stock price of $74.53 per share, and paid $564.6 million in cash consideration to Infinity’s shareholders. In addition, Kemper issued 44,010 restricted units under Kemper’s equity-based compensation plan to replace Infinity restricted shares that were outstanding immediately prior to the closing. The aggregate fair value of such Kemper restricted units granted was $3.3 million at July 2, 2018, of which $1.6 million is attributed to service provided prior to the closing and included in consideration paid. The remaining amount of $1.7 million is attributed to future service and will be recognized in compensation expense primarily over a period of two years. The cash consideration was funded by cash on hand as of July 2, 2018, inclusive of $250.0 million in borrowings under the Company’s delayed draw term loan facility and $110.0 million of Kemper subsidiary borrowings from the FHLB of Dallas and FHLB of Chicago. On July 13, 2018, Kemper subsidiaries repaid in full the $110.0 million of FHLB borrowings, plus accrued interest. See Note 5, Debt for additional information. Infinity is a national provider of auto insurance focused on serving the specialty, nonstandard segment. With approximately 10,600 independent agents and $1.4 billion in 2017 direct written premiums, Infinity is one of the largest nonstandard auto insurers in the United States. The Company has not yet completed the process of estimating the fair value of assets acquired and liabilities assumed, including, but not limited to, receivables, intangible assets, unearned premium reserves, certain tax-related balances and certain other asset and liabilities. Accordingly, the Company’s preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as the Company completes the process, which would also likely impact the Company’s allocation of the purchase price to Goodwill. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , changes if any, to the preliminary estimates and allocation will be reported in the Company’s financial statements as an adjustment to the opening balance sheet. Based on the Company’s preliminary allocation of the purchase price, the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Investments $ 1,569.3 Short Term Investments 98.8 Cash 4.0 Receivables from Policyholders 582.3 Other Receivables 31.9 Value of Intangible Assets Acquired (Reported in Other Assets) 262.7 Goodwill 768.2 Other Assets 102.1 Property and Casualty Insurance Reserves (701.4 ) Unearned Premiums (714.6 ) Debt (282.1 ) Current Income Tax Liabilities (1.8 ) Deferred Income Tax Liabilities (12.2 ) Accrued Expenses and Other Liabilities (158.5 ) Total Purchase Price 1,548.7 Unaudited Pro Forma Results The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Infinity occurred on January 1, 2017. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the fair value adjustment on Infinity investments, amortization of the acquired intangible assets, interest expense on debt incurred to finance the acquisition and the exclusion of Note 2 - Acquisition of Business (continued) certain acquisition related costs considered to be non-recurring in nature. Shares used to calculate the basic and diluted earnings per share were adjusted to reflect the additional shares of common stock issued to fund the acquisition. Nine Months Ended Three Months Ended (Dollars in millions, except per share amounts) Sep 30, Sep 30, Sep 30, Sep 30, Total Revenues $ 3,375.2 $ 3,080.3 $ 1,194.9 $ 1,044.4 Total Expenses 3,065.7 2,995.8 1,044.4 966.6 Income from Continuing Operations before Income Taxes 309.5 84.5 150.5 77.8 Net Income $ 275.5 $ 54.8 $ 147.5 $ 53.0 Net Income Per Unrestricted Share: Basic $ 4.26 $ 0.85 $ 2.28 $ 0.82 Diluted $ 4.23 $ 0.85 $ 2.26 $ 0.82 The pro forma information is not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction in fact occurred at the beginning of the periods presented, nor does the information project results for any future period. The pro forma information does not include the impact of any future cost savings or synergies that may be achieved as a result of the acquisition. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3 - Investments Fixed Maturities The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2018 were: Amortized Cost Gross Unrealized Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 876.5 $ 10.8 $ (28.4 ) $ 858.9 States and Political Subdivisions 1,485.6 62.5 (14.6 ) 1,533.5 Foreign Governments 6.2 — (0.5 ) 5.7 Corporate Securities: Bonds and Notes 3,118.9 145.5 (41.9 ) 3,222.5 Collateralized Loan Obligations 470.2 2.9 (1.0 ) 472.1 Other Mortgage- and Asset-backed 15.0 1.0 (0.1 ) 15.9 Investments in Fixed Maturities $ 5,972.4 $ 222.7 $ (86.5 ) $ 6,108.6 The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2017 were: Amortized Cost Gross Unrealized Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 542.7 $ 19.6 $ (6.2 ) $ 556.1 States and Political Subdivisions 1,595.5 108.6 (2.3 ) 1,701.8 Foreign Governments 3.0 0.2 — 3.2 Corporate Securities: Bonds and Notes 2,745.8 245.8 (11.0 ) 2,980.6 Redeemable Preferred Stocks 0.1 — — 0.1 Collateralized Loan Obligations 134.1 5.7 — 139.8 Other Mortgage- and Asset-backed 0.4 0.7 — 1.1 Investments in Fixed Maturities $ 5,021.6 $ 380.6 $ (19.5 ) $ 5,382.7 Note 3 - Investments (continued) Other Receivables included $16.9 million unsettled sales of Investments in Fixed Maturities at September 30, 2018 , compared to no unsettled sales of Investments in Fixed Maturities at December 31, 2017 . Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $105.8 million and $5.4 million at September 30, 2018 and December 31, 2017 , respectively. The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2018 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 154.0 $ 156.0 Due after One Year to Five Years 1,087.6 1,094.9 Due after Five Years to Ten Years 1,717.7 1,735.8 Due after Ten Years 1,884.4 2,006.2 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,128.7 1,115.7 Investments in Fixed Maturities $ 5,972.4 $ 6,108.6 The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at September 30, 2018 consisted of securities issued by the Government National Mortgage Association with a fair value of $615.6 million , securities issued by the Federal National Mortgage Association with a fair value of $8.9 million , securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $3.2 million and securities of other non-governmental issuers with a fair value of $488.0 million . An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2018 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 594.0 $ (20.0 ) $ 56.5 $ (8.4 ) $ 650.5 $ (28.4 ) States and Political Subdivisions 486.4 (14.6 ) — — 486.4 (14.6 ) Foreign Governments 4.8 (0.5 ) — — 4.8 (0.5 ) Corporate Securities: Bonds and Notes 1,237.5 (32.2 ) 302.3 (9.7 ) 1,539.8 (41.9 ) Collateralized Loan Obligations 204.6 (1.0 ) — — 204.6 (1.0 ) Other Mortgage- and Asset-backed 7.5 (0.1 ) — — 7.5 (0.1 ) Total Fixed Maturities 2,534.8 (68.4 ) 358.8 (18.1 ) 2,893.6 (86.5 ) The Company regularly reviews its fixed maturity investment portfolio for factors that may indicate that a decline in fair value of an investment is other than temporary. The portions of the declines in the fair values of fixed maturity investments that are determined to be other than temporary are reported as losses in the Condensed Consolidated Statements of Income in the periods when such determinations are made. Unrealized losses on fixed maturities, which the Company has determined to be temporary at September 30, 2018 , were $86.5 million , of which $18.1 million was related to fixed maturities that were in an unrealized loss position for 12 months or longer. There were no unrealized losses at September 30, 2018 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “Less Than 12 Months.” There were no unrealized losses at September 30, 2018 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “12 Months or Longer.” Investment-grade fixed maturity investments comprised $77.3 million and below-investment-grade fixed maturity investments comprised $9.2 million of the unrealized losses on investments in fixed maturities Note 3 - Investments (continued) at September 30, 2018 . For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. At September 30, 2018 , the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before it recovered the amortized cost of such investments, which may be at maturity. Based on the Company’s evaluation at September 30, 2018 of the prospects of the issuers, including, but not limited to, the credit ratings of the issuers of the investments in the fixed maturities, and the Company’s intention to not sell and its determination that it would not be required to sell before it recovered the amortized cost of such investments, the Company concluded that the declines in the fair values of the Company’s investments in fixed maturities presented in the preceding table were temporary at the evaluation date. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2017 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 140.0 $ (1.1 ) $ 103.4 $ (5.1 ) $ 243.4 $ (6.2 ) States and Political Subdivisions 57.0 (0.3 ) 124.2 (2.0 ) 181.2 (2.3 ) Corporate Securities: Bonds and Notes 283.1 (4.2 ) 208.9 (6.8 ) 492.0 (11.0 ) Collateralized Loan Obligations 2.8 — 2.4 — 5.2 — Total Fixed Maturities 482.9 (5.6 ) 438.9 (13.9 ) 921.8 (19.5 ) Unrealized losses on fixed maturities, which the Company determined to be temporary at December 31, 2017 , were $19.5 million , of which $13.9 million was related to fixed maturities that were in an unrealized loss position for 12 months or longer. There were no unrealized losses at December 31, 2017 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “Less Than 12 Months.” There were no unrealized losses at December 31, 2017 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “12 Months or Longer.” Investment-grade fixed maturity investments comprised $12.6 million and below-investment-grade fixed maturity investments comprised $6.9 million of the unrealized losses on investments in fixed maturities at December 31, 2017 . For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. At December 31, 2017 , the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before recovery of its amortized cost basis, which may be at maturity. Based on the Company’s evaluation at December 31, 2017 of the prospects of the issuers, including, but not limited to, the credit ratings of the issuers of the investments in the fixed maturities, and the Company’s intention to not sell and its determination that it would not be required to sell before recovery of the amortized cost of such investments, the Company concluded that the declines in the fair values of the Company’s investments in fixed maturities presented in the preceding table were temporary at the evaluation date. The following table sets forth the pre-tax amount of other than temporary impairment (“OTTI”) credit losses recognized in Retained Earnings for Investments in Fixed Maturities held by the Company as of the beginning and end of the periods presented for which a portion of the OTTI loss related to factors other than credit has been recognized in AOCI, and the corresponding changes in such amounts. Note 3 - Investments (continued) Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at Beginning of Period $ 1.6 $ 1.4 $ 1.6 $ 2.4 Pre-tax Credit Losses on Fixed Maturities without Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Period — 1.2 — — Reductions for Change in Impairment Status: From Status of Credit Loss to Status of Intent-to-sell or Required-to-sell (0.5 ) — (0.5 ) — Reductions for Investments Sold During Period — (0.3 ) — (0.1 ) Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at End of Period $ 1.1 $ 2.3 $ 1.1 $ 2.3 Equity Securities Investments in Equity Securities at Fair Value were $815.8 million and $526.0 million at September 30, 2018 and December 31, 2017 , respectively. Net unrealized gains arising during the nine months ended September 30, 2018 and recognized in earnings, related to such investments still held as of September 30, 2018 , were $12.4 million . For Equity Securities at Modified Cost, the Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an other-than-temporary impairment in the Condensed Consolidated Statement of Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any increases or decreases in the carrying value due to observable transactions. The Company recognized an impairment of $1.8 million on Equity Securities at Modified Cost for the nine months ended September 30, 2018 as a result of the Company’s qualitative impairment analysis. Impairments of $1.6 million were recognized during the three months ended September 30, 2018. The Company has recognized no cumulative increases in the carrying value due to observable transactions, no cumulative decreases in the carrying value due to observable transactions and $1.8 million of cumulative impairments on Equity Securities at Modified Cost held as of September 30, 2018 . There were no unsettled sales of Investments in Equity Securities at September 30, 2018 and December 31, 2017 . There were no unsettled purchases of Investments in Equity Securities at September 30, 2018 and December 31, 2017 . Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity. The Company’s maximum exposure to loss at September 30, 2018 is limited to the total carrying value of $170.0 million . In addition, the Company had outstanding commitments totaling approximately $96.4 million to fund Equity Method Limited Liability Investments at September 30, 2018 . Other Investments The carrying values of the Company’s Other Investments at September 30, 2018 and December 31, 2017 were: (Dollars in Millions) Sep 30, Dec 31, Loans to Policyholders at Unpaid Principal $ 298.0 $ 298.6 Real Estate at Depreciated Cost 114.8 116.8 Trading Securities at Fair Value — 6.7 Other — 0.1 Total $ 412.8 $ 422.2 Note 3 - Investments (continued) Net Investment Income Net Investment Income for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Investment Income: Interest on Fixed Income Securities $ 197.4 $ 184.0 $ 70.6 $ 61.8 Dividends on Equity Securities Excluding Alternative Investments 7.0 7.0 2.5 2.6 Alternative Investments: Equity Method Limited Liability Investments 8.1 21.9 (0.4 ) 11.1 Fair Value Option Investments — 1.0 — 0.5 Limited Liability Investments Included in Equity Securities 22.8 18.7 13.7 5.9 Total Alternative Investments 30.9 41.6 13.3 17.5 Short-term Investments 4.3 1.0 2.3 0.5 Loans to Policyholders 16.5 15.7 5.5 4.9 Real Estate 7.2 8.3 2.4 2.6 Other 0.6 0.2 0.2 0.1 Total Investment Income 263.9 257.8 96.8 90.0 Investment Expenses: Real Estate 7.5 7.7 2.6 2.6 Other Investment Expenses 6.8 5.5 2.2 1.5 Total Investment Expenses 14.3 13.2 4.8 4.1 Net Investment Income $ 249.6 $ 244.6 $ 92.0 $ 85.9 Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Fixed Maturities: Gains on Sales $ 11.2 $ 7.3 $ 5.9 $ 2.4 Losses on Sales (6.5 ) (0.4 ) (2.5 ) — |
Property and Casualty Insurance
Property and Casualty Insurance Reserves | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Event Disclosure Text Block Supplement [Abstract] | |
