Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | ||
Sep. 30, 2022 | Oct. 31, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-18298 | ||
Entity Registrant Name | Kemper Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4255452 | ||
Entity Address, Address Line One | 200 E. Randolph Street | ||
Entity Address, Address Line Two | Suite 3300 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60601 | ||
City Area Code | 312 | ||
Local Phone Number | 661-4600 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 63,885,142 | ||
Entity Central Index Key | 0000860748 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | |
Common Stock | |||
Cover [Abstract] | |||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Trading Symbol | KMPR | ||
Security Exchange Name | NYSE | ||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||
Cover [Abstract] | |||
Title of 12(b) Security | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Security Exchange Name | NYSE | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Trading Symbol | KMPB | ||
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Earned Premiums | $ 1,307 | $ 1,356.1 | $ 3,999.3 | $ 3,894.6 |
Net Investment Income | 97.8 | 101.9 | 316.3 | 318.9 |
Change in Value of Alternative Energy Partnership Investments | 0.4 | (23.8) | (21.2) | (46.9) |
Other Income (Loss) | 4 | 12.3 | 7.3 | 20.8 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (11.2) | (0.6) | (79.9) | 92.4 |
Net Realized Investment Gains (Losses) | (12.1) | 10.1 | 0.4 | 43.1 |
Impairment Losses | (8.3) | (0.6) | (22.1) | (7.8) |
Total Revenues | 1,377.6 | 1,455.4 | 4,200.1 | 4,315.1 |
Expenses: | ||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses | 1,102.4 | 1,211.2 | 3,426.1 | 3,324.8 |
Insurance Expenses | 301.3 | 311.3 | 913 | 909 |
Interest and Other Expenses | 63.5 | 62.7 | 171.1 | 179.2 |
Total Expenses | 1,467.2 | 1,585.2 | 4,513.9 | 4,413 |
Income (Loss) before Income Taxes | (89.6) | (129.8) | (313.8) | (97.9) |
Income Tax Benefit (Expense) | 13.4 | 54.5 | 68.1 | 83.2 |
Net Income (Loss) | $ (76.2) | $ (75.3) | $ (245.7) | $ (14.7) |
Net Income (Loss) Per Unrestricted Share: | ||||
Basic (in dollars per share) | $ (1.19) | $ (1.18) | $ (3.85) | $ (0.23) |
Diluted (in dollars per share) | $ (1.19) | $ (1.18) | $ (3.85) | $ (0.23) |
Loss from Early Extinguishment of Debt | $ 0 | $ 0 | $ 3.7 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) | $ (76.2) | $ (75.3) | $ (245.7) | $ (14.7) |
Other Comprehensive Income (Loss) Before Income Taxes: | ||||
Decrease (Increase) in Net Unrecognized Postretirement Benefit Costs | (0.2) | (0.1) | (0.3) | 0.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0.1 | 5.9 | 0.3 |
Other Comprehensive Income (Loss), before Tax, Total | (412.5) | (80.3) | (1,638.9) | (255.3) |
Other Comprehensive Income Tax Benefit (Expense) | 86.7 | 16.7 | 344.2 | 54.2 |
Other Comprehensive Income (Loss), Net of Taxes | (325.8) | (63.6) | (1,294.7) | (201.1) |
Total Comprehensive Income (Loss) | (402) | (138.9) | (1,540.4) | (215.8) |
No Credit Losses Recognized in Condensed Consolidated Statements of Income (Loss) | ||||
Other Comprehensive Income (Loss) Before Income Taxes: | ||||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | (411.5) | (80.8) | (1,643.2) | (254) |
Credit Losses Recognized in Condensed Consolidated Statements of Income (Loss) | ||||
Other Comprehensive Income (Loss) Before Income Taxes: | ||||
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with: | $ (0.8) | $ 0.5 | $ (1.3) | $ (1.9) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments: | ||
Debt Securities, Available-for-Sale | $ 6,577.1 | $ 7,986.9 |
Equity Securities, FV-NI, Current | 322.7 | 830.6 |
Equity Securities at Modified Cost | 37 | 32.3 |
Convertible Securities at Fair Value | 42.6 | 46.4 |
357200000 | 357.2 | 284.1 |
Company-Owned Life Insurance | 578.6 | 448.1 |
Loans to Policyholders | 283.2 | 286.2 |
Other Investments | 274.2 | 270 |
Total Investments | 8,635.9 | 10,387.4 |
Cash | 249.2 | 148.2 |
Receivables from Policyholders (Allowance for Credit Losses: 2022 - $12.5; 2021 - $13.6) | 1,345.8 | 1,418.7 |
Other Receivables | 228.7 | 207.3 |
Deferred Policy Acquisition Costs | 634.7 | 677.6 |
Goodwill | 1,298.8 | 1,312 |
Current Income Tax Assets | 165.1 | 173.1 |
Deferred Income Tax Assets | 182 | 0 |
Other Assets | 544.8 | 592.2 |
Assets Held-for-Sale | 172.8 | 0 |
Total Assets | 13,457.8 | 14,916.5 |
Insurance Reserves: | ||
Life and Health | 3,534.6 | 3,540.9 |
Property and Casualty | 2,720.3 | 2,772.7 |
Total Insurance Reserves | 6,254.9 | 6,313.6 |
Unearned Premiums | 1,794.8 | 1,898.7 |
Policyholder Obligations | 704 | 504 |
Deferred Income Tax Liabilities | 0 | 227 |
Disposal Group, Including Discontinued Operation, Liabilities | 84.8 | 0 |
Accrued Expenses and Other Liabilities | 795.3 | 843.6 |
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2022 - $1,204.1; 2021 - $1,152.1) | 1,386.4 | 1,121.9 |
Total Liabilities | 11,020.2 | 10,908.8 |
Shareholders’ Equity: | ||
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 63,884,152 Shares Issued and Outstanding at September 30, 2022 and 63,684,628 Shares Issued and Outstanding at December 31, 2021 | 6.4 | 6.4 |
Paid-in Capital | 1,822.2 | 1,790.7 |
Retained Earnings | 1,455.6 | 1,762.5 |
Accumulated Other Comprehensive Income (Loss) | (846.6) | 448.1 |
Total Shareholders’ Equity | 2,437.6 | 4,007.7 |
Total Liabilities and Shareholders’ Equity | 13,457.8 | 14,916.5 |
Equity Method Limited Liability Investments | ||
Investments: | ||
Equity Method Investments | 226 | 241.9 |
Alternative Energy Partnership Investments | ||
Investments: | ||
Equity Method Investments | $ 16.9 | $ 39.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, at amortized cost | $ 7,575.3 | $ 7,358.2 |
Fixed maturities, allowance for credit losses | 7.5 | 7.5 |
Equity securities, at cost | 302.4 | 618.7 |
Premium receivables, allowance for credit losses | 12.5 | 13.6 |
Long-term Debt | $ 1,204.1 | $ 1,152.1 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 63,884,152 | 63,684,628 |
Common stock, shares outstanding (in shares) | 63,884,152 | 63,684,628 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ (245.7) | $ (14.7) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Net Realized Investment (Gains) Losses | (0.4) | (43.1) |
Impairment Losses | 22.1 | 7.8 |
Depreciation and Amortization of Property, Equipment and Software | 38.9 | 32.8 |
Amortization of Intangibles Assets Acquired | 16 | 46.4 |
Loss from Early Extinguishment of Debt | 3.7 | 0 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (13.7) | (50.9) |
(Increase) Decrease in Value of Equity and Convertible Securities | 79.9 | (92.4) |
Receivables from Policyholders | 69.6 | (137.7) |
Reinsurance Recoverables | (1.8) | 24.4 |
Deferred Policy Acquisition Costs | 4.2 | (87.3) |
Insurance Reserves | (9.3) | 429.8 |
Unearned Premiums | (93.4) | 172.9 |
Income Taxes | (66.2) | (121.5) |
Other Assets and Liabilities | 4.8 | 94.2 |
Net Cash Provided by (Used in) Operating Activities, Total | (170.1) | 307.6 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales, Calls and Maturities of Fixed Maturities | 1,019.4 | 1,015.6 |
Proceeds from the Sales or Paydowns of Investments: | ||
Equity Securities | 458.3 | 139.7 |
Real Estate Investments | 0 | 6.2 |
Mortgage Loans | 69.9 | 53.1 |
Other Investments | 41.9 | 39.7 |
Payments to Acquire Investments [Abstract] | ||
Payments to Acquire Debt Securities, Available-for-Sale | (1,386.7) | (1,322.2) |
Payments to Acquire Equity Securities, FV-NI | (55.3) | (106) |
Payments to Acquire Real Estate Held-for-investment | (2.9) | (3.6) |
Payment to Acquire Life Insurance Policy, Investing Activities | (110) | (100) |
Payments to Acquire Mortgage Notes Receivable | (67.3) | (94) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 9.7 | 92.1 |
Net Sales (Purchases) of Short-term Investments | (73.6) | 715.1 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (316.6) |
Proceeds from Sale of Other Assets, Investing Activities | 4.9 | 0 |
Acquisition of Software and Long-lived Assets | (27.1) | (43.9) |
Other | 8.6 | 10 |
Net Cash Provided by (Used in) Investing Activities, Total | (129.6) | (99) |
Cash Flows from Financing Activities: | ||
Repayment of Long-term Debt | (280) | (50) |
Proceeds from Issuance of Senior Long-term Debt | 396.3 | 0 |
Proceeds from Issuance of Subordinated Long-term Debt | 145.6 | 0 |
Proceeds from Policyholder Obligations | 319.9 | 298.1 |
Repayment of Policyholder Obligations | (120.1) | (328.1) |
Proceeds from Shares Issued under Employee Stock Purchase Plan | 3.8 | 3.9 |
Common Stock Repurchases | 0 | (161.7) |
Dividends and Dividend Equivalents Paid | (59.9) | (60.8) |
Other | 0.3 | 3.7 |
Net Cash Provided by (Used in) Financing Activities, Total | 403.8 | (294.9) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract] | ||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 3.1 | 0 |
Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Excluding Disposal Group Including Discontinued Operations, Period Increase (Decrease), Including Exchange Rate Effect | 101 | (86.3) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 104.1 | (86.3) |
Cash at beginning of year, Net of Held-for-Sale | 148.2 | 206.1 |
Cash at end of period, Net of Held-for-Sale | 249.2 | 119.8 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | 252.3 | 119.8 |
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents, Disposal Group Including Discontinued Operations, Period Increase (Decrease), Including Exchange Rate Effect | 3.1 | 0 |
Senior Notes, 3.800 Percent Due February 23, 2033 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | (1.2) | 0 |
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||
Cash Flows from Financing Activities: | ||
Payments of Debt Issuance Costs | (0.9) | 0 |
Alternative Energy Partnership Investments | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Income (Loss) from Equity Method Investments | $ (21.2) | $ (46.9) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2020 | 65.4 | ||||
Beginning balance at Dec. 31, 2020 | $ 4,563.4 | $ 6.5 | $ 1,805.2 | $ 2,071.2 | $ 680.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (14.7) | (14.7) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (201.1) | (201.1) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.93 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (61.1) | (61.1) | |||
Repurchases of Common Stock (in shares) | 2.1 | ||||
Repurchases of Common Stock (Note 12) | (161.7) | $ (0.2) | (57.8) | (103.7) | |
Shares Issued Under Employee Stock Purchase Plan (Note 12) | $ 0.1 | 3.9 | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | 3.9 | ||||
Equity-based Compensation Cost | 24.6 | 24.6 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.3 | ||||
Equity-based Awards, Net of Shares Exchanged | (2.1) | $ 0.1 | 1.1 | (3.3) | |
Ending balance (in shares) at Sep. 30, 2021 | 63.7 | ||||
Ending balance at Sep. 30, 2021 | 4,151.2 | $ 6.4 | 1,777 | 1,888.4 | 479.4 |
Beginning balance (in shares) at Jun. 30, 2021 | 63.6 | ||||
Beginning balance at Jun. 30, 2021 | 4,306.2 | $ 6.4 | 1,770.9 | 1,985.9 | 543 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (75.3) | (75.3) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (63.6) | (63.6) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (19.7) | (19.7) | |||
Repurchases of Common Stock (in shares) | 0.1 | ||||
Repurchases of Common Stock (Note 12) | (3) | $ 0 | (1.1) | (1.9) | |
Shares Issued Under Employee Stock Purchase Plan (Note 12) | $ 0.1 | 1.4 | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | 1.4 | ||||
Equity-based Compensation Cost | 6.1 | 6.1 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.1 | ||||
Equity-based Awards, Net of Shares Exchanged | (0.9) | $ 0 | (0.3) | (0.6) | |
Ending balance (in shares) at Sep. 30, 2021 | 63.7 | ||||
Ending balance at Sep. 30, 2021 | 4,151.2 | $ 6.4 | 1,777 | 1,888.4 | 479.4 |
Beginning balance (in shares) at Dec. 31, 2021 | 63.7 | ||||
Beginning balance at Dec. 31, 2021 | 4,007.7 | $ 6.4 | 1,790.7 | 1,762.5 | 448.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (245.7) | (245.7) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (1,294.7) | (1,294.7) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.93 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (60.3) | (60.3) | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | $ 0.1 | 3.8 | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | 3.8 | ||||
Equity-based Compensation Cost | 28.5 | 28.5 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0.1 | ||||
Equity-based Awards, Net of Shares Exchanged | (1.7) | $ 0 | (0.8) | (0.9) | |
Ending balance (in shares) at Sep. 30, 2022 | 63.9 | ||||
Ending balance at Sep. 30, 2022 | 2,437.6 | $ 6.4 | 1,822.2 | 1,455.6 | (846.6) |
Beginning balance (in shares) at Jun. 30, 2022 | 63.8 | ||||
Beginning balance at Jun. 30, 2022 | 2,850 | $ 6.4 | 1,812.5 | 1,551.9 | (520.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (76.2) | (76.2) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (325.8) | (325.8) | |||
Dividends paid to shareholders per share (in dollars per share) | $ 0.31 | ||||
Cash Dividends and Dividend Equivalents to Shareholders | $ (20.1) | (20.1) | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | $ 0.1 | 1.3 | |||
Shares Issued Under Employee Stock Purchase Plan (Note 12) | 1.3 | ||||
Equity-based Compensation Cost | 8.3 | 8.3 | |||
Equity-based Awards, Net of Shares Exchanged (in shares) | 0 | ||||
Equity-based Awards, Net of Shares Exchanged | 0.1 | $ 0 | 0.1 | 0 | |
Ending balance (in shares) at Sep. 30, 2022 | 63.9 | ||||
Ending balance at Sep. 30, 2022 | $ 2,437.6 | $ 6.4 | $ 1,822.2 | $ 1,455.6 | $ (846.6) |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies The unaudited interim Condensed Consolidated Financial Statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information pursuant to the rules and regulations for Form 10-Q and Article 10 of Regulation S-X of the SEC and include the accounts of Kemper Corporation and its subsidiaries. All intercompany accounts and transactions have been eliminated. Certain financial information that is included in annual financial statements, including certain financial statement footnote disclosures, prepared in accordance with GAAP is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements include all adjustments necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The preparation of interim financial statements requires significant management estimates. Due to this factor and other factors, such as the seasonal nature of some portions of the insurance business, as well as market conditions and the impacts of COVID-19, annualizing the results of operations for the nine months ended September 30, 2022 would not necessarily be indicative of the results expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in Kemper’s Annual Report for the year ended December 31, 2021. Premium Deficiency During the first quarter of 2022, the Company began including anticipated net investment income in the premium deficiency analysis performed at the Specialty Property & Casualty Insurance and Preferred Property & Casualty Insurance segments. The Company believes the accounting principle change is preferable as it best reflects the ultimate profitability of an insurance contract in using all cash flows from the in-force policies, inclusive of related investment income, and provides improved comparability with industry peers. This accounting principle change had no impact on the results of the premium deficiency analysis in the first quarter of 2022 or prior periods presented. Company-Owned Life Insurance As of June 30, 2022, the Company has elected to separately display its investments in Company-Owned Life Insurance and Loans to Policyholders in the Condensed Consolidated Balance Sheets. These were previously reported in Other Investments on the Condensed Consolidated Balance Sheets. Additionally, the Company has elected to include Equity Securities at Modified Cost and Convertible Securities at Fair Value within Other Investments on the Condensed Consolidated Balance Sheets. Held-for-Sale The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the business exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheets in the period in which the business is classified as held-for-sale. See Note 4, “Dispositions”, for information on a held-for-sale business. As the component of the Company classified as held-for-sale does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, the results of the component are reported in continuing operations. Adoption of New Accounting Guidance The Company has adopted all recently issued accounting pronouncements with effective dates prior to January 1, 2022. There were no adoptions of such accounting pronouncements during the nine months ended September 30, 2022 that had a material impact on the Company’s interim Condensed Consolidated Financial Statements. Guidance Not Yet Adopted |
Net Income Per Unrestricted Sha
Net Income Per Unrestricted Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Unrestricted Share | Net Income Per Unrestricted Share The Company’s awards of deferred stock units granted to Kemper’s non-employee directors prior to 2019 contain rights to receive non-forfeitable dividend equivalents and participate in the undistributed earnings with common shareholders. Accordingly, the Company is required to apply the two-class method of computing basic and diluted earnings per share. A reconciliation of the numerator and denominator used in the calculation of Basic Net Income (Loss) Per Unrestricted Share and Diluted Net Income (Loss) Per Unrestricted Share for the nine and three months ended September 30, 2022 and 2021 is presented below. Nine Months Ended Three Months Ended (Dollars in Millions, except per share amounts) Sep 30, Sep 30, Sep 30, Sep 30, Net Income (Loss) $ (245.7) $ (14.7) $ (76.2) $ (75.3) Less: Net Income Attributed to Participating Awards — — — — Net Income (Loss) Attributed to Unrestricted Shares (245.7) (14.7) (76.2) (75.3) Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — — — Diluted Net Income (Loss) Attributed to Unrestricted Shares $ (245.7) $ (14.7) $ (76.2) $ (75.3) (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,804.4 64,469.9 63,852.8 63,628.1 Equity-based Compensation Equivalent Shares — — — — Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,804.4 64,469.9 63,852.8 63,628.1 (Per Unrestricted Share in Whole Dollars) Basic Net Income (Loss) Per Unrestricted Share $ (3.85) $ (0.23) $ (1.19) $ (1.18) Diluted Net Income (Loss) Per Unrestricted Share $ (3.85) $ (0.23) $ (1.19) $ (1.18) Note 2 - Net Income Per Unrestricted Share (Continued) 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, 2022 and 2021, 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 2,439.1 2,205.4 2,355.5 2,170.2 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 2,439.1 2,205.4 2,355.5 2,170.2 |
Acquisition of Business
Acquisition of Business | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Business | Acquisition of Business Acquisition of American Access Casualty Corporation On April 1, 2021 Kemper completed the acquisition of American Access Casualty Company and its related captive insurance agency, Newins Insurance Agency Holdings, LLC, and its subsidiaries (collectively “AAC”). Pursuant to the agreement dated November 22, 2020, Kemper paid AAC’s equity holders total cash consideration of approximately $370.9 million. During the first quarter of 2022, the Company finalized its estimates of the fair value of assets acquired and liabilities assumed. There were no changes to the Company’s preliminary estimates or allocation of the purchase price to the assets acquired and liabilities assumed. Based on the Company’s final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were: (Dollars in Millions) Fixed Maturities at Fair Value $ 151.2 Equity Securities at Fair Value 82.4 Short-term Investments at Cost which Approximates Fair Value 100.1 Cash 54.3 Receivables from Policyholders 148.9 Other Receivables 2.0 Goodwill 198.0 Current Income Tax Assets 0.3 Other Assets 81.4 Property and Casualty Insurance Reserves (211.1) Unearned Premiums (177.8) Deferred Income Tax Liabilities (7.8) Accrued Expenses and Other Liabilities (51.0) Total Purchase Price $ 370.9 The factors that contributed to the recognition of goodwill include synergies from economies of scale within the underwriting and claims operations, acquiring a talented workforce and cost savings opportunities. Intangible Assets Intangible assets consist of capitalized costs, primarily of the estimated fair value of distribution, customer relationships, policies in force, trade names and licenses, and technology. The estimated useful lives of these assets range from 1 to 8 years. These assets are reported in Other Assets in the Condensed Consolidated Balance Sheets. Note 3 - Acquisition of Business (Continued) Identifiable definite and indefinite lived intangible assets acquired consisted of the following: (Dollars in Millions) Definite Life Intangibles Value of Business Acquired $ 42.9 Customer Relationships 4.8 Agent Relationships 7.2 Internal-Use Software 6.5 Trade Names 1.8 Indefinite Life Intangible Assets Insurance Licenses 2.5 Unaudited Pro Forma Results The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of AAC occurred on January 1, 2020. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the acquired intangible assets and the exclusion of certain acquisition related costs considered to be non-recurring in nature. Nine Months Ended Three Months Ended (Dollars in millions) Sep 30, Sep 30, Sep 30, Sep 30, Total Revenues $ 4,200.1 $ 4,406.3 $ 1,377.6 $ 1,455.4 Total Expenses 4,515.4 4,484.9 1,468.3 1,583.7 Income (Loss) from Continuing Operations before Income Taxes (315.3) (78.6) (90.7) (128.3) Net Income (Loss) $ (246.9) $ 0.1 $ (77.0) $ (74.1) 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. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions Disposition of Reserve National Insurance Company In July 2022, the Company entered into a definitive agreement to sell Reserve National Insurance Company and its wholly-owned subsidiaries (collectively, “RNIC”) to Medical Mutual of Ohio for $90.0 million in total consideration. In connection with the pending sale, an expected loss of $2.0 million, or $1.6 million net of income tax, was recorded for the nine and three months ended September 30, 2022, which is reflected in Interest and Other Expenses on the Condensed Consolidated Statements of Income (Loss). Prior to measuring the Held for Sale loss, the goodwill assigned to the reporting unit was tested for impairment. Using the agreed upon sale price as the disposal unit’s fair value, an impairment of $4.5 million was recognized. RNIC’s results of operations are reported in the Life & Health segment’s adjusted earnings through September 30, 2022. See Note 1, “Basis of Presentation and Accounting Policies”, for information on accounting for divested business. The transaction is expected to receive all necessary regulatory approval and close late in the fourth quarter of 2022. The pending disposition meets the criteria for held-for-sale accounting but does not meet the criteria to be classified as discontinued operations. As a result, the related assets and liabilities are included in the separate held-for-sale line items of the asset and liability sections of the interim condensed consolidated balance sheet. