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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 13, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	EMPLOYERS HOLDINGS, INC.
Entity Central Index Key	0001379041
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 997,805,330
Entity Common Stock Shares Outstanding (in shares)		31,458,488
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	EIG
Security Exchange Name	NYSE
Entity File Number	001-33245
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	04-3850065
Entity Address, Address Line One	10375 Professional Circle
Entity Address, City or Town	Reno,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89521
City Area Code	888
Local Phone Number	682-6671
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement relating to the 2020 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this report.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities at fair value (amortized cost $2,403.3 at December 31, 2019 and $2,513.7 at December 31, 2018)	$ 2,485,900	$ 2,496,400
Equity securities at fair value (cost $155.6 at December 31, 2019 and $131.9 at December 31, 2018)	256,700	199,900
Equity securities at cost	6,700	6,400
Other invested assets	29,100	0
Short-term investments at fair value (amortized cost $25.0 at December 31, 2018)	0	25,000
Total investments	2,778,400	2,727,700
Cash and cash equivalents	154,900	101,400
Restricted cash and cash equivalents	300	600
Accrued investment income	16,400	18,000
Premiums receivable (less bad debt allowance of $4.6 at December 31, 2019 and $6.7 at December 31, 2018)	285,700	333,100
Reinsurance recoverable for:
Paid losses	7,200	6,700
Unpaid losses	532,500	504,400
Funds held by or deposited with reinsurers	2,900	23,200
Deferred policy acquisition costs	47,900	48,200
Deferred income taxes, net	0	26,900
Property and equipment, net	21,900	18,200
Operating lease right-of-use assets	15,900	0
Intangible assets, net	13,600	7,700
Goodwill	36,200	36,200
Contingent commission receivable–LPT Agreement	13,200	32,000
Cloud computing arrangements	33,600	26,000
Other assets	46,400	32,100
Total assets	4,004,100	3,919,200
Liabilities and stockholders' equity
Unpaid losses and loss adjustment expenses	2,192,800	2,207,900
Unearned premiums	337,100	336,300
Commissions and premium taxes payable	48,600	57,300
Accounts payable and accrued expenses	29,800	37,100
Deferred reinsurance gain—LPT Agreement	137,100	149,600
Notes payable	0	20,000
Non-cancellable obligations	23,000	18,800
Operating lease liability	17,800	0
Other liabilities	52,100	74,000
Total liabilities	2,838,300	2,901,000
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,184,370 and 56,975,675 shares issued and 31,355,378 and 32,765,792 shares outstanding at December 31, 2019 and 2018, respectively	600	600
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0	0
Additional paid-in capital	396,400	388,800
Retained earnings	1,158,800	1,030,700
Accumulated other comprehensive income (loss), net of tax	65,300	(13,700)
Treasury stock, at cost (25,828,992 shares at December 31, 2019 and 24,209,883 shares at December 31, 2018)	(455,300)	(388,200)
Total stockholders' equity	1,165,800	1,018,200
Total liabilities and stockholders' equity	$ 4,004,100	$ 3,919,200

Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Parentheticals [Abstract]
Fixed maturity securities, amortized cost	$ 2,403,300	$ 2,513,700
Equity securities, cost	155,600	131,900
Short-term investments at fair value (amortized cost $25.0 at December 31, 2018)	0	25,000
Premiums receivable, bad debt allowance	$ 4,600	$ 6,700
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	57,184,370	56,975,675
Common stock, shares outstanding (in shares)	31,355,378	32,765,792
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, at cost (in shares)	25,828,992	24,209,883