Property and Casualty Insurance Reserves | Note 4 - Property and Casualty Insurance Reserves Property and casualty insurance reserve activity for the nine months ended September 30, 2018 and 2017 was: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Property and Casualty Insurance Reserves: Gross of Reinsurance and Indemnification at Beginning of Year $ 1,016.8 $ 931.4 Less Reinsurance and Indemnification Recoverables at Beginning of Year 53.1 50.2 Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at Beginning of Year 963.7 881.2 Property and Casualty Insurance Reserves Acquired, Net of Reinsurance 682.9 — Incurred Losses and LAE Related to: Current Year: Continuing Operations 1,412.7 1,072.0 Prior Years: Continuing Operations (1.2 ) 19.7 Discontinued Operations (0.5 ) — Total Incurred Losses and LAE Related to Prior Years (1.7 ) 19.7 Total Incurred Losses and LAE 1,411.0 1,091.7 Paid Losses and LAE Related to: Current Year: Continuing Operations 770.9 600.7 Prior Years: Continuing Operations 533.1 443.6 Discontinued Operations 2.2 3.0 Total Paid Losses and LAE Related to Prior Years 535.3 446.6 Total Paid Losses and LAE 1,306.2 1,047.3 Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at End of Period 1,751.4 925.6 Plus Reinsurance Recoverables at End of Period 67.7 42.9 Property and Casualty Insurance Reserves - Gross of Reinsurance and Indemnification at End of Period $ 1,819.1 $ 968.5 Property and casualty insurance reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends are likely to differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Condensed Consolidated Statements of Income in the period of change. For the nine months ended September 30, 2018 , the Company decreased its property and casualty insurance reserves by $1.7 million to recognize favorable development of loss and LAE reserves from prior accident years. Personal lines insurance loss and LAE reserves developed adversely by $0.1 million , and commercial lines insurance loss and LAE reserves developed favorably by $1.8 million . Personal automobile insurance loss and LAE reserves developed favorably by $0.5 million due primarily to the emergence of loss patterns that were more favorable than expected for both physical damage and liability insurance for the 2017 accident year, partially offset by the emergence of less favorable loss patterns than expected for both physical damage and liability insurance lines for the 2016 and prior accident years. Homeowners insurance loss and LAE reserves developed adversely by $3.6 million due primarily to the emergence of non-catastrophe loss patterns that were worse than expected for the 2016 and 2015 accident years, partially offset by favorable development on catastrophes primarily related to the 2017 accident year. Other personal lines loss and LAE reserves developed favorably by $2.9 million due primarily to the emergence of more favorable loss patterns than expected for the 2016 and 2015 accident years. Commercial lines insurance Note 4 - Property and Casualty Insurance Reserves (continued) loss and LAE reserves developed favorably due primarily to the emergence of more favorable loss patterns than expected for the 2015 and 2014 accident years. For the nine months ended September 30, 2017 , the Company increased its property and casualty insurance reserves by $19.7 million to recognize adverse development of loss and LAE reserves from prior accident years. Personal lines insurance loss and LAE reserves developed adversely by $17.7 million , and commercial lines insurance loss and LAE reserves developed adversely by $2.0 million . Personal automobile insurance loss and LAE reserves developed adversely by $18.1 million due primarily to the emergence of loss patterns that were worse than expected for both the physical damage and liability insurance for the 2016 accident year. Homeowners insurance loss and LAE reserves developed favorably by $0.1 million due primarily to favorable development on catastrophes of $3.2 million related to the 2016 and 2015 accident years, partially offset by the emergence of non-catastrophe loss patterns that were worse than expected for the 2016 accident year. Other personal lines loss and LAE reserves developed favorably by $0.3 million due primarily to the emergence of more favorable loss patterns than expected for the 2015, 2014 and 2013 accident years, partially offset by the emergence of worse than expected loss patterns for the 2016 accident year. Commercial lines insurance loss and LAE reserves developed adversely due primarily to the emergence of loss patterns that were worse than expected for the 2015 accident year. The Company cannot predict whether loss and LAE reserves will develop favorably or adversely from the amounts reported in the Company’s Condensed Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s consolidated shareholders’ equity, but could have a material effect on the Company’s consolidated financial results for a given period. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 5 - Debt Amended and Extended Credit Agreement and Term Loan Facility On June 8, 2018, the Company entered into an amended and extended credit agreement and term loan facility. The amended and extended credit agreement increased the borrowing capacity of the existing unsecured credit agreement to $300.0 million and extended the maturity date to June 8, 2023. The term loan facility includes a delayed draw feature with borrowing capacity of $250.0 million and a maturity date two years from the borrowing date. Furthermore, the amended and extended credit agreement provides for an accordion feature whereby the Company can increase either the revolving credit or term loan borrowing capacity by $100.0 million . On June 29, 2018 , the Company borrowed $250.0 million on the delayed draw term loan facility to facilitate the funding of the acquisition of Infinity. The proceeds from the term loan facility, net of debt issuance costs, were $249.4 million . There were no outstanding borrowings at September 30, 2018 and December 31, 2017 under the revolving credit agreement. Infinity Debt Infinity’s liabilities at the acquisition date included $275.0 million principal amount, 5.0% Senior Notes due September 19, 2022 (the “2022 Senior Notes”). The 2022 Senior Notes were recorded at fair value as of the acquisition date, $282.1 million , with the $7.1 million premium being amortized as a reduction to interest expense over the remaining term, resulting in an effective interest rate of 4.36% . Long-term Debt The Company designates debt obligations as either short-term or long-term based on maturity date at issuance, or in the case of the 2022 Senior Notes, based on the date of assumption. Total amortized cost of Long-term Debt outstanding at September 30, 2018 and December 31, 2017 was: (Dollars in Millions) Sep 30, Dec 31, 4.35% Senior Notes due February 15, 2025 $ 448.4 $ 448.1 5.0% Senior Notes due September 19, 2022 281.7 — 7.375% Subordinated Debentures due February 27, 2054 144.2 144.2 Term Loan due June 29, 2020 249.4 — Total Long-term Debt Outstanding $ 1,123.7 $ 592.3 Note 5 - Debt (continued) Short-term Debt Kemper’s subsidiaries, United Insurance Company of America (“United Insurance”) and Trinity Universal Insurance Company (“Trinity”), are members of the Federal Home Loan Bank (“FHLB”) of Chicago and Dallas, respectively. As a requirement of membership in the FHLB, United Insurance and Trinity maintain a certain level of investment in FHLB stock. Total holdings of FHLB of Chicago stock were $0.8 million and $0.4 million at September 30, 2018 and December 31, 2017 , respectively. Total holdings of FHLB of Dallas stock were $3.3 million at September 30, 2018 and December 31, 2017 . In June of 2018, United Insurance received advances of $55.0 million from the FHLB of Chicago and Trinity received advances of $55.0 million from the FHLB of Dallas. The advances, which were repaid in full on July 13, 2018, were made to facilitate the funding of the acquisition of Infinity. There were no advances from the FHLB of Chicago or the FHLB of Dallas outstanding at September 30, 2018 . In March of 2018, United Insurance received advances of $10.0 million from the FHLB of Chicago. The advances, which mature in one year or less, were made in connection with the start-up of the Company’s collateralized investment borrowing program. In connection with the advances, United Insurance pledged U.S. Government Agency securities with a fair value of $15.9 million at September 30, 2018 . The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. Accrued Expenses and Other Liabilities in the Condensed Consolidated Balance Sheet at September 30, 2018 includes $10.0 million related to these advances. There were no advances from the FHLB of Chicago or the FHLB of Dallas outstanding at December 31, 2017 . Interest Expense and Interest Paid Interest Expense, including facility fees, accretion of discount, amortization of premium and amortization of issuance costs, was $29.3 million and $13.4 million for the nine and three months ended September 30, 2018 , respectively. Interest paid, including facility fees, was $35.0 million and $19.7 million for the nine and three months ended September 30, 2018 , respectively. Interest Expense, including facility fees, accretion of discount and amortization of issuance costs, was $26.9 million and $7.8 million for the nine and three months ended September 30, 2017 , respectively. Interest paid, including facility fees, was $31.8 million and $12.7 million for the nine and three months ended September 30, 2017 , respectively. |
Income from Continuing Operatio
Income from Continuing Operations Per Unrestricted Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income (Loss) from Continuing Operations Per Unrestricted Share | Note 6 - Income from Continuing Operations Per Unrestricted Share Prior to January 1, 2018, the Company’s awards of restricted stock contained rights to receive non-forfeitable dividends and participate in the undistributed earnings with common shareholders. Prior to January 1, 2018, the Company’s awards of restricted stock units and deferred stock units also contained rights to receive non-forfeitable dividend equivalents and participate in the undistributed earnings with common shareholders. Accordingly, the Company is required to apply the two-class method of computing basic and diluted earnings per share. A reconciliation of the numerator and denominator used in the calculation of Basic Income from Continuing Operations Per Unrestricted Share and Diluted Income from Continuing Operations Per Unrestricted Share for the nine and three months ended September 30, 2018 and 2017 is presented below. Nine Months Ended Three Months Ended Sep 30, Sep 30, Sep 30, Sep 30, (Dollars in Millions) Income from Continuing Operations $ 183.4 $ 84.0 $ 92.3 $ 47.8 Less Income from Continuing Operations Attributed to Participating Awards 1.0 0.6 0.4 0.4 Income from Continuing Operations Attributed to Unrestricted Shares 182.4 83.4 91.9 47.4 Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — — — Diluted Income from Continuing Operations Attributed to Unrestricted Shares $ 182.4 $ 83.4 $ 91.9 $ 47.4 (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 55,925.7 51,308.7 64,580.4 51,366.8 Equity-based Compensation Equivalent Shares 569.8 171.6 769.1 199.6 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 56,495.5 51,480.3 65,349.5 51,566.4 (Per Unrestricted Share in Whole Dollars) Basic Income from Continuing Operations Per Unrestricted Share $ 3.26 $ 1.63 $ 1.42 $ 0.92 Diluted Income from Continuing Operations Per Unrestricted Share $ 3.23 $ 1.62 $ 1.40 $ 0.92 The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the nine and three months ended September 30, 2018 and 2017 , because the effect of inclusion would be anti-dilutive, is presented below. Nine Months Ended Three Months Ended (Number of Shares in Thousands) Sep 30, Sep 30, Sep 30, Sep 30, Equity-based Compensation Equivalent Shares 293.7 459.7 47.2 382.1 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 293.7 459.7 47.2 382.1 |
Other Comprehensive Income and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income The components of Other Comprehensive Income (Loss) Before Income Taxes for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Other Comprehensive Income (Loss) Before Income Taxes: Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment $ (224.4 ) $ 110.5 $ (43.4 ) $ 19.2 Reclassification Adjustment for Amounts Included in Net Income (7.7 ) (27.7 ) (6.5 ) (3.6 ) Unrealized Holding Gains (Losses) (232.1 ) 82.8 (49.9 ) 15.6 Foreign Currency Translation Adjustments 0.3 0.9 — 0.1 Net Unrecognized Postretirement Benefit Costs 0.8 (0.4 ) 0.2 (0.1 ) Gain (Loss) on Cash Flow Hedges During the Period Before Reclassification Adjustment 0.8 (7.9 ) 0.9 (0.3 ) Reclassification Adjustment for Amounts Included in Net Income 0.3 1.3 — 0.2 Gain (Loss) on Cash Flow Hedges 1.1 (6.6 ) 0.9 (0.1 ) Other Comprehensive Income (Loss) Before Income Taxes $ (229.9 ) $ 76.7 $ (48.8 ) $ 15.5 The components of Other Comprehensive Income Tax Benefit (Expense) for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Other Comprehensive Income Tax Benefit (Expense): Unrealized Holding Gains and Losses Arising During the Period Before Reclassification Adjustment $ 47.2 $ (39.1 ) $ 9.2 $ (7.0 ) Reclassification Adjustment for Amounts Included in Net Income 1.6 9.7 1.3 1.3 Unrealized Holding Gains 48.8 (29.4 ) 10.5 (5.7 ) Foreign Currency Translation Adjustments (0.1 ) (0.4 ) — (0.1 ) Net Unrecognized Postretirement Benefit Costs (0.1 ) 0.2 — 0.1 Gain and Loss on Cash Flow Hedges During the Period Before Reclassification Adjustment (0.2 ) 2.7 (0.2 ) — Reclassification Adjustment for Amounts Included in Net Income (0.1 ) (0.4 ) (0.1 ) — Gain and Loss on Cash Flow Hedges (0.3 ) 2.3 (0.3 ) — Other Comprehensive Income Tax Benefit (Expense) $ 48.3 $ (27.3 ) $ 10.2 $ (5.7 ) The components of AOCI at September 30, 2018 and December 31, 2017 were: (Dollars in Millions) Sep 30, Dec 31, Net Unrealized Gains on Investments, Net of Income Taxes: Available for Sale Fixed Maturities with Portion of OTTI Recognized in Earnings $ — $ 0.2 Other Net Unrealized Gains on Investments 122.6 269.5 Foreign Currency Translation Adjustments, Net of Income Taxes — 0.2 Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes (88.5 ) (72.2 ) Loss on Cash Flow Hedges, Net of Income Taxes (3.2 ) (3.3 ) Accumulated Other Comprehensive Income $ 30.9 $ 194.4 Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (continued) Components of AOCI were reclassified to the following lines of the Condensed Consolidated Statements of Income for the nine and three months ended September 30, 2018 and 2017 : Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Reclassification of AOCI from Net Unrealized Gains on Investments to: Net Realized Gains on Sales of Investments $ 10.0 $ 38.2 $ 8.3 $ 6.5 Net Impairment Losses Recognized in Earnings (2.3 ) (10.5 ) (1.8 ) (2.9 ) Total Before Income Taxes 7.7 27.7 6.5 3.6 Income Tax Expense (1.6 ) (9.7 ) (1.3 ) (1.3 ) Reclassification from AOCI, Net of Income Taxes 6.1 18.0 5.2 2.3 Reclassification of AOCI from Unrecognized Postretirement Benefit Costs to: Interest and Other Expenses (0.8 ) 0.4 (0.2 ) 0.1 Income Tax Benefit 0.1 (0.2 ) — (0.1 ) Reclassification from AOCI, Net of Income Taxes (0.7 ) 0.2 (0.2 ) — Reclassification of AOCI from Loss on Cash Flow Hedges to: Interest and Other Expenses (0.3 ) (1.3 ) (0.2 ) (0.2 ) Income Tax Benefit 0.1 0.4 0.1 — Reclassification from AOCI, Net of Income Taxes (0.2 ) (0.9 ) (0.1 ) (0.2 ) Total Reclassification from AOCI to Net Income $ 5.2 $ 17.3 $ 4.9 $ 2.1 |
Changes in Shareholders' Equity
Changes in Shareholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in Shareholders' Equity | Note 8 - Changes in Shareholders’ Equity Changes in Shareholders’ Equity for the nine months ended September 30, 2018 were: (Dollars in Millions, Except Per Share Amounts) Total Shareholders’ Equity at Beginning of Year $ 2,115.6 Net Income 183.6 Other Comprehensive Income (Loss) (181.6 ) Total Comprehensive Income 2.0 Cash Dividends and Dividend Equivalents to Shareholders ($0.24 per share) (40.7 ) Common Stock Issued 978.5 Equity-based Compensation Cost 13.5 Equity-based Awards, Net of Shares Exchanged (5.1 ) Shareholders’ Equity at End of Period $ 3,063.8 Effective January 1, 2018, the Company adopted ASU 2016-01. The Company applied the modified retrospective transition method, except for the provisions regarding equity investments without readily determinable fair values, which were applied on a prospective basis, with no impact on the Company’s Total Shareholders’ Equity. Accordingly, the Company recognized an increase to Retained Earnings and a corresponding reduction to Accumulated Other Comprehensive Income (“AOCI”) as of January 1, 2018 of $17.7 million . See Note 1, Basis of Presentation , to the Condensed Consolidated Financial Statements for additional information. Effective January 1, 2018, the Company early adopted ASU 2018-02, Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income . ASU 2018-02 provides companies the option to reclassify tax effects stranded in AOCI, as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”), to retained earnings. The Company elected to reclassify tax effects stranded in AOCI and recognized a decrease to Retained Earnings and a corresponding increase to AOCI of Note 8 - Changes in Shareholders’ Equity (continued) $35.9 million as of January 1, 2018. The adoption of ASU 2018-02 had no impact on Total Shareholders’ Equity. See Note 1, Basis of Presentation , to the Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 - Income Taxes On December 22, 2017, Public Law 115-97, more commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), was enacted and included numerous changes to existing federal income tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%, effective January 1, 2018. Pursuant to Staff Accounting Bulletin No. 118 (“SAB 118”), the Company recorded certain provisional amounts for estimated income tax effects of the Tax Act on deferred income taxes. In the third quarter of 2018 , the Company finalized certain effects of the Tax Act on deferred income taxes, which were previously recorded as provisional amounts under SAB 118, based on additional information received from third parties and the completion of additional actuarial computations which impacted tax elections made for the 2017 and earlier tax years. As a result, the Company recorded a tax benefit of $26.0 million for the nine and three months ended September 30, 2018 . The tax benefit recognized includes the estimated benefit of elections to reset the interest rates used to discount and compute the tax-basis of reserves on certain post-1987 life insurance contracts reported in the Company's 2014 through 2017 income tax returns. Final determination of the effects of the Tax Act on deferred income taxes, aside from the items noted above, continues to require additional information and detailed computations, the Company expects to complete its determination of the effect of the Tax Act on its deferred income tax assets and liabilities during the fourth quarter of 2018 . The statute of limitations related to Kemper and its eligible subsidiaries’ consolidated Federal income tax returns is closed for all tax years up to and including 2013. The expiration of the statute of limitations related to the various state income tax returns that Kemper and its subsidiaries file varies by state. Liabilities for Unrecognized Tax Benefits at September 30, 2018 and December 31, 2017 include $3.8 million and $7.6 million , respectively, for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred income tax accounting, other than for interest and penalties, the disallowance of the shorter deductibility period would not affect the effective income tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Liabilities for Unrecognized Tax Benefits included accrued interest of $0.7 million and $0.5 million at September 30, 2018 and December 31, 2017 , respectively. Income taxes paid, net of refunds received, were $10.2 million for the nine months ended September 30, 2018 . Income taxes paid, net of refunds received, were $5.5 million for the nine months ended September 30, 2017 . |