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through three operating segments: Specialty Property & Casualty Insurance, Preferred Property & Casualty Insurance and Life & Health Insurance. The Specialty Property & Casualty Insurance segment’s principal products are personal automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are personal automobile insurance, homeowners insurance and other personal insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers. Note 5 - Business Segments (Continued) Earned Premiums by product line for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Specialty Property & Casualty Insurance: Personal Automobile $ 2,666.3 $ 2,615.6 $ 858.8 $ 920.6 Commercial Automobile 398.5 300.6 140.7 107.7 Preferred Property & Casualty Insurance: Personal Automobile 279.5 309.1 89.5 102.6 Homeowners 150.9 154.6 51.9 52.5 Other Personal Lines 24.4 25.4 7.9 8.6 Life & Health Insurance: Life 304.6 300.2 100.4 101.5 Accident and Health 136.8 142.3 45.9 47.0 Property 38.3 46.8 11.9 15.6 Total Earned Premiums $ 3,999.3 $ 3,894.6 $ 1,307.0 $ 1,356.1 Note 5 - Business Segments (Continued) Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 3,064.8 $ 2,916.2 $ 999.5 $ 1,028.3 Net Investment Income 102.8 114.7 33.9 37.0 Change in Value of Alternative Energy Partnership Investments (10.6) (22.3) 0.3 (11.3) Other Income 5.0 3.1 2.3 1.2 Total Specialty Property & Casualty Insurance 3,162.0 3,011.7 1,036.0 1,055.2 Preferred Property & Casualty Insurance: Earned Premiums 454.8 489.1 149.3 163.7 Net Investment Income 36.2 51.5 11.8 16.1 Change in Value of Alternative Energy Partnership Investments (5.0) (12.5) — (6.4) Total Preferred Property & Casualty Insurance 486.0 528.1 161.1 173.4 Life & Health Insurance: Earned Premiums 479.7 489.3 158.2 164.1 Net Investment Income 163.9 151.9 52.6 48.4 Change in Value of Alternative Energy Partnership Investments (5.6) (12.1) 0.1 (6.1) Other Income (0.8) 0.3 — 0.1 Total Life & Health Insurance 637.2 629.4 210.9 206.5 Total Segment Revenues 4,285.2 4,169.2 1,408.0 1,435.1 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (79.9) 92.4 (11.2) (0.6) Net Realized Investment Gains (Losses) 0.4 43.1 (12.1) 10.1 Net Impairment Losses Recognized in Earnings (22.1) (7.8) (8.3) (0.6) Other 16.5 18.2 1.2 11.4 Total Revenues $ 4,200.1 $ 4,315.1 $ 1,377.6 $ 1,455.4 Note 5 - Business Segments (Continued) Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the nine and three months ended September 30, 2022 and 2021 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (150.4) $ (128.7) $ (39.2) $ (91.8) Preferred Property & Casualty Insurance (34.4) (27.8) (3.3) (17.4) Life & Health Insurance 35.8 6.5 13.8 (5.9) Total Segment Operating Income (Loss) (149.0) (150.0) (28.7) (115.1) Corporate and Other Operating Income (Loss) From: Other (32.2) (40.8) (16.6) (15.5) Corporate and Other Operating Income (Loss) (32.2) (40.8) (16.6) (15.5) Adjusted Consolidated Operating Income (Loss) (181.2) (190.8) (45.3) (130.6) Income (Loss) from Change in Fair Value of Equity and Convertible Securities (79.9) 92.4 (11.2) (0.6) Net Realized Investment Gains (Losses) 0.4 43.1 (12.1) 10.1 Impairment Losses (22.1) (7.8) (8.3) (0.6) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (27.3) (34.8) (12.7) (8.1) Loss from Early Extinguishment of Debt (3.7) — — — Income (Loss) before Income Taxes $ (313.8) $ (97.9) $ (89.6) $ (129.8) Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the nine and three months ended September 30, 2022 and 2021 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 (Loss): Specialty Property & Casualty Insurance $ (112.3) $ (70.9) $ (28.7) $ (59.3) Preferred Property & Casualty Insurance (25.0) (5.1) (2.1) (6.4) Life & Health Insurance 33.4 23.1 12.6 2.8 Total Segment Net Operating Income (Loss) (103.9) (52.9) (18.2) (62.9) Corporate and Other Net Operating Income (Loss) From: Other (26.4) (35.1) (12.3) (12.9) Total Corporate and Other Net Operating Income (Loss) (26.4) (35.1) (12.3) (12.9) Adjusted Consolidated Net Operating Income (Loss) (130.3) (88.0) (30.5) (75.8) Net Income (Loss) From: Income (Loss) from Change in Fair Value of Equity and Convertible Securities (63.1) 73.0 (8.8) (0.5) Net Realized Investment Gains (Losses) 0.3 34.0 (9.6) 7.9 Impairment Losses (17.5) (6.2) (6.6) (0.5) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (32.2) (27.5) (20.7) (6.4) Loss from Early Extinguishment of Debt (2.9) — — — Net Income (Loss) $ (245.7) $ (14.7) $ (76.2) $ (75.3) |
Property and Casualty Insurance
Property and Casualty Insurance Reserves | 9 Months Ended |
Sep. 30, 2022 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Property and Casualty Insurance Reserves | Property and Casualty Insurance Reserves Property and casualty insurance reserve activity for the nine months ended September 30, 2022 and 2021 was: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,772.7 $ 1,982.5 Less Reinsurance Recoverables at Beginning of Year 41.9 50.1 Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year 2,730.8 1,932.4 Property and Casualty Insurance Reserves Acquired, Net of Reinsurance — 211.1 Incurred Losses and LAE Related to: Current Year 3,125.0 2,885.7 Prior Years (22.5) 107.9 Total Incurred Losses and LAE 3,102.5 2,993.6 Paid Losses and LAE Related to: Current Year 1,748.9 1,503.9 Prior Years 1,406.6 1,080.4 Total Paid Losses and LAE 3,155.5 2,584.3 Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period 2,677.8 2,552.8 Plus Reinsurance Recoverables at End of Period 42.5 43.4 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,720.3 $ 2,596.2 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, 2022, the Company decreased its property and casualty insurance reserves by $22.5 million to recognize favorable development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed favorably by $31.6 million due primarily to the emergence of more favorable loss patterns than expected for liability and physical damage insurance. Commercial automobile insurance loss and LAE reserves developed adversely by $7.5 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Preferred personal automobile insurance loss and LAE reserves developed adversely by $1.9 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Homeowners loss and LAE reserves developed favorably by $6.1 million due primarily to the emergence of more favorable loss patterns than expected. Other lines loss and LAE reserves developed adversely by $5.8 million due primarily to the emergence of more adverse loss patterns than expected for prior accident years. For the nine months ended September 30, 2021, the Company increased its property and casualty insurance reserves by $107.9 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty personal automobile insurance loss and LAE reserves developed adversely by $97.0 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Commercial automobile insurance loss and LAE reserves developed adversely by $8.3 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Preferred personal automobile insurance loss and LAE reserves developed adversely by $4.9 million due primarily to the emergence of more adverse loss patterns than expected for liability insurance. Homeowners loss and LAE reserves developed favorably by $4.3 million due primarily to the emergence of more favorable loss patterns than expected. Other lines loss and LAE reserves developed adversely by $2.0 million due primarily to the emergence of more adverse loss patterns than expected for prior accident years. Note 6 - Property and Casualty Insurance Reserves (Continued) The Company cannot predict whether loss and LAE reserves will develop favorably or adversely from the amounts reported in the Company’s Condensed Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s Condensed Consolidated Shareholders’ Equity, but could have a material effect on the Company’s consolidated financial results for a given period. Receivables from Policyholders - Allowance for Expected Credit Losses The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the nine months ended September 30, 2022. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses (1) Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,418.7 $ 13.6 Provision for Expected Credit Losses 36.7 Write-offs of Uncollectible Receivables from Policyholders (37.8) Balance at End of Period $ 1,349.1 $ 12.5 (1) Includes receivables classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the nine months ended September 30, 2021. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,194.5 $ 20.9 Provision for Expected Credit Losses 36.7 Write-offs of Uncollectible Receivables from Policyholders (44.9) Balance at End of Period $ 1,481.2 $ 12.7 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 7 - Investments Fixed Maturities The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2022 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 612.7 $ 1.3 $ (87.2) $ — $ 526.8 States and Political Subdivisions 1,810.0 8.9 (266.4) (0.4) 1,552.1 Foreign Governments 4.8 — (1.1) — 3.7 Corporate Securities: Bonds and Notes 3,913.9 10.5 (575.8) (7.1) 3,341.5 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,006.9 — (54.3) — 952.6 Other Mortgage- and Asset-backed 339.1 0.8 (45.5) — 294.4 Investments in Fixed Maturities (1) $ 7,696.4 $ 21.5 $ (1,031.3) $ (7.5) $ 6,679.1 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 610.1 $ 29.2 $ (1.9) $ — $ 637.4 States and Political Subdivisions 1,752.5 144.6 (7.0) — 1,890.1 Foreign Governments 6.7 — (1.2) — 5.5 Corporate Securities: Bonds and Notes 3,929.0 481.4 (16.0) (7.5) 4,386.9 Redeemable Preferred Stocks 7.0 0.4 — — 7.4 Collateralized Loan Obligations 756.0 0.9 (4.8) — 752.1 Other Mortgage- and Asset-backed 296.9 12.4 (1.8) — 307.5 Investments in Fixed Maturities $ 7,358.2 $ 668.9 $ (32.7) $ (7.5) $ 7,986.9 Other Receivables included $5.7 million and $0.6 million of unsettled sales of Investments in Fixed Maturities at September 30, 2022 and December 31, 2021, respectively. Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $7.6 million and $12.7 million at September 30, 2022 and December 31, 2021, respectively. Note 7 - Investments (Continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2022 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 192.3 $ 188.5 Due after One Year to Five Years 937.6 893.3 Due after Five Years to Ten Years 1,339.7 1,156.2 Due after Ten Years 3,407.5 2,797.4 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,819.3 1,643.7 Investments in Fixed Maturities (1) $ 7,696.4 $ 6,679.1 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. 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, 2022 consisted of securities issued by the Government National Mortgage Association with a fair value of $251.4 million, securities issued by the Federal National Mortgage Association with a fair value of $77.0 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $68.3 million, and securities issued by other non-governmental issuers with a fair value of $1,247.0 million. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2022 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 427.0 $ (79.0) $ 33.3 $ (8.2) $ 460.3 $ (87.2) States and Political Subdivisions 1,095.5 (221.7) 123.5 (44.7) 1,219.0 (266.4) Foreign Governments 1.9 (0.1) 1.8 (1.0) 3.7 (1.1) Corporate Securities: Bonds and Notes 2,903.1 (507.2) 250.5 (68.6) 3,153.6 (575.8) Redeemable Preferred Stocks 7.7 (1.0) — — 7.7 (1.0) Collateralized Loan Obligations 689.2 (38.4) 261.4 (15.9) 950.6 (54.3) Other Mortgage- and Asset-backed 228.3 (32.4) 61.2 (13.1) 289.5 (45.5) Total Fixed Maturities (1) $ 5,352.7 $ (879.8) $ 731.7 $ (151.5) $ 6,084.4 $ (1,031.3) (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. Investment-grade fixed maturity investments comprised $998.2 million and below-investment-grade fixed maturity investments comprised $33.1 million of the unrealized losses on investments in fixed maturities at September 30, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment. Note 7 - Investments (Continued) An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 168.7 $ (1.8) $ 1.2 $ (0.1) $ 169.9 $ (1.9) States and Political Subdivisions 385.0 (6.9) 1.5 (0.1) 386.5 (7.0) Foreign Governments 2.2 (0.6) 2.6 (0.6) 4.8 (1.2) Corporate Securities: Bonds and Notes 596.8 (13.1) 49.3 (2.9) 646.1 (16.0) Redeemable Preferred Stocks 0.1 — — — 0.1 — Collateralized Loan Obligations 250.9 (2.6) 192.6 (2.2) 443.5 (4.8) Other Mortgage- and Asset-backed 100.1 (1.8) — — 100.1 (1.8) Total Fixed Maturities $ 1,503.8 $ (26.8) $ 247.2 $ (5.9) $ 1,751.0 $ (32.7) Investment-grade fixed maturity investments comprised $23.7 million and below-investment-grade fixed maturity investments comprised $9.0 million of the unrealized losses on investments in fixed maturities at December 31, 2021. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4% of the amortized cost basis of the investment. At September 30, 2022 and December 31, 2021, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at September 30, 2022 and December 31, 2021. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date. Fixed Maturities - Expected Credit Losses The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for nine months ended September 30, 2022. States and Political Subdivisions Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ — $ 7.5 $ 7.5 Additions for Securities for which No Previous Expected Credit Losses were 0.4 5.2 5.6 Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized — 5.1 5.1 Write-offs Charged Against Allowance — (10.7) (10.7) End of the Period $ 0.4 $ 7.1 $ 7.5 Note 7 - Investments (Continued) The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the nine months ended September 30, 2021. Foreign Governments Corporate Bonds and Notes Total (Dollars in Millions) Beginning of the Year $ 0.3 $ 3.0 $ 3.3 Additions for Securities for which No Previous Expected Credit Losses were — 2.2 2.2 Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (0.3) (0.6) (0.9) Write-offs Charged Against Allowance — (0.2) (0.2) End of the Period $ — $ 4.4 $ 4.4 Equity Securities at Fair Value Investments in Equity Securities at Fair Value were $322.7 million and $830.6 million at September 30, 2022 and December 31, 2021, respectively. Net unrealized losses arising during the nine months ended September 30, 2022 and recognized in earnings, related to such investments still held as of September 30, 2022, were $24.4 million. There were no unsettled purchases of Investments in Equity Securities at Fair Value at September 30, 2022. There were $2.7 million of unsettled purchases of Investments in Equity Securities at Fair Value at December 31, 2021. There were no unsettled sales of Investments in Equity Securities at Fair Value at September 30, 2022 and December 31, 2021, respectively. Equity Method Limited Liability Investments Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity. The Company’s maximum exposure to loss at September 30, 2022 is limited to the total carrying value of $226.0 million. In addition, the Company had outstanding commitments totaling approximately $83.7 million to fund Equity Method Limited Liability Investments at September 30, 2022. At September 30, 2022, 4.7% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 0.2% was reported with a one month lag and the remainder was reported with more than a one month lag. There were $1.0 million unsettled purchases of Equity Method Limited Liability Investments at September 30, 2022. There were no unsettled purchases of Equity Method Limited Liability Investments at December 31, 2021. There were $27.8 million and $1.2 million unsettled sales of Equity Method Limited Liability Investments at September 30, 2022 and December 31, 2021, respectively. Alternative Energy Partnership Investments Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation at Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments. Alternative Energy Partnership Investments are reported on a three month lag. The Company’s maximum exposure to loss at September 30, 2022 is limited to the total carrying value of $16.9 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of September 30, 2022. Note 7 - Investments (Continued) Company-Owned Life Insurance The Company has purchased life insurance policies on certain key employees. Company-Owned Life Insurance (“COLI”) is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The carrying values of the Company’s COLI investment at September 30, 2022 and December 31, 2021 was $578.6 million and $448.1 million, respectively. Loans to Policyholders Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies. The carrying values of the Company’s Loans to Policyholders at Unpaid Principal investment at September 30, 2022 and December 31, 2021 was $283.9 million and $286.2 million, respectively. The September 30, 2022 Loans to Policyholders at Unpaid Principal balance includes $0.7 million of Loans to Policyholders classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. Other Investments The carrying values of the Company’s Other Investments at September 30, 2022 and December 31, 2021 were: (Dollars in Millions) Sep 30, Dec 31, Equity Securities at Modified Cost $ 37.0 $ 32.3 Convertible Securities at Fair Value 42.6 46.4 Real Estate at Depreciated Cost 94.3 94.0 Mortgage Loans 98.7 96.8 Other 1.6 0.5 Total $ 274.2 $ 270.0 Investments in Equity Securities at Modified Cost were $37.0 million and $32.3 million at September 30, 2022 and December 31, 2021, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statement of Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the nine months ended September 30, 2022. The Company did not recognize any impairment on Equity Securities at Modified Cost for nine months ended September 30, 2022 as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $9.6 million of cumulative impairments on Equity Securities at Modified Cost held as of September 30, 2022. Note 7 - Investments (Continued) Net Investment Income Net Investment Income for the nine and three months ended September 30, 2022 and 2021 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 $ 218.4 $ 207.1 $ 76.9 $ 68.4 Dividends on Equity Securities Excluding Alternative Investments 4.3 9.8 1.1 2.9 Alternative Investments: Equity Method Limited Liability Investments 28.0 50.9 (0.6) 12.0 Limited Liability Investments Included in Equity Securities 34.9 29.3 8.8 9.5 Total Alternative Investments 62.9 80.2 8.2 21.5 Short-term Investments 1.4 0.6 1.1 0.2 Loans to Policyholders 16.3 16.3 5.5 5.4 Real Estate 7.6 7.1 3.1 2.3 Company-Owned Life Insurance 28.0 18.3 9.9 7.2 Other 5.1 4.8 1.7 1.9 Total Investment Income 344.0 344.2 107.5 109.8 Investment Expenses: Real Estate 5.8 6.8 2.3 2.6 Other Investment Expenses 21.9 18.5 7.4 5.3 Total Investment Expenses 27.7 25.3 9.7 7.9 Net Investment Income $ 316.3 $ 318.9 $ 97.8 $ 101.9 Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Fixed Maturities: Gains on Sales $ 28.0 $ 42.7 $ 14.2 $ 10.3 Losses on Sales (27.5) (1.7) (23.9) (0.4) Gains (Losses) on Hedging Activity — — (0.3) — |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Note 8 - Derivatives The Company’s earnings, cash flows, and financial position are subject to fluctuations due to changes in prevailing interest rates. From time to time, the Company uses derivative financial instruments to reduce fluctuations of earnings related to interest rate exposure. The Company entered into derivative agreements with maturity dates throughout 2022 and 2023. Derivative instruments are carried at fair value on the Condensed Consolidated Balance Sheets. Derivative instruments in a gain position are presented within Other Investments and those in a loss position are included in Accrued Expenses and Other Liabilities. Changes in the fair values of derivatives are recorded on the Condensed Consolidated Statements of Income (Loss) within Net Realized Investment Gains (Losses) along with the corresponding change in the designated hedge assets. Note 8 - Derivatives (Continued) Interest Rate Risk The Company’s debt securities valuations utilize the Treasury designated benchmark rate, exposing the Company to variability due to changes in interest rates. Interest Swap Lock The Company has entered into interest swap lock agreements classified as cash flow hedges to manage exposure to changes in future purchase prices of fixed maturity securities attributable to changes in the benchmark (treasury) interest rate. The Company assesses the effectiveness of cash flow hedges using the hypothetical derivative method. Based on the results of the assessment, the hedge is determined to be highly effective. Treasury Lock During 2022 the Company entered into treasury lock agreements classified as fair value hedges to manage exposure to changes in the fair value of designated assets. These agreements matured in the third quarter of 2022. The results are shown in the Fair Value Hedges section below. The Company assesses the effectiveness of fair value hedges using the dollar-offset method. Based on the results of the assessment, the hedge is determined to be highly effective. Primary Risks Managed by Derivatives The following table presents the derivative instruments, primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives: Sep 30, 2022 Dec 31, 2021 (Dollars in Millions) Estimated Fair Value Estimated Fair Value Derivative Instrument Primary Underlying Risk Exposure Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Interest Swap Lock Interest Rate Risk 5.0 — 0.3 — — — Effects of Derivatives on the Interim Condensed Consolidated Statements of Income and Comprehensive Income (Loss) Cash Flow Hedges The below table reflects the amounts of Gains (Losses) deferred into AOCI and subsequently reclassified into Net Income through Net Realized Investment Gains (Losses) for derivatives qualifying as cash flow hedges for the nine and three months ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Amount of Gains (Losses) Deferred in AOCI $ (0.3) $ — $ (0.3) $ — Amount of Gains (Losses) Reclassified into Income — — — — Net Comprehensive Gain (Loss) from Cash Flow Hedges $ (0.3) $ — $ (0.3) $ — Note 8 - Derivatives (Continued) Fair Value Hedges The below table reflects the effects of changes in the designated hedged asset’s impacts on AOCI and Net Realized Investment Gains (Losses) as well as the derivative instruments designated as fair value hedges impact on Net Realized Investment Gains (Losses) for the nine and three months ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Increase (Decrease) in Derivative Instruments Designated as Fair Value Hedges $ 1.1 $ — $ 4.7 $ — Increase (Decrease) in Fair Value of Hedged Assets Reclassified from AOCI (1.1) — (5.0) — Net Gain (Loss) from Hedging Activity $ — $ — $ (0.3) $ — |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe Company classifies its investments in Fixed Maturities as available-for-sale and reports these investments at fair value. The Company reports equity investments with readily determinable fair values as Equity Securities at Fair Value. Certain investments that are measured at fair value using the net asset value practical expedient are not required to be classified using the fair value hierarchy, but are presented in the following two tables to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheets. Note 9 - Fair Value Measurements (Continued) The valuation of assets and liabilities measured at fair value in Company’s Condensed Consolidated Balance Sheets at September 30, 2022 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 112.0 $ 414.8 $ — $ — $ 526.8 States and Political Subdivisions — 1,552.1 — — 1,552.1 Foreign Governments — 3.7 — — 3.7 Corporate Securities: Bonds and Notes — 3,122.8 218.7 — 3,341.5 Redeemable Preferred Stock — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 952.6 — — 952.6 Other Mortgage and Asset-backed — 289.2 5.2 — 294.4 Total Investments in Fixed Maturities (1) 112.0 6,336.4 230.7 — 6,679.1 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 29.8 — — 29.8 Other Industries — 9.7 2.0 — 11.7 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 0.2 0.4 0.5 — 1.1 Other Equity Interests: Exchange Traded Funds 70.7 — — — 70.7 Limited Liability Companies and Limited Partnerships — — — 208.5 208.5 Total Investments in Equity Securities at Fair Value 71.8 39.9 2.5 208.5 322.7 Convertible Securities at Fair Value — 42.6 — — 42.6 Total Assets $ 183.8 $ 6,418.9 $ 233.2 $ 208.5 $ 7,044.4 Liabilities: Accrued Expenses and Other Liabilities: Derivative Instruments Designated as Cash Flow Hedges $ — $ 0.3 $ — $ — $ 0.3 Total Liabilities $ — $ 0.3 $ — $ — $ 0.3 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. At September 30, 2022, the Company had unfunded commitments to invest an additional $92.5 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests if funded. Note 9 - Fair Value Measurements (Continued) The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2021 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 132.8 $ 504.6 $ — $ — $ 637.4 States and Political Subdivisions — 1,890.1 — — 1,890.1 Foreign Governments — 5.5 — — 5.5 Corporate Securities: Bonds and Notes — 4,150.1 236.8 — 4,386.9 Redeemable Preferred Stocks — 1.3 6.1 — 7.4 Collateralized Loan Obligations — 752.1 — — 752.1 Other Mortgage and Asset-backed — 300.5 7.0 — 307.5 Total Investments in Fixed Maturities 132.8 7,604.2 249.9 — 7,986.