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Net premiums earned	$ 695.8	$ 731.1	$ 716.5
Net investment income	88.1	81.2	74.6
Net realized and unrealized gains (losses) on investments	51.1	(13.1)	7.4
Gain on redemption of notes payable	0.0	0.0	2.1
Other income	0.9	1.2	0.8
Total revenues	835.9	800.4	801.4
Expenses
Losses and loss adjustment expenses	365.9	376.7	417.2
Commission expense	88.1	94.2	91.4
Underwriting and general and administrative expenses	187.5	158.5	139.9
Interest and financing expenses	0.6	1.5	1.4
Other expenses	0.0	0.0	7.5
Total expenses	642.1	630.9	657.4
Net income before income taxes	193.8	169.5	144.0
Income tax expense	36.7	28.2	42.8
Net income	157.1	141.3	101.2
Comprehensive income
Unrealized AFS investment gains (losses) during the period (net of tax (expense) benefit of $(21.8), $12.9, and $(8.9) for the years ended December 31, 2019, 2018, and 2017, respectively)	82.1	(48.5)	19.9
Reclassification adjustment for realized AFS investment (gains) losses in net income (net of tax expense (benefit) of $0.8, $(0.4), and $2.6 for the years ended December 31, 2019, 2018, and 2017, respectively)	(3.1)	1.4	(4.8)
Other comprehensive income (loss), net of tax	79.0	(47.1)	15.1
Total comprehensive income	236.1	94.2	116.3
Net realized and unrealized gains (losses) on investments
Net realized and unrealized gains (losses) on investments before impairments	51.1	(9.8)	8.8
Other than temporary impairments recognized in earnings	0.0	(3.3)	(1.4)
Net realized and unrealized gains (losses) on investments	$ 51.1	$ (13.1)	$ 7.4
Earnings per common share (Note 17):
Basic	$ 4.89	$ 4.30	$ 3.11
Diluted	4.83	4.24	3.06
Cash dividends declared per common share and eligible RSUs and PSUs	$ 0.88	$ 0.80	$ 0.60

Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Parentheticals [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (21.8)	$ 12.9	$ (8.9)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (0.8)	$ 0.4	$ (2.6)

Consolidated Statements of Stockholders Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income, Net	Treasury Stock at Cost
Stockholders' equity, shares at Dec. 31, 2016		56,226,277
Stockholders' equity, value at Dec. 31, 2016	$ 840.6	$ 0.6	$ 372.0	$ 777.2	$ 74.5	$ (383.7)
Stock-based compensation (Note 13), shares		0
Stock-based compensation (Note 13), value	6.9	$ 0.0	6.9	0.0	0.0	0.0
Stock-options exercised, shares		307,076
Stock options exercised, value	6.0	$ 0.0	6.0	0.0	0.0	0.0
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), shares		161,821
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), value	(2.2)	$ 0.0	(2.2)	0.0	0.0	0.0
Grant Date Fair Value Adjustment	0.2	$ 0.0	(1.5)	(1.3)	0.0	0.0
Dividend to common stockholders, shares		0
Dividend to common stockholders, value	19.7	$ 0.0	0.0	19.7	0.0	0.0
Net income for the period	101.2	0.0	0.0	101.2	0.0	0.0
Net impact of tax enactment on net unrealized gains on investments	0.0	0.0	0.0	(17.8)	17.8	0.0
Change in net unrealized gains on investments, net of taxes	15.1	$ 0.0	0.0	0.0	15.1	0.0
Stockholders' equity, shares at Dec. 31, 2017		56,695,174
Stockholders' equity, value at Dec. 31, 2017	947.7	$ 0.6	381.2	842.2	107.4	(383.7)
Stock-based compensation (Note 13), shares		0
Stock-based compensation (Note 13), value	9.4	$ 0.0	9.4	0.0	0.0	0.0
Stock-options exercised, shares		57,091
Stock options exercised, value	1.1	$ 0.0	1.1	0.0	0.0	0.0
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), shares		223,410
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), value	(2.9)	$ 0.0	(2.9)	0.0	0.0	0.0
Acquisition of treasury stock (Note 12), shares		0
Acquisition of treasury stock (Note 12), value	(4.6)	$ 0.0	0.0	0.0	0.0	(4.6)
Dividend to common stockholders, shares		0
Dividend to common stockholders, value	26.7	$ 0.0	0.0	26.7	0.0	0.0
Net income for the period	141.3	0.0	0.0	141.3	0.0	0.0
Net impact of tax enactment on net unrealized gains on investments	0.0	0.0	0.0	74.0	(74.0)	0.0
Change in net unrealized gains on investments, net of taxes	$ (47.1)	$ 0.0	0.0	0.0	(47.1)	0.0
Stockholders' equity, shares at Dec. 31, 2018	56,975,675	56,975,675
Stockholders' equity, value at Dec. 31, 2018	$ 1,018.2	$ 0.6	388.8	1,030.7	(13.7)	(388.2)
Stock-based compensation (Note 13), shares		0
Stock-based compensation (Note 13), value	10.1	$ 0.0	10.1	0.0	0.0	0.0
Stock-options exercised, shares		31,630
Stock options exercised, value	0.7	$ 0.0	0.7	0.0	0.0	0.0
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), shares		177,065
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 13), value	(3.2)	$ 0.0	(3.2)	0.0	0.0	0.0
Acquisition of treasury stock (Note 12), shares		0
Acquisition of treasury stock (Note 12), value	(67.1)	$ 0.0	0.0	0.0	0.0	(67.1)
Dividend to common stockholders, shares		0
Dividend to common stockholders, value	28.9	$ 0.0	0.0	28.9	0.0	0.0
Net income for the period	157.1	0.0	0.0	157.1	0.0	0.0
Change in net unrealized gains on investments, net of taxes	$ 79.0	$ 0.0	0.0	0.0	79.0	0.0
Stockholders' equity, shares at Dec. 31, 2019	57,184,370	57,184,370
Stockholders' equity, value at Dec. 31, 2019	$ 1,165.8	$ 0.6	$ 396.4	$ 1,158.8	$ 65.3	$ (455.3)