Pension Benefits and Postretire
Pension Benefits and Postretirement Benefits Other Than Pensions | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension Benefits and Postretirement Benefits Other Than Pensions | Note 10 - Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 9,000 participants and beneficiaries, of which 1,600 are active employees. The Pension Plan is closed to employees newly-hired after January 1, 2006. On May 12, 2016, the Company amended the Pension Plan to freeze benefit accruals, effective June 30, 2016, for substantially all of the participants under the plan. The components of Pension Benefit for the Pension Plan for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ — $ — $ — $ — Interest Cost on Projected Benefit Obligation 15.2 15.4 5.0 5.1 Expected Return on Plan Assets (21.7 ) (23.2 ) (7.3 ) (7.7 ) Amortization of Accumulated Net Unrecognized Pension Costs 3.2 2.0 1.1 0.7 Total Pension Benefit Recognized $ (3.3 ) $ (5.8 ) $ (1.2 ) $ (1.9 ) Note 10 - Pension Benefits and Postretirement Benefits Other Than Pensions (continued) The Company sponsors two other postretirement benefit (“OPEB”) plans that provide medical, dental and/or life insurance benefits to approximately 600 retired and 600 active employees (the “OPEB Plan”). The components of OPEB Benefit for the OPEB Plan for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ 0.1 $ 0.1 — — Interest Cost on Accumulated Postretirement Benefit Obligation 0.3 0.3 0.1 0.1 Amortization of Prior Service Credit (1.4 ) (1.0 ) (0.5 ) (0.3 ) Amortization of Accumulated Net Unrecognized Gain (1.0 ) (1.4 ) (0.3 ) (0.5 ) Total OPEB Benefit Recognized $ (2.0 ) $ (2.0 ) $ (0.7 ) $ (0.7 ) The non-service cost component of the Pension Plan and OPEB Plan is presented within the Interest and Other Expenses line item in the Condensed Consolidated Statement of Income. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Note 11 - Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through two operating segments: Property & Casualty Insurance and Life & Health Insurance. The Property & Casualty Insurance segment’s principal products are personal automobile insurance, both preferred and nonstandard, homeowners insurance, other personal insurance and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers. Earned Premiums by product line for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Personal Automobile $ 1,554.0 $ 1,012.8 $ 766.7 $ 353.0 Homeowners 186.5 199.6 62.5 66.7 Other Personal Property and Casualty Insurance 83.4 87.0 27.7 28.9 Commercial Automobile 80.6 38.5 55.9 13.1 Life 284.3 285.6 95.2 94.5 Accident and Health 132.0 120.6 44.9 42.0 Total Earned Premiums $ 2,320.8 $ 1,744.1 $ 1,052.9 $ 598.2 Note 11 - Business Segments (continued) Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Revenues: Property & Casualty Insurance: Earned Premiums $ 1,851.5 $ 1,283.1 $ 895.2 $ 443.5 Net Investment Income 79.4 72.5 34.0 27.8 Other Income 1.6 0.9 0.9 0.4 Total Property & Casualty Insurance 1,932.5 1,356.5 930.1 471.7 Life & Health Insurance: Earned Premiums 469.3 461.0 157.7 154.7 Net Investment Income 157.9 163.8 50.5 55.9 Other Income 2.9 1.9 1.2 0.7 Total Life & Health Insurance 630.1 626.7 209.4 211.3 Total Segment Revenues 2,562.6 1,983.2 1,139.5 683.0 Income from Change in Fair Value of Equity Securities 12.1 — 11.0 — Net Realized Gains on Sales of Investments 10.0 45.0 3.6 8.1 Net Impairment Losses Recognized in Earnings (2.3 ) (10.5 ) (1.8 ) (2.9 ) Other 48.0 8.4 43.2 2.1 Total Revenues $ 2,630.4 $ 2,026.1 $ 1,195.5 $ 690.3 Segment Operating Profit, including a reconciliation to Income from Continuing Operations before Income Taxes, for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Operating Profit (Loss): Property & Casualty Insurance $ 96.9 $ (2.2 ) $ 34.2 $ 30.8 Life & Health Insurance 96.3 99.8 33.0 36.0 Total Segment Operating Profit (Loss) 193.2 97.6 67.2 66.8 Corporate and Other Operating Profit (Loss) From: Partial Satisfaction of Judgment 35.7 — 35.7 — Other (17.7 ) (15.2 ) (7.0 ) (3.7 ) Total Corporate and Other Operating Profit (Loss) 18.0 (15.2 ) 28.7 (3.7 ) Income from Change in Fair Value of Equity Securities 12.1 — 11.0 — Net Realized Gains on Sales of Investments 10.0 45.0 3.6 8.1 Net Impairment Losses Recognized in Earnings (2.3 ) (10.5 ) (1.8 ) (2.9 ) Acquisition Related Transaction, Integration and Other Costs (38.0 ) — (28.2 ) — Income from Continuing Operations before Income Taxes $ 193.0 $ 116.9 $ 80.5 $ 68.3 Note 11 - Business Segments (continued) Segment Net Operating Income, including a reconciliation to Income from Continuing Operations, for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions and Net of Income Taxes) Sep 30, Sep 30, Sep 30, Sep 30, Segment Net Operating Income: Property & Casualty Insurance $ 79.4 $ 5.7 $ 28.2 $ 22.9 Life & Health Insurance 76.9 65.5 26.7 23.5 Total Segment Net Operating Income 156.3 71.2 54.9 46.4 Corporate and Other Net Operating Income (Loss) From: Effects of Tax Reform 26.0 — 26.0 — Partial Satisfaction of Judgment 28.2 — 28.2 — Other (12.0 ) (9.7 ) (4.6 ) (2.0 ) Total Corporate and Other Net Operating Income (Loss) 42.2 (9.7 ) 49.6 (2.0 ) Net Income (Loss) From: Income from Change in Fair Value of Equity Securities 9.6 — 8.7 — Net Realized Gains on Sales of Investments 7.9 29.3 2.8 5.3 Net Impairment Losses Recognized in Earnings (1.8 ) (6.8 ) (1.4 ) (1.9 ) Acquisition Related Transaction, Integration and Other Costs (30.8 ) — (22.3 ) — Income from Continuing Operations $ 183.4 $ 84.0 $ 92.3 $ 47.8 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 - Fair Value Measurements The Company classifies its investments in Fixed Maturities as available for sale and reports these investments at fair value. The Company reports equity investments with readily determinable fair values as Equity Securities at Fair Value. Certain investments that are measured at fair value using the net asset value practical expedient are not required to be classified using the fair value hierarchy, but are presented in the following two tables to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheet. The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at September 30, 2018 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 163.6 $ 695.3 $ — $ — $ 858.9 States and Political Subdivisions — 1,531.7 1.8 — 1,533.5 Foreign Governments — 5.7 — — 5.7 Corporate Securities: Bonds and Notes — 2,841.2 381.3 — 3,222.5 Collateralized Loan Obligations — 5.4 466.7 — 472.1 Other Mortgage- and Asset-backed — 5.7 10.2 — 15.9 Total Investments in Fixed Maturities 163.6 5,085.0 860.0 — 6,108.6 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 39.8 — — 39.8 Other Industries — 11.9 — — 11.9 Common Stocks: Finance, Insurance and Real Estate 11.7 — — — 11.7 Other Industries 0.4 0.7 — — 1.1 Other Equity Interests: Exchange Traded Funds 549.1 — — — 549.1 Limited Liability Companies and Limited Partnerships — — — 202.2 202.2 Total Investments in Equity Securities at Fair Value 561.2 52.4 — 202.2 815.8 Total $ 724.8 $ 5,137.4 $ 860.0 $ 202.2 $ 6,924.4 At September 30, 2018 , the Company had unfunded commitments to invest an additional $149.3 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests if funded. Note 12 - Fair Value Measurements (continued) The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2017 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 115.8 $ 440.3 $ — $ — $ 556.1 States and Political Subdivisions — 1,701.8 — — 1,701.8 Foreign Governments — 3.2 — — 3.2 Corporate Securities: Bonds and Notes — 2,579.1 401.5 — 2,980.6 Redeemable Preferred Stocks — — 0.1 — 0.1 Collateralized Loan Obligations — 46.6 93.2 — 139.8 Other Mortgage- and Asset-backed — 1.1 — — 1.1 Total Investments in Fixed Maturities 115.8 4,772.1 494.8 — 5,382.7 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 55.7 — — 55.7 Other Industries — 12.3 10.8 — 23.1 Common Stocks: Finance, Insurance and Real Estate 7.0 0.1 — — 7.1 Other Industries 0.7 0.4 16.6 — 17.7 Other Equity Interests: Exchange Traded Funds 219.5 — — — 219.5 Limited Liability Companies and Limited Partnerships — — 34.4 168.5 202.9 Total Investments in Equity Securities at Fair Value 227.2 68.5 61.8 168.5 526.0 Fair Value Option Investments: Limited Liability Companies and Limited Partnership Hedge Funds — — — 77.5 77.5 Other Investments: Trading Securities 6.7 — — — 6.7 Other Liabilities: Derivative Instrument Classified as Cash Flow Hedge — (0.8 ) — — (0.8 ) Total $ 349.7 $ 4,839.8 $ 556.6 $ 246.0 $ 5,992.1 Note 12 - Fair Value Measurements (continued) The Company’s investments in Fixed Maturities that are classified as Level 1 in the two preceding tables primarily consist of U.S. Treasury Bonds and Notes. The Company’s investments in Equity Securities at Fair Value that are classified as Level 1 in the two preceding tables consist of either investments in publicly-traded common stocks or exchange traded funds. The Company’s investments in Fixed Maturities that are classified as Level 2 in the two preceding tables primarily consist of investments in corporate bonds, obligations of states and political subdivisions, and bonds and mortgage-backed securities of U.S. government agencies. The Company’s investments in Equity Securities at Fair Value that are classified as Level 2 in the two preceding tables primarily consist of investments in preferred stocks. The Company uses a leading, nationally recognized provider of market data and analytics to price the vast majority of the Company’s Level 2 measurements. The provider utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Because many fixed maturity securities do not trade on a daily basis, the provider’s evaluated pricing applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, the provider uses model processes to develop prepayment and interest rate scenarios. The pricing provider’s models and processes also take into account market convention. For each asset class, teams of its evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The Company generally validates the measurements obtained from its primary pricing provider by comparing them with measurements obtained from one additional pricing provider that provides either prices from recent market transactions, quotes in inactive markets or evaluations based on its own proprietary models. The Company investigates significant differences related to the values provided. On completion of its investigation, management exercises judgment to determine the price selected and whether adjustments, if any, to the price obtained from the Company’s primary pricing provider would warrant classification of the price as Level 3. In instances where a measurement cannot be obtained from either pricing provider, the Company generally will evaluate bid prices from one or more binding quotes obtained from market makers to value investments in inactive markets and classified by the Company as Level 2. The Company generally classifies securities when it receives non-binding quotes or indications as Level 3 securities unless the Company can validate the quote or indication against recent transactions in the market. The Company’s Investments in Fixed Maturities that are classified as Level 3 in the two preceding tables primarily consist of privately placed securities not rated by a Nationally Recognized Statistical Rating Organization and are priced primarily using a market yield approach. A market yield approach uses a risk-free rate plus a credit spread depending on the underlying credit profile of the security. For floating rate securities, the risk-free rate used in the market yield is the contractual floating rate of the security. For each individual security, the Company or the Company’s third party appraiser gathers information from market sources, relevant credit information, perceived market movements and sector news and determines an appropriate market yield for each security. The market yield selected is then used to discount the estimated future cash flows of the security to determine the fair value. The Company separately evaluates market yields based upon asset class to assess the reasonableness of the recorded fair value. For non-investment-grade Investments in Fixed Maturities that are classified as Level 3, the two primary asset classes are senior debt and junior debt. Senior debt includes those securities that receive first priority in a liquidation and junior debt includes any fixed maturity security with other than first priority in a liquidation. The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at September 30, 2018 . (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 136.3 3.0 % - 10.5 % 5.0 % Non-investment-grade: Senior Debt Market Yield 151.6 3.7 - 23.3 9.7 Junior Debt Market Yield 90.9 9.5 - 27.8 13.0 Collateralized Loan Obligations Market Yield 466.7 3.5 - 10.4 5.1 Other Various 14.5 Total Level 3 Fixed Maturity Investments in Corporate Securities $ 860.0 Note 12 - Fair Value Measurements (continued) The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2017 . (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 96.2 3.0 % - 6.7 % 3.8 % Non-investment-grade: Senior Debt Market Yield 138.1 4.5 - 15.7 10.0 Junior Debt Market Yield 154.1 9.6 - 24.3 12.9 Collateralized Loan Obligations Market Yield 93.2 4.3 - 10.6 7.8 Other Debt Various 13.2 Total Level 3 Fixed Maturity Investments in Corporate Securities $ 494.8 For an investment in a fixed maturity security, an increase in the yield used to determine the fair value of the security will decrease the fair value of the security. A decrease in the yield used to determine fair value will increase the fair value of the security, but the fair value increase is generally limited to par, unless callable at a premium, if the security is currently callable. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2018 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Other Mortgage- and Asset- backed Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 401.5 $ — $ 0.1 $ 93.2 $ — $ 27.4 $ 34.4 $ 556.6 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 2.3 — (0.1 ) 2.4 — — — 4.6 Included in Other Comprehensive Income (Loss) 0.1 — — (3.3 ) 0.2 — — (3.0 ) Purchases 148.6 1.8 — 391.8 10.0 — — 552.2 Settlements (77.1 ) — — (51.3 ) — — — (128.4 ) Sales (88.7 ) — — — — — — (88.7 ) Transfers into Level 3 2.3 — — 33.9 — — — 36.2 Transfers out of Level 3 (7.7 ) — — — — (27.4 ) (34.4 ) (69.5 ) Balance at End of Period $ 381.3 $ 1.8 $ — $ 466.7 $ 10.2 $ — $ — $ 860.0 Note 12 - Fair Value Measurements (continued) Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2018 is presented below. Fixed Maturities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Collateralized Loan Obligations Other Mortgage- and Asset- backed Total Balance at Beginning of Period $ 385.5 $ — $ 95.9 $ — $ 481.