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 34.2 — — 34.2 Other Industries — 16.1 1.5 — 17.6 Common Stocks: Finance, Insurance and Real Estate 18.9 — — — 18.9 Other Industries 2.9 — — — 2.9 Other Equity Interests: Exchange Traded Funds 432.0 — — — 432.0 Limited Liability Companies and Limited Partnerships — — — 325.0 325.0 Total Investments in Equity Securities at Fair Value 453.8 50.3 1.5 325.0 830.6 Other Investments: Convertible Securities at Fair Value — 46.4 — — 46.4 Total Assets $ 586.6 $ 7,700.9 $ 251.4 $ 325.0 $ 8,863.9 The Company’s investments in Fixed Maturities that are classified as Level 1 primarily consist of U.S. Treasury Bonds and Notes. The Company’s investments in Equity Securities at Fair Value that are classified as Level 1 consist of either investments in publicly-traded common stocks or exchange traded funds. The Company’s investments in Fixed Maturities that are classified as Level 2 primarily consist of investments in corporate bonds, obligations of states and political subdivisions, collateralized loan obligations, and mortgage-backed securities of U.S. government agencies. The Company’s investments in Equity Securities at Fair Value that are classified as Level 2 primarily consist of investments in preferred stocks. The Company’s Derivative Instruments Designated as Fair Value Hedges that are classified as Level 2 primarily consist of hedges against the Company’s available for sale debt securities portfolio. The Company uses a leading, nationally recognized provider of market data and analytics to price the vast majority of the Company’s Level 2 measurements. The provider utilizes evaluated pricing Note 9 - Fair Value Measurements (Continued) models that vary by asset class and incorporate available trade, bid and other market information. Because many fixed maturity securities do not trade on a daily basis, the provider’s evaluated pricing applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, the provider uses model processes to develop prepayment and interest rate scenarios. The pricing provider’s models and processes also take into account market convention. For each asset class, teams of its evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The Company generally validates the measurements obtained from its primary pricing provider by comparing them with measurements obtained from one additional pricing provider that provides either prices from recent market transactions, quotes in inactive markets or evaluations based on its own proprietary models. The Company investigates significant differences related to the values provided. On completion of its investigation, management exercises judgment to determine the price selected and whether adjustments, if any, to the price obtained from the Company’s primary pricing provider would warrant classification of the price as Level 3. In instances where a measurement cannot be obtained from either pricing provider, the Company generally will evaluate bid prices from one or more binding quotes obtained from market makers to value investments in inactive markets and classified by the Company as Level 2. The Company generally classifies securities when it receives non-binding quotes or indications as Level 3 securities unless the Company can validate the quote or indication against recent transactions in the market. The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at September 30, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 63.4 4.6 % - 12.9 % 8.6 % Non-investment-grade: Senior Debt Market Yield 67.6 6.2 - 34.5 10.3 Junior Debt Market Yield 48.0 9.1 - 27.9 17.7 Other Various 51.7 Total Level 3 Fixed Maturity Investments $ 230.7 The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2021. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 87.9 2.3 % - 10.3 % 5.4 % Non-investment-grade: Senior Debt Market Yield 76.1 5.1 - 20.2 8.5 Junior Debt Market Yield 53.9 6.0 - 27.5 15.0 Other Various 32.0 Total Level 3 Fixed Maturity Investments $ 249.9 For an investment in a fixed maturity security, an increase in the yield used to determine the fair value of the security will decrease the fair value of the security. A decrease in the yield used to determine fair value will increase the fair value of the security, but for callable securities the fair value increase is generally limited to par, unless the security is currently callable at a premium. Note 9 - 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, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Year $ 236.8 $ 6.1 $ 7.0 $ 1.5 $ 251.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (12.2) — — — (12.2) Included in Other Comprehensive Income (Loss) (12.2) (1.3) (1.8) 0.2 (15.1) Purchases 115.1 2.0 — 2.7 119.8 Settlements — — — — — Sales (126.0) — — (1.9) (127.9) Transfers into Level 3 22.9 — — — 22.9 Transfers out of Level 3 (5.7) — — — (5.7) Balance at End of Period $ 218.7 $ 6.8 $ 5.2 $ 2.5 $ 233.2 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Period $ 177.1 $ 6.9 $ 5.6 $ 1.7 $ 191.3 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (Loss) (6.3) — — — (6.3) Included in Other Comprehensive Income (Loss) (2.8) (0.1) (0.4) — (3.3) Purchases 93.5 — — 2.7 96.2 Settlements — — — — — Sales (60.4) — — (1.9) (62.3) Transfers into Level 3 17.6 — — — 17.6 Transfers out of Level 3 — — — — — Balance at End of Period $ 218.7 $ 6.8 $ 5.2 $ 2.5 $ 233.2 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Note 9 - 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, 2021 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Year $ 433.0 $ 6.2 $ — $ 10.0 $ — $ 449.2 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (Loss) 0.9 — — — 0.3 1.2 Included in Other Comprehensive Income (Loss) 5.5 (0.1) 0.1 (0.5) — 5.0 Purchases 46.9 — 17.7 16.2 1.7 82.5 Settlements — — — (0.1) — (0.1) Sales (94.4) — (10.0) (0.2) — (104.6) Transfers into Level 3 2.5 — 10.0 — 1.7 14.2 Transfers out of Level 3 (180.8) — (17.8) (11.1) (2.6) (212.3) Balance at End of Period $ 213.6 $ 6.1 $ — $ 14.3 $ 1.1 $ 235.1 The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2021 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Period $ 409.2 $ 6.2 $ 27.8 $ 18.2 $ 3.4 $ 464.8 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 0.9 — — — 0.3 1.2 Included in Other Comprehensive Income (Loss) 4.7 (0.1) — — — 4.6 Purchases 7.4 — — 7.2 — 14.6 Settlements — — — — — — Sales (28.4) — (10.0) — — (38.4) Transfers into Level 3 — — — — — — Transfers out of Level 3 (180.2) — (17.8) (11.1) (2.6) (211.7) Balance at End of Period $ 213.6 $ 6.1 $ — $ 14.3 $ 1.1 $ 235.1 Note 9 - Fair Value Measurements (Continued) Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. September 30, 2022 December 31, 2021 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders (1) $ 283.9 $ 283.9 $ 286.2 $ 286.2 Short-term Investments (1) 357.6 357.6 284.1 284.1 Mortgage Loans 98.7 98.7 96.8 96.8 Company-Owned Life Insurance 578.6 578.6 $ 448.1 $ 448.1 Equity Securities at Modified Cost 37.0 37.0 32.3 32.3 Financial Liabilities: Long-term Debt $ 1,386.4 $ 1,204.1 $ 1,121.9 $ 1,152.1 Policyholder Obligations 602.6 602.6 401.9 401.9 (1) September 30, 2022 includes investments classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. The fair value measurement for loans to policyholders are categorized as Level 3 within the fair value hierarchy. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The Mortgage Loans fair value measurement is considered equal to amortized cost given the short term nature of the investments. The fair value measurement of Equity Securities at Modified Cost is estimated using inputs that are considered Level 3 measurements. The cash surrender value of Company-Owned Life Insurance approximates fair value. The fair value of Long-term Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Policyholder Obligations presented in the preceding table consist of advances from the FHLB of Chicago, and the inputs used in the valuation are considered Level 2 measurements. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entity Disclosure | Variable Interest Entities The Company invests in an Alternative Energy Partnership formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits. This entity was formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers. The Company’s interest in the Alternative Energy Partnership Investment is considered an investment in a variable interest entity (“VIE”). To determine whether the investment should be consolidated in the Consolidated Financial Statements, the Company evaluates whether it is the primary beneficiary of the VIE. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company has determined that it is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the economic performance of the entity and therefore is not required to consolidate the VIE. The project sponsor governs the entity and the Company only has consent rights that have been deemed protective in nature and does not participate in key economic decisions of the entity. The investment is accounted for using the equity method of accounting and included in Alternative Energy Partnership Investments in the Consolidated Balance Sheets. The Company uses the HLBV equity method to account for earnings and losses. This method provides an earnings allocation that appropriately reflects the substantive economics of the investment. Earnings and losses on the investment are reported in Change in Value of Alternative Energy Partnership Investments and investment tax credits are recognized in Income Tax Expense (Benefit) on the Condensed Consolidated Statements of Income. Note 10 - Variable Interest Entities (Continued) The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments for the nine and three months ended September 30, 2022 and 2021. Nine Months Ended Three Months Ended (Dollars in millions) Sep 30, 2022 Sep 30, 2021 Sep 30, 2022 Sep 30, 2021 Fundings $ — $ 80.0 $ — $ 31.5 Cash distribution from investment 1.5 0.2 0.6 0.2 Gain (loss) on investments in Alternative Energy Partnership (21.2) (46.9) 0.4 (23.8) Income tax credits recognized 3.9 64.8 — 28.7 Tax benefit (expense) recognized from Alternative Energy Partnership 4.1 3.0 (0.1) 1.9 The following table represents the carrying value of the associated assets and liabilities and the associated maximum loss exposure of the Alternative Energy Partnership Investments as of September 30, 2022 and December 31, 2021. (Dollars in millions) Sep 30, 2022 Dec 31, 2021 Cash $ 2.8 $ 21.5 Equipment, net of depreciation 265.8 310.5 Other assets 4.4 3.0 Total unconsolidated assets 272.9 335.0 Maximum loss exposure 16.9 39.6 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income | Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the nine months ended September 30, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2022 505.8 (3.7) (52.1) (1.9) 448.1 Other Comprehensive Income (Loss) Before Reclassifications (1,281.0) (1.0) — 4.7 (1,277.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $4.5, $—, $—, $— and $4.5 (17.2) — (0.2) — (17.4) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $345.0, $0.3, $0.1, $(1.2) and $344.2 (1,298.2) (1.0) (0.2) 4.7 (1,294.7) Balance as of September 30, 2022 (792.4) (4.7) (52.3) 2.8 (846.6) Note 11 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Continued) (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2021 730.6 (2.1) (45.7) (2.3) 680.5 Other Comprehensive Income (Loss) Before Reclassifications (172.8) (1.5) — — (174.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $7.4, $—, $0.5, $(0.1) and $7.8 (27.8) — 0.7 0.3 (26.8) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $53.4, $0.4, $0.5, $(0.1) and $54.2 (200.6) (1.5) 0.7 0.3 (201.1) Balance as of September 30, 2021 530.0 (3.6) (45.0) (2.0) 479.4 The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the three months ended September 30, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of June 30, 2022 (467.3) (4.1) (52.2) 2.8 (520.8) Other Comprehensive Income (Loss) Before Reclassifications (309.0) (0.6) — — (309.6) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $4.3, $—, $—, $— and $4.3 (16.1) — (0.1) — (16.2) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $86.4, $0.2, $0.1, $— and $86.7 (325.1) (0.6) (0.1) — (325.8) Balance as of September 30, 2022 (792.4) (4.7) (52.3) 2.8 (846.6) Note 11 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Continued) (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of June 30, 2021 594.0 (4.0) (44.9) (2.1) 543.0 Other Comprehensive Income (Loss) Before Reclassifications (56.5) 0.4 — — (56.1) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $2.0, $—,$0.1, $(0.1) and $2.0 (7.5) — (0.1) 0.1 (7.5) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $16.8, $(0.1), $0.1, $(0.1) and $16.7 (64.0) 0.4 (0.1) 0.1 (63.6) Balance as of September 30, 2021 530.0 (3.6) (45.0) (2.0) 479.4 Amounts reclassified from Accumulated Other Comprehensive Income (Loss) shown above are reported in Net Income (Loss) as follows: Components of AOCI Consolidated Statements of Income Line Item Affected by Reclassifications Net Unrealized Gains (Losses) on Other Investments and Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Realized Investment Gains (Losses) and Impairment Losses Net Unrecognized Postretirement Benefit Costs Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses, Insurance Expenses, and Interest and Other Expenses Gain (Loss) on Cash Flow Hedges Interest and Other Expenses |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders’ Equity Common Stock Repurchases On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to an additional $200.0 million of Kemper’s common stock, in addition to $133.3 million remaining under the August 6, 2014 authorization, bringing the remaining share repurchase authorization to approximately $333.3 million. As of September 30, 2022, the remaining share repurchase authorization was $171.6 million under the repurchase program. During the nine months ended September 30, 2022 Kemper did not repurchase any shares of its common stock. During the nine months ended September 30, 2021, Kemper repurchased and retired approximately 2,085,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $161.7 million and an average cost per share of $77.58. During the three months ended September 30, 2022 Kemper did not repurchase any shares of its common stock. During the three months ended September 30, 2021, Kemper repurchased and retired approximately 40,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $3.0 million and an average cost per share of $74.79. These purchases were made in the open market in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. Employee Stock Purchase Plan During the nine months ended September 30, 2022 and 2021, the Company issued 79,000 and 54,000 shares under the Kemper Employee Stock Purchase Plan (“ESPP”), respectively, at an average discounted price of $40.54 and $61.74 per share. Compensation costs charged against income were $0.6 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. Note 12 - Shareholders’ Equity (Continued) During the three months ended September 30, 2022 and 2021, the Company issued 31,000 and 22,000 shares under the ESPP, respectively, at a discounted price of $35.07 and $56.77 per share. Compensation costs charged against income were $0.2 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively. |
Pension Benefits and Postretire
Pension Benefits and Postretirement Benefits Other Than Pensions | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Benefits and Postretirement Benefits Other Than Pensions | Pension Benefits and Postretirement Benefits Other Than Pensions The Company sponsors a qualified defined benefit pension plan (the “Pension Plan”) that covers approximately 3,100 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan is generally non-contributory, but participation requires or required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who are or were required to contribute to the Pension Plan are based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funds the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). The components of Pension (Benefit) Expense for the Pension Plan for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Interest Cost on Projected Benefit Obligation $ 6.5 $ 5.3 $ 2.2 $ 1.8 Expected Return on Plan Assets (5.6) (7.0) (1.9) (2.3) Amortization of Prior Service Cost 0.5 — 0.2 — Amortization of Net Actuarial Loss 1.3 2.2 0.4 0.7 Total Pension (Benefit) Expense $ 2.7 $ 0.5 $ 0.9 $ 0.2 The Company sponsors two other than pension postretirement benefit (“OPEB”) plans (together the “OPEB Plans”) that together provide medical, dental and/or life insurance benefits to approximately 330 retired and 490 active employees. The components of OPEB benefits for the OPEB Plans for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ 0.1 $ 0.2 $ — $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation 0.1 0.1 — — Amortization of Prior Service Credit (1.0) (1.0) (0.3) (0.3) Amortization of Net Gain (1.3) (1.3) (0.5) (0.6) Total OPEB (Benefit) Expense $ (2.1) $ (2.0) $ (0.8) $ (0.8) The non-service cost components of the Pension Plan and OPEB Plans are presented within the Interest and Other Expenses line item in the Condensed Consolidated Statements of Income. |
Policyholder Contract Liabiliti
Policyholder Contract Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Policyholder Contract Liabilities | Policyholder Obligations Policyholder Obligations at September 30, 2022 and December 31, 2021 were as follows: (Dollars in Millions) Sep 30, Dec 31, FHLB Funding Agreements $ 602.6 $ 401.9 Universal Life-type Policyholder Account Balances 101.4 102.1 Total $ 704.0 $ 504.0 Kemper’s subsidiary, United Insurance Company of America ("United Insurance") has entered into funding agreements with the Federal Home Loan Bank (“FHLB”) of Chicago in exchange for cash, which it uses for spread lending purposes. During the nine months ended September 30, 2022, United Insurance received advances of $319.1 million from the FHLB of Chicago and made repayments of $118.3 million under the spread lending program. When a funding agreement is issued, United Insurance is then required to post collateral in the form of eligible securities including mortgage-backed, government, and agency debt instruments for each of the advances that are entered. The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. Upon any event of default by United Insurance, the FHLB’s recovery on the collateral is limited to the amount of United Insurance’s liability under the funding agreements to the FHLB of Chicago. United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at September 30, 2022 and December 31, 2021 is presented below. (Dollars in Millions) Sep 30, Dec 31, Liability under Funding Agreements $ 602.6 $ 401.9 Fair Value of Collateral Pledged 686.8 556.6 FHLB of Chicago Common Stock Owned at Cost 16.0 11.8 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Amended and Extended Credit Agreement and Term Loan Facility On March 15, 2022, the Company entered into an amended and extended credit agreement. The amended and extended credit agreement increased the borrowing capacity of the existing unsecured credit agreement to $600.0 million and extended the maturity date to March 15, 2027. Furthermore, the amended and extended credit agreement provides for an accordion feature whereby the Company can increase the revolving credit borrowing capacity by $200.0 million to a total of $800.0 million. There were no outstanding borrowings under the credit agreement at either September 30, 2022 or December 31, 2021. The Company incurred $2.2 million debt issuance costs in relation to the amended agreement. As of September 30, 2022 there were $2.3 million of remaining unamortized costs under the credit agreement, which will be amortized under the remaining term of the credit agreement. Long-term Debt The Company designates debt obligations as either short-term or long-term based on maturity date at issuance, or in the case of the 2022 Senior Notes, based on the date of assumption. Note 15 - Debt (Continued) Total amortized cost of Long-term Debt outstanding at September 30, 2022 and December 31, 2021 was: (Dollars in Millions) Sep 30, Dec 31, 5.000% Senior Notes due September 19, 2022 $ — $ 276.7 4.350% Senior Notes due February 15, 2025 449.3 449.0 2.400% Senior Notes due September 30, 2030 396.5 396.2 3.800% Senior Notes due February 23, 2032 395.3 — 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 145.3 — Total Long-term Debt Outstanding $ 1,386.4 $ 1,121.9 Redemption of 5.000% Senior Notes Due 2022 The liabilities of Infinity Property and Casualty Corporation (“Infinity”) at the date of Infinity’s acquisition included $275.0 million principal amount, 5.000% Senior Notes due September 19, 2022 (the “2022 Senior Notes”). The 2022 Senior Notes were recorded at fair value as of the acquisition date, $282.1 million, with the $7.1 million premium being amortized as a reduction to interest expense over the remaining term, resulting in an effective interest rate of 4.36%. On November 30, 2018, Kemper executed a guarantee to fully and unconditionally guarantee the payment and performance obligations of the 2022 Senior Notes. On February 23, 2022, Kemper issued a notice of redemption for the entire $275.0 million aggregate principal outstanding of the 2022 Senior Notes at a redemption price equal to 100% of their principal, plus accrued and unpaid interest on the redemption date. On March 25, 2022, Kemper completed the redemption, and the 2022 Senior Notes were repaid in full. The Company recognized a Loss from Early Extinguishment of Debt of $3.7 million in the first quarter of 2022 in the Condensed Consolidated Statement of Income. The Company used the proceeds received from Kemper’s 2032 Senior Notes offering to repay the 2022 Senior Notes. See “3.800% Senior Notes Due 2032” below for additional information regarding the debt issuance. 