Consolidated Statements of Stockholders Equity Parentheticals - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statement of Stockholders Equity Parentheticals [Abstract]
Other Comprehensive Income (Loss), Tax	$ (21.0)	$ 12.5	$ (6.3)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 157.1	$ 141.3	$ 101.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9.0	6.3	8.2
Stock-based compensation	10.1	9.4	6.8
Amortization of cloud computing arrangements	5.3	0.0	0.0
Amortization of premium on investments, net	8.7	8.4	14.3
Allowance for doubtful accounts	(2.1)	(3.3)	0.2
Deferred income tax expense	6.0	14.4	24.2
Net realized and unrealized (gains) losses on investments	(51.1)	13.1	(7.4)
Gain on redemption of notes payable	0.0	0.0	(2.1)
Write-off of previously capitalized costs	0.0	0.0	7.5
Change in operating assets and liabilities:
Premiums receivable	49.5	(3.1)	(22.2)
Reinsurance recoverable on paid and unpaid losses	20.4	33.1	44.5
Cloud Computing Arrangements CF	(12.9)	(26.0)	0.0
Increase (Decrease) Operating Lease Right-of-use Assets	(15.9)	0.0	0.0
Current federal income taxes	(7.4)	8.6	(2.7)
Unpaid losses and loss adjustment expenses	(63.4)	(58.2)	(34.9)
Unearned premiums	0.8	18.0	8.0
Accounts payable, accrued expenses and other liabilities	(7.5)	19.1	(7.0)
Deferred reinsurance gain–LPT Agreement	(12.5)	(14.0)	(11.3)
Contingent commission receivable–LPT Agreement	18.8	0.0	0.0
Increase (Decrease) Operating Lease Liabilities	17.8	0.0	0.0
Non Cancellable Obligations CF	4.2	16.1	2.7
Other	(11.8)	(3.0)	12.3
Net cash provided by operating activities	123.1	180.2	142.3
Investing activities
Purchases of fixed maturity securities	(359.0)	(636.7)	(592.3)
Purchases of equity securities	(240.8)	(79.3)	(36.8)
Purchases of short-term investments	0.0	(59.7)	(8.2)
Purchases of other invested assets	(28.4)	0.0	0.0
Proceeds from sale of fixed maturity securities	163.0	204.8	249.8
Proceeds from sale of equity securities	232.4	70.7	41.2
Proceeds from maturities and redemptions of fixed maturity securities	309.9	329.4	215.7
Proceeds from maturities of short-term investments	25.0	39.0	20.2
Net change in unsettled investment purchases and sales	(24.7)	22.4	5.8
Capital expenditures and other	(12.1)	(10.2)	(8.2)
Payments to Acquire Businesses, Net of Cash Acquired	(16.1)	0.0	0.0
Net cash provided by (used in) investing activities	49.2	(119.6)	(112.8)
Financing activities
Acquisition of common stock	(67.5)	(4.2)	0.0
Cash transactions related to stock-based compensation	(2.5)	(1.8)	3.8
Dividends paid to stockholders	(28.9)	(26.7)	(19.7)
Redemption of notes payable	(20.0)	0.0	(9.9)
Payments on capital leases	(0.2)	(0.2)	(0.2)
Net cash used in financing activities	(119.1)	(32.9)	(26.0)
Net increase in cash, cash equivalents, and restricted cash	53.2	27.7	3.5
Cash, cash equivalents, and restricted cash at the beginning of the period	102.0	74.3	70.8
Cash, cash equivalents, and restricted cash at the end of the period	155.2	102.0	74.3
Non-cash transactions
Financed property and equipment purchases	0.7	0.3	0.4
Cash, cash equivalents, and restricted cash
Total cash, cash equivalents, and restricted cash	$ 102.0	$ 102.0	$ 74.3