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 0.9 — 0.5 — 1.4 Included in Other Comprehensive Income (Loss) — — (1.3 ) 0.2 (1.1 ) Purchases 54.9 1.8 354.2 10.0 420.9 Settlements (11.5 ) — (16.5 ) — (28.0 ) Sales (47.8 ) — — — (47.8 ) Transfers into Level 3 2.0 — 33.9 — 35.9 Transfers out of Level 3 (2.7 ) — — — (2.7 ) Balance at End of Period $ 381.3 $ 1.8 $ 466.7 $ 10.2 $ 860.0 The Company’s policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between levels 1 and 2 for the nine and three months ended September 30, 2018 . Transfers out of Level 3 were $69.5 million for the nine months ended September 30, 2018 , of which $61.8 million was transferred into Equity Securities at Modified Cost due to the adoption of ASU 2016-01 and $7.7 million was transferred into Level 2 due to changes in the availability of market observable inputs. There were $2.7 million of transfers out of Level 3 into Level 2 for the three months ended September 30, 2018 due to changes in the availability of market observable inputs. Note 12 - Fair Value Measurements (continued) Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2017 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 403.2 $ 3.8 $ 0.6 $ 103.5 $ 29.7 $ 40.9 $ 581.7 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (4.7 ) (1.2 ) 0.1 1.4 1.7 3.7 1.0 Included in Other Comprehensive Income (Loss) 4.6 — (0.1 ) 1.7 0.9 (6.3 ) 0.8 Purchases 120.4 — — 22.7 3.2 2.9 149.2 Settlements (75.5 ) (2.6 ) (0.5 ) (18.0 ) — — (96.6 ) Sales (32.0 ) — — (11.0 ) (6.9 ) (7.1 ) (57.0 ) Transfers into Level 3 — 1.4 — 5.0 — — 6.4 Transfers out of Level 3 (28.6 ) — — (11.8 ) (3.5 ) — (43.9 ) Balance at End of Period $ 387.4 $ 1.4 $ 0.1 $ 93.5 $ 25.1 $ 34.1 $ 541.6 Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2017 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 396.1 $ — $ 0.1 $ 95.4 $ 22.8 $ 32.2 $ 546.6 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (0.8 ) — — 0.5 0.4 0.3 0.4 Included in Other Comprehensive Income (Loss) 1.8 — — — 2.4 0.4 4.6 Purchases 40.4 — — 6.3 — 1.5 48.2 Settlements (31.2 ) — — (5.5 ) — — (36.7 ) Sales (3.7 ) — — (4.3 ) (0.5 ) (0.3 ) (8.8 ) Transfers into Level 3 — 1.4 — 5.0 — — 6.4 Transfers out of Level 3 (15.2 ) — — (3.9 ) — — (19.1 ) Balance at End of Period $ 387.4 $ 1.4 $ 0.1 $ 93.5 $ 25.1 $ 34.1 $ 541.6 Note 12 - Fair Value Measurements (continued) The Company’s policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between levels 1 and 2 for the nine and three months ended September 30, 2017 . Transfers out of Level 3 were $43.9 million for the nine months ended September 30, 2017 , of which $3.5 million was transferred into Level 1 due to an issuer’s initial public offering of the security and $40.4 million was transferred into Level 2 due to changes in the availability of market observable inputs. Transfers out of Level 3 for the three months ended September 30, 2017 , were due to changes in the availability of market observable inputs. Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. September 30, 2018 December 31, 2017 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 298.0 $ 519.6 $ 298.6 $ 560.3 Short-term Investments 688.5 688.5 235.5 235.5 Financial Liabilities: Debt $ 1,123.7 $ 1,127.7 $ 592.3 $ 614.6 Collateralized Borrowings (Included in Other Liabilities) 10.0 10.0 — — The fair value measurement for loans to policyholders are categorized as Level 3 within the fair value hierarchy. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The fair value of Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Collateralized Borrowings consist of short-term advances from the FHLB of Chicago, and the inputs used in the valuation are considered Level 2 measurements. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 13 - Contingencies In the ordinary course of its businesses, the Company is involved in legal proceedings including lawsuits, regulatory examinations, audits and inquiries. Except with regard to the matters discussed below, based on currently available information, the Company does not believe that it is reasonably possible that any of its pending legal proceedings will have a material effect on the Company’s consolidated financial statements. Over the last decade, there have been an array of initiatives that seek to impose new duties on life insurance companies to proactively search for information related to the deaths of their insureds. These initiatives, which can include legislation, unclaimed property audits, market conduct examinations and related litigation, could have the effect of altering the terms of Kemper’s life insurance subsidiaries’ existing life insurance contracts by imposing requirements that did not exist and were not contemplated at the time those companies entered into such contracts. In 2016, the Company voluntarily began implementing a comprehensive process to compare its life insurance records against one or more death verification databases to determine if any of its insureds may be deceased. Any attempt to estimate the ultimate outcomes of the aforementioned initiatives entails uncertainties including, but not limited to (i) the scope and interpretation of statutes that require proactive use of death verification databases (“DMF”), including the matching criteria and methodologies to be used in comparing policy records against a DMF, (ii) the universe of policies affected, (iii) the results of audits, examinations and other actions by regulators, and (iv) related litigation. Gain Contingency In October 2015, Kemper’s subsidiary, Kemper Corporate Services, Inc. (“KCSI”), filed a demand for arbitration with the American Arbitration Association (“AAA”), claiming that Computer Services Corporation (“CSC”) had breached the terms of a master software license and services agreement and related agreements (collectively, the “Agreements”) by failing, among other things, to timely produce and deliver certain software to KCSI. CSC denied KCSI’s claims and filed a counterclaim. On April 1, 2017, CSC merged with a spin-off of the Enterprise Services business of Hewlett Packard Enterprise Company and is now known as DXC Technology Company (“DXC”); DXC’s stock is publicly traded on the New York Stock Exchange. Note 13 - Contingencies (continued) In April 2017, the parties participated in an evidentiary hearing before a AAA-appointed arbitrator. In October 2017, the arbitrator issued a Partial Final Award finding that CSC had breached the Agreements and awarding KCSI direct damages of $84.3 million plus pre-judgment interest at an annual rate of 9% pursuant to applicable law. KCSI subsequently filed a Motion to Confirm Arbitration Award in the U.S. District Court for the Northern District of Texas seeking confirmation and enforcement of the Partial Final Award and also submitted to the arbitrator a supplemental petition providing pre-judgment interest calculations and seeking an award for certain arbitration costs and expenses. In November 2017, the arbitrator issued a Final Award granting KCSI direct damages against CSC of $84.3 million , prejudgment interest at the annual rate of 9% and costs and expenses in the amount of $7.2 million . KCSI then filed an Amended Motion to Confirm Arbitration Award seeking confirmation and enforcement of the Final Award. In December 2017, CSC filed a Petition to Vacate an Arbitration Award in the U.S. District Court for the Southern District of New York and a motion to stay the proceedings in Texas. Following briefing and a hearing, the New York district court denied CSC’s motion to stay the Texas action and instead stayed the New York action. In March 2018, the Texas district court denied CSC’s motion to transfer venue and the New York district court subsequently transferred the vacatur proceeding to Texas. In April, the Texas district court consolidated the two actions and the parties briefed KCSI’s Amended Motion to Confirm Arbitration Award and CSC’s motion to vacate the arbitration award. On September 26, 2018, the Texas district court issued an Amended Final Judgment that (i) confirmed the Arbitration Award in favor of KCSI, (ii) denied CSC’s motion to vacate, and (iii) entered judgment in the amount of $141.7 million against CSC. CSC has indicated it intends to appeal the court’s ruling, but in the meantime has tendered to Kemper a payment of $35.7 million as partial satisfaction of the final judgment, with approximately $28.5 million of the payment attributable to the direct damages that are not contested by CSC and $7.2 million to the costs and expenses noted above. Kemper has recognized the payment as a gain for the nine and three months ended September 30, 2018 in these Condensed Consolidated Financial Statements. The Company cannot make any assurance as to the additional amounts of the final judgment that will actually be collected or when they may be received. The unpaid balance of the final judgment is treated as a gain contingency for accounting purposes and accordingly, is not recognized in these Condensed Consolidated Financial Statements. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 14 - Related Parties Mr. Christopher B. Sarofim, a director of Kemper, is Vice Chairman and a member of the board of directors of Fayez Sarofim & Co. (“FS&C”), a registered investment advisory firm. The Company’s defined benefit pension plan had $141.5 million in assets managed by FS&C at September 30, 2018 under an agreement with FS&C whereby FS&C provides investment management services with respect to certain funds of the plan. Investment expenses incurred in connection with such agreement were $0.7 million and $0.6 million for the nine months ended September 30, 2018 and 2017 , respectively. The Company believes that the services described above have been provided on terms no less favorable to the Company than could have been negotiated with non-affiliated third parties. |
Acquisition of Business (Tables
Acquisition of Business (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (Dollars in Millions) Investments $ 1,569.3 Short Term Investments 98.8 Cash 4.0 Receivables from Policyholders 582.3 Other Receivables 31.9 Value of Intangible Assets Acquired (Reported in Other Assets) 262.7 Goodwill 768.2 Other Assets 102.1 Property and Casualty Insurance Reserves (701.4 ) Unearned Premiums (714.6 ) Debt (282.1 ) Current Income Tax Liabilities (1.8 ) Deferred Income Tax Liabilities (12.2 ) Accrued Expenses and Other Liabilities (158.5 ) Total Purchase Price 1,548.7 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of Infinity occurred on January 1, 2017. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the fair value adjustment on Infinity investments, amortization of the acquired intangible assets, interest expense on debt incurred to finance the acquisition and the exclusion of Note 2 - Acquisition of Business (continued) certain acquisition related costs considered to be non-recurring in nature. Shares used to calculate the basic and diluted earnings per share were adjusted to reflect the additional shares of common stock issued to fund the acquisition. Nine Months Ended Three Months Ended (Dollars in millions, except per share amounts) Sep 30, Sep 30, Sep 30, Sep 30, Total Revenues $ 3,375.2 $ 3,080.3 $ 1,194.9 $ 1,044.4 Total Expenses 3,065.7 2,995.8 1,044.4 966.6 Income from Continuing Operations before Income Taxes 309.5 84.5 150.5 77.8 Net Income $ 275.5 $ 54.8 $ 147.5 $ 53.0 Net Income Per Unrestricted Share: Basic $ 4.26 $ 0.85 $ 2.28 $ 0.82 Diluted $ 4.23 $ 0.85 $ 2.26 $ 0.82 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2018 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 154.0 $ 156.0 Due after One Year to Five Years 1,087.6 1,094.9 Due after Five Years to Ten Years 1,717.7 1,735.8 Due after Ten Years 1,884.4 2,006.2 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,128.7 1,115.7 Investments in Fixed Maturities $ 5,972.4 $ 6,108.6 |
Schedule of Unrealized Loss on Investments [Table Text Block] | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2018 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 594.0 $ (20.0 ) $ 56.5 $ (8.4 ) $ 650.5 $ (28.4 ) States and Political Subdivisions 486.4 (14.6 ) — — 486.4 (14.6 ) Foreign Governments 4.8 (0.5 ) — — 4.8 (0.5 ) Corporate Securities: Bonds and Notes 1,237.5 (32.2 ) 302.3 (9.7 ) 1,539.8 (41.9 ) Collateralized Loan Obligations 204.6 (1.0 ) — — 204.6 (1.0 ) Other Mortgage- and Asset-backed 7.5 (0.1 ) — — 7.5 (0.1 ) Total Fixed Maturities 2,534.8 (68.4 ) 358.8 (18.1 ) 2,893.6 (86.5 ) The Company regularly reviews its fixed maturity investment portfolio for factors that may indicate that a decline in fair value of an investment is other than temporary. The portions of the declines in the fair values of fixed maturity investments that are determined to be other than temporary are reported as losses in the Condensed Consolidated Statements of Income in the periods when such determinations are made. Unrealized losses on fixed maturities, which the Company has determined to be temporary at September 30, 2018 , were $86.5 million , of which $18.1 million was related to fixed maturities that were in an unrealized loss position for 12 months or longer. There were no unrealized losses at September 30, 2018 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “Less Than 12 Months.” There were no unrealized losses at September 30, 2018 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “12 Months or Longer.” Investment-grade fixed maturity investments comprised $77.3 million and below-investment-grade fixed maturity investments comprised $9.2 million of the unrealized losses on investments in fixed maturities Note 3 - Investments (continued) at September 30, 2018 . For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. At September 30, 2018 , the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before it recovered the amortized cost of such investments, which may be at maturity. Based on the Company’s evaluation at September 30, 2018 of the prospects of the issuers, including, but not limited to, the credit ratings of the issuers of the investments in the fixed maturities, and the Company’s intention to not sell and its determination that it would not be required to sell before it recovered the amortized cost of such investments, the Company concluded that the declines in the fair values of the Company’s investments in fixed maturities presented in the preceding table were temporary at the evaluation date. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2017 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 140.0 $ (1.1 ) $ 103.4 $ (5.1 ) $ 243.4 $ (6.2 ) States and Political Subdivisions 57.0 (0.3 ) 124.2 (2.0 ) 181.2 (2.3 ) Corporate Securities: Bonds and Notes 283.1 (4.2 ) 208.9 (6.8 ) 492.0 (11.0 ) Collateralized Loan Obligations 2.8 — 2.4 — 5.2 — Total Fixed Maturities 482.9 (5.6 ) 438.9 (13.9 ) 921.8 (19.5 ) Unrealized losses on fixed maturities, which the Company determined to be temporary at December 31, 2017 , were $19.5 million , of which $13.9 million was related to fixed maturities that were in an unrealized loss position for 12 months or longer. There were no unrealized losses at December 31, 2017 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “Less Than 12 Months.” There were no unrealized losses at December 31, 2017 related to securities for which the Company has recognized credit losses in earnings in the preceding table under the heading “12 Months or Longer.” Investment-grade fixed maturity investments comprised $12.6 million and below-investment-grade fixed maturity investments comprised $6.9 million of the unrealized losses on investments in fixed maturities at December 31, 2017 . For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. At December 31, 2017 , the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before recovery of its amortized cost basis, which may be at maturity. Based on the Company’s evaluation at December 31, 2017 of the prospects of the issuers, including, but not limited to, the credit ratings of the issuers of the investments in the fixed maturities, and the Company’s intention to not sell and its determination that it would not be required to sell before recovery of the amortized cost of such investments, the Company concluded that the declines in the fair values of the Company’s investments in fixed maturities presented in the preceding table were temporary at the evaluation date. |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following table sets forth the pre-tax amount of other than temporary impairment (“OTTI”) credit losses recognized in Retained Earnings for Investments in Fixed Maturities held by the Company as of the beginning and end of the periods presented for which a portion of the OTTI loss related to factors other than credit has been recognized in AOCI, and the corresponding changes in such amounts. Note 3 - Investments (continued) Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at Beginning of Period $ 1.6 $ 1.4 $ 1.6 $ 2.4 Pre-tax Credit Losses on Fixed Maturities without Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Period — 1.2 — — Reductions for Change in Impairment Status: From Status of Credit Loss to Status of Intent-to-sell or Required-to-sell (0.5 ) — (0.5 ) — Reductions for Investments Sold During Period — (0.3 ) — (0.1 ) Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at End of Period $ 1.1 $ 2.3 $ 1.1 $ 2.3 |