4.350% Senior Notes Due 2025 Kemper has $450.0 million aggregate principal of 4.350% senior notes due February 15, 2025 (the “2025 Senior Notes”). Kemper initially issued $250.0 million of the notes in February of 2015 and issued an additional $200.0 million of the notes in June of 2017. The additional notes are fungible with the initial notes issued in 2015, and together are treated as part of a single series for all purposes under the indenture governing the 2025 Senior Notes. The 2025 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time at Kemper’s option at specified redemption prices. 2.400% Senior Notes Due 2030 Kemper has $400.0 million aggregate principal of 2.400% senior notes due September 30, 2030 (the “2030 Senior Notes”). The net proceeds of issuance were $395.8 million, net of discount and transaction costs for an effective yield of 2.52%. The 2030 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices. 3.800% Senior Notes Due 2032 On February 15, 2022, Kemper offered and sold $400.0 million aggregate principal of 3.800% senior notes due February 23, 2032 (the “2032 Senior Notes”). The net proceeds of issuance were $395.1 million, net of discount and transaction costs for an effective yield of 3.950%. The 2032 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices. In anticipation of the issuance of the 2032 Senior Notes and for risk management purposes, the Company entered into a derivative transaction to hedge the risk of changes in the debt cash flows attributable to changes in the benchmark U.S. Treasury interest rate during the period leading up to the debt issuance (“Treasury Lock”). The effective portion of the gain on the derivative instrument upon discontinuance was $5.9 million before taxes, and is reported as a component of Accumulated Other Comprehensive Income (Loss). Beginning with the issuance of the 2032 Senior Notes described in the preceding Note 15 - Debt (Continued) paragraph, such gain is being amortized into earnings and reported in Interest and Other Expenses in the same periods that the hedged items affect earnings. Amortization, reported in Interest and Other Expenses, was $0.4 million for the nine months ended September 30, 2022. The Company expects to reclassify $0.5 million of net gain on derivative instruments from AOCI to earnings for the twelve months ended September 30, 2023 as interest expense on the debt is recognized. 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 On March 10, 2022, Kemper issued $150.0 million aggregate principal amount of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due March 15, 2062 (the “2062 Junior Debentures”). The net proceeds from issuance were $144.7 million, net of discount and transaction costs. The 2062 Junior Debentures will bear interest from and including the date of original issue to, but excluding, March 15, 2027 (the “First Reset Date”) at the fixed rate of 5.875% per annum. The interest rate on the First Reset Date, and subsequent Reset Dates, will be equal to the Five-Year Treasury Rate as of the most recent Reset Date plus 4.140% to be reset on each Reset Date. Interest is due quarterly in arrears beginning on June 15, 2022. The Company has the option to defer interest payments for one or more optional deferral periods of up to five consecutive years, provided that no optional deferral period shall extend beyond March 15, 2062, or any earlier accelerated maturity date arising from an event of default or any earlier redemption of the 2062 Junior Debentures. The 2062 Junior Debentures are unsecured and may be redeemed in whole or in part on the First Reset Date or any time thereafter, at a redemption price equal to the principal amount of the debentures being redeemed plus any accrued and unpaid interest. Short-term Debt Kemper’s subsidiaries, United Insurance, Trinity Universal Insurance Company (“Trinity”), American Access Casualty Company, and Alliance are members of the FHLBs of Chicago, Dallas, Chicago, and San Francisco, respectively. As a requirement of membership in the FHLBs, United Insurance, Trinity and Alliance maintain a certain level of investment in FHLB stock. The Company periodically uses short-term FHLB borrowings for a combination of cash management and risk management purposes, in addition to long-term FHLB borrowings for spread lending purposes. There were no short-term debt advances from the FHLBs of Chicago, Dallas or San Francisco outstanding at September 30, 2022 or December 31, 2021. For information on United Insurance’s funding agreement with the FHLB of Chicago in connection with the spread lending program, see Note 14, “Policyholder Obligations,” to the Condensed Consolidated Financial Statements. Interest Expense and Interest Paid Interest Expense, including facility fees, accretion of discount, amortization of premium and amortization of issuance costs, was $41.0 million and $14.3 million for the nine and three months ended September 30, 2022. Interest paid, including facility fees, was $49.4 million and $25.0 million for the nine and three months ended September 30, 2022. Interest Expense, including facility fees, accretion of discount and amortization of issuance costs, was $33.0 million and $10.7 million for the nine and three months ended September 30, 2021. Interest paid, including facility fees, was $43.7 million and $21.6 million for the nine and three months ended September 30, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LeasesThe Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one one Note 16 - Leases (Continued) The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Sep 30, Dec 31, Operating Lease Right-of-Use Assets $ 59.3 $ 64.4 Operating Lease Liabilities 77.8 84.8 Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.2 $ — $ 0.1 Operating Lease Cost 17.2 16.8 5.8 5.8 Variable Lease Cost 0.2 0.1 0.1 — Short-Term Lease Cost (1) 3.2 2.4 1.0 0.8 Total Lease Expense $ 20.6 $ 19.5 $ 6.9 6.7 Less: Sub-Lease Income 0.1 0.2 — 0.2 Total Lease Cost $ 20.5 $ 19.3 $ 6.9 $ 6.5 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2022 and 2021 is as follows: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Operating Cash Flows from Operating Lease (Fixed Payments) $ 19.1 $ 17.5 Operating Cash Flows from Operating Lease (Liability Reduction) 17.1 15.6 Financing Cash Flows from Finance Leases — 0.2 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 10.1 19.4 Significant judgments and assumptions for determining lease asset and liability at September 30, 2022 and 2021 are presented below. Nine Months Ended Sep 30, Sep 30, Weighted-average Remaining Lease Term - Finance Leases 0.3 years 1.3 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 6.5 years Weighted-average Discount Rate - Finance Leases 0.6 % 0.6 % Weighted-average Discount Rate - Operating Leases 3.4 % 3.3 % Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Note 16 - Leases (Continued) Future minimum lease payments under operating leases at September 30, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 6.4 2023 23.9 2024 17.8 2025 12.2 2026 5.8 2027 and Thereafter 21.1 Total Future Payments $ 87.2 Less Imputed Interest 9.4 Present Value of Minimum Lease Payments $ 77.8 |
Leases | LeasesThe Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one one Note 16 - Leases (Continued) The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Sep 30, Dec 31, Operating Lease Right-of-Use Assets $ 59.3 $ 64.4 Operating Lease Liabilities 77.8 84.8 Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.2 $ — $ 0.1 Operating Lease Cost 17.2 16.8 5.8 5.8 Variable Lease Cost 0.2 0.1 0.1 — Short-Term Lease Cost (1) 3.2 2.4 1.0 0.8 Total Lease Expense $ 20.6 $ 19.5 $ 6.9 6.7 Less: Sub-Lease Income 0.1 0.2 — 0.2 Total Lease Cost $ 20.5 $ 19.3 $ 6.9 $ 6.5 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2022 and 2021 is as follows: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Operating Cash Flows from Operating Lease (Fixed Payments) $ 19.1 $ 17.5 Operating Cash Flows from Operating Lease (Liability Reduction) 17.1 15.6 Financing Cash Flows from Finance Leases — 0.2 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 10.1 19.4 Significant judgments and assumptions for determining lease asset and liability at September 30, 2022 and 2021 are presented below. Nine Months Ended Sep 30, Sep 30, Weighted-average Remaining Lease Term - Finance Leases 0.3 years 1.3 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 6.5 years Weighted-average Discount Rate - Finance Leases 0.6 % 0.6 % Weighted-average Discount Rate - Operating Leases 3.4 % 3.3 % Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Note 16 - Leases (Continued) Future minimum lease payments under operating leases at September 30, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 6.4 2023 23.9 2024 17.8 2025 12.2 2026 5.8 2027 and Thereafter 21.1 Total Future Payments $ 87.2 Less Imputed Interest 9.4 Present Value of Minimum Lease Payments $ 77.8 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The statute of limitations related to Kemper and its eligible subsidiaries’ consolidated Federal income tax returns is closed for all tax years up to and including 2011. As a result of the Company filing amended federal income tax returns, tax years 2012 and 2013 are under limited examination with respect to carryback adjustments associated with the amended returns. The statute of limitations related to tax years 2014, 2015, 2016 and 2017 has been extended to December 31, 2023. Tax years 2018, 2019 and 2020 are subject to a statute of three years from the extended due dates of October 15, 2019, 2020, and 2021, respectively. The expiration of the statute of limitations related to the various state income tax returns that Kemper and its subsidiaries file varies by state. There were no unrecognized tax benefits at September 30, 2022 or December 31, 2021. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesIn the ordinary course of its businesses, the Company is involved in legal proceedings- including lawsuits, arbitration, regulatory examinations, audits and inquiries. Based on currently available information, the Company does not believe that it is reasonably possible that any of its pending legal proceedings will have a material effect on the Company’s interim Condensed Consolidated Financial Statements and Notes to the interim Condensed Consolidated Financial Statements. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Adoption of New Accounting Guidance and Guidance Not Yet Adopted | Adoption of New Accounting Guidance The Company has adopted all recently issued accounting pronouncements with effective dates prior to January 1, 2022. There were no adoptions of such accounting pronouncements during the nine months ended September 30, 2022 that had a material impact on the Company’s interim Condensed Consolidated Financial Statements. Guidance Not Yet Adopted |
Net Income Per Unrestricted S_2
Net Income Per Unrestricted Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | A reconciliation of the numerator and denominator used in the calculation of Basic Net Income (Loss) Per Unrestricted Share and Diluted Net Income (Loss) Per Unrestricted Share for the nine and three months ended September 30, 2022 and 2021 is presented below. Nine Months Ended Three Months Ended (Dollars in Millions, except per share amounts) Sep 30, Sep 30, Sep 30, Sep 30, Net Income (Loss) $ (245.7) $ (14.7) $ (76.2) $ (75.3) Less: Net Income Attributed to Participating Awards — — — — Net Income (Loss) Attributed to Unrestricted Shares (245.7) (14.7) (76.2) (75.3) Dilutive Effect on Income of Equity-based Compensation Equivalent Shares — — — — Diluted Net Income (Loss) Attributed to Unrestricted Shares $ (245.7) $ (14.7) $ (76.2) $ (75.3) (Number of Shares in Thousands) Weighted-average Unrestricted Shares Outstanding 63,804.4 64,469.9 63,852.8 63,628.1 Equity-based Compensation Equivalent Shares — — — — Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 63,804.4 64,469.9 63,852.8 63,628.1 (Per Unrestricted Share in Whole Dollars) Basic Net Income (Loss) Per Unrestricted Share $ (3.85) $ (0.23) $ (1.19) $ (1.18) Diluted Net Income (Loss) Per Unrestricted Share $ (3.85) $ (0.23) $ (1.19) $ (1.18) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the nine and three months ended September 30, 2022 and 2021, 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 2,439.1 2,205.4 2,355.5 2,170.2 Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution 2,439.1 2,205.4 2,355.5 2,170.2 |
Acquisition of Business (Tables
Acquisition of Business (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Based on the Company’s final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were: (Dollars in Millions) Fixed Maturities at Fair Value $ 151.2 Equity Securities at Fair Value 82.4 Short-term Investments at Cost which Approximates Fair Value 100.1 Cash 54.3 Receivables from Policyholders 148.9 Other Receivables 2.0 Goodwill 198.0 Current Income Tax Assets 0.3 Other Assets 81.4 Property and Casualty Insurance Reserves (211.1) Unearned Premiums (177.8) Deferred Income Tax Liabilities (7.8) Accrued Expenses and Other Liabilities (51.0) Total Purchase Price $ 370.9 |
Schedule of Intangible Assets and Goodwill | Note 3 - Acquisition of Business (Continued) Identifiable definite and indefinite lived intangible assets acquired consisted of the following: (Dollars in Millions) Definite Life Intangibles Value of Business Acquired $ 42.9 Customer Relationships 4.8 Agent Relationships 7.2 Internal-Use Software 6.5 Trade Names 1.8 Indefinite Life Intangible Assets Insurance Licenses 2.5 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of AAC occurred on January 1, 2020. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the acquired intangible assets and the exclusion of certain acquisition related costs considered to be non-recurring in nature. Nine Months Ended Three Months Ended (Dollars in millions) Sep 30, Sep 30, Sep 30, Sep 30, Total Revenues $ 4,200.1 $ 4,406.3 $ 1,377.6 $ 1,455.4 Total Expenses 4,515.4 4,484.9 1,468.3 1,583.7 Income (Loss) from Continuing Operations before Income Taxes (315.3) (78.6) (90.7) (128.3) Net Income (Loss) $ (246.9) $ 0.1 $ (77.0) $ (74.1) |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the assets and liabilities held-for-sale: (Dollars in millions) Sep 30, Assets Held-for-Sale: Investments: Fixed Maturities at Fair Value (Amortized Cost: $121.1) $ 102.0 Short-term Investments at Cost which Approximates Fair Value 0.4 Loans to Policyholders 0.7 Total Investments 103.1 Cash 3.1 Receivables from Policyholders 3.3 Other Receivables 2.5 Deferred Policy Acquisition Costs 38.7 Goodwill 8.7 Current Income Tax Assets 7.3 Deferred Income Tax Assets 3.6 Other Assets 2.5 Total Assets Held-for-Sale $ 172.8 Liabilities Held-for-Sale: Health Insurance Reserves $ 49.5 Unearned Premiums 10.5 Accrued Expenses and Other Liabilities 24.8 Total Liabilities Held-for-Sale $ 84.8 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services | Earned Premiums by product line for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Specialty Property & Casualty Insurance: Personal Automobile $ 2,666.3 $ 2,615.6 $ 858.8 $ 920.6 Commercial Automobile 398.5 300.6 140.7 107.7 Preferred Property & Casualty Insurance: Personal Automobile 279.5 309.1 89.5 102.6 Homeowners 150.9 154.6 51.9 52.5 Other Personal Lines 24.4 25.4 7.9 8.6 Life & Health Insurance: Life 304.6 300.2 100.4 101.5 Accident and Health 136.8 142.3 45.9 47.0 Property 38.3 46.8 11.9 15.6 Total Earned Premiums $ 3,999.3 $ 3,894.6 $ 1,307.0 $ 1,356.1 |
Reconciliation of Revenue from Segments to Consolidated | Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Revenues: Specialty Property & Casualty Insurance: Earned Premiums $ 3,064.8 $ 2,916.2 $ 999.5 $ 1,028.3 Net Investment Income 102.8 114.7 33.9 37.0 Change in Value of Alternative Energy Partnership Investments (10.6) (22.3) 0.3 (11.3) Other Income 5.0 3.1 2.3 1.2 Total Specialty Property & Casualty Insurance 3,162.0 3,011.7 1,036.0 1,055.2 Preferred Property & Casualty Insurance: Earned Premiums 454.8 489.1 149.3 163.7 Net Investment Income 36.2 51.5 11.8 16.1 Change in Value of Alternative Energy Partnership Investments (5.0) (12.5) — (6.4) Total Preferred Property & Casualty Insurance 486.0 528.1 161.1 173.4 Life & Health Insurance: Earned Premiums 479.7 489.3 158.2 164.1 Net Investment Income 163.9 151.9 52.6 48.4 Change in Value of Alternative Energy Partnership Investments (5.6) (12.1) 0.1 (6.1) Other Income (0.8) 0.3 — 0.1 Total Life & Health Insurance 637.2 629.4 210.9 206.5 Total Segment Revenues 4,285.2 4,169.2 1,408.0 1,435.1 Income (Loss) from Change in Fair Value of Equity and Convertible Securities (79.9) 92.4 (11.2) (0.6) Net Realized Investment Gains (Losses) 0.4 43.1 (12.1) 10.1 Net Impairment Losses Recognized in Earnings (22.1) (7.8) (8.3) (0.6) Other 16.5 18.2 1.2 11.4 Total Revenues $ 4,200.1 $ 4,315.1 $ 1,377.6 $ 1,455.4 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the nine and three months ended September 30, 2022 and 2021 was: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Segment Operating Income (Loss): Specialty Property & Casualty Insurance $ (150.4) $ (128.7) $ (39.2) $ (91.8) Preferred Property & Casualty Insurance (34.4) (27.8) (3.3) (17.4) Life & Health Insurance 35.8 6.5 13.8 (5.9) Total Segment Operating Income (Loss) (149.0) (150.0) (28.7) (115.1) Corporate and Other Operating Income (Loss) From: Other (32.2) (40.8) (16.6) (15.5) Corporate and Other Operating Income (Loss) (32.2) (40.8) (16.6) (15.5) Adjusted Consolidated Operating Income (Loss) (181.2) (190.8) (45.3) (130.6) Income (Loss) from Change in Fair Value of Equity and Convertible Securities (79.9) 92.4 (11.2) (0.6) Net Realized Investment Gains (Losses) 0.4 43.1 (12.1) 10.1 Impairment Losses (22.1) (7.8) (8.3) (0.6) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (27.3) (34.8) (12.7) (8.1) Loss from Early Extinguishment of Debt (3.7) — — — Income (Loss) before Income Taxes $ (313.8) $ (97.9) $ (89.6) $ (129.8) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the nine and three months ended September 30, 2022 and 2021 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 (Loss): Specialty Property & Casualty Insurance $ (112.3) $ (70.9) $ (28.7) $ (59.3) Preferred Property & Casualty Insurance (25.0) (5.1) (2.1) (6.4) Life & Health Insurance 33.4 23.1 12.6 2.8 Total Segment Net Operating Income (Loss) (103.9) (52.9) (18.2) (62.9) Corporate and Other Net Operating Income (Loss) From: Other (26.4) (35.1) (12.3) (12.9) Total Corporate and Other Net Operating Income (Loss) (26.4) (35.1) (12.3) (12.9) Adjusted Consolidated Net Operating Income (Loss) (130.3) (88.0) (30.5) (75.8) Net Income (Loss) From: Income (Loss) from Change in Fair Value of Equity and Convertible Securities (63.1) 73.0 (8.8) (0.5) Net Realized Investment Gains (Losses) 0.3 34.0 (9.6) 7.9 Impairment Losses (17.5) (6.2) (6.6) (0.5) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (32.2) (27.5) (20.7) (6.4) Loss from Early Extinguishment of Debt (2.9) — — — Net Income (Loss) $ (245.7) $ (14.7) $ (76.2) $ (75.3) |
Property and Casualty Insuran_2
Property and Casualty Insurance Reserves (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Liability for Unpaid Claims Adjustment Expense by Expense Type | Property and casualty insurance reserve activity for the nine months ended September 30, 2022 and 2021 was: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Property and Casualty Insurance Reserves: Gross of Reinsurance at Beginning of Year $ 2,772.7 $ 1,982.5 Less Reinsurance Recoverables at Beginning of Year 41.9 50.1 Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year 2,730.8 1,932.4 Property and Casualty Insurance Reserves Acquired, Net of Reinsurance — 211.1 Incurred Losses and LAE Related to: Current Year 3,125.0 2,885.7 Prior Years (22.5) 107.9 Total Incurred Losses and LAE 3,102.5 2,993.6 Paid Losses and LAE Related to: Current Year 1,748.9 1,503.9 Prior Years 1,406.6 1,080.4 Total Paid Losses and LAE 3,155.5 2,584.3 Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period 2,677.8 2,552.8 Plus Reinsurance Recoverables at End of Period 42.5 43.4 Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period $ 2,720.3 $ 2,596.2 |
Premium Receivable, Allowance for Credit Loss | The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the nine months ended September 30, 2022. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses (1) Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,418.7 $ 13.6 Provision for Expected Credit Losses 36.7 Write-offs of Uncollectible Receivables from Policyholders (37.8) Balance at End of Period $ 1,349.1 $ 12.5 (1) Includes receivables classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. The following table presents receivables from policyholders, net of the allowance for expected credit losses including a rollforward of changes in the allowance for expected credit losses for the nine months ended September 30, 2021. (Dollars in Millions) Receivables from Policyholders, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance at Beginning of Year $ 1,194.5 $ 20.9 Provision for Expected Credit Losses 36.7 Write-offs of Uncollectible Receivables from Policyholders (44.9) Balance at End of Period $ 1,481.2 $ 12.7 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2022 by contractual maturity were: (Dollars in Millions) Amortized Cost Fair Value Due in One Year or Less $ 192.3 $ 188.5 Due after One Year to Five Years 937.6 893.3 Due after Five Years to Ten Years 1,339.7 1,156.2 Due after Ten Years 3,407.5 2,797.4 Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,819.3 1,643.7 Investments in Fixed Maturities (1) $ 7,696.4 $ 6,679.1 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2022 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 427.0 $ (79.0) $ 33.3 $ (8.2) $ 460.3 $ (87.2) States and Political Subdivisions 1,095.5 (221.7) 123.5 (44.7) 1,219.0 (266.4) Foreign Governments 1.9 (0.1) 1.8 (1.0) 3.7 (1.1) Corporate Securities: Bonds and Notes 2,903.1 (507.2) 250.5 (68.6) 3,153.6 (575.8) Redeemable Preferred Stocks 7.7 (1.0) — — 7.7 (1.0) Collateralized Loan Obligations 689.2 (38.4) 261.4 (15.9) 950.6 (54.3) Other Mortgage- and Asset-backed 228.3 (32.4) 61.2 (13.1) 289.5 (45.5) Total Fixed Maturities (1) $ 5,352.7 $ (879.8) $ 731.7 $ (151.5) $ 6,084.4 $ (1,031.3) (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 is presented below. Less Than 12 Months 12 Months or Longer Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 168.7 $ (1.8) $ 1.2 $ (0.1) $ 169.9 $ (1.9) States and Political Subdivisions 385.0 (6.9) 1.5 (0.1) 386.5 (7.0) Foreign Governments 2.2 (0.6) 2.6 (0.6) 4.8 (1.2) Corporate Securities: Bonds and Notes 596.8 (13.1) 49.3 (2.9) 646.1 (16.0) Redeemable Preferred Stocks 0.1 — — — 0.1 — Collateralized Loan Obligations 250.9 (2.6) 192.6 (2.2) 443.5 (4.8) Other Mortgage- and Asset-backed 100.1 (1.8) — — 100.1 (1.8) Total Fixed Maturities $ 1,503.8 $ (26.8) $ 247.2 $ (5.9) $ 1,751.0 $ (32.7) |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at September 30, 2022 and December 31, 2021 were: (Dollars in Millions) Sep 30, Dec 31, Equity Securities at Modified Cost $ 37.0 $ 32.3 Convertible Securities at Fair Value 42.6 46.4 Real Estate at Depreciated Cost 94.3 94.0 Mortgage Loans 98.7 96.8 Other 1.6 0.5 Total $ 274.2 $ 270.0 |