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2019
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation and Summary of Operations Nature of Operations and Organization Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers' compensation products and services. Unless otherwise indicated, all references to the "Company" refer to EHI, together with its subsidiaries. In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement commenced on June 30, 1999 and will remain in effect until: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated upon the mutual agreement of the parties; or (iii) the reinsurers' aggregate maximum limit of liability is exhausted, whichever occurs first. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities and operations of the Fund, including the Fund's rights and obligations associated with the LPT Agreement. See Notes 2 and 9. The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company's Consolidated Balance Sheets. The Company is entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is estimated based on both actual paid results to date and projections of expected paid losses under the LPT Agreement and is recorded as an asset on the Company's Consolidated Balance Sheets. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). All intercompany transactions and balances have been eliminated in consolidation. The Company operates through two reportable segments: Employers and Cerity. Each of the segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. This presentation allows the reader, as well as the Company's chief operating decision makers, to objectively analyze the business originated through each of the Company's underwriting platforms. Prior to December 31, 2019, the Company operated under a single reportable segment. All periods prior to December 31, 2019 have been conformed to the current presentation. Detailed financial information about the Company's operating segments is presented in Note 18. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments. Reclassifications Certain prior period information has been reclassified to conform to the current period presentation. Acquisition On July 31, 2019, the Company acquired (the Acquisition) PartnerRe Insurance Company of New York (PRNY) from Partner Reinsurance Company of the U.S. (PRUS). The purchase price was equal to the sum of: (i) $47.6 million, the amount of statutory capital and surplus of PRNY at closing; and (ii) $5.8 million. The Company funded the Acquisition with cash on hand. As a result of the purchase, the Company acquired $37.3 million of cash and cash equivalents, $10.3 million of fixed maturity securities, $5.8 million of intangible assets (comprised of state licenses), $6.8 million of other assets, $6.8 million of other liabilities, and $48.3 million of gross loss and LAE reserves, which were offset by $48.3 million of reinsurance recoverables, resulting in no net loss and LAE reserves. The Company did not acquire any employees or ongoing business operations pursuant to the Acquisition. Pursuant to the purchase agreement, all liabilities and obligations of PRNY existing as of the closing date, whether known or unknown, will be indemnified by PRUS. In addition, PartnerRe Ltd., the parent company of PRUS, has provided the Company with a guaranty that unconditionally, absolutely and irrevocably guarantees the full and prompt payment and performance by PRUS of all of its obligations, liabilities and indemnities under the purchase agreement and the transactions contemplated thereby. If PRUS and PartnerRe Ltd. were to fail to honor their obligations to the Company under the purchase agreement, all or a portion of the remaining gross loss and LAE reserves acquired by the Company pursuant to the Acquisition would become the Company's responsibility. Subsequent to completing the Acquisition, PRNY was renamed CIC.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Significant Accounting Policies

Summary of Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all liquid investments with maturities of less than three months, as measured from the date of purchase, to be cash equivalents.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents represent cash and cash equivalents held in trust in order to secure certain of the Company's obligations and, accordingly, are restricted as to withdrawal or usage. As of December 31, 2019 and 2018 the Company held $2.9 million and $23.2 million, respectively, in cash and investments in trust for reinsurance obligations, of which $0.3 million and $0.6 million, respectively, represented restricted cash and cash equivalents.

Short-Term Investments

The Company considers all liquid investments with maturities of between three and twelve months, as measured from the date of purchase, to be short-term investments.

Investment Securities

The Company's investments in fixed maturity securities and short-term investments are classified as available-for-sale (AFS) and are reported at fair value with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders' equity, net of deferred taxes, in Accumulated other comprehensive income on the Company's Consolidated Balance Sheets.

Beginning in 2018, with the adoption of ASU Number 2016-01, Financial Instruments - Overall (Subtopic 825-10), the Company's investments in equity securities at fair value are no longer classified as AFS and changes in fair value are included in Net realized and unrealized gains (losses) on investments on the Company's Consolidated Statements of Comprehensive Income. The Company's investment in FHLB stock is presented within Equity securities at cost on the Company's Consolidated Balance Sheets.

The Company's investments in other invested assets are reported at either net asset value or fair value and changes in the value of these investments are included in Net realized and unrealized gains (losses) on investments on the Company's Consolidated Statements of Comprehensive Income.