Investment Income [Table Text Block] | Net Investment Income for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Investment Income: Interest on Fixed Income Securities $ 197.4 $ 184.0 $ 70.6 $ 61.8 Dividends on Equity Securities Excluding Alternative Investments 7.0 7.0 2.5 2.6 Alternative Investments: Equity Method Limited Liability Investments 8.1 21.9 (0.4 ) 11.1 Fair Value Option Investments — 1.0 — 0.5 Limited Liability Investments Included in Equity Securities 22.8 18.7 13.7 5.9 Total Alternative Investments 30.9 41.6 13.3 17.5 Short-term Investments 4.3 1.0 2.3 0.5 Loans to Policyholders 16.5 15.7 5.5 4.9 Real Estate 7.2 8.3 2.4 2.6 Other 0.6 0.2 0.2 0.1 Total Investment Income 263.9 257.8 96.8 90.0 Investment Expenses: Real Estate 7.5 7.7 2.6 2.6 Other Investment Expenses 6.8 5.5 2.2 1.5 Total Investment Expenses 14.3 13.2 4.8 4.1 Net Investment Income $ 249.6 $ 244.6 $ 92.0 $ 85.9 |
Schedule of Realized Gain (Loss) [Table Text Block] | Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Fixed Maturities: Gains on Sales $ 11.2 $ 7.3 $ 5.9 $ 2.4 Losses on Sales (6.5 ) (0.4 ) (2.5 ) — |
Schedule of Other Investments [Table Text Block] | The carrying values of the Company’s Other Investments at September 30, 2018 and December 31, 2017 were: (Dollars in Millions) Sep 30, Dec 31, Loans to Policyholders at Unpaid Principal $ 298.0 $ 298.6 Real Estate at Depreciated Cost 114.8 116.8 Trading Securities at Fair Value — 6.7 Other — 0.1 Total $ 412.8 $ 422.2 |
Investments in Fixed Maturities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2018 were: Amortized Cost Gross Unrealized Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 876.5 $ 10.8 $ (28.4 ) $ 858.9 States and Political Subdivisions 1,485.6 62.5 (14.6 ) 1,533.5 Foreign Governments 6.2 — (0.5 ) 5.7 Corporate Securities: Bonds and Notes 3,118.9 145.5 (41.9 ) 3,222.5 Collateralized Loan Obligations 470.2 2.9 (1.0 ) 472.1 Other Mortgage- and Asset-backed 15.0 1.0 (0.1 ) 15.9 Investments in Fixed Maturities $ 5,972.4 $ 222.7 $ (86.5 ) $ 6,108.6 The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2017 were: Amortized Cost Gross Unrealized Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 542.7 $ 19.6 $ (6.2 ) $ 556.1 States and Political Subdivisions 1,595.5 108.6 (2.3 ) 1,701.8 Foreign Governments 3.0 0.2 — 3.2 Corporate Securities: Bonds and Notes 2,745.8 245.8 (11.0 ) 2,980.6 Redeemable Preferred Stocks 0.1 — — 0.1 Collateralized Loan Obligations 134.1 5.7 — 139.8 Other Mortgage- and Asset-backed 0.4 0.7 — 1.1 Investments in Fixed Maturities $ 5,021.6 $ 380.6 $ (19.5 ) $ 5,382.7 |
Property and Casualty Insuran_2
Property and Casualty Insurance Reserves (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Liability for Unpaid Claims Adjustment Expense by Expense Type [Table Text Block] | Property and casualty insurance reserve activity for the nine months ended September 30, 2018 and 2017 was: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Property and Casualty Insurance Reserves: Gross of Reinsurance and Indemnification at Beginning of Year $ 1,016.8 $ 931.4 Less Reinsurance and Indemnification Recoverables at Beginning of Year 53.1 50.2 Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at Beginning of Year 963.7 881.2 Property and Casualty Insurance Reserves Acquired, Net of Reinsurance 682.9 — Incurred Losses and LAE Related to: Current Year: Continuing Operations 1,412.7 1,072.0 Prior Years: Continuing Operations (1.2 ) 19.7 Discontinued Operations (0.5 ) — Total Incurred Losses and LAE Related to Prior Years (1.7 ) 19.7 Total Incurred Losses and LAE 1,411.0 1,091.7 Paid Losses and LAE Related to: Current Year: Continuing Operations 770.9 600.7 Prior Years: Continuing Operations 533.1 443.6 Discontinued Operations 2.2 3.0 Total Paid Losses and LAE Related to Prior Years 535.3 446.6 Total Paid Losses and LAE 1,306.2 1,047.3 Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at End of Period 1,751.4 925.6 Plus Reinsurance Recoverables at End of Period 67.7 42.9 Property and Casualty Insurance Reserves - Gross of Reinsurance and Indemnification at End of Period $ 1,819.1 $ 968.5 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2018 and December 31, 2017 was: (Dollars in Millions) Sep 30, Dec 31, 4.35% Senior Notes due February 15, 2025 $ 448.4 $ 448.1 5.0% Senior Notes due September 19, 2022 281.7 — 7.375% Subordinated Debentures due February 27, 2054 144.2 144.2 Term Loan due June 29, 2020 249.4 — Total Long-term Debt Outstanding $ 1,123.7 $ 592.3 |
Income (Loss) from Continuing O
Income (Loss) from Continuing Operations Per Unrestricted Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | A reconciliation of the numerator and denominator used in the calculation of Basic Income from Continuing Operations Per Unrestricted Share and Diluted Income from Continuing Operations Per Unrestricted Share for the nine and three months ended September 30, 2018 and 2017 is presented below. Nine Months Ended Three Months Ended Sep 30, Sep 30, Sep 30, Sep 30, (Dollars in Millions) Income from Continuing Operations $ 183.4 $ 84.0 $ 92.3 $ 47.8 Less Income from Continuing Operations Attributed to Participating Awards 1.0 0.6 0.4 0.4 Income from Continuing Operations Attributed to Unrestricted Shares 182.4 83.4 91.9 47.4 Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — — — Diluted Income from Continuing Operations Attributed to Unrestricted Shares $ 182.4 $ 83.4 $ 91.9 $ 47.4 (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 55,925.7 51,308.7 64,580.4 51,366.8 Equity-based Compensation Equivalent Shares 569.8 171.6 769.1 199.6 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 56,495.5 51,480.3 65,349.5 51,566.4 (Per Unrestricted Share in Whole Dollars) Basic Income from Continuing Operations Per Unrestricted Share $ 3.26 $ 1.63 $ 1.42 $ 0.92 Diluted Income from Continuing Operations Per Unrestricted Share $ 3.23 $ 1.62 $ 1.40 $ 0.92 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the nine and three months ended September 30, 2018 and 2017 , because the effect of inclusion would be anti-dilutive, is presented below. Nine Months Ended Three Months Ended (Number of Shares in Thousands) Sep 30, Sep 30, Sep 30, Sep 30, Equity-based Compensation Equivalent Shares 293.7 459.7 47.2 382.1 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 293.7 459.7 47.2 382.1 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income [Table Text Block] | The components of Other Comprehensive Income (Loss) Before Income Taxes for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Other Comprehensive Income (Loss) Before Income Taxes: Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment $ (224.4 ) $ 110.5 $ (43.4 ) $ 19.2 Reclassification Adjustment for Amounts Included in Net Income (7.7 ) (27.7 ) (6.5 ) (3.6 ) Unrealized Holding Gains (Losses) (232.1 ) 82.8 (49.9 ) 15.6 Foreign Currency Translation Adjustments 0.3 0.9 — 0.1 Net Unrecognized Postretirement Benefit Costs 0.8 (0.4 ) 0.2 (0.1 ) Gain (Loss) on Cash Flow Hedges During the Period Before Reclassification Adjustment 0.8 (7.9 ) 0.9 (0.3 ) Reclassification Adjustment for Amounts Included in Net Income 0.3 1.3 — 0.2 Gain (Loss) on Cash Flow Hedges 1.1 (6.6 ) 0.9 (0.1 ) Other Comprehensive Income (Loss) Before Income Taxes $ (229.9 ) $ 76.7 $ (48.8 ) $ 15.5 The components of Other Comprehensive Income Tax Benefit (Expense) for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Other Comprehensive Income Tax Benefit (Expense): Unrealized Holding Gains and Losses Arising During the Period Before Reclassification Adjustment $ 47.2 $ (39.1 ) $ 9.2 $ (7.0 ) Reclassification Adjustment for Amounts Included in Net Income 1.6 9.7 1.3 1.3 Unrealized Holding Gains 48.8 (29.4 ) 10.5 (5.7 ) Foreign Currency Translation Adjustments (0.1 ) (0.4 ) — (0.1 ) Net Unrecognized Postretirement Benefit Costs (0.1 ) 0.2 — 0.1 Gain and Loss on Cash Flow Hedges During the Period Before Reclassification Adjustment (0.2 ) 2.7 (0.2 ) — Reclassification Adjustment for Amounts Included in Net Income (0.1 ) (0.4 ) (0.1 ) — Gain and Loss on Cash Flow Hedges (0.3 ) 2.3 (0.3 ) — Other Comprehensive Income Tax Benefit (Expense) $ 48.3 $ (27.3 ) $ 10.2 $ (5.7 ) |
Schedule of Accumulated Other Comprehensive Income [Table Text Block] | The components of AOCI at September 30, 2018 and December 31, 2017 were: (Dollars in Millions) Sep 30, Dec 31, Net Unrealized Gains on Investments, Net of Income Taxes: Available for Sale Fixed Maturities with Portion of OTTI Recognized in Earnings $ — $ 0.2 Other Net Unrealized Gains on Investments 122.6 269.5 Foreign Currency Translation Adjustments, Net of Income Taxes — 0.2 Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes (88.5 ) (72.2 ) Loss on Cash Flow Hedges, Net of Income Taxes (3.2 ) (3.3 ) Accumulated Other Comprehensive Income $ 30.9 $ 194.4 |
Reclassification out of Accumulated Comprehensive Income [Table Text Block] | The components of AOCI at September 30, 2018 and December 31, 2017 were: (Dollars in Millions) Sep 30, Dec 31, Net Unrealized Gains on Investments, Net of Income Taxes: Available for Sale Fixed Maturities with Portion of OTTI Recognized in Earnings $ — $ 0.2 Other Net Unrealized Gains on Investments 122.6 269.5 Foreign Currency Translation Adjustments, Net of Income Taxes — 0.2 Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes (88.5 ) (72.2 ) Loss on Cash Flow Hedges, Net of Income Taxes (3.2 ) (3.3 ) Accumulated Other Comprehensive Income $ 30.9 $ 194.4 Note 7 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (continued) Components of AOCI were reclassified to the following lines of the Condensed Consolidated Sta |
Pension Benefits and Postreti_2
Pension Benefits and Postretirement Benefits Other Than Pensions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of Pension Benefit for the Pension Plan for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ — $ — $ — $ — Interest Cost on Projected Benefit Obligation 15.2 15.4 5.0 5.1 Expected Return on Plan Assets (21.7 ) (23.2 ) (7.3 ) (7.7 ) Amortization of Accumulated Net Unrecognized Pension Costs 3.2 2.0 1.1 0.7 Total Pension Benefit Recognized $ (3.3 ) $ (5.8 ) $ (1.2 ) $ (1.9 ) |
Postretirement Benefits Other than Pensions [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of OPEB Benefit for the OPEB Plan for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ 0.1 $ 0.1 — — Interest Cost on Accumulated Postretirement Benefit Obligation 0.3 0.3 0.1 0.1 Amortization of Prior Service Credit (1.4 ) (1.0 ) (0.5 ) (0.3 ) Amortization of Accumulated Net Unrecognized Gain (1.0 ) (1.4 ) (0.3 ) (0.5 ) Total OPEB Benefit Recognized $ (2.0 ) $ (2.0 ) $ (0.7 ) $ (0.7 ) The non-service cost component of the Pension Plan and OPEB Plan is presented within the Interest and Other Expenses line item in the Condensed Consolidated Statement of Income. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | Earned Premiums by product line for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Personal Automobile $ 1,554.0 $ 1,012.8 $ 766.7 $ 353.0 Homeowners 186.5 199.6 62.5 66.7 Other Personal Property and Casualty Insurance 83.4 87.0 27.7 28.9 Commercial Automobile 80.6 38.5 55.9 13.1 Life 284.3 285.6 95.2 94.5 Accident and Health 132.0 120.6 44.9 42.0 Total Earned Premiums $ 2,320.8 $ 1,744.1 $ 1,052.9 $ 598.2 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2018 and 2017 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Revenues: Property & Casualty Insurance: Earned Premiums $ 1,851.5 $ 1,283.1 $ 895.2 $ 443.5 Net Investment Income 79.4 72.5 34.0 27.8 Other Income 1.6 0.9 0.9 0.4 Total Property & Casualty Insurance 1,932.5 1,356.5 930.1 471.7 Life & Health Insurance: Earned Premiums 469.3 461.0 157.7 154.7 Net Investment Income 157.9 163.8 50.5 55.9 Other Income 2.9 1.9 1.2 0.7 Total Life & Health Insurance 630.1 626.7 209.4 211.3 Total Segment Revenues 2,562.6 1,983.2 1,139.5 683.0 Income from Change in Fair Value of Equity Securities 12.1 — 11.0 — Net Realized Gains on Sales of Investments 10.0 45.0 3.6 8.1 Net Impairment Losses Recognized in Earnings (2.3 ) (10.5 ) (1.8 ) (2.9 ) Other 48.0 8.4 43.2 2.1 Total Revenues $ 2,630.4 $ 2,026.1 $ 1,195.5 $ 690.3 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Segment Operating Profit, including a reconciliation to Income from Continuing Operations before Income Taxes, for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Operating Profit (Loss): Property & Casualty Insurance $ 96.9 $ (2.2 ) $ 34.2 $ 30.8 Life & Health Insurance 96.3 99.8 33.0 36.0 Total Segment Operating Profit (Loss) 193.2 97.6 67.2 66.8 Corporate and Other Operating Profit (Loss) From: Partial Satisfaction of Judgment 35.7 — 35.7 — Other (17.7 ) (15.2 ) (7.0 ) (3.7 ) Total Corporate and Other Operating Profit (Loss) 18.0 (15.2 ) 28.7 (3.7 ) Income from Change in Fair Value of Equity Securities 12.1 — 11.0 — Net Realized Gains on Sales of Investments 10.0 45.0 3.6 8.1 Net Impairment Losses Recognized in Earnings (2.3 ) (10.5 ) (1.8 ) (2.9 ) Acquisition Related Transaction, Integration and Other Costs (38.0 ) — (28.2 ) — Income from Continuing Operations before Income Taxes $ 193.0 $ 116.9 $ 80.5 $ 68.3 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Segment Net Operating Income, including a reconciliation to Income from Continuing Operations, for the nine and three months ended September 30, 2018 and 2017 was: Nine Months Ended Three Months Ended (Dollars in Millions and Net of Income Taxes) Sep 30, Sep 30, Sep 30, Sep 30, Segment Net Operating Income: Property & Casualty Insurance $ 79.4 $ 5.7 $ 28.2 $ 22.9 Life & Health Insurance 76.9 65.5 26.7 23.5 Total Segment Net Operating Income 156.3 71.2 54.9 46.4 Corporate and Other Net Operating Income (Loss) From: Effects of Tax Reform 26.0 — 26.0 — Partial Satisfaction of Judgment 28.2 — 28.2 — Other (12.0 ) (9.7 ) (4.6 ) (2.0 ) Total Corporate and Other Net Operating Income (Loss) 42.2 (9.7 ) 49.6 (2.0 ) Net Income (Loss) From: Income from Change in Fair Value of Equity Securities 9.6 — 8.7 — Net Realized Gains on Sales of Investments 7.9 29.3 2.8 5.3 Net Impairment Losses Recognized in Earnings (1.8 ) (6.8 ) (1.4 ) (1.9 ) Acquisition Related Transaction, Integration and Other Costs (30.8 ) — (22.3 ) — Income from Continuing Operations $ 183.4 $ 84.0 $ 92.3 $ 47.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at September 30, 2018 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 163.6 $ 695.3 $ — $ — $ 858.9 States and Political Subdivisions — 1,531.7 1.8 — 1,533.5 Foreign Governments — 5.7 — — 5.7 Corporate Securities: Bonds and Notes — 2,841.2 381.3 — 3,222.5 Collateralized Loan Obligations — 5.4 466.7 — 472.1 Other Mortgage- and Asset-backed — 5.7 10.2 — 15.9 Total Investments in Fixed Maturities 163.6 5,085.0 860.0 — 6,108.6 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 39.8 — — 39.8 Other Industries — 11.9 — — 11.9 Common Stocks: Finance, Insurance and Real Estate 11.7 — — — 11.7 Other Industries 0.4 0.7 — — 1.1 Other Equity Interests: Exchange Traded Funds 549.1 — — — 549.1 Limited Liability Companies and Limited Partnerships — — — 202.2 202.2 Total Investments in Equity Securities at Fair Value 561.2 52.4 — 202.2 815.8 Total $ 724.8 $ 5,137.4 $ 860.0 $ 202.2 $ 6,924.4 At September 30, 2018 , the Company had unfunded commitments to invest an additional $149.3 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests if funded. Note 12 - Fair Value Measurements (continued) The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2017 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at Net Asset Value Total Fair Value Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 115.8 $ 440.3 $ — $ — $ 556.1 States and Political Subdivisions — 1,701.8 — — 1,701.8 Foreign Governments — 3.2 — — 3.2 Corporate Securities: Bonds and Notes — 2,579.1 401.5 — 2,980.6 Redeemable Preferred Stocks — — 0.1 — 0.1 Collateralized Loan Obligations — 46.6 93.2 — 139.8 Other Mortgage- and Asset-backed — 1.1 — — 1.1 Total Investments in Fixed Maturities 115.8 4,772.1 494.8 — 5,382.7 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 55.7 — — 55.7 Other Industries — 12.3 10.8 — 23.1 Common Stocks: Finance, Insurance and Real Estate 7.0 0.1 — — 7.1 Other Industries 0.7 0.4 16.6 — 17.7 Other Equity Interests: Exchange Traded Funds 219.5 — — — 219.5 Limited Liability Companies and Limited Partnerships — — 34.4 168.5 202.9 Total Investments in Equity Securities at Fair Value 227.2 68.5 61.8 168.5 526.0 Fair Value Option Investments: Limited Liability Companies and Limited Partnership Hedge Funds — — — 77.5 77.5 Other Investments: Trading Securities 6.7 — — — 6.7 Other Liabilities: Derivative Instrument Classified as Cash Flow Hedge — (0.8 ) — — (0.8 ) Total $ 349.7 $ 4,839.8 $ 556.6 $ 246.0 $ 5,992.1 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at September 30, 2018 . (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 136.3 3.0 % - 10.5 % 5.0 % Non-investment-grade: Senior Debt Market Yield 151.6 3.7 - 23.3 9.7 Junior Debt Market Yield 90.9 9.5 - 27.8 13.0 Collateralized Loan Obligations Market Yield 466.7 3.5 - 10.4 5.1 Other Various 14.5 Total Level 3 Fixed Maturity Investments in Corporate Securities $ 860.0 Note 12 - Fair Value Measurements (continued) The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2017 . (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 96.2 3.0 % - 6.7 % 3.8 % Non-investment-grade: Senior Debt Market Yield 138.1 4.5 - 15.7 10.0 Junior Debt Market Yield 154.1 9.6 - 24.3 12.9 Collateralized Loan Obligations Market Yield 93.2 4.3 - 10.6 7.8 Other Debt Various 13.2 Total Level 3 Fixed Maturity Investments in Corporate Securities $ 494.8 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2018 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Other Mortgage- and Asset- backed Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 401.5 $ — $ 0.1 $ 93.2 $ — $ 27.4 $ 34.4 $ 556.6 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 2.3 — (0.1 ) 2.4 — — — 4.6 Included in Other Comprehensive Income (Loss) 0.1 — — (3.3 ) 0.2 — — (3.0 ) Purchases 148.6 1.8 — 391.8 10.0 — — 552.2 Settlements (77.1 ) — — (51.3 ) — — — (128.4 ) Sales (88.7 ) — — — — — — (88.7 ) Transfers into Level 3 2.3 — — 33.9 — — — 36.2 Transfers out of Level 3 (7.7 ) — — — — (27.4 ) (34.4 ) (69.5 ) Balance at End of Period $ 381.3 $ 1.8 $ — $ 466.7 $ 10.2 $ — $ — $ 860.0 Note 12 - Fair Value Measurements (continued) Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2018 is presented below. Fixed Maturities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Collateralized Loan Obligations Other Mortgage- and Asset- backed Total Balance at Beginning of Period $ 385.5 $ — $ 95.9 $ — $ 481.