Investment Income | Net Investment Income for the nine and three months ended September 30, 2022 and 2021 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 $ 218.4 $ 207.1 $ 76.9 $ 68.4 Dividends on Equity Securities Excluding Alternative Investments 4.3 9.8 1.1 2.9 Alternative Investments: Equity Method Limited Liability Investments 28.0 50.9 (0.6) 12.0 Limited Liability Investments Included in Equity Securities 34.9 29.3 8.8 9.5 Total Alternative Investments 62.9 80.2 8.2 21.5 Short-term Investments 1.4 0.6 1.1 0.2 Loans to Policyholders 16.3 16.3 5.5 5.4 Real Estate 7.6 7.1 3.1 2.3 Company-Owned Life Insurance 28.0 18.3 9.9 7.2 Other 5.1 4.8 1.7 1.9 Total Investment Income 344.0 344.2 107.5 109.8 Investment Expenses: Real Estate 5.8 6.8 2.3 2.6 Other Investment Expenses 21.9 18.5 7.4 5.3 Total Investment Expenses 27.7 25.3 9.7 7.9 Net Investment Income $ 316.3 $ 318.9 $ 97.8 $ 101.9 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Fixed Maturities: Gains on Sales $ 28.0 $ 42.7 $ 14.2 $ 10.3 Losses on Sales (27.5) (1.7) (23.9) (0.4) Gains (Losses) on Hedging Activity — — (0.3) — |
Investments in Fixed Maturities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2022 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 612.7 $ 1.3 $ (87.2) $ — $ 526.8 States and Political Subdivisions 1,810.0 8.9 (266.4) (0.4) 1,552.1 Foreign Governments 4.8 — (1.1) — 3.7 Corporate Securities: Bonds and Notes 3,913.9 10.5 (575.8) (7.1) 3,341.5 Redeemable Preferred Stocks 9.0 — (1.0) — 8.0 Collateralized Loan Obligations 1,006.9 — (54.3) — 952.6 Other Mortgage- and Asset-backed 339.1 0.8 (45.5) — 294.4 Investments in Fixed Maturities (1) $ 7,696.4 $ 21.5 $ (1,031.3) $ (7.5) $ 6,679.1 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 were: Amortized Gross Unrealized Allowance for Expected Credit Losses Fair Value (Dollars in Millions) Gains Losses U.S. Government and Government Agencies and Authorities $ 610.1 $ 29.2 $ (1.9) $ — $ 637.4 States and Political Subdivisions 1,752.5 144.6 (7.0) — 1,890.1 Foreign Governments 6.7 — (1.2) — 5.5 Corporate Securities: Bonds and Notes 3,929.0 481.4 (16.0) (7.5) 4,386.9 Redeemable Preferred Stocks 7.0 0.4 — — 7.4 Collateralized Loan Obligations 756.0 0.9 (4.8) — 752.1 Other Mortgage- and Asset-backed 296.9 12.4 (1.8) — 307.5 Investments in Fixed Maturities $ 7,358.2 $ 668.9 $ (32.7) $ (7.5) $ 7,986.9 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the derivative instruments, primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives: Sep 30, 2022 Dec 31, 2021 (Dollars in Millions) Estimated Fair Value Estimated Fair Value Derivative Instrument Primary Underlying Risk Exposure Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Interest Swap Lock Interest Rate Risk 5.0 — 0.3 — — — |
Derivative Instruments, Gain (Loss) | Effects of Derivatives on the Interim Condensed Consolidated Statements of Income and Comprehensive Income (Loss) Cash Flow Hedges The below table reflects the amounts of Gains (Losses) deferred into AOCI and subsequently reclassified into Net Income through Net Realized Investment Gains (Losses) for derivatives qualifying as cash flow hedges for the nine and three months ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Amount of Gains (Losses) Deferred in AOCI $ (0.3) $ — $ (0.3) $ — Amount of Gains (Losses) Reclassified into Income — — — — Net Comprehensive Gain (Loss) from Cash Flow Hedges $ (0.3) $ — $ (0.3) $ — Note 8 - Derivatives (Continued) Fair Value Hedges The below table reflects the effects of changes in the designated hedged asset’s impacts on AOCI and Net Realized Investment Gains (Losses) as well as the derivative instruments designated as fair value hedges impact on Net Realized Investment Gains (Losses) for the nine and three months ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Increase (Decrease) in Derivative Instruments Designated as Fair Value Hedges $ 1.1 $ — $ 4.7 $ — Increase (Decrease) in Fair Value of Hedged Assets Reclassified from AOCI (1.1) — (5.0) — Net Gain (Loss) from Hedging Activity $ — $ — $ (0.3) $ — |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The below table reflects the effects of changes in the designated hedged asset’s impacts on AOCI and Net Realized Investment Gains (Losses) as well as the derivative instruments designated as fair value hedges impact on Net Realized Investment Gains (Losses) for the nine and three months ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Increase (Decrease) in Derivative Instruments Designated as Fair Value Hedges $ 1.1 $ — $ 4.7 $ — Increase (Decrease) in Fair Value of Hedged Assets Reclassified from AOCI (1.1) — (5.0) — Net Gain (Loss) from Hedging Activity $ — $ — $ (0.3) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The valuation of assets and liabilities measured at fair value in Company’s Condensed Consolidated Balance Sheets at September 30, 2022 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 112.0 $ 414.8 $ — $ — $ 526.8 States and Political Subdivisions — 1,552.1 — — 1,552.1 Foreign Governments — 3.7 — — 3.7 Corporate Securities: Bonds and Notes — 3,122.8 218.7 — 3,341.5 Redeemable Preferred Stock — 1.2 6.8 — 8.0 Collateralized Loan Obligations — 952.6 — — 952.6 Other Mortgage and Asset-backed — 289.2 5.2 — 294.4 Total Investments in Fixed Maturities (1) 112.0 6,336.4 230.7 — 6,679.1 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 29.8 — — 29.8 Other Industries — 9.7 2.0 — 11.7 Common Stocks: Finance, Insurance and Real Estate 0.9 — — — 0.9 Other Industries 0.2 0.4 0.5 — 1.1 Other Equity Interests: Exchange Traded Funds 70.7 — — — 70.7 Limited Liability Companies and Limited Partnerships — — — 208.5 208.5 Total Investments in Equity Securities at Fair Value 71.8 39.9 2.5 208.5 322.7 Convertible Securities at Fair Value — 42.6 — — 42.6 Total Assets $ 183.8 $ 6,418.9 $ 233.2 $ 208.5 $ 7,044.4 Liabilities: Accrued Expenses and Other Liabilities: Derivative Instruments Designated as Cash Flow Hedges $ — $ 0.3 $ — $ — $ 0.3 Total Liabilities $ — $ 0.3 $ — $ — $ 0.3 (1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. | The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2021 is summarized below. Fair Value Measurements (Dollars in Millions) Quoted Prices Significant Other Significant Measured at Net Asset Value Total Fair Value Assets: Fixed Maturities: U.S. Government and Government Agencies and Authorities $ 132.8 $ 504.6 $ — $ — $ 637.4 States and Political Subdivisions — 1,890.1 — — 1,890.1 Foreign Governments — 5.5 — — 5.5 Corporate Securities: Bonds and Notes — 4,150.1 236.8 — 4,386.9 Redeemable Preferred Stocks — 1.3 6.1 — 7.4 Collateralized Loan Obligations — 752.1 — — 752.1 Other Mortgage and Asset-backed — 300.5 7.0 — 307.5 Total Investments in Fixed Maturities 132.8 7,604.2 249.9 — 7,986.9 Equity Securities at Fair Value: Preferred Stocks: Finance, Insurance and Real Estate — 34.2 — — 34.2 Other Industries — 16.1 1.5 — 17.6 Common Stocks: Finance, Insurance and Real Estate 18.9 — — — 18.9 Other Industries 2.9 — — — 2.9 Other Equity Interests: Exchange Traded Funds 432.0 — — — 432.0 Limited Liability Companies and Limited Partnerships — — — 325.0 325.0 Total Investments in Equity Securities at Fair Value 453.8 50.3 1.5 325.0 830.6 Other Investments: Convertible Securities at Fair Value — 46.4 — — 46.4 Total Assets $ 586.6 $ 7,700.9 $ 251.4 $ 325.0 $ 8,863.9 | |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2021. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 87.9 2.3 % - 10.3 % 5.4 % Non-investment-grade: Senior Debt Market Yield 76.1 5.1 - 20.2 8.5 Junior Debt Market Yield 53.9 6.0 - 27.5 15.0 Other Various 32.0 Total Level 3 Fixed Maturity Investments $ 249.9 | The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at September 30, 2022. (Dollars in Millions) Unobservable Input Total Fair Value Range of Unobservable Inputs Weighted-average Yield Investment-grade Market Yield $ 63.4 4.6 % - 12.9 % 8.6 % Non-investment-grade: Senior Debt Market Yield 67.6 6.2 - 34.5 10.3 Junior Debt Market Yield 48.0 9.1 - 27.9 17.7 Other Various 51.7 Total Level 3 Fixed Maturity Investments $ 230.7 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Year $ 236.8 $ 6.1 $ 7.0 $ 1.5 $ 251.4 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (12.2) — — — (12.2) Included in Other Comprehensive Income (Loss) (12.2) (1.3) (1.8) 0.2 (15.1) Purchases 115.1 2.0 — 2.7 119.8 Settlements — — — — — Sales (126.0) — — (1.9) (127.9) Transfers into Level 3 22.9 — — — 22.9 Transfers out of Level 3 (5.7) — — — (5.7) Balance at End of Period $ 218.7 $ 6.8 $ 5.2 $ 2.5 $ 233.2 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2022 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Other Mortgage- Preferred Total Balance at Beginning of Period $ 177.1 $ 6.9 $ 5.6 $ 1.7 $ 191.3 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (Loss) (6.3) — — — (6.3) Included in Other Comprehensive Income (Loss) (2.8) (0.1) (0.4) — (3.3) Purchases 93.5 — — 2.7 96.2 Settlements — — — — — Sales (60.4) — — (1.9) (62.3) Transfers into Level 3 17.6 — — — 17.6 Transfers out of Level 3 — — — — — Balance at End of Period $ 218.7 $ 6.8 $ 5.2 $ 2.5 $ 233.2 The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs. Note 9 - 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, 2021 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Year $ 433.0 $ 6.2 $ — $ 10.0 $ — $ 449.2 Total Gains (Losses): Included in Condensed Consolidated Statement of Income (Loss) 0.9 — — — 0.3 1.2 Included in Other Comprehensive Income (Loss) 5.5 (0.1) 0.1 (0.5) — 5.0 Purchases 46.9 — 17.7 16.2 1.7 82.5 Settlements — — — (0.1) — (0.1) Sales (94.4) — (10.0) (0.2) — (104.6) Transfers into Level 3 2.5 — 10.0 — 1.7 14.2 Transfers out of Level 3 (180.8) — (17.8) (11.1) (2.6) (212.3) Balance at End of Period $ 213.6 $ 6.1 $ — $ 14.3 $ 1.1 $ 235.1 The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2021 is presented below. Fixed Maturities Equity Securities (Dollars in Millions) Corporate Redeemable Collateralized Loan Obligations Other Mortgage- Preferred Total Balance at Beginning of Period $ 409.2 $ 6.2 $ 27.8 $ 18.2 $ 3.4 $ 464.8 Total Gains (Losses): Included in Condensed Consolidated Statement of Income 0.9 — — — 0.3 1.2 Included in Other Comprehensive Income (Loss) 4.7 (0.1) — — — 4.6 Purchases 7.4 — — 7.2 — 14.6 Settlements — — — — — — Sales (28.4) — (10.0) — — (38.4) Transfers into Level 3 — — — — — — Transfers out of Level 3 (180.2) — (17.8) (11.1) (2.6) (211.7) Balance at End of Period $ 213.6 $ 6.1 $ — $ 14.3 $ 1.1 $ 235.1 | ||
Fair Value, by Balance Sheet Grouping | Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. September 30, 2022 December 31, 2021 (Dollars in Millions) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Loans to Policyholders (1) $ 283.9 $ 283.9 $ 286.2 $ 286.2 Short-term Investments (1) 357.6 357.6 284.1 284.1 Mortgage Loans 98.7 98.7 96.8 96.8 Company-Owned Life Insurance 578.6 578.6 $ 448.1 $ 448.1 Equity Securities at Modified Cost 37.0 37.0 32.3 32.3 Financial Liabilities: Long-term Debt $ 1,386.4 $ 1,204.1 $ 1,121.9 $ 1,152.1 Policyholder Obligations 602.6 602.6 401.9 401.9 (1) September 30, 2022 includes investments classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments for the nine and three months ended September 30, 2022 and 2021. Nine Months Ended Three Months Ended (Dollars in millions) Sep 30, 2022 Sep 30, 2021 Sep 30, 2022 Sep 30, 2021 Fundings $ — $ 80.0 $ — $ 31.5 Cash distribution from investment 1.5 0.2 0.6 0.2 Gain (loss) on investments in Alternative Energy Partnership (21.2) (46.9) 0.4 (23.8) Income tax credits recognized 3.9 64.8 — 28.7 Tax benefit (expense) recognized from Alternative Energy Partnership 4.1 3.0 (0.1) 1.9 The following table represents the carrying value of the associated assets and liabilities and the associated maximum loss exposure of the Alternative Energy Partnership Investments as of September 30, 2022 and December 31, 2021. (Dollars in millions) Sep 30, 2022 Dec 31, 2021 Cash $ 2.8 $ 21.5 Equipment, net of depreciation 265.8 310.5 Other assets 4.4 3.0 Total unconsolidated assets 272.9 335.0 Maximum loss exposure 16.9 39.6 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Schedule of Comprehensive Income | The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the three months ended September 30, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of June 30, 2022 (467.3) (4.1) (52.2) 2.8 (520.8) Other Comprehensive Income (Loss) Before Reclassifications (309.0) (0.6) — — (309.6) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $4.3, $—, $—, $— and $4.3 (16.1) — (0.1) — (16.2) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $86.4, $0.2, $0.1, $— and $86.7 (325.1) (0.6) (0.1) — (325.8) Balance as of September 30, 2022 (792.4) (4.7) (52.3) 2.8 (846.6) | Note 11 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Continued) (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of June 30, 2021 594.0 (4.0) (44.9) (2.1) 543.0 Other Comprehensive Income (Loss) Before Reclassifications (56.5) 0.4 — — (56.1) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $2.0, $—,$0.1, $(0.1) and $2.0 (7.5) — (0.1) 0.1 (7.5) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $16.8, $(0.1), $0.1, $(0.1) and $16.7 (64.0) 0.4 (0.1) 0.1 (63.6) Balance as of September 30, 2021 530.0 (3.6) (45.0) (2.0) 479.4 | The tables below display the changes in Accumulated Other Comprehensive Income (Loss) by component for the nine months ended September 30, 2022 and 2021. (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2022 505.8 (3.7) (52.1) (1.9) 448.1 Other Comprehensive Income (Loss) Before Reclassifications (1,281.0) (1.0) — 4.7 (1,277.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $4.5, $—, $—, $— and $4.5 (17.2) — (0.2) — (17.4) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $345.0, $0.3, $0.1, $(1.2) and $344.2 (1,298.2) (1.0) (0.2) 4.7 (1,294.7) Balance as of September 30, 2022 (792.4) (4.7) (52.3) 2.8 (846.6) | (Dollars in Millions) Net Unrealized Gains (Losses) on Other Investments Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrecognized Postretirement Benefit Costs Gain (Loss) on Cash Flow Hedges Total Balance as of January 1, 2021 730.6 (2.1) (45.7) (2.3) 680.5 Other Comprehensive Income (Loss) Before Reclassifications (172.8) (1.5) — — (174.3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $7.4, $—, $0.5, $(0.1) and $7.8 (27.8) — 0.7 0.3 (26.8) Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $53.4, $0.4, $0.5, $(0.1) and $54.2 (200.6) (1.5) 0.7 0.3 (201.1) Balance as of September 30, 2021 530.0 (3.6) (45.0) (2.0) 479.4 |
Pension Benefits and Postreti_2
Pension Benefits and Postretirement Benefits Other Than Pensions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of Pension (Benefit) Expense for the Pension Plan for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Interest Cost on Projected Benefit Obligation $ 6.5 $ 5.3 $ 2.2 $ 1.8 Expected Return on Plan Assets (5.6) (7.0) (1.9) (2.3) Amortization of Prior Service Cost 0.5 — 0.2 — Amortization of Net Actuarial Loss 1.3 2.2 0.4 0.7 Total Pension (Benefit) Expense $ 2.7 $ 0.5 $ 0.9 $ 0.2 |
Postretirement Benefits Other than Pensions | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of OPEB benefits for the OPEB Plans for the nine and three months ended September 30, 2022 and 2021 were: Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Service Cost $ 0.1 $ 0.2 $ — $ 0.1 Interest Cost on Accumulated Postretirement Benefit Obligation 0.1 0.1 — — Amortization of Prior Service Credit (1.0) (1.0) (0.3) (0.3) Amortization of Net Gain (1.3) (1.3) (0.5) (0.6) Total OPEB (Benefit) Expense $ (2.1) $ (2.0) $ (0.8) $ (0.8) |
Policyholder Contract Liabili_2
Policyholder Contract Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Schedule of Liability for Future Policy Benefits, by Product Segment | Policyholder Obligations at September 30, 2022 and December 31, 2021 were as follows: (Dollars in Millions) Sep 30, Dec 31, FHLB Funding Agreements $ 602.6 $ 401.9 Universal Life-type Policyholder Account Balances 101.4 102.1 Total $ 704.0 $ 504.0 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at September 30, 2022 and December 31, 2021 is presented below. (Dollars in Millions) Sep 30, Dec 31, Liability under Funding Agreements $ 602.6 $ 401.9 Fair Value of Collateral Pledged 686.8 556.6 FHLB of Chicago Common Stock Owned at Cost 16.0 11.8 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total amortized cost of Long-term Debt outstanding at September 30, 2022 and December 31, 2021 was: (Dollars in Millions) Sep 30, Dec 31, 5.000% Senior Notes due September 19, 2022 $ — $ 276.7 4.350% Senior Notes due February 15, 2025 449.3 449.0 2.400% Senior Notes due September 30, 2030 396.5 396.2 3.800% Senior Notes due February 23, 2032 395.3 — 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 145.3 — Total Long-term Debt Outstanding $ 1,386.4 $ 1,121.9 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following table presents operating lease right-of-use assets and lease liabilities. (Dollars in Millions) Sep 30, Dec 31, Operating Lease Right-of-Use Assets $ 59.3 $ 64.4 Operating Lease Liabilities 77.8 84.8 Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below. Nine Months Ended Three Months Ended (Dollars in Millions) Sep 30, Sep 30, Sep 30, Sep 30, Lease Cost: Amortization of Right-of-Use Assets - Finance Leases $ — $ 0.2 $ — $ 0.1 Operating Lease Cost 17.2 16.8 5.8 5.8 Variable Lease Cost 0.2 0.1 0.1 — Short-Term Lease Cost (1) 3.2 2.4 1.0 0.8 Total Lease Expense $ 20.6 $ 19.5 $ 6.9 6.7 Less: Sub-Lease Income 0.1 0.2 — 0.2 Total Lease Cost $ 20.5 $ 19.3 $ 6.9 $ 6.5 (1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2022 and 2021 is as follows: Nine Months Ended (Dollars in Millions) Sep 30, Sep 30, Operating Cash Flows from Operating Lease (Fixed Payments) $ 19.1 $ 17.5 Operating Cash Flows from Operating Lease (Liability Reduction) 17.1 15.6 Financing Cash Flows from Finance Leases — 0.2 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 10.1 19.4 Significant judgments and assumptions for determining lease asset and liability at September 30, 2022 and 2021 are presented below. Nine Months Ended Sep 30, Sep 30, Weighted-average Remaining Lease Term - Finance Leases 0.3 years 1.3 years Weighted-average Remaining Lease Term - Operating Leases 5.6 years 6.5 years Weighted-average Discount Rate - Finance Leases 0.6 % 0.6 % Weighted-average Discount Rate - Operating Leases 3.4 % 3.3 % |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases | Future minimum lease payments under operating leases at September 30, 2022 are presented below. There are no significant future minimum lease payments under finance leases. (Dollars in Millions) Remainder of 2022 $ 6.4 2023 23.9 2024 17.8 2025 12.2 2026 5.8 2027 and Thereafter 21.1 Total Future Payments $ 87.2 Less Imputed Interest 9.4 Present Value of Minimum Lease Payments $ 77.8 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | $ (2,437.6) | $ (2,850) | $ (4,007.7) | $ (4,151.2) | $ (4,306.2) | $ (4,563.4) | |
Retained earnings | $ 1,455.6 | $ 1,762.5 | |||||
Minimum | Forecast | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | $ 1,000 | ||||||
Retained earnings | 175 | ||||||
Maximum | Forecast | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | 1,100 | ||||||
Retained earnings | $ 275 |
Net Income Per Unrestricted S_3
Net Income Per Unrestricted Share - Reconciliation of Numerator and Denominator Used in Calculation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Net Income (Loss) | $ (76.2) | $ (75.3) | $ (245.7) | $ (14.7) |
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares | 0 | 0 | 0 | 0 |
Diluted Net Income (Loss) Attributed to Unrestricted Shares | $ (76.2) | $ (75.3) | $ (245.7) | $ (14.7) |
Weighted-Average Unrestricted Shares Outstanding (in shares) | 63,852,800 | 63,628,100 | 63,804,400 | 64,469,900 |
Equity-based Compensation Equivalent Shares (in shares) | 0 | 0 | 0 | 0 |
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in shares) | 63,852,800 | 63,628,100 | 63,804,400 | 64,469,900 |
Basic (in dollars per share) | $ (1.19) | $ (1.18) | $ (3.85) | $ (0.23) |
Diluted (in dollars per share) | $ (1.19) | $ (1.18) | $ (3.85) | $ (0.23) |
Common Stock | ||||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Net Income (Loss) | $ (76.2) | $ (75.3) | $ (245.7) | $ (14.7) |
Participating Awards | ||||
Schedule of Basic and Diluted Earnings Per Share [Line Items] | ||||
Net Income (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Income Per Unrestricted S_4
Net Income Per Unrestricted Share - Antidilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,355,500 | 2,170,200 | 2,439,100 | 2,205,400 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,355,500 | 2,170,200 | 2,439,100 | 2,205,400 |
Acquisition of Business - Narra
Acquisition of Business - Narrative (Details) - USD ($) | 9 Months Ended | |
Nov. 23, 2020 | Sep. 30, 2022 | |
Minimum | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Maximum | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | |
American Access Casualty Company | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 370,900,000 |
Acquisition of Business - Recog
Acquisition of Business - Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Millions | Apr. 01, 2021 USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 370.9 |
Property and Casualty Insurance Reserves [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (211.1) |
Unearned Premium [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (177.8) |
Deferred Income Tax Liabilities [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (7.8) |
Other Liabilities [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (51) |
Fixed Maturities at Fair Value | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 151.2 |
Equity Securities at Fair Value | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 82.4 |
Short-term Investments [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 100.1 |
Cash [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 54.3 |
Premiums Receivable [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 148.9 |
Receivables Other than Premium Receivable [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2 |
Goodwill [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 198 |
Current Income Tax Asset [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 0.3 |
Other Assets [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 81.4 |
Acquisition of Business - Intan
Acquisition of Business - Intangible Assets (Details) $ in Millions | Apr. 01, 2021 USD ($) |
American Access Casualty Company | |
Business Acquisition [Line Items] | |
Present Value of Future Insurance Profits, Net | $ 42.9 |
License | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 2.5 |
Customer Relationships | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4.8 |
Agent Relationships | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7.2 |
Software Development | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6.5 |
Trade Names | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.8 |
Acquisition of Business - Pro F
Acquisition of Business - Pro Forma Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||||
Total Revenues | $ 1,377.6 | $ 1,455.4 | $ 4,200.1 | $ 4,406.3 |
Total Expenses | 1,468.3 | 1,583.7 | 4,515.4 | 4,484.9 |
Net Income | (90.7) | (128.3) | (315.3) | (78.6) |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ (77) | $ (74.1) | $ (246.9) | $ 0.1 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 3.1 | $ 0 | $ 0 | $ 0 |
Disposal Group, Including Discontinued Operation, Liabilities | 84.8 | $ 0 | ||
Disposal Group, Including Discontinued Operation, Consideration | 90 | |||
Reserve National Insurance Company | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Impairment | (4.5) | |||
Disposal Group, Including Discontinued Operations, Debt Securities, Available-for-Sale, Amortized Cost | 121.1 | |||
Disposal Group, Including Discontinued Operation, Debt Securities, Available-for-Sale | 102 | |||
Disposal Group, Including Discontinued Operation, Other Short-Term Investments | 0.4 | |||
Disposal Group, Including Discontinued Operation, Loans, Gross, Insurance Policy | 0.7 | |||
Disposal Group, Including Discontinued Operation, Investments | 103.1 | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 3.1 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 3.3 | |||
Disposal Group, Including Discontinued Operation, Other Receivables | 2.5 | |||
Disposal Group, Including Discontinued Operation, Deferred Policy Acquisition Cost | 38.7 | |||
Disposal Group, Including Discontinued Operation, Goodwill | 8.7 | |||
Disposal Group, Including Discontinued Operation, Income Tax Receivable | 7.3 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Assets | 3.6 | |||
Disposal Group, Including Discontinued Operation, Other Assets | 2.5 | |||
Disposal Group, Including Discontinued Operation, Assets | 172.8 | |||
Liability for Claims and Claims Adjustment Expense, Disability, Accident and Health | 49.5 | |||
Disposal Group, Including Discontinued Operation, Unearned Premiums | 10.5 | |||
Accrued Liabilities and Other Liabilities | 24.8 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 84.8 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 2 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | $ 1.6 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Business Segments - Earned Prem
Business Segments - Earned Premiums by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Earned Premiums | $ 1,307 | $ 1,356.1 | $ 3,999.3 | $ 3,894.6 |
Operating Segments | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 999.5 | 1,028.3 | 3,064.8 | 2,916.2 |
Operating Segments | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 149.3 | 163.7 | 454.8 | 489.1 |
Operating Segments | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 158.2 | 164.1 | 479.7 | 489.3 |
Operating Segments | Personal Automobile | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 858.8 | 920.6 | 2,666.3 | 2,615.6 |
Operating Segments | Commercial Automobile | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 140.7 | 107.7 | 398.5 | 300.6 |
Operating Segments | Personal Automobile | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 89.5 | 102.6 | 279.5 | 309.1 |
Operating Segments | Homeowners | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 51.9 | 52.5 | 150.9 | 154.6 |
Operating Segments | Other Personal Lines | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 7.9 | 8.6 | 24.4 | 25.4 |
Operating Segments | Life | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 100.4 | 101.5 | 304.6 | 300.2 |
Operating Segments | Accident and Health | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 45.9 | 47 | 136.8 | 142.3 |
Operating Segments | Property | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | $ 11.9 | $ 15.6 | $ 38.3 | $ 46.8 |
Business Segments - Segment Rev
Business Segments - Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Earned Premiums | $ 1,307 | $ 1,356.1 | $ 3,999.3 | $ 3,894.6 |
Net Investment Income | 97.8 | 101.9 | 316.3 | 318.9 |
Change in Value of Alternative Energy Partnership Investments | 0.4 | (23.8) | (21.2) | (46.9) |
Other Income (Loss) | 4 | 12.3 | 7.3 | 20.8 |
Total Revenues | 1,377.6 | 1,455.4 | 4,200.1 | 4,315.1 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (11.2) | (0.6) | (79.9) | 92.4 |
Net Impairment Losses Recognized in Earnings | (8.3) | (0.6) | (22.1) | (7.8) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,408 | 1,435.1 | 4,285.2 | 4,169.2 |
Operating Segments | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 999.5 | 1,028.3 | 3,064.8 | 2,916.2 |
Net Investment Income | 33.9 | 37 | 102.8 | 114.7 |
Change in Value of Alternative Energy Partnership Investments | 0.3 | (11.3) | (10.6) | (22.3) |
Other Income (Loss) | 2.3 | 1.2 | 5 | 3.1 |
Total Revenues | 1,036 | 1,055.2 | 3,162 | 3,011.7 |
Operating Segments | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 149.3 | 163.7 | 454.8 | 489.1 |
Net Investment Income | 11.8 | 16.1 | 36.2 | 51.5 |
Change in Value of Alternative Energy Partnership Investments | 0 | (6.4) | (5) | (12.5) |
Total Revenues | 161.1 | 173.4 | 486 | 528.1 |
Operating Segments | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 158.2 | 164.1 | 479.7 | 489.3 |
Net Investment Income | 52.6 | 48.4 | 163.9 | 151.9 |
Change in Value of Alternative Energy Partnership Investments | 0.1 | (6.1) | (5.6) | (12.1) |
Other Income (Loss) | 0 | 0.1 | (0.8) | 0.3 |
Total Revenues | 210.9 | 206.5 | 637.2 | 629.4 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (11.2) | (0.6) | (79.9) | 92.4 |
Gain (Loss) on Sale of Investments | (12.1) | 10.1 | 0.4 | 43.1 |
Net Impairment Losses Recognized in Earnings | (8.3) | (0.6) | (22.1) | (7.8) |
Other | $ 1.2 | $ 11.4 | $ 16.5 | $ 18.2 |
Business Segments - Segment Ope
Business Segments - Segment Operating Profit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ (45.3) | $ (130.6) | $ (181.2) | $ (190.8) |
Corporate and Other Operating Income (Loss) From: | ||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (11.2) | (0.6) | (79.9) | 92.4 |
Debt and Equity Securities, Realized Gain (Loss) | 0.4 | 43.1 | ||
Impairment Losses | 8.3 | 0.6 | 22.1 | 7.8 |
Loss from Early Extinguishment of Debt | 0 | 0 | (3.7) | 0 |
Income (Loss) before Income Taxes | (89.6) | (129.8) | (313.8) | (97.9) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (28.7) | (115.1) | (149) | (150) |
Operating Segments | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (39.2) | (91.8) | (150.4) | (128.7) |
Operating Segments | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (3.3) | (17.4) | (34.4) | (27.8) |
Operating Segments | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 13.8 | (5.9) | 35.8 | 6.5 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (16.6) | (15.5) | (32.2) | (40.8) |
Corporate and Other Operating Income (Loss) From: | ||||
Other | (16.6) | (15.5) | (32.2) | (40.8) |
Segment Reconciling Items | ||||
Corporate and Other Operating Income (Loss) From: | ||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (11.2) | (0.6) | (79.9) | 92.4 |
Debt and Equity Securities, Realized Gain (Loss) | (12.1) | 10.1 | 0.4 | 43.1 |
Impairment Losses | 8.3 | 0.6 | 22.1 | 7.8 |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (12.7) | (8.1) | (27.3) | (34.8) |
Loss from Early Extinguishment of Debt | $ 0 | $ 0 | $ (2.9) | $ 0 |
Business Segments - Segment Net
Business Segments - Segment Net Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | $ (30.5) | $ (75.8) | $ (130.3) | $ (88) |
Loss from Early Extinguishment of Debt | 0 | 0 | (3.7) | 0 |
Net Income (Loss) | (76.2) | (75.3) | (245.7) | (14.7) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | (18.2) | (62.9) | (103.9) | (52.9) |
Operating Segments | Specialty Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | (28.7) | (59.3) | (112.3) | (70.9) |
Operating Segments | Preferred Property & Casualty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | (2.1) | (6.4) | (25) | (5.1) |
Operating Segments | Life & Health Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | 12.6 | 2.8 | 33.4 | 23.1 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Segment Net Operating Income (Loss) | (12.3) | (12.9) | (26.4) | (35.1) |
Other | (12.3) | (12.9) | (26.4) | (35.1) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | (8.8) | (0.5) | (63.1) | 73 |
Net Realized Investment Gains (Losses) | (9.6) | 7.9 | 0.3 | 34 |
Impairment Losses | (6.6) | (0.5) | (17.5) | (6.2) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (20.7) | (6.4) | (32.2) | (27.5) |
Loss from Early Extinguishment of Debt | $ 0 | $ 0 | $ (2.9) | $ 0 |
Property and Casualty Insuran_3
Property and Casualty Insurance Reserves - Reserve Activity (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | $ 2,772.7 | |
Incurred Losses and LAE Related to: | ||
Incurred Losses and LAE Related to Prior Years | (22.5) | $ 107.9 |
Paid Losses and LAE Related to: | ||
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | 2,720.3 | |
Property, Liability and Casualty Insurance Product Line | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross of Reinsurance at Beginning of Year | 2,772.7 | 1,982.5 |
Less Reinsurance Recoverables at Beginning of Year | 41.9 | 50.1 |
Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year | 2,730.8 | 1,932.4 |
Incurred Losses and LAE Related to: | ||
Incurred Losses and LAE Related to Current Year | 3,125 | 2,885.7 |
Incurred Losses and LAE Related to Prior Years | (22.5) | 107.9 |
Total Incurred Losses and LAE | 3,102.5 | 2,993.6 |
Paid Losses and LAE Related to: | ||
Paid Losses and LAE Related to Current Year | 1,748.9 | 1,503.9 |
Paid Losses and LAE Related to Prior Years | 1,406.6 | 1,080.4 |
Total Paid Losses and LAE | 3,155.5 | 2,584.3 |
Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period | 2,677.8 | 2,552.8 |
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments | 0 | 211.1 |
Plus Reinsurance Recoverables at End of Period | 42.5 | 43.4 |
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period | $ 2,720.3 | $ 2,596.2 |
Property and Casualty Insuran_4
Property and Casualty Insurance Reserves - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ 22.5 | $ (107.9) |
Personal Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | 31.6 | (97) |
Personal Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (1.9) | (4.9) |
Homeowners | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | 6.1 | 4.3 |
Other Personal Lines | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | (5.8) | (2) |
Commercial Automobile | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred Losses and LAE Related to Prior Years | $ (7.5) | $ (8.3) |
Property and Casualty Insuran_5
Property and Casualty Insurance Reserves - Allowance for Credit Losses from Policyholders (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 13.6 | |||
Premium Receivable, Allowance for Credit Loss, Ending Balance | $ 12.7 | 12.5 | ||
Receivables from Policyholders (Allowance for Credit Losses: 2022 - $12.5; 2021 - $13.6) | 1,481.2 | 1,345.8 | $ 1,418.7 | $ 1,194.5 |
Receivables from policyholders, net of allowance for expected credit losses | 1,349.1 | 1,418.7 | ||
Premium receivables, allowance for credit losses | 12.7 | 12.5 | $ 13.6 | $ 20.9 |
Provision for Expected Credit Losses | 36.7 | 36.7 | ||
Premium Receivable, Allowance for Credit Loss, Writeoff | $ 44.9 | $ 37.8 |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | $ 7,696.4 | |||
Gross unrealized gains | 21.5 | |||
Gross unrealized loss | (1,031.3) | |||
Fixed maturities, allowance for credit losses | (7.5) | $ (7.5) | $ 4.4 | $ 3.3 |
Fixed maturities at fair value | 6,679.1 | |||
Investments in Fixed Maturities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 7,358.2 | |||
Gross unrealized gains | 668.9 | |||
Gross unrealized loss | (32.7) | |||
Fixed maturities at fair value | 7,986.9 | |||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1,031.3 | 32.7 | ||
Investments in Fixed Maturities | Investment-grade | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 998.2 | 23.7 | ||
U.S. Government and Government Agencies and Authorities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 612.7 | 610.1 | ||
Gross unrealized gains | 1.3 | 29.2 | ||
Gross unrealized loss | (87.2) | (1.9) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 526.8 | 637.4 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 87.2 | 1.9 | ||
States and Political Subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 1,810 | 1,752.5 | ||
Gross unrealized gains | 8.9 | 144.6 | ||
Gross unrealized loss | (266.4) | (7) | ||
Fixed maturities, allowance for credit losses | (0.4) | 0 | ||
Fixed maturities at fair value | 1,552.1 | 1,890.1 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 266.4 | 7 | ||
Foreign Governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 4.8 | 6.7 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized loss | (1.1) | (1.2) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | 0 | 0.3 |
Fixed maturities at fair value | 3.7 | 5.5 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1.1 | 1.2 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 3,913.9 | 3,929 | ||
Gross unrealized gains | 10.5 | 481.4 | ||
Gross unrealized loss | (575.8) | (16) | ||
Fixed maturities, allowance for credit losses | (7.1) | (7.5) | 4.4 | $ 3 |
Fixed maturities at fair value | 3,341.5 | 4,386.9 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 575.8 | 16 | ||
Redeemable Preferred Stocks | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 9 | 7 | ||
Gross unrealized gains | 0 | 0.4 | ||
Gross unrealized loss | (1) | 0 | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 8 | 7.4 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1 | $ 0 | ||
Collateralized Loan Obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 1,006.9 | 756 | ||
Gross unrealized gains | 0 | 0.9 | ||
Gross unrealized loss | (54.3) | (4.8) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 952.6 | 752.1 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 54.3 | 4.8 | ||
Other Mortgage- and Asset-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturities, at amortized cost | 339.1 | 296.9 | ||
Gross unrealized gains | 0.8 | 12.4 | ||
Gross unrealized loss | (45.5) | (1.8) | ||
Fixed maturities, allowance for credit losses | 0 | 0 | ||
Fixed maturities at fair value | 294.4 | 307.5 | ||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 45.5 | $ 1.8 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | $ 1,643,700,000 | $ 1,643,700,000 | ||||
Fixed maturities, allowance for credit losses | (7,500,000) | $ 4,400,000 | (7,500,000) | $ 4,400,000 | $ (7,500,000) | $ 3,300,000 |
Equity securities | 322,700,000 | 322,700,000 | 830,600,000 | |||
Equity securities, FV-NI, unrealized gain (loss) | (24,400,000) | |||||
Equity securities without readily determinable fair value, impairment loss, cumulative amount | 9,600,000 | 9,600,000 | ||||
Other Receivables | 228,700,000 | 228,700,000 | 207,300,000 | |||
Equity Securities, FV-NI, Current | $ 322,700,000 | $ 322,700,000 | 830,600,000 | |||
Percentage of Equity Method Limited Liability Investments reported with a lag | 4.70% | 4.70% | ||||
Percentage of Equity Method Limited Liability Investments reported with a One Month Lag | 0.20% | 0.20% | ||||
Company-Owned Life Insurance | $ 578,600,000 | $ 578,600,000 | 448,100,000 | |||
Loans to Policyholders | 283,900,000 | 283,900,000 | ||||
Loans to Policyholders | 283,200,000 | 283,200,000 | 286,200,000 | |||
Government National Mortgage Association Certificates and Obligations (GNMA) | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 251,400,000 | 251,400,000 | ||||
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 77,000,000 | 77,000,000 | ||||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 68,300,000 | 68,300,000 | ||||
Other Non-Governmental Issuers | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 1,247,000,000 | 1,247,000,000 | ||||
Investments in Fixed Maturities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 1,031,300,000 | 1,031,300,000 | 32,700,000 | |||
12 Months or Longer | 151,500,000 | 151,500,000 | 5,900,000 | |||
Other Receivables | 5,700,000 | 5,700,000 | 600,000 | |||
Other liabilities | 7,600,000 | 7,600,000 | 12,700,000 | |||
Equity Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Other Receivables | 0 | 0 | ||||
Other liabilities | 2,700,000 | 2,700,000 | ||||
Equity Securities | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 322,700,000 | 322,700,000 | 830,600,000 | |||
Equity Securities, FV-NI, Current | 322,700,000 | 322,700,000 | 830,600,000 | |||
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 71,800,000 | 71,800,000 | 453,800,000 | |||
Equity Securities, FV-NI, Current | 71,800,000 | 71,800,000 | 453,800,000 | |||
Preferred Stocks | Other Industries | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 11,700,000 | 11,700,000 | 17,600,000 | |||
Equity Securities, FV-NI, Current | 11,700,000 | 11,700,000 | 17,600,000 | |||
Preferred Stocks | Other Industries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 0 | 0 | 0 | |||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | |||
Common Stock | Other Industries | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 1,100,000 | 1,100,000 | 2,900,000 | |||
Equity Securities, FV-NI, Current | 1,100,000 | 1,100,000 | 2,900,000 | |||
Common Stock | Other Industries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity securities | 200,000 | 200,000 | 2,900,000 | |||
Equity Securities, FV-NI, Current | 200,000 | 200,000 | 2,900,000 | |||
Corporate Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 575,800,000 | 575,800,000 | 16,000,000 | |||
12 Months or Longer | 68,600,000 | 68,600,000 | 2,900,000 | |||
Fixed maturities, allowance for credit losses | (7,100,000) | 4,400,000 | (7,100,000) | 4,400,000 | (7,500,000) | $ 3,000,000 |
Equity Method Investments | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Other Receivables | 27,800,000 | 27,800,000 | 1,200,000 | |||
Other liabilities | 1,000,000 | 1,000,000 | 0 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 16,900,000 | 16,900,000 | 39,600,000 | |||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | $ 31,500,000 | 0 | $ 80,000,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Equity Method Limited Liability Investments | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Outstanding commitments to fund equity method limited liability investments | 83,700,000 | 83,700,000 | ||||
Investment-grade | Investments in Fixed Maturities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 998,200,000 | 998,200,000 | 23,700,000 | |||
Non-investment-grade | Investments in Fixed Maturities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 33,100,000 | $ 33,100,000 | $ 9,000,000 | |||
Percentage of unrealized loss position to amortized cost basis of available for sale security average | 11% | 11% | 4% |
Investments - Amortized Costs a
Investments - Amortized Costs and Estimated Fair Value (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Amortized Cost | |
Due in One Year or Less | $ 192.3 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 937.6 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 1,339.7 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 3,407.5 |
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost | 1,819.3 |
Fixed maturities, at amortized cost | 7,696.4 |
Fair Value | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 188.5 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 893.3 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 1,156.2 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 2,797.4 |
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 1,643.7 |
Debt Securities, Available-for-Sale | $ 6,679.1 |
Investments - Continuous Unreal
Investments - Continuous Unrealized Loss (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
U.S. Government and Government Agencies and Authorities | |||
Fixed Maturities: | |||
Fair Value | $ 427 | $ 168.7 | |
Fair Value | 33.3 | 1.2 | |
Fair Value | 460.3 | 169.9 | |
Fixed Maturities: | |||
Unrealized Losses | (79) | (1.8) | |
Unrealized Losses | (8.2) | (0.1) | |
Unrealized Losses | (87.2) | (1.9) | |
States and Political Subdivisions | |||
Fixed Maturities: | |||
Fair Value | 1,095.5 | 385 | |
Fair Value | 123.5 | 1.5 | |
Fair Value | 1,219 | 386.5 | |
Fixed Maturities: | |||
Unrealized Losses | (221.7) | (6.9) | |
Unrealized Losses | (44.7) | (0.1) | |
Unrealized Losses | (266.4) | (7) | |
Foreign Governments | |||
Fixed Maturities: | |||
Fair Value | 1.9 | 2.2 | |
Fair Value | 1.8 | 2.6 | |
Fair Value | 3.7 | 4.8 | |
Fixed Maturities: | |||
Unrealized Losses | (0.1) | (0.6) | |
Unrealized Losses | (1) | (0.6) | |
Unrealized Losses | (1.1) | (1.2) | |
Corporate Debt Securities [Member] | |||
Fixed Maturities: | |||
Fair Value | 2,903.1 | 596.8 | |
Fair Value | 250.5 | 49.3 | |
Fair Value | 3,153.6 | 646.1 | |
Fixed Maturities: | |||
Unrealized Losses | (507.2) | (13.1) | |
Unrealized Losses | (68.6) | (2.9) | |
Unrealized Losses | (575.8) | (16) | |
Redeemable Preferred Stocks | |||
Fixed Maturities: | |||
Fair Value | 7.7 | $ 0.1 | |
Fair Value | 0 | 0 | |
Fair Value | 7.7 | 0.1 | |
Fixed Maturities: | |||
Unrealized Losses | (1) | 0 | |
Unrealized Losses | 0 | 0 | |
Unrealized Losses | (1) | $ 0 | |
Collateralized Loan Obligations | |||
Fixed Maturities: | |||
Fair Value | 689.2 | 250.9 | |
Fair Value | 261.4 | 192.6 | |
Fair Value | 950.6 | 443.5 | |
Fixed Maturities: | |||
Unrealized Losses | (38.4) | (2.6) | |
Unrealized Losses | (15.9) | (2.2) | |
Unrealized Losses | (54.3) | (4.8) | |
Other Mortgage- and Asset-backed | |||
Fixed Maturities: | |||
Fair Value | 228.3 | 100.1 | |
Fair Value | 61.2 | 0 | |
Fair Value | 289.5 | 100.1 | |
Fixed Maturities: | |||
Unrealized Losses | (32.4) | (1.8) | |
Unrealized Losses | (13.1) | 0 | |
Unrealized Losses | (45.5) | (1.8) | |
Investments in Fixed Maturities | |||
Fixed Maturities: | |||
Fair Value | 5,352.7 | 1,503.8 | |
Fair Value | 731.7 | 247.2 | |
Fair Value | 6,084.4 | 1,751 | |
Fixed Maturities: | |||
Unrealized Losses | (879.8) | (26.8) | |
Unrealized Losses | (151.5) | (5.9) | |
Unrealized Losses | (1,031.3) | (32.7) | |
Investments in Fixed Maturities | Non-investment-grade | |||
Fixed Maturities: | |||
Unrealized Losses | $ (33.1) | $ (9) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | $ (7.5) | $ 3.3 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 5.6 | (2.2) |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 5.1 | 0.9 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | (7.5) | 4.4 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | (10.7) | (0.2) |
Foreign Governments | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | 0 | 0.3 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 0.4 | 0 |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 0 | 0.3 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | 0 | 0 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | (7.5) | 3 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized | 5.2 | (2.2) |