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 0.9 — 0.5 — 1.4 Included in Other Comprehensive Income (Loss) — — (1.3 ) 0.2 (1.1 ) Purchases 54.9 1.8 354.2 10.0 420.9 Settlements (11.5 ) — (16.5 ) — (28.0 ) Sales (47.8 ) — — — (47.8 ) Transfers into Level 3 2.0 — 33.9 — 35.9 Transfers out of Level 3 (2.7 ) — — — (2.7 ) Balance at End of Period $ 381.3 $ 1.8 $ 466.7 $ 10.2 $ 860.0 The Company’s policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between levels 1 and 2 for the nine and three months ended September 30, 2018 . Transfers out of Level 3 were $69.5 million for the nine months ended September 30, 2018 , of which $61.8 million was transferred into Equity Securities at Modified Cost due to the adoption of ASU 2016-01 and $7.7 million was transferred into Level 2 due to changes in the availability of market observable inputs. There were $2.7 million of transfers out of Level 3 into Level 2 for the three months ended September 30, 2018 due to changes in the availability of market observable inputs. Note 12 - Fair Value Measurements (continued) Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2017 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 403.2 $ 3.8 $ 0.6 $ 103.5 $ 29.7 $ 40.9 $ 581.7 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (4.7 ) (1.2 ) 0.1 1.4 1.7 3.7 1.0 Included in Other Comprehensive Income (Loss) 4.6 — (0.1 ) 1.7 0.9 (6.3 ) 0.8 Purchases 120.4 — — 22.7 3.2 2.9 149.2 Settlements (75.5 ) (2.6 ) (0.5 ) (18.0 ) — — (96.6 ) Sales (32.0 ) — — (11.0 ) (6.9 ) (7.1 ) (57.0 ) Transfers into Level 3 — 1.4 — 5.0 — — 6.4 Transfers out of Level 3 (28.6 ) — — (11.8 ) (3.5 ) — (43.9 ) Balance at End of Period $ 387.4 $ 1.4 $ 0.1 $ 93.5 $ 25.1 $ 34.1 $ 541.6 Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2017 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Bonds and Notes States and Political Sub- divisions Redeemable Preferred Stocks Collateralized Loan Obligations Preferred and Common Stocks Other Equity Interests Total Balance at Beginning of Period $ 396.1 $ — $ 0.1 $ 95.4 $ 22.8 $ 32.2 $ 546.6 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (0.8 ) — — 0.5 0.4 0.3 0.4 Included in Other Comprehensive Income (Loss) 1.8 — — — 2.4 0.4 4.6 Purchases 40.4 — — 6.3 — 1.5 48.2 Settlements (31.2 ) — — (5.5 ) — — (36.7 ) Sales (3.7 ) — — (4.3 ) (0.5 ) (0.3 ) (8.8 ) Transfers into Level 3 — 1.4 — 5.0 — — 6.4 Transfers out of Level 3 (15.2 ) — — (3.9 ) — — (19.1 ) Balance at End of Period $ 387.4 $ 1.4 $ 0.1 $ 93.5 $ 25.1 $ 34.1 $ 541.6 Note 12 - Fair Value Measurements (continued) The Company’s policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between levels 1 and 2 for the nine and three months ended September 30, 2017 . |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. September 30, 2018 December 31, 2017 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders $ 298.0 $ 519.6 $ 298.6 $ 560.3 Short-term Investments 688.5 688.5 235.5 235.5 Financial Liabilities: Debt $ 1,123.7 $ 1,127.7 $ 592.3 $ 614.6 Collateralized Borrowings (Included in Other Liabilities) 10.0 10.0 — — The fair value measurement for loans to policyholders are categorized as Level 3 within the fair value hierarchy. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The fair value of Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Collateralized Borrowings consist of short-term advances from the FHLB of Chicago, and the inputs used in the valuation are considered Level 2 measurements. |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) $ in Millions | Jan. 01, 2018USD ($) |
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 17.7 |
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (35.9) |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (17.7) |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 35.9 |
Acquisition of Business (Narrat
Acquisition of Business (Narrative) (Details) | Jul. 02, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)agent |
Business Acquisition [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 44,010 | |
Infinity [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 13,184,107 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Fair Value of the Restricted Units Granted | $ 3,300,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 982,500,000 | |
Business Combination, Consideration Transferred, Other | 1,600,000 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 1,700,000 | |
Payments to Acquire Businesses, Gross | 564,600,000 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 110,000,000 | |
Business Combination, Number of Agents | agent | 10,600 | |
Premiums Written, Net | $ 1,400,000,000 | |
Kemper's 2-12-18 Closing Price per share [Member] | Infinity [Member] | ||
Business Acquisition [Line Items] | ||
Total Merger Value | $ 1,500,000,000 | |
Share Price | $ / shares | $ 74.53 | |
Secured Debt [Member] | Infinity [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 250,000,000 |
Acquisition of Business (Purcha
Acquisition of Business (Purchase Price Allocation) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jul. 02, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,091.2 | $ 323 | |
Infinity Property and Casualty Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Investments | $ 1,569.3 | ||
Short Term Investments | 98.8 | ||
Receivables from Policyholders | 4 | ||
Other Receivables | 582.3 | ||
Other Receivables | 31.9 | ||
Value of Intangible Assets Acquired (Reported in Other Assets) | 262.7 | ||
Goodwill | 768.2 | ||
Other Assets | 102.1 | ||
Property and Casualty Insurance Reserves | (701.4) | ||
Unearned Premiums | (714.6) | ||
Debt | (282.1) | ||
Current Income Tax Liabilities | (1.8) | ||
Deferred Income Tax Liabilities | (12.2) | ||
Accrued Expenses and Other Liabilities | (158.5) | ||
Total Purchase Price | $ 1,548.7 |
Acquisition of Business (Pro-fo
Acquisition of Business (Pro-forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Total Revenues | $ 1,194.9 | $ 1,044.4 | $ 3,375.2 | $ 3,080.3 |
Total Expenses | 1,044.4 | 966.6 | 3,065.7 | 2,995.8 |
Income from Continuing Operations before Income Taxes | $ 150.5 | $ 77.8 | $ 309.5 | $ 84.5 |
Net Income Per Unrestricted Share, basic | $ 2.28 | $ 0.82 | $ 4.26 | $ 0.85 |
Net Income Per Unrestricted Share, diluted | $ 2.26 | $ 0.82 | $ 4.23 | $ 0.85 |
Infinity [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Income | $ 147.5 | $ 53 | $ 275.5 | $ 54.8 |
Investments (Schedule of Fixed
Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | $ 5,972.4 | $ 5,021.6 |
Fair Value | 6,108.6 | 5,382.7 |
Investments in Fixed Maturities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 5,972.4 | 5,021.6 |
Gross unrealized gains | 222.7 | 380.6 |
Gross unrealized loss | 86.5 | 19.5 |
Fair Value | 6,108.6 | 5,382.7 |
U.S. Government and Government Agencies and Authorities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 876.5 | 542.7 |
Gross unrealized gains | 10.8 | 19.6 |
Gross unrealized loss | 28.4 | 6.2 |
Fair Value | 858.9 | 556.1 |
States and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 1,485.6 | 1,595.5 |
Gross unrealized gains | 62.5 | 108.6 |
Gross unrealized loss | 14.6 | 2.3 |
Fair Value | 1,533.5 | 1,701.8 |
Foreign Governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 6.2 | 3 |
Gross unrealized gains | 0 | 0.2 |
Gross unrealized loss | 0.5 | 0 |
Fair Value | 5.7 | 3.2 |
Bonds and Notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 3,118.9 | 2,745.8 |
Gross unrealized gains | 145.5 | 245.8 |
Gross unrealized loss | 41.9 | 11 |
Fair Value | 3,222.5 | 2,980.6 |
Redeemable Preferred Stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 0.1 | |
Gross unrealized gains | 0 | |
Gross unrealized loss | 0 | |
Fair Value | 0.1 | |
Collateralized Loan Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 470.2 | 134.1 |
Gross unrealized gains | 2.9 | 5.7 |
Gross unrealized loss | 1 | 0 |
Fair Value | 472.1 | 139.8 |
Other Mortgage- and Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in Fixed Maturities | 15 | 0.4 |
Gross unrealized gains | 1 | 0.7 |
Gross unrealized loss | 0.1 | 0 |
Fair Value | $ 15.9 | $ 1.1 |
Investments (Amortized costs an
Investments (Amortized costs and Estimated Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Due in One Year or Less | $ 154 | |
Due after One Year to Five Years | 1,087.6 | |
Due after Five Years to Ten Years | 1,717.7 | |
Due after Ten Years | 1,884.4 | |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,128.7 | |
Investments in Fixed Maturities | 5,972.4 | $ 5,021.6 |
Fair Value | ||
Due in One Year or Less | 156 | |
Due after One Year to Five Years | 1,094.9 | |
Due after Five Years to Ten Years | 1,735.8 | |
Due after Ten Years | 2,006.2 | |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,115.7 | |
Investments in Fixed Maturities | $ 6,108.6 | $ 5,382.7 |
Investments (Continuous unreali
Investments (Continuous unrealized loss) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
U.S. Government and Government Agencies and Authorities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 594 | 140 |
12 Months or Longer | $ 56.5 | $ 103.4 |
Total | 650.5 | 243.4 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 20 | 1.1 |
12 Months or Longer | 8.4 | 5.1 |
Total | $ 28.4 | $ 6.2 |
States and Political Subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 486.4 | 57 |
12 Months or Longer | $ 0 | $ 124.2 |
Total | 486.4 | 181.2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 14.6 | 0.3 |
12 Months or Longer | 0 | 2 |
Total | $ 14.6 | $ 2.3 |
Foreign Governments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 4.8 | |
12 Months or Longer | $ 0 | |
Total | 4.8 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 0.5 | |
12 Months or Longer | 0 | |
Total | $ 0.5 | |
Bonds and Notes | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 1,237.5 | 283.1 |
12 Months or Longer | $ 302.3 | $ 208.9 |
Total | 1,539.8 | 492 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 32.2 | 4.2 |
12 Months or Longer | 9.7 | 6.8 |
Total | $ 41.9 | $ 11 |
Collateralized Loan Obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 204.6 | 2.8 |
12 Months or Longer | $ 0 | $ 2.4 |
Total | 204.6 | 5.2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 1 | 0 |
12 Months or Longer | 0 | 0 |
Total | $ 1 | $ 0 |
Other Mortgage- and Asset-backed | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 7.5 | |
12 Months or Longer | $ 0 | |
Total | 7.5 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 0.1 | |
12 Months or Longer | 0 | |
Total | $ 0.1 | |
Investments in Fixed Maturities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less Than 12 Months | 2,534.8 | 482.9 |
12 Months or Longer | $ 358.8 | $ 438.9 |
Total | 2,893.6 | 921.8 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than 12 Months | 68.4 | 5.6 |
12 Months or Longer | 18.1 | 13.9 |
Total | $ 86.5 | $ 19.5 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Realized Gain (Loss) | $ 12,400,000 | |
Other Receivables | 243,100,000 | $ 194,300,000 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,128,700,000 | |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 1,115,700,000 | |
Other Liabilities | 698,800,000 | 453,700,000 |
Available-for-sale-Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Securities that have had Recognized Credit Losses in Earnings, Aggregate Losses | 0 | 0 |
Available For Sale Securities, Continuous Unrealized Loss Position, Credit Losses Recognized Related to Securities in An Unrealized Loss Position, In a Position of 12 Months or Longer | $ 0 | $ 0 |
Investments in Fixed Maturities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months | 2,534,800,000 | 482,900,000 |
Total | $ 86,500,000 | $ 19,500,000 |
12 Months or Longer | 18,100,000 | 13,900,000 |
Other Receivables | 16,900,000 | |
Other Liabilities | 105,800,000 | 5,400,000 |
Less Than 12 Months | 68,400,000 | 5,600,000 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 358,800,000 | 438,900,000 |
12 Months or Longer | 18,100,000 | 13,900,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,893,600,000 | 921,800,000 |
Total | $ 86,500,000 | $ 19,500,000 |
U.S. Government and Government Agencies and Authorities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months | 594,000,000 | 140,000,000 |
Less Than 12 Months | $ 20,000,000 | $ 1,100,000 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 56,500,000 | 103,400,000 |
12 Months or Longer | 8,400,000 | 5,100,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 650,500,000 | 243,400,000 |
Total | 28,400,000 | 6,200,000 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 615,600,000 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 8,900,000 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 3,200,000 | |
Other Non-Governmental Issuers [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date | 488,000,000 | |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other Receivables | 0 | 0 |
Other Liabilities | 0 | |
External Credit Rating, Investment Grade [Member] | Investments in Fixed Maturities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | (77,300,000) | 12,600,000 |
External Credit Rating, Non Investment Grade [Member] | Investments in Fixed Maturities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ (9,200,000) | $ 6,900,000 |
Percentage of Unrealized Loss Position to Amortized Cost Basis of Available for Sale Security Average | 4.00% | 4.00% |
Investments - Schedule of Other
Investments - Schedule of Other Than Temporary Impairment (Details) - Fixed Maturities [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at Beginning of Period | $ 1.6 | $ 2.4 | $ 1.6 | $ 1.4 |
Pre-tax Credit Losses on Fixed Maturities without Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Period | 0 | 0 | 0 | 1.2 |
From Status of Credit Loss to Status of Intent-to-sell or Required-to-sell | (0.5) | 0 | (0.5) | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | (0.1) | 0 | (0.3) |
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at End of Period | $ 1.1 | $ 2.3 | $ 1.1 | $ 2.3 |
Investments - Net Realized Gain
Investments - Net Realized Gains on Sales of Investments (Details) - Fixed Maturities: - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Realized Gains | $ 5.9 | $ 2.4 | $ 11.2 | $ 7.3 |
Realized Losses | $ (2.5) | $ 0 | $ (6.5) | $ (0.4) |
Investments - Equity Method Lim
Investments - Equity Method Limited Liability Investments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Equity Method Limited Liability Investments, Maximum Exposure to Loss | $ 170 | $ 161 |
Outstanding Commitments to Fund Equity Method Limited Liability Investments | $ 96.4 |
Investments - Schedule of Oth_2