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized | 5.1 | 0.6 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | (7.1) | 4.4 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | (10.7) | $ (0.2) |
States and Political Subdivisions | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning of the Year | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ (0.4) |
Investments - Schedule of Other
Investments - Schedule of Other Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Convertible Securities at Fair Value | $ 42.6 | $ 46.4 |
Real Estate at Depreciated Cost | 94.3 | 94 |
Mortgage Loans | 98.7 | 96.8 |
Investments and Other Noncurrent Assets | 1.6 | 0.5 |
Total | 274.2 | 270 |
Equity Securities at Modified Cost | $ 37 | $ 32.3 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Investment income | $ 107.5 | $ 109.8 | $ 344 | $ 344.2 |
Investment expenses | 9.7 | 7.9 | 27.7 | 25.3 |
Net Investment Income | 97.8 | 101.9 | 316.3 | 318.9 |
Fixed Maturities | ||||
Net Investment Income [Line Items] | ||||
Investment income | 76.9 | 68.4 | 218.4 | 207.1 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Investment income | 1.1 | 2.9 | 4.3 | 9.8 |
Total Alternative Investments | ||||
Net Investment Income [Line Items] | ||||
Investment income | 8.2 | 21.5 | 62.9 | 80.2 |
Equity Method Limited Liability Investments | ||||
Net Investment Income [Line Items] | ||||
Investment income | (0.6) | 12 | 28 | 50.9 |
Limited Liability Investments Included in Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Investment income | 8.8 | 9.5 | 34.9 | 29.3 |
Short-term Investments | ||||
Net Investment Income [Line Items] | ||||
Investment income | 1.1 | 0.2 | 1.4 | 0.6 |
Loans to Policyholders | ||||
Net Investment Income [Line Items] | ||||
Investment income | 5.5 | 5.4 | 16.3 | 16.3 |
Real Estate | ||||
Net Investment Income [Line Items] | ||||
Investment income | 3.1 | 2.3 | 7.6 | 7.1 |
Investment expenses | 2.3 | 2.6 | 5.8 | 6.8 |
Other Investment Expenses | ||||
Net Investment Income [Line Items] | ||||
Investment expenses | 7.4 | 5.3 | 21.9 | 18.5 |
Universal Life-type Policyholder Account Balances | ||||
Net Investment Income [Line Items] | ||||
Investment income | 1.7 | 1.9 | 5.1 | 4.8 |
Cash Surrender Value | ||||
Net Investment Income [Line Items] | ||||
Investment income | $ 9.9 | $ 7.2 | $ 28 | $ 18.3 |
Investments - Net Realized Gain
Investments - Net Realized Gains on Sales of Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Gain (Loss) on Hedging Activity | $ (0.3) | $ 0 | $ 0 | $ 0 |
Fixed Maturities | ||||
Net Investment Income [Line Items] | ||||
Gains on Sales | 14.2 | 10.3 | 28 | 42.7 |
Losses on Sales | (23.9) | (0.4) | (27.5) | (1.7) |
Derivative | ||||
Net Investment Income [Line Items] | ||||
Gain (Loss) on Hedging Activity | $ (0.3) | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 15, 2022 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ (5) | $ 0 | $ (1.1) | $ 0 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 4.7 | 0 | 1.1 | 0 | |
Gain (Loss) on Hedging Activity | (0.3) | 0 | 0 | 0 | |
Included in Condensed Consolidated Statement of Operations | (6.3) | 1.2 | (12.2) | 1.2 | |
Included in Other Comprehensive Income (Loss) | (3.3) | 4.6 | (15.1) | 5 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | (0.1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (62.3) | (38.4) | (127.9) | (104.6) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (211.7) | (5.7) | (212.3) | |
Derivative Assets (Liabilities), at Fair Value, Net | 0.3 | 0.3 | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (0.3) | 0 | (0.3) | 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (0.3) | 0 | (0.3) | 0 | |
Equity Securities | |||||
Included in Condensed Consolidated Statement of Operations | 0 | 0.3 | 0 | 0.3 | |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0.2 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1.9) | 0 | (1.9) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | (2.6) | ||
Redeemable Preferred Stocks | |||||
Included in Condensed Consolidated Statement of Operations | 0 | 0 | 0 | 0 | |
Included in Other Comprehensive Income (Loss) | (0.1) | (0.1) | (1.3) | (0.1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | 0 | $ 0 | ||
Senior Notes, 3.800 Percent Due February 23, 2033 | Senior Notes | |||||
Stated interest rate | 3.80% | ||||
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative, Notional Amount | $ 5 | $ 5 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | $ 6,577,100,000 | $ 6,577,100,000 | $ 7,986,900,000 | |||||
Equity securities | 322,700,000 | 322,700,000 | 830,600,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 96,200,000 | $ 14,600,000 | 119,800,000 | $ 82,500,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17,600,000 | 0 | 22,900,000 | 14,200,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 233,200,000 | 235,100,000 | 233,200,000 | 235,100,000 | $ 191,300,000 | 251,400,000 | $ 464,800,000 | $ 449,200,000 |
Included in Condensed Consolidated Statement of Operations | (6,300,000) | 1,200,000 | (12,200,000) | 1,200,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (211,700,000) | (5,700,000) | (212,300,000) | ||||
Included in Other Comprehensive Income (Loss) | (3,300,000) | 4,600,000 | (15,100,000) | 5,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | (100,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (62,300,000) | (38,400,000) | (127,900,000) | (104,600,000) | ||||
Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,700,000 | 0 | 2,700,000 | 1,700,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 1,700,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,500,000 | 1,100,000 | 2,500,000 | 1,100,000 | 1,700,000 | 1,500,000 | 3,400,000 | 0 |
Included in Condensed Consolidated Statement of Operations | 0 | 300,000 | 0 | 300,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | (2,600,000) | |||||
Included in Other Comprehensive Income (Loss) | 0 | 0 | 200,000 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,900,000) | 0 | (1,900,000) | 0 | ||||
Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 17,700,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 10,000,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 27,800,000 | 0 | ||||
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (17,800,000) | (17,800,000) | ||||||
Included in Other Comprehensive Income (Loss) | 0 | 100,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (10,000,000) | (10,000,000) | ||||||
Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 2,000,000 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,800,000 | 6,100,000 | 6,800,000 | 6,100,000 | $ 6,900,000 | 6,100,000 | $ 6,200,000 | $ 6,200,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||||
Included in Other Comprehensive Income (Loss) | (100,000) | (100,000) | (1,300,000) | (100,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | $ 0 | 0 | $ 0 | ||||
Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt at fair value | 42,600,000 | 42,600,000 | 46,400,000 | |||||
Total | 7,044,400,000 | 7,044,400,000 | 8,863,900,000 | |||||
Fair Value, Measurements, Recurring | Investments in Fixed Maturities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 6,679,100,000 | 6,679,100,000 | 7,986,900,000 | |||||
Fair Value, Measurements, Recurring | U.S. Government and Government Agencies and Authorities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 526,800,000 | 526,800,000 | 637,400,000 | |||||
Fair Value, Measurements, Recurring | States and Political Subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 1,552,100,000 | 1,552,100,000 | 1,890,100,000 | |||||
Fair Value, Measurements, Recurring | Foreign Governments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 3,700,000 | 3,700,000 | 5,500,000 | |||||
Fair Value, Measurements, Recurring | Bonds and Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 3,341,500,000 | 3,341,500,000 | 4,386,900,000 | |||||
Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 8,000,000 | 8,000,000 | 7,400,000 | |||||
Fair Value, Measurements, Recurring | Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 952,600,000 | 952,600,000 | 752,100,000 | |||||
Fair Value, Measurements, Recurring | Other Mortgage- and Asset-backed | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 294,400,000 | 294,400,000 | 307,500,000 | |||||
Fair Value, Measurements, Recurring | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 322,700,000 | 322,700,000 | 830,600,000 | |||||
Fair Value, Measurements, Recurring | Exchange Traded Funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 70,700,000 | 70,700,000 | 432,000,000 | |||||
Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 208,500,000 | 208,500,000 | 325,000,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt at fair value | 0 | 0 | 0 | |||||
Total | 183,800,000 | 183,800,000 | 586,600,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments in Fixed Maturities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 112,000,000 | 112,000,000 | 132,800,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government and Government Agencies and Authorities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 112,000,000 | 112,000,000 | 132,800,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and Political Subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Governments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Bonds and Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | |||||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Mortgage- and Asset-backed | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 71,800,000 | 71,800,000 | 453,800,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange Traded Funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 70,700,000 | 70,700,000 | 432,000,000 | |||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Limited Liability Companies and Limited Partnerships | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt at fair value | 42,600,000 | 42,600,000 | 46,400,000 | |||||
Total | 6,418,900,000 | 6,418,900,000 | 7,700,900,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Investments in Fixed Maturities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 6,336,400,000 | 6,336,400,000 | 7,604,200,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government and Government Agencies and Authorities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 414,800,000 | 414,800,000 | 504,600,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | States and Political Subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 1,552,100,000 | 1,552,100,000 | 1,890,100,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Governments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 3,700,000 | 3,700,000 | 5,500,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Bonds and Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 3,122,800,000 | 3,122,800,000 | 4,150,100,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 1,200,000 | 1,200,000 | ||||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 1,300,000 | |||||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 952,600,000 | 952,600,000 | 752,100,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Mortgage- and Asset-backed | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 289,200,000 | 289,200,000 | 300,500,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 39,900,000 | 39,900,000 | 50,300,000 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Exchange Traded Funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Limited Liability Companies and Limited Partnerships | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt at fair value | 0 | 0 | 0 | |||||
Total | 233,200,000 | 233,200,000 | 251,400,000 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Investments in Fixed Maturities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 230,700,000 | 230,700,000 | 249,900,000 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government and Government Agencies and Authorities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | States and Political Subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign Governments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Bonds and Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 218,700,000 | 218,700,000 | 236,800,000 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 6,800,000 | 6,800,000 | ||||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 6,100,000 | |||||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Mortgage- and Asset-backed | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 5,200,000 | 5,200,000 | 7,000,000 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 2,500,000 | 2,500,000 | 1,500,000 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Exchange Traded Funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Limited Liability Companies and Limited Partnerships | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 29,800,000 | 29,800,000 | 34,200,000 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 900,000 | 900,000 | 18,900,000 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 900,000 | 900,000 | 18,900,000 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 29,800,000 | 29,800,000 | 34,200,000 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Other Industries | Fair Value, Measurements, Recurring | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 11,700,000 | 11,700,000 | 17,600,000 | |||||
Other Industries | Fair Value, Measurements, Recurring | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 1,100,000 | 1,100,000 | 2,900,000 | |||||
Other Industries | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Other Industries | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 200,000 | 200,000 | 2,900,000 | |||||
Other Industries | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 9,700,000 | 9,700,000 | 16,100,000 | |||||
Other Industries | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 400,000 | 400,000 | 0 | |||||
Other Industries | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 2,000,000 | 2,000,000 | 1,500,000 | |||||
Other Industries | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 500,000 | 500,000 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Convertible debt at fair value | 0 | 0 | 0 | |||||
Total | 208,500,000 | 208,500,000 | 325,000,000 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Investments in Fixed Maturities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | U.S. Government and Government Agencies and Authorities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | States and Political Subdivisions | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Foreign Governments | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Bonds and Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | ||||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Redeemable Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | |||||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Collateralized Loan Obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Mortgage- and Asset-backed | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fixed maturities at fair value | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Equity Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 208,500,000 | 208,500,000 | 325,000,000 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Exchange Traded Funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Limited Liability Companies and Limited Partnerships | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 208,500,000 | 208,500,000 | 325,000,000 | |||||
Measured at Net Asset Value | Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Finance, Insurance and Real Estate | Fair Value, Measurements, Recurring | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Other Industries | Fair Value, Measurements, Recurring | Preferred Stocks | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | 0 | 0 | 0 | |||||
Measured at Net Asset Value | Other Industries | Fair Value, Measurements, Recurring | Common Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity securities | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers out of Level 3 | $ 0 | $ 211.7 | $ 5.7 | $ 212.3 | |
Debt Securities, Available-for-Sale | 6,577.1 | 6,577.1 | $ 7,986.9 | ||
Equity Securities, FV-NI, Current | 322.7 | 322.7 | 830.6 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 7,044.4 | 7,044.4 | 8,863.9 | ||
Convertible debt at fair value | 42.6 | 42.6 | 46.4 | ||
Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 208.5 | 208.5 | 325 | ||
Convertible debt at fair value | 0 | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 233.2 | 233.2 | 251.4 | ||
Convertible debt at fair value | 0 | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 183.8 | 183.8 | 586.6 | ||
Convertible debt at fair value | 0 | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 6,418.9 | 6,418.9 | 7,700.9 | ||
Convertible debt at fair value | 42.6 | 42.6 | 46.4 | ||
Limited Liability Companies and Limited Partnerships | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 208.5 | 208.5 | 325 | ||
Limited Liability Companies and Limited Partnerships | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 208.5 | 208.5 | 325 | ||
Limited Liability Companies and Limited Partnerships | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unfunded commitments | 92.5 | 92.5 | |||
Limited Liability Companies and Limited Partnerships | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Limited Liability Companies and Limited Partnerships | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Limited Liability Companies and Limited Partnerships | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
U.S. Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 526.8 | 526.8 | 637.4 | ||
U.S. Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
U.S. Government and Government Agencies and Authorities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
U.S. Government and Government Agencies and Authorities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 112 | 112 | 132.8 | ||
U.S. Government and Government Agencies and Authorities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 414.8 | 414.8 | 504.6 | ||
States and Political Subdivisions | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 1,552.1 | 1,552.1 | 1,890.1 | ||
States and Political Subdivisions | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
States and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
States and Political Subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 1,552.1 | 1,552.1 | 1,890.1 | ||
Foreign Governments | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 3.7 | 3.7 | 5.5 | ||
Foreign Governments | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Foreign Governments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Foreign Governments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Foreign Governments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 3.7 | 3.7 | 5.5 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 3,341.5 | 3,341.5 | 4,386.9 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 218.7 | 218.7 | 236.8 | ||
Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 3,122.8 | 3,122.8 | 4,150.1 | ||
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 8 | 8 | 7.4 | ||
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | |||
Redeemable Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 6.8 | 6.8 | |||
Redeemable Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | |||
Redeemable Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 1.2 | 1.2 | |||
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 952.6 | 952.6 | 752.1 | ||
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 952.6 | 952.6 | 752.1 | ||
Other Mortgage- and Asset-backed | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 294.4 | 294.4 | 307.5 | ||
Other Mortgage- and Asset-backed | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Other Mortgage- and Asset-backed | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 5.2 | 5.2 | 7 | ||
Other Mortgage- and Asset-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Other Mortgage- and Asset-backed | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 289.2 | 289.2 | 300.5 | ||
Investments in Fixed Maturities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 6,679.1 | 6,679.1 | 7,986.9 | ||
Investments in Fixed Maturities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 0 | 0 | 0 | ||
Investments in Fixed Maturities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 230.7 | 230.7 | 249.9 | ||
Investments in Fixed Maturities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 112 | 112 | 132.8 | ||
Investments in Fixed Maturities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale | 6,336.4 | 6,336.4 | 7,604.2 | ||
Preferred Stocks | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 29.8 | 29.8 | 34.2 | ||
Preferred Stocks | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Preferred Stocks | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 11.7 | 11.7 | 17.6 | ||
Preferred Stocks | Fair Value, Measurements, Recurring | Other Industries | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Preferred Stocks | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 2 | 2 | 1.5 | ||
Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 29.8 | 29.8 | 34.2 | ||
Preferred Stocks | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 9.7 | 9.7 | 16.1 | ||
Common Stock | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0.9 | 0.9 | 18.9 | ||
Common Stock | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Common Stock | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 1.1 | 1.1 | 2.9 | ||
Common Stock | Fair Value, Measurements, Recurring | Other Industries | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Common Stock | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Common Stock | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0.5 | 0.5 | 0 | ||
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0.9 | 0.9 | 18.9 | ||
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0.2 | 0.2 | 2.9 | ||
Common Stock | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Finance, Insurance and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Common Stock | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0.4 | 0.4 | 0 | ||
Exchange Traded Funds | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 70.7 | 70.7 | 432 | ||
Exchange Traded Funds | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Exchange Traded Funds | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Exchange Traded Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 70.7 | 70.7 | 432 | ||
Exchange Traded Funds | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 0 | 0 | 0 | ||
Equity Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 322.7 | 322.7 | 830.6 | ||
Equity Securities | Fair Value, Measurements, Recurring | Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 208.5 | 208.5 | 325 | ||
Equity Securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 2.5 | 2.5 | 1.5 | ||
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | 71.8 | 71.8 | 453.8 | ||
Equity Securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI, Current | $ 39.9 | $ 39.9 | $ 50.3 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information for Level 3 Inputs (Details) $ in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | $ 322.7 | $ 830.6 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 7,044.4 | 8,863.9 |
Total Liabilities | 0.3 | |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0.3 | |
Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 11.7 | 17.6 |
Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 1.1 | 2.9 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 233.2 | 251.4 |
Total Liabilities | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 2 | 1.5 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.5 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 183.8 | 586.6 |
Total Liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.2 | 2.9 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 6,418.9 | 7,700.9 |
Total Liabilities | 0.3 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0.3 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 9.7 | 16.1 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0.4 | 0 |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 208.5 | 325 |
Total Liabilities | 0 | |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | 0 | |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Industries | Preferred Stocks | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Measured at Net Asset Value | Fair Value, Measurements, Recurring | Other Industries | Common Stock | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity Securities, FV-NI, Current | $ 0 | $ 0 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.062 | 0.051 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.345 | 0.202 |
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.103 | 0.085 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.091 | 0.060 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.279 | 0.275 |
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt instrument, measurement input | 0.177 | 0.150 |
Private Placement | Investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 63.4 | $ 87.9 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Minimum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.046 | 0.023 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Maximum | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.129 | 0.103 |
Private Placement | Measurement Input, Discount Rate | Investment-grade | Market Yield | Weighted-average Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative investment, measurement input | 0.086 | 0.054 |
Senior Debt | Non-investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 67.6 | $ 76.1 |
Junior Debt | Non-investment-grade | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 48 | 53.9 |
Other | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | 51.7 | 32 |
Investments in Fixed Maturities | Market Yield | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Fair Value | $ 230.7 | $ 249.9 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Inputs Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 233,200,000 | $ 235,100,000 | $ 233,200,000 | $ 235,100,000 | $ 191,300,000 | $ 251,400,000 | $ 464,800,000 | $ 449,200,000 |
Included in Condensed Consolidated Statement of Operations | (6,300,000) | 1,200,000 | (12,200,000) | 1,200,000 | ||||
Included in Other Comprehensive Income (Loss) | (3,300,000) | 4,600,000 | (15,100,000) | 5,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 96,200,000 | 14,600,000 | 119,800,000 | 82,500,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | (100,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (62,300,000) | (38,400,000) | (127,900,000) | (104,600,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17,600,000 | 0 | 22,900,000 | 14,200,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (211,700,000) | (5,700,000) | (212,300,000) | ||||
Corporate Debt Securities [Member] | ||||||||
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 218,700,000 | 213,600,000 | 218,700,000 | 213,600,000 | 177,100,000 | 236,800,000 | 409,200,000 | 433,000,000 |
Included in Condensed Consolidated Statement of Operations | (6,300,000) | 900,000 | (12,200,000) | 900,000 | ||||
Included in Other Comprehensive Income (Loss) | (2,800,000) | 4,700,000 | (12,200,000) | 5,500,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 93,500,000 | 7,400,000 | 115,100,000 | 46,900,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (60,400,000) | (28,400,000) | (126,000,000) | (94,400,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17,600,000 | 0 | 22,900,000 | 2,500,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (180,200,000) | (5,700,000) | (180,800,000) | ||||
Redeemable Preferred Stocks | ||||||||
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,800,000 | 6,100,000 | 6,800,000 | 6,100,000 | 6,900,000 | 6,100,000 | 6,200,000 | 6,200,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | 0 | 0 | ||||
Included in Other Comprehensive Income (Loss) | (100,000) | (100,000) | (1,300,000) | (100,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 2,000,000 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||||
Collateralized Loan Obligations | ||||||||
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 27,800,000 | 0 | ||||
Included in Condensed Consolidated Statement of Operations | 0 | 0 | ||||||
Included in Other Comprehensive Income (Loss) | 0 | 100,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 17,700,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (10,000,000) | (10,000,000) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 10,000,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (17,800,000) | (17,800,000) | ||||||
Other Mortgage- and Asset-backed | ||||||||
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,200,000 | 14,300,000 | 5,200,000 | 14,300,000 | 5,600,000 | 7,000,000 | 18,200,000 | 10,000,000 |
Included in Condensed Consolidated Statement of Operations | 0 | 0 | 0 | 0 | ||||
Included in Other Comprehensive Income (Loss) | (400,000) | 0 | (1,800,000) | (500,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 7,200,000 | 0 | 16,200,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | (100,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | 0 | (200,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (11,100,000) | 0 | (11,100,000) | ||||
Equity Securities | ||||||||
Total Gains (Losses): | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,500,000 | 1,100,000 | 2,500,000 | 1,100,000 | $ 1,700,000 | $ 1,500,000 | $ 3,400,000 | $ 0 |
Included in Condensed Consolidated Statement of Operations | 0 | 300,000 | 0 | 300,000 | ||||
Included in Other Comprehensive Income (Loss) | 0 | 0 | 200,000 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,700,000 | 0 | 2,700,000 | 1,700,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,900,000) | 0 | (1,900,000) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | $ 0 | 0 | 1,700,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | $ 0 | $ (2,600,000) |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Loans to Policyholders | $ 283.2 | $ 286.2 |
357200000 | 357.2 | 284.1 |
Mortgage Loans | 98.7 | 96.8 |
Long-term Debt | 1,386.4 | 1,121.9 |
Policyholder Obligations | 704 | 504 |
Loans to Policyholders | 283.9 | |
Fair Value | ||
Short-term Investments | 357.6 | 284.1 |
Long-term Debt | 1,204.1 | 1,152.1 |
Company-Owned Life Insurance | 578.6 | 448.1 |
Equity Securities at Modified Cost | 37 | 32.3 |
Equity Securities, FV-NI | 37 | 32.3 |
Federal Home Loan Bank of Chicago | ||
Fair Value | ||
Policyholder Obligations | 602.6 | 401.9 |
Loans to Policyholders | ||
Fair Value | ||
Loans | 283.9 | 286.2 |
Mortgage Loans | ||
Fair Value | ||
Loans | 98.7 | 96.8 |
United Insurance Company of America | FHLB Funding Agreements | Federal Home Loan Bank of Chicago | ||
Carrying Value | ||
Policyholder Obligations | $ 602.6 | $ 401.9 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||
Income Tax Expense (Benefit) | $ (13,400,000) | $ (54,500,000) | $ (68,100,000) | $ (83,200,000) | |
Other Assets | 544,800,000 | 544,800,000 | $ 592,200,000 | ||
Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable Interest Entity, Funding Investment Commitment, Funding | 0 | 31,500,000 | 0 | 80,000,000 | |
Proceeds from Equity Method Investment, Distribution | 600,000 | 200,000 | 1,500,000 | 200,000 | |
Income (Loss) from Equity Method Investments | 400,000 | (23,800,000) | (21,200,000) | (46,900,000) | |
Income Tax Credits and Adjustments | 0 | 28,700,000 | 3,900,000 | 64,800,000 | |
Income Tax Expense (Benefit) | (100,000) | $ 1,900,000 | 4,100,000 | $ 3,000,000 | |
Cash and Cash Equivalents, at Carrying Value | 2,800,000 | 2,800,000 | 21,500,000 | ||
Property, Plant and Equipment, Net | 265,800,000 | 265,800,000 | 310,500,000 | ||
Other Assets | 4,400,000 | 4,400,000 | 3,000,000 | ||
Assets | 272,900,000 | 272,900,000 | 335,000,000 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 16,900,000 | $ 16,900,000 | $ 39,600,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Attributable to Parent | $ 2,437.6 | $ 2,437.6 | $ 4,007.7 | |||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ (52.2) | (52.1) | $ (45.7) | |||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 2.8 | (1.9) | (2.3) | |||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent | (4.7) | $ (3.6) | (4.7) | $ (3.6) | (4.1) | (3.7) | $ (4) | (2.1) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (0.6) | 0.4 | (1) | (1.5) | ||||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 | |||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0.2 | (0.1) | 0.3 | 0.4 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.6) | 0.4 | (1) | (1.5) | ||||
Accumulated Other Comprehensive Income | ||||||||
Stockholders' Equity Attributable to Parent | (846.6) | 479.4 | (846.6) | 479.4 | (520.8) | 448.1 | 543 | 680.5 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (309.6) | (56.1) | (1,277.3) | (174.3) | ||||
Reclassification from AOCI, Current Period, Tax | 4.3 | 2 | 4.5 | 7.8 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (16.2) | (7.5) | (17.4) | (26.8) | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 86.7 | 16.7 | 344.2 | 54.2 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (325.8) | (63.6) | (1,294.7) | (201.1) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent | (52.3) | (45) | (52.3) | (45) | 44.9 | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 0 | ||||||
Reclassification from AOCI, Current Period, Tax | 0 | 0.1 | 0 | 0.5 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.1) | (0.2) | 0.7 | |||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0.1 | 0.1 | 0.1 | 0.5 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.1) | (0.1) | (0.2) | 0.7 | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent | 2.8 | (2) | 2.8 | (2) | (2.1) | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 0 | 4.7 | 0 | ||||
Reclassification from AOCI, Current Period, Tax | 0 | (0.1) | 0 | (0.1) | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0.1 | 0.3 | |||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | (1.2) | (0.1) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0.1 | 4.7 | 0.3 | ||||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | ||||||||
Stockholders' Equity Attributable to Parent | (792.4) | 530 | (792.4) | 530 | $ (467.3) | $ 505.8 | $ 594 | $ 730.6 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (309) | (56.5) | (1,281) | (172.8) | ||||
Reclassification from AOCI, Current Period, Tax | 4.3 | 2 | 4.5 | 7.4 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (16.1) | (7.5) | (17.2) | (27.8) | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 86.4 | 16.8 | 345 | 53.4 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (325.1) | $ (64) | $ (1,298.2) | $ (200.6) | ||||
Common Stock | ||||||||
Stock Repurchased and Retired During Period, Shares | 40 | 2,085 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 06, 2020 | Aug. 06, 2014 | |
Class of Stock [Line Items] | ||||||||
Remaining authorized repurchase amount | $ 171,600,000 | $ 333,300,000 | $ 133,300,000 | |||||
Repurchases of common stock | $ 3,000,000 | $ 161,700,000 | ||||||
Weighted-average Remaining Lease Term - Finance Leases | 3 months 18 days | 1 year 3 months 18 days | 3 months 18 days | 1 year 3 months 18 days | ||||
Weighted-average Remaining Lease Term - Operating Leases | 5 years 7 months 6 days | 6 years 6 months | 5 years 7 months 6 days | 6 years 6 months | ||||
Weighted-average Discount Rate - Finance Leases | 0.60% | 0.60% | 0.60% | 0.60% | ||||
Weighted-average Discount Rate - Operating Leases | 3.40% | 3.30% | 3.40% | 3.30% | ||||
Value of additional shares authorized to be repurchased | $ 200,000,000 | |||||||
Employee Stock Purchase Plan | Employee Stock Option | ||||||||
Class of Stock [Line Items] | ||||||||
Price per share (in dollars per share) | $ 35.07 | $ 56.77 | $ 35.07 | $ 56.77 | ||||
Compensation costs | $ 200,000 | $ 200,000 | $ 600,000 | $ 600,000 | ||||
Employee Stock Purchase Plan | Share-based Payment Arrangement | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued under employee stock purchase plan (in shares) | 31,000 | 22,000 | 79,000 | 54,000 | ||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchases of common stock (in shares) | 100,000 | 2,100,000 | ||||||
Repurchases of common stock | $ 0 | $ 200,000 | ||||||
Average cost per share (in dollars per share) | $ 74.79 | $ 77.58 | ||||||
Stock Repurchased and Retired During Period, Value | $ 3,000,000 | $ 161,700,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 40,000 | 2,085,000 |
Pension Benefits and Postreti_3
Pension Benefits and Postretirement Benefits Other Than Pensions - Narrative (Details) - employees | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of participants and beneficiaries | 3,100 | |
Percentage of Compensation, Defined Benefit Plan Employee Contribution | 3% | |
Postretirement Benefits Other than Pensions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of retired employees covered | 330 | |
Number of active employees covered | 490 |
Pension Benefits and Postreti_4
Pension Benefits and Postretirement Benefits Other Than Pensions - Pension Income (Details) - Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest Cost on Projected Benefit Obligation | $ 2.2 | $ 1.8 | $ 6.5 | $ 5.3 |
Expected Return on Plan Assets | (1.9) | (2.3) | (5.6) | (7) |
Amortization of Prior Service Credit | 0.2 | 0 | 0.5 | 0 |
Amortization of Net Actuarial Loss | 0.4 | 0.7 | 1.3 | 2.2 |
Total Pension (Benefit) Expense | $ 0.9 | $ 0.2 | $ 2.7 | $ 0.5 |
Pension Benefits and Postreti_5
Pension Benefits and Postretirement Benefits Other Than Pensions - Components of OPEB Benefits (Details) - Postretirement Benefits Other than Pensions - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 0 | $ 0.1 | $ 0.1 | $ 0.2 |
Interest Cost on Accumulated Postretirement Benefit Obligation | 0 | 0 | 0.1 | 0.1 |
Amortization of Prior Service Credit | (0.3) | (0.3) | (1) | (1) |
Amortization of Net Gain | (0.5) | (0.6) | (1.3) | (1.3) |
Total Pension (Benefit) Expense | $ (0.8) | $ (0.8) | $ (2.1) | $ (2) |
Policyholder Contract Liabili_3
Policyholder Contract Liabilities - Policyholder Contract Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 704 | $ 504 |
FHLB Funding Agreements | United Insurance Company of America | Federal Home Loan Bank of Chicago | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | 602.6 | 401.9 |
Universal Life-type Policyholder Account Balances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 101.4 | $ 102.1 |
Policyholder Contract Liabili_4
Policyholder Contract Liabilities - Narrative (Details) - United Insurance Company of America - Federal Home Loan Bank of Chicago $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Home Loan Bank, amount of advances | $ 319.1 |
Payments of FHLBank borrowings | $ 118.3 |
Policyholder Contract Liabili_5
Policyholder Contract Liabilities - Supplemental Financial Information (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 704,000,000 | $ 504,000,000 |
Restricted Investments | 16,000,000 | 11,800,000 |
Federal Home Loan Bank of Chicago | United Insurance Company of America | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Fair Value of Collateral Pledged | 686,800,000 | 556,600,000 |
Federal Home Loan Bank of Chicago | United Insurance Company of America | FHLB Funding Agreements | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Policyholder Obligations | $ 602,600,000 | $ 401,900,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Jun. 04, 2019 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 10, 2022 | Feb. 15, 2022 | Dec. 31, 2021 | Sep. 22, 2020 | Jul. 02, 2018 | Jun. 08, 2018 | Feb. 28, 2015 | |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 1,386,400,000 | $ 1,386,400,000 | $ 1,121,900,000 | ||||||||||
Interest and other expenses | 14,300,000 | $ 10,700,000 | 41,000,000 | $ 33,000,000 | |||||||||
Interest paid, including capitalized interest, operating and investing activities | 25,000,000 | $ 21,600,000 | 49,400,000 | $ 43,700,000 | |||||||||
Derivative, Gain on Derivative | 5,900,000 | ||||||||||||
2.400% Senior Notes due September 30, 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 395,800,000 | ||||||||||||
Senior Notes, 3.800 Percent Due February 23, 2033 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 395,100,000 | ||||||||||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 144,700,000 | ||||||||||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 0 | 0 | 276,700,000 | ||||||||||
Stated interest rate | 5% | ||||||||||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | Infinity Property and Casualty Corporation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 275,000,000 | ||||||||||||
Business combination, liabilities assumed, long-term debt | 282,100,000 | ||||||||||||
Unamortized premium | $ 7,100,000 | ||||||||||||
Effective interest rate | 4.36% | ||||||||||||
Senior Notes | 4.350% Senior Notes due February 15, 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 449,300,000 | $ 449,300,000 | 449,000,000 | ||||||||||
Stated interest rate | 4.35% | 4.35% | |||||||||||
Long-term debt, gross | $ 450,000,000 | $ 450,000,000 | |||||||||||
Face amount of debt | $ 250,000,000 | ||||||||||||
Increase in senior notes | $ 200,000,000 | ||||||||||||
Senior Notes | 2.400% Senior Notes due September 30, 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 396,500,000 | 396,500,000 | 396,200,000 | ||||||||||
Stated interest rate | 2.40% | ||||||||||||
Long-term debt, gross | 400,000,000 | 400,000,000 | |||||||||||
Effective interest rate | 2.52% | ||||||||||||
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2033 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 395,300,000 | 395,300,000 | $ 0 | ||||||||||
Stated interest rate | 3.80% | ||||||||||||
Long-term debt, gross | 400,000,000 | 400,000,000 | |||||||||||
Effective interest rate | 3.95% | ||||||||||||
Senior Notes | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 150,000,000 | 150,000,000 | |||||||||||
Revolving Credit Facility | Notes Payable under Revolving Credit Agreement | Second Amended and Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | $ 600,000,000 | |||||||||||
Increase in revolving credit borrowing capacity | 200,000,000 | ||||||||||||
Debt issuance costs | 2,200,000 | ||||||||||||
Remaining unamortized costs | $ 2,300,000 | ||||||||||||
Line of credit facility, amount outstanding | $ 0 | $ 0 |
Debt - Long Term Debt (Details)
Debt - Long Term Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2022 | Mar. 10, 2022 | Feb. 15, 2022 | Dec. 31, 2021 | Sep. 22, 2020 | Jul. 02, 2018 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 1,386.4 | $ 1,121.9 | ||||
Derivative, Gain (Loss) on Derivative, Net | 0.5 | |||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.4 | |||||
2.400% Senior Notes due September 30, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 395.8 | |||||
Senior Notes, 3.800 Percent Due February 23, 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 395.1 | |||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 144.7 | |||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 0 | 276.7 | ||||
Stated interest rate | 5% | |||||
Senior Notes | 5.000% Senior Notes due September 19, 2022 | Infinity Property and Casualty Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Business combination, liabilities assumed, long-term debt | $ 282.1 | |||||
Senior Notes | 4.350% Senior Notes due February 15, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 449.3 | 449 | ||||
Stated interest rate | 4.35% | |||||
Senior Notes | 2.400% Senior Notes due September 30, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 396.5 | 396.2 | ||||
Stated interest rate | 2.40% | |||||
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 395.3 | 0 | ||||
Stated interest rate | 3.80% | |||||
Senior Notes | Senior Notes, 5.875 Percent Due March 15, 2062 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 145.3 | $ 0 | ||||
Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.875% |
Leases - Narrative (Details)
Leases - Narrative (Details) | Sep. 30, 2022 |
Minimum | Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Minimum | Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Maximum | Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 15 years |
Maximum | Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 5 years |
Leases - Right of Use Assets an
Leases - Right of Use Assets and Liabilities (Details) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease Right-of-Use Assets | $ 59.3 | $ 64.4 |
Operating Lease Liabilities | $ 77.8 | $ 84.8 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease Cost | ||||
Amortization of Right-of-Use Assets - Finance Leases | $ 0 | $ 0.1 | $ 0 | $ 0.2 |
Operating Lease Cost | 5.8 | 5.8 | 17.2 | 16.8 |
Variable Lease, Cost | 0.1 | 0 | 0.2 | 0.1 |
Short-Term Lease Cost | 1 | 0.8 | 3.2 | 2.4 |
Total Lease Expense | 6.9 | 6.7 | 20.6 | 19.5 |
Less: Sublease Income | 0 | 0.2 | 0.1 | |
Lease, Cost | $ 6.9 | $ 6.5 | $ 20.5 | $ 19.3 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating Cash Flows from Operating Lease (Fixed Payments) | $ 17.5 | $ 19.1 |
Operating Cash Flows from Operating Lease (Liability Reduction) | 15.6 | 17.1 |
Financing Cash Flows from Finance Leases | 0.2 | 0 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ 19.4 | $ 10.1 |
Leases - Lease Weighted Average
Leases - Lease Weighted Average (Details) | Sep. 30, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
Weighted-average Remaining Lease Term - Finance Leases | 3 months 18 days | 1 year 3 months 18 days |
Weighted-average Remaining Lease Term - Operating Leases | 5 years 7 months 6 days | 6 years 6 months |
Weighted-average Discount Rate - Finance Leases | 0.60% | 0.60% |
Weighted-average Discount Rate - Operating Leases | 3.40% | 3.30% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Finance and Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | $ 6.4 | |
2023 | 23.9 | |
2024 | 17.8 | |
2025 | 12.2 | |
2026 | 5.8 | |
2027 and Thereafter | 21.1 | |
Total Future Payments | 87.2 | |
Less Imputed Interest | 9.4 | |
Present Value of Minimum Lease Payments | $ 77.8 | $ 84.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | |
Income taxes paid, net | $ 38,000,000 | |
Proceeds from Income Tax Refunds | $ 400,000 |
Uncategorized Items - kmpr-2022
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | $ 148,200,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | $ 206,100,000 |