Investments - Schedule of Other Investments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Loans Receivable, Fair Value Disclosure | $ 519.6 | $ 560.3 |
Loans to Policyholders at Unpaid Principal | 298 | 298.6 |
Real Estate at Depreciated Cost | 114.8 | 116.8 |
Trading Securities at Fair Value | 0 | 6.7 |
Other | 0 | 0.1 |
Total | $ 412.8 | $ 422.2 |
Investments Investments - Net I
Investments Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Investment Income [Line Items] | |||||
Investment Income, Equity Method Limited Liability Investments | $ (0.4) | $ 11.1 | $ 8.1 | $ 21.9 | |
Investment Income, Fair Value Option Investments | 0 | 0.5 | 0 | 1 | |
Investment Income, Limited Liability Investments Included in Equity Securities | 13.7 | 5.9 | 22.8 | 18.7 | |
Investment Income, Alternative Investments | 13.3 | 17.5 | 30.9 | 41.6 | |
Investment Income, Real Estate | 2.4 | 2.6 | 7.2 | 8.3 | |
Gross Investment Income | 96.8 | 90 | 263.9 | 257.8 | |
Investment Income, Investment Expense | 4.8 | 4.1 | 14.3 | 13.2 | |
Net Investment Income | 92 | 85.9 | 249.6 | 244.6 | |
Fixed Maturities: | |||||
Net Investment Income [Line Items] | |||||
Interest and Dividend Income, Operating | 70.6 | 61.8 | 197.4 | 184 | |
Equity Securities [Member] | |||||
Net Investment Income [Line Items] | |||||
Interest and Dividend Income, Operating | 2.5 | 2.6 | 7 | 7 | |
Short-term Investments [Member] | |||||
Net Investment Income [Line Items] | |||||
Interest and Dividend Income, Operating | 2.3 | 0.5 | 4.3 | 1 | |
Policy Loans [Member] | |||||
Net Investment Income [Line Items] | |||||
Interest and Dividend Income, Operating | 5.5 | 4.9 | 16.5 | 15.7 | |
Other Investment [Member] | |||||
Net Investment Income [Line Items] | |||||
Interest and Dividend Income, Operating | 0.2 | 0.1 | $ 0.2 | 0.6 | |
Real Estate Investment [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Income, Investment Expense | 2.6 | 2.6 | 7.5 | 7.7 | |
Other Investment [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Income, Investment Expense | $ 2.2 | $ 1.5 | $ 6.8 | $ 5.5 |
Investments Schedule of Equity
Investments Schedule of Equity Securities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Securities [Abstract] | ||
Equity Securities at Fair Value | $ 815.8 | |
Equity Securities at Fair Value | $ 526 |
Property and Casualty Insuran_3
Property and Casualty Insurance Reserves (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Acquired, Net | $ 682.9 | $ 0 |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Property and Casulty Insurance Reserve - Gross of Reinsurance at Beginning of Year | 1,016.8 | 931.4 |
Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at Beginning of Year | 963.7 | 881.2 |
Incurred Losses and LAE Related to Prior Years | (1.7) | 19.7 |
Total Incurred Losses and LAE | 1,411 | 1,091.7 |
Paid Losses and LAE Related to Prior Years | 535.3 | 446.6 |
Total Paid Losses and LAE | 1,306.2 | 1,047.3 |
Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at End of Period | 1,751.4 | 925.6 |
Property and Casualty Insurance Reserves - Gross of Reinsurance and Indemnification at End of Period | 1,819.1 | 968.5 |
Continuing Operations [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Current Year | 1,412.7 | 1,072 |
Incurred Losses and LAE Related to Prior Years | (1.2) | 19.7 |
Paid Losses and LAE Related to Current Year | 770.9 | 600.7 |
Paid Losses and LAE Related to Prior Years | 533.1 | 443.6 |
Discontinued Operations [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | (0.5) | 0 |
Paid Losses and LAE Related to Prior Years | 2.2 | 3 |
Personal Automobile [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | (0.5) | 18.1 |
Homeowners [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | 3.6 | (0.1) |
Other Personal Lines [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | (2.9) | (0.3) |
Property and Casualty, Personal Insurance Product Line [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | 0.1 | 17.7 |
Property and Casualty, Commercial Insurance Product Line [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | (1.8) | 2 |
Catastrophe [Member] | Homeowners [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Incurred Losses and LAE Related to Prior Years | (3.2) | |
Property and Casualty Insurance [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Less Reinsurance and Indemnification Recoverables at Beginning of Year | 53.1 | 50.2 |
Plus Reinsurance Recoverables at End of Period | $ 67.7 | $ 42.9 |
Debt (Details)
Debt (Details) - USD ($) | Jul. 02, 2018 | Jun. 29, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,123,700,000 | $ 1,123,700,000 | $ 592,300,000 | ||||||
Debt Instrument, Collateral Amount | 15,900,000 | 15,900,000 | |||||||
Interest Expense | 13,400,000 | $ 7,800,000 | 29,300,000 | $ 26,900,000 | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 19,700,000 | $ 12,700,000 | 35,000,000 | $ 31,800,000 | |||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 250,000,000 | 250,000,000 | |||||||
Long-term Debt, Gross | 249,400,000 | 249,400,000 | 0 | ||||||
Proceeds from Debt, Net of Issuance Costs | $ 249,400,000 | ||||||||
Senior Notes [Member] | Senior Note Due on September Nineteen,Twenty Twenty Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 281,700,000 | 281,700,000 | 0 | ||||||
Senior Notes [Member] | Senior Notes, 4.35 Percent Due February 15, 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 448,400,000 | 448,400,000 | 448,100,000 | ||||||
Subordinated Debt [Member] | Subordinated Debenture, 7.375 Percent Due 2054 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 144,200,000 | 144,200,000 | 144,200,000 | ||||||
Notes Payable under Revolving Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | 0 | ||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | 300,000,000 | 225,000,000 | ||||||
Revolving Credit Facility [Member] | Credit facility and Secured Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Additional Borrowing Capacity, Available | 100,000,000 | 100,000,000 | |||||||
Federal Home Loan Bank of Dallas [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | ||||||||
Federal Home Loan Bank Stock | 3,300,000 | 3,300,000 | 3,300,000 | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 55,000,000 | ||||||||
Federal Home Loan Bank of Chicago [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 10,000,000 | 10,000,000 | 0 | ||||||
Federal Home Loan Bank Stock | 800,000 | 800,000 | 400,000 | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 55,000,000 | $ 10,000,000 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 10,000,000 | 10,000,000 | $ 0 | ||||||
Infinity [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 110,000,000 | ||||||||
Infinity [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 250,000,000 | ||||||||
Infinity [Member] | Senior Notes [Member] | Senior Note Due on September Nineteen,Twenty Twenty Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Unamortized Premium | 7,100,000 | ||||||||
Debt Instrument, Face Amount | $ 275,000,000 | $ 275,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ (282,100,000) | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.36% | 4.36% |
Income (Loss) from Continuing_2
Income (Loss) from Continuing Operations Per Unrestricted Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Income from Continuing Operations | $ 92.3 | $ 47.8 | $ 183.4 | $ 84 |
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares | 0 | 0 | 0 | 0 |
Diluted Income from Continuing Operations Attributed to Unrestricted Shares | $ 91.9 | $ 47.4 | $ 182.4 | $ 83.4 |
Weighted-Average Unrestricted Shares Outstanding (shares) | 64,580,400 | 51,366,800 | 55,925,700 | 51,308,700 |
Equity-based Compensation Equivalent Shares (shares) | 769,100 | 199,600 | 569,800 | 171,600 |
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (shares) | 65,349,500 | 51,566,400 | 56,495,500 | 51,480,300 |
Basic Income from Continuing Operations Per Unrestricted Share | $ 1.42 | $ 0.92 | $ 3.26 | $ 1.63 |
Diluted Income from Continuing Operations Per Unrestricted Share | $ 1.40 | $ 0.92 | $ 3.23 | $ 1.62 |
Unrestricted Shares [Member] | ||||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Income from Continuing Operations | $ 91.9 | $ 47.4 | $ 182.4 | $ 83.4 |
Participating Awards [Member] | ||||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Income from Continuing Operations | $ 0.4 | $ 0.4 | $ 1 | $ 0.6 |
Income (Loss) from Continuing_3
Income (Loss) from Continuing Operations Per Unrestricted Share (Antidilutive) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,200 | 382,100 | 293,700 | 459,700 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,200 | 382,100 | 293,700 | 459,700 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income (Loss) Before Income Taxes: | ||||
Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment | $ (43.4) | $ 19.2 | $ (224.4) | $ 110.5 |
Reclassification Adjustment for Amounts Included in Net Income | (6.5) | (3.6) | (7.7) | (27.7) |
Unrealized Holding Gains (Losses) | (49.9) | 15.6 | (232.1) | 82.8 |
Foreign Currency Translation Adjustments | 0 | 0.1 | 0.3 | 0.9 |
Net Unrecognized Postretirement Benefit Costs | 0.2 | (0.1) | 0.8 | (0.4) |
Gain (Loss) on Cash Flow Hedges During the Period Before Reclassification Adjustment | 0.9 | (0.3) | 0.8 | (7.9) |
Reclassification Adjustment for Amounts Included in Net Income | 0 | 0.2 | 0.3 | 1.3 |
Gain (Loss) on Cash Flow Hedges | 0.9 | (0.1) | 1.1 | (6.6) |
Other Comprehensive Income (Loss) Before Income Taxes | (48.8) | 15.5 | (229.9) | 76.7 |
Other Comprehensive Income Tax Benefit (Expense): | ||||
Unrealized Holding Gains and Losses Arising During the Period Before Reclassification Adjustment | 9.2 | (7) | 47.2 | (39.1) |
Reclassification Adjustment for Amounts Included in Net Income | 1.3 | 1.3 | 1.6 | 9.7 |
Unrealized Holding Gains | 10.5 | (5.7) | 48.8 | (29.4) |
Foreign Currency Translation Adjustments | 0 | (0.1) | (0.1) | (0.4) |
Net Unrecognized Postretirement Benefit Costs | 0 | 0.1 | (0.1) | 0.2 |
Gain and Loss on Cash Flow Hedges During the Period Before Reclassification Adjustment | (0.2) | 0 | (0.2) | 2.7 |
Reclassification Adjustment for Amounts Included in Net Income | (0.1) | 0 | (0.1) | (0.4) |
Gain and Loss on Cash Flow Hedges | (0.3) | 0 | (0.3) | 2.3 |
Other Comprehensive Income Tax Benefit (Expense) | $ (10.2) | $ 5.7 | $ (48.3) | $ 27.3 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Comprehensive Income [Abstract] | ||
Available for Sale Fixed Maturities with Portion of OTTI Recognized in Earnings | $ 0 | $ 0.2 |
Other Net Unrealized Gains on Investments | 122.6 | 269.5 |
Foreign Currency Translation Adjustments, Net of Income Taxes | 0 | 0.2 |
Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes | (88.5) | (72.2) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (3.2) | (3.3) |
Accumulated Other Comprehensive Income | $ 30.9 | $ 194.4 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Realized Gains on Sales of Investments | $ 3.6 | $ 8.1 | $ 10 | $ 45 |
Net Impairment Losses Recognized in Earnings | (1.8) | (2.9) | (2.3) | (10.5) |
Interest and Other Expenses | (61.7) | (18.2) | (116.4) | (59.1) |
Total Before Income Taxes | 80.5 | 68.3 | 193 | 116.9 |
Income Tax Expense | 11.8 | (20.5) | (9.6) | (32.9) |
Net Income | 92.2 | 47.7 | 183.6 | 84 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Income | 4.9 | 2.1 | 5.2 | 17.3 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Realized Gains on Sales of Investments | 8.3 | 6.5 | 10 | 38.2 |
Net Impairment Losses Recognized in Earnings | (1.8) | (2.9) | (2.3) | (10.5) |
Total Before Income Taxes | 6.5 | 3.6 | 7.7 | 27.7 |
Income Tax Expense | (1.3) | (1.3) | (1.6) | (9.7) |
Net Income | 5.2 | 2.3 | 6.1 | 18 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and Other Expenses | (0.2) | 0.1 | (0.8) | 0.4 |
Income Tax Expense | 0 | (0.1) | 0.1 | (0.2) |
Net Income | (0.2) | 0 | (0.7) | 0.2 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and Other Expenses | (0.2) | (0.2) | (0.3) | (1.3) |
Income Tax Expense | 0.1 | 0 | 0.1 | 0.4 |
Net Income | $ (0.1) | $ (0.2) | $ (0.2) | $ (0.9) |
Changes in Shareholders' Equi_2
Changes in Shareholders' Equity Changes in Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ 3,063.8 | $ 3,063.8 | |||
Net Income | 183.6 | ||||
Other Comprehensive Income (Loss) | (38.6) | $ 9.8 | (181.6) | $ 49.4 | |
Total Comprehensive Income | $ 53.6 | $ 57.5 | 2 | $ 133.4 | |
Cash Dividends and Dividend Equivalents to Shareholders ($0.24 per share) | (40.7) | ||||
Common Stock Issued | $ 978.5 | ||||
Dividends Paid to Shareholders Per Share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 | |
Equity-based Compensation Cost | $ 13.5 | ||||
Equity-based Awards, Net of Shares Exchanged | (5.1) | ||||
Stockholders' Equity Attributable to Parent | $ 2,115.6 | ||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (17.7) | ||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 35.9 | ||||
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 17.7 | ||||
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (35.9) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ 26 | $ 26 | ||
Unrecognized Tax Benefit that Would Not Impact Effective Tax Rate, Tax Position with Uncertain Timing of Deductibility | 3.8 | 3.8 | $ 7.6 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0.7 | 0.7 | $ 0.5 | |
Income Taxes Paid, Net | $ 10.2 | $ 5.5 |
Pension Benefits and Postreti_3
Pension Benefits and Postretirement Benefits Other Than Pensions (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)employees | Sep. 30, 2017USD ($) | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Pension Plan, Number of Participants and Beneficiaries | employees | 9,000 | |||
Defined Benefit Pension Plans, Number of Active Employees | employees | 1,600 | |||
Service Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Cost on Projected Benefit Obligation | 5 | 5.1 | 15.2 | 15.4 |
Expected Return on Plan Assets | (7.3) | (7.7) | (21.7) | (23.2) |
Amortization of Accumulated Net Unrecognized Pension Costs | 1.1 | 0.7 | 3.2 | 2 |
Total Expense (Benefit) Recognized | (1.2) | (1.9) | $ (3.3) | (5.8) |
Postretirement Benefits Other than Pensions [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Postretirement Benefit Plan, Number of Retired Employees Covered | employees | 600 | |||
Other Postretirement Benefit Plan, Number of Active Employees Covered | employees | 600 | |||
Service Cost | 0 | 0 | $ 0.1 | 0.1 |
Interest Cost on Projected Benefit Obligation | 0.1 | 0.1 | 0.3 | 0.3 |
Amortization of Prior Service Credit | (0.5) | (0.3) | (1.4) | (1) |
Amortization of Accumulated Net Unrecognized Pension Costs | (0.3) | (0.5) | (1) | (1.4) |
Total Expense (Benefit) Recognized | $ (0.7) | $ (0.7) | $ (2) | $ (2) |
Business Segments - Earned Prem
Business Segments - Earned Premiums by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||
Earned Premiums, Life | $ 95.2 | $ 94.5 | $ 284.3 | $ 285.6 |
Earned Premiums, Accident and Health | 44.9 | 42 | 132 | 120.6 |
Total Earned Premiums | 1,052.9 | 598.2 | 2,320.8 | 1,744.1 |
Personal Automobile [Member] | ||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||
Earned Premiums, Property and Casualty | 766.7 | 353 | 1,554 | 1,012.8 |
Homeowners [Member] | ||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||
Earned Premiums, Property and Casualty | 62.5 | 66.7 | 186.5 | 199.6 |
Other Personal Property and Casualty Insurance [Member] | ||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||
Earned Premiums, Property and Casualty | 27.7 | 28.9 | 83.4 | 87 |
Commercial Automobile [Member] | ||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||
Earned Premiums, Property and Casualty | $ 55.9 | $ 13.1 | $ 80.6 | $ 38.5 |
Business Segments - Segment Inf
Business Segments - Segment Information (Details) $ in Millions | Sep. 26, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segment | 2 | ||||
Earned Premiums | $ 1,052.9 | $ 598.2 | $ 2,320.8 | $ 1,744.1 | |
Net Investment Income | 92 | 85.9 | 249.6 | 244.6 | |
Other Income | 37.8 | 1 | 40.2 | 2.9 | |
Total Revenues | 1,195.5 | 690.3 | 2,630.4 | 2,026.1 | |
Income from Change in Fair Value of Equity Securities | 11 | 0 | 12.1 | 0 | |
Net Realized Gains on Sales of Investments | 3.6 | 8.1 | 10 | 45 | |
Net Impairment Losses Recognized in Earnings | (1.8) | (2.9) | (2.3) | (10.5) | |
Total Before Income Taxes | 80.5 | 68.3 | 193 | 116.9 | |
Income from Continuing Operations | 92.3 | 47.8 | 183.4 | 84 | |
Gain (Loss) Related to Litigation Settlement | $ 7.2 | ||||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 28.7 | (3.7) | 18 | (15.2) | |
Gain (Loss) Related to Litigation Settlement | 28.2 | 0 | 28.2 | 0 | |
Other Nonoperating Income (Expense) | (4.6) | (2) | (12) | (9.7) | |
Operating Income (Loss), Net of Tax | 49.6 | (2) | 42.2 | (9.7) | |
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | 26 | 0 | 26 | 0 | |
Gain (Loss) Related to Litigation Settlement | 35.7 | 0 | 35.7 | 0 | |
Other Nonoperating Income (Expense) | (7) | (3.7) | (17.7) | (15.2) | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other Income | 43.2 | 2.1 | 48 | 8.4 | |
Income from Change in Fair Value of Equity Securities | 11 | 0 | 12.1 | 0 | |
Net Realized Gains on Sales of Investments | 3.6 | 8.1 | 10 | 45 | |
Net Impairment Losses Recognized in Earnings | (1.8) | (2.9) | (2.3) | (10.5) | |
Business Combination, Acquisition Related Costs | (28.2) | 0 | (38) | 0 | |
Change in Fair Value of Equity Securities, Net of Tax | 8.7 | 0 | 9.6 | 0 | |
Net Realized Gains (Losses) on Sales of Investments, Net of Tax | 2.8 | 5.3 | 7.9 | 29.3 | |
Net Impairment Losses Recognized in Earnings, Net of Tax | (1.4) | (1.9) | (1.8) | (6.8) | |
Acquisition Related Transaction, Integration and Other Costs | 22.3 | 0 | 30.8 | 0 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 67.2 | 66.8 | 193.2 | 97.6 | |
Total Revenues | 1,139.5 | 683 | 2,562.6 | 1,983.2 | |
Income from Continuing Operations | 54.9 | 46.4 | 156.3 | 71.2 | |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 34.2 | 30.8 | 96.9 | (2.2) | |
Earned Premiums | 895.2 | 443.5 | 1,851.5 | 1,283.1 | |
Net Investment Income | 34 | 27.8 | 79.4 | 72.5 | |
Other Income | 0.9 | 0.4 | 1.6 | 0.9 | |
Total Revenues | 930.1 | 471.7 | 1,932.5 | 1,356.5 | |
Segment Net Operating Income (Loss) | 79.4 | 5.7 | |||
Income from Continuing Operations | 28.2 | 22.9 | |||
Operating Segments [Member] | Life and Health Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 33 | 36 | 96.3 | 99.8 | |
Earned Premiums | 157.7 | 154.7 | 469.3 | 461 | |
Net Investment Income | 50.5 | 55.9 | 157.9 | 163.8 | |
Other Income | 1.2 | 0.7 | 2.9 | 1.9 | |
Total Revenues | 209.4 | 211.3 | 630.1 | 626.7 | |
Segment Net Operating Income (Loss) | $ 76.9 | $ 65.5 | |||
Income from Continuing Operations | $ 26.7 | $ 23.5 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | $ 0 | $ 77.5 |
Trading Securities, Fair Value Disclosure | 0 | 6.7 |
Fair Value, Inputs, Level 3 [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 149.3 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 6.7 | |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | (0.8) | |
Investments, Fair Value Disclosure | 6,924.4 | 5,992.1 |
Fair Value, Measurements, Recurring [Member] | Investments in Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 6,108.6 | 5,382.7 |
Fair Value, Measurements, Recurring [Member] | U.S. Government and Government Agencies and Authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 858.9 | 556.1 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,533.5 | 1,701.8 |
Fair Value, Measurements, Recurring [Member] | Foreign Governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 5.7 | 3.2 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 3,222.5 | 2,980.6 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 472.1 | 139.8 |
Fair Value, Measurements, Recurring [Member] | Other Mortgage- and Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 15.9 | 1.1 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 815.8 | 526 |
Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 549.1 | 219.5 |
Fair Value, Measurements, Recurring [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 202.2 | 202.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 6.7 | |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0 | |
Investments, Fair Value Disclosure | 724.8 | 349.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 163.6 | 115.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Government Agencies and Authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 163.6 | 115.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Redeemable Preferred Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Mortgage- and Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 561.2 | 227.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 549.1 | 219.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 0 | |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | (0.8) | |
Investments, Fair Value Disclosure | 5,137.4 | 4,839.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 5,085 | 4,772.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Government Agencies and Authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 695.3 | 440.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,531.7 | 1,701.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 5.7 | 3.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 2,841.2 | 2,579.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 5.4 | 46.6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Mortgage- and Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 5.7 | 1.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 52.4 | 68.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 0 | |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0 | |
Investments, Fair Value Disclosure | 860 | 556.6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments in Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 860 | 494.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Government Agencies and Authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1.8 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 381.3 | 401.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Redeemable Preferred Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 466.7 | 93.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Mortgage- and Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 10.2 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 61.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 34.4 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 39.8 | 55.7 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 11.7 | 7.1 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 11.7 | 7 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 39.8 | 55.7 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0.1 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 11.9 | 23.1 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1.1 | 17.7 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0.4 | 0.7 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 11.9 | 12.3 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0.7 | 0.4 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 10.8 |
All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 16.6 |
Limited Liability Companies and Limited Partnership Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | 77.5 | |
Limited Liability Companies and Limited Partnership Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | 0 | |
Limited Liability Companies and Limited Partnership Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | 0 | |
Limited Liability Companies and Limited Partnership Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 0 | |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0 | |
Investments, Fair Value Disclosure | 202.2 | 246 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Investments in Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government and Government Agencies and Authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Other Mortgage- and Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 202.2 | 168.5 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Partnership Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 202.2 | 168.5 |
Fair Value, Inputs, Net Asset Value [Member] | Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | All Industries Other than Finance, Insurance and Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 0 | 0 |
Fair Value, Inputs, Net Asset Value [Member] | Limited Liability Companies and Limited Partnership Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Option Investments, Fair Value Disclosure | $ 77.5 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information for Level Three Inputs (Details) - Market Yield [Member] - Fair Value, Inputs, Level 3 [Member] $ in Millions | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Collateralized Loan Obligations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 466.7 | $ 93.2 |
Other Debt Obligations [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 14.5 | 13.2 |
Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 860 | 494.8 |
External Credit Rating, Investment Grade [Member] | Private Placement [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 136.3 | 96.2 |
External Credit Rating, Non Investment Grade [Member] | Senior Debt [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 151.6 | 138.1 |
External Credit Rating, Non Investment Grade [Member] | Junior Debt [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 90.9 | $ 154.1 |
Measurement Input, Discount Rate [Member] | External Credit Rating, Investment Grade [Member] | Private Placement [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative Investment, Measurement Input | 0.030 | 0.030 |
Measurement Input, Discount Rate [Member] | External Credit Rating, Investment Grade [Member] | Private Placement [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative Investment, Measurement Input | 0.105 | 0.067 |
Measurement Input, Discount Rate [Member] | External Credit Rating, Investment Grade [Member] | Private Placement [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative Investment, Measurement Input | 0.050 | 0.038 |
Collateralized Loan Obligations | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.035 | 0.043 |
Collateralized Loan Obligations | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.104 | 0.106 |
Collateralized Loan Obligations | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.051 | 0.078 |
Junior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.095 | 0.096 |
Junior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.278 | 0.243 |
Junior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.130 | 0.129 |
Senior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.037 | 0.045 |
Senior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.233 | 0.157 |
Senior Debt [Member] | Measurement Input, Discount Rate [Member] | External Credit Rating, Non Investment Grade [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt Instrument, Measurement Input | 0.097 | 0.100 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Inputs Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | $ 481.4 | $ 546.6 | $ 556.6 | $ 581.7 |
Included in Condensed Consolidated Statement of Operations | 1.4 | 0.4 | 4.6 | 1 |
Included in Other Comprehensive Income (Loss) | (1.1) | 4.6 | (3) | 0.8 |
Purchases | 420.9 | 48.2 | 552.2 | 149.2 |
Settlements | (28) | (36.7) | (128.4) | (96.6) |
Sales | (47.8) | (8.8) | (88.7) | (57) |
Transfers into Level 3 | 35.9 | 6.4 | 36.2 | 6.4 |
Transfers out of Level 3 | 2.7 | 19.1 | (69.5) | 43.9 |
Balance at End of Period | 860 | 541.6 | 860 | 541.6 |
Fair Value, Level 2 to level 3 Transfers, Amount | (36.2) | (6.4) | ||
Fair Value, Level 3 to level 1 Transfers, Amount | (3.5) | |||
Fair Value, Level 3 to level 2 Transfers, Amount | 2.7 | 7.7 | (40.4) | |
Bonds and Notes | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 385.5 | 396.1 | 401.5 | 403.2 |
Included in Condensed Consolidated Statement of Operations | 0.9 | (0.8) | 2.3 | (4.7) |
Included in Other Comprehensive Income (Loss) | 0 | 1.8 | 0.1 | 4.6 |
Purchases | 54.9 | 40.4 | 148.6 | 120.4 |
Settlements | (11.5) | (31.2) | (77.1) | (75.5) |
Sales | (47.8) | (3.7) | (88.7) | (32) |
Transfers into Level 3 | 2 | 0 | 2.3 | 0 |
Transfers out of Level 3 | 2.7 | 15.2 | 7.7 | 28.6 |
Balance at End of Period | 381.3 | 387.4 | 381.3 | 387.4 |
States and Political Subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 3.8 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | 0 | (1.2) |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Purchases | 1.8 | 0 | 1.8 | 0 |
Settlements | 0 | 0 | 0 | (2.6) |
Sales | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 1.4 | 0 | 1.4 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at End of Period | 1.8 | 1.4 | 1.8 | 1.4 |
Redeemable Preferred Stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 0.1 | 0.1 | 0.6 | |
Included in Condensed Consolidated Statement of Operations | 0 | (0.1) | 0.1 | |
Included in Other Comprehensive Income (Loss) | 0 | 0 | (0.1) | |
Purchases | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0.5 | |
Sales | 0 | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Balance at End of Period | 0 | 0.1 | 0 | 0.1 |
Collateralized Loan Obligations | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 95.9 | 95.4 | 93.2 | 103.5 |
Included in Condensed Consolidated Statement of Operations | 0.5 | 0.5 | 2.4 | 1.4 |
Included in Other Comprehensive Income (Loss) | (1.3) | 0 | (3.3) | 1.7 |
Purchases | 354.2 | 6.3 | 391.8 | 22.7 |
Settlements | (16.5) | (5.5) | (51.3) | (18) |
Sales | 0 | 4.3 | 0 | 11 |
Transfers into Level 3 | 33.9 | 5 | 33.9 | 5 |
Transfers out of Level 3 | 0 | (3.9) | 0 | (11.8) |
Balance at End of Period | 466.7 | $ 93.5 | 466.7 | $ 93.5 |
Other Mortgage- and Asset-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | ||
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||
Included in Other Comprehensive Income (Loss) | 0.2 | 0.2 | ||
Purchases | 10 | 10 | ||
Settlements | 0 | 0 | ||
Sales | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Balance at End of Period | $ 10.2 | 10.2 | ||
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | $ (61.8) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, Gross, Insurance Policy | $ 298 | $ 298.6 |
Loans Receivable, Fair Value Disclosure | 519.6 | 560.3 |
Short-term Investments at Cost which Approximates Fair Value | 688.5 | 235.5 |
Cash and Cash Equivalents, Fair Value Disclosure | 688.5 | 235.5 |
Debt, Current and Non-current, at Amortized Cost (Fair Value: 2018 - $1,127.7; 2017 - $614.6) | 1,123.7 | 592.3 |
Long-term Debt, Fair Value | 1,127.7 | 614.6 |
Federal Home Loan Bank of Chicago [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 10 | 0 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | $ 10 | $ 0 |
Contingencies Gain Contingency
Contingencies Gain Contingency (Details) - USD ($) $ in Millions | Sep. 26, 2018 | Nov. 30, 2017 | Oct. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |||
Gain Contingency, Unrecorded Amount | $ 84.3 | ||
Litigation Settlement Interest | $ 0 | ||
Litigation Settlement, Expense | $ 7.2 | ||
Litigation Settlement, Amount Awarded from Other Party | $ 141.7 | ||
Proceeds from Legal Settlements | 35.7 | ||
Proceeds From Legal Settlements, Direct Damages | 28.5 | ||
Gain (Loss) Related to Litigation Settlement | $ 7.2 |
Related Parties (Details)
Related Parties (Details) - Pension Plans [Member] - Investment Management Services for Defined Benefit Plan [Member] - FS&C [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Assets under Management, Carrying Amount | $ 141.5 | |
Investment expenses | $ 0.7 | $ 0.6 |
Uncategorized Items - kmpr-2018
Label | Element | Value |
Proceeds from Short-term Debt, Maturing in More than Three Months | us-gaap_ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths | $ 0 |
Equity Securities, Investment Summary [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 29,700,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 22,800,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 25,100,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 27,400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 1,700,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | 2,400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | 900,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 3,200,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | (3,500,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | (27,400,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | (500,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | (6,900,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | 0 |
Other Equity Interests [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 40,900,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 32,200,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 34,100,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 34,400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 300,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 3,700,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | 400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | (6,300,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 1,500,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 2,900,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3 | 34,400,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | 300,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | 7,100,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales | $ 0 |