The adoption of ASU 2016-01 also removed the impairment assessment for equity securities at fair value beginning in 2018 and changes in fair value are included in Net realized and unrealized gains (losses) on investments on the Company's Consolidated Statements of Comprehensive Income. Prior to adoption of this standard, when, in the opinion of management, a decline in the fair value of an equity security below its cost was considered to be "other-than-temporary," the equity security's cost was written down to its fair value at the time the other-than-temporary decline was identified.

The determination of an other-than-temporary decline for fixed maturity securities and other invested assets includes, in addition to other relevant factors, a presumption that if the market value is below cost by a significant amount for a period of time, a bifurcation of the write-down may be necessary based on the portion of the loss that is deemed to be a "credit loss", which is considered a realized loss, and the portion that is deemed to be an "other than credit loss", which is considered to be an unrealized loss. If management has the intent to sell the security or more likely than not will be required to sell the security before its anticipated recovery, the investment is written down to its fair value and the entire impairment is recorded as a realized loss in the Company's Consolidated Statements of Comprehensive Income. If management does not have the intent to sell or will not be required to sell the security but does not expect to recover the amortized cost or cost basis of the security, the amount of the other-than-temporary impairment is bifurcated (see Note 5).

Investment income consists primarily of interest and dividends generated by investment securities. Interest is recorded as earned on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on mortgage-backed and asset-backed securities is determined using the effective-yield method based on estimated principal repayments. Mortgage-backed securities are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method.

Realized gains and losses on investments are determined on a specific-identification basis.

Recognition of Revenue and Expense

Revenue Recognition

Premiums written are recognized as revenues, net of any applicable underlying reinsurance coverage, and are earned over the term of the related policy. At the end of the policy term, payroll-based premium audits are performed on substantially all policyholder accounts to determine the actual amount of net premiums earned for that policy year. Earned but unbilled premiums include estimated future audit premiums based on the Company's historical experience. These estimates are subject to changes in policyholders' payrolls, economic conditions, and seasonality, and are continually reviewed and adjusted as experience develops or new information becomes known. Any such adjustments are included in current operations; however, they are partially offset by the resulting changes in losses and LAE, commission expenses, and premium taxes. The Company's premiums receivable on its Consolidated Balance Sheets included $37.3 million and $63.7 million of additional premiums expected to be received from policyholders for premium audits at December 31, 2019 and 2018, respectively.

The Company establishes a bad debt allowance on its premiums receivable through a charge included in underwriting and general and administrative expenses in its Consolidated Statements of Comprehensive Income. This bad debt allowance is determined based on estimates and assumptions to project future experience. After all collection efforts have been exhausted, the Company reduces the bad debt allowance for write-offs of premiums receivable that have been deemed uncollectible. The Company's bad debt allowance was $4.6 million and $6.7 million at December 31, 2019 and 2018, respectively. The Company had write offs, net of recoveries of amounts previously written off, of $10.5 million, $8.2 million, and $3.2 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Deferred Policy Acquisition Costs

Policy acquisition costs, those costs that relate directly to the successful acquisition of new or renewal insurance contracts, including underwriting, policy issuance and processing, medical and inspection, sales force contract selling and commissions are deferred and amortized as the related premiums are earned. Amortization of deferred policy acquisition costs for the years ended December 31, 2019, 2018, and 2017, was $107.7 million, $112.0 million, and $108.2 million, respectively.

If the sum of a policy's expected losses and LAE and deferred policy acquisition costs exceeds the related unearned premiums and projected investment income, a premium deficiency is determined to exist. In this event, deferred policy acquisition costs are immediately expensed to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred acquisition costs, a liability is accrued for the excess deficiency. There were no premium deficiency adjustments recognized during the years ended December 31, 2019, 2018, and 2017.

Unpaid Loss and LAE Reserves

Unpaid loss and LAE reserves represent management's best estimate of the ultimate net cost of all reported and unreported losses incurred for the applicable periods, less payments made. The estimated reserves for losses and LAE include the accumulation of estimates for all claims reported prior to the balance sheet date, estimates of claims incurred but not reported, and estimates of expenses for investigating and adjusting all incurred and unadjusted claims (based on projections of relevant historical data). Amounts reported are subject to the impact of future changes in economic, regulatory and social conditions. Management believes that, subject to the inherent variability in any such estimate, the reserves are within a reasonable and acceptable range of adequacy. Estimates for claims prior to the balance sheet date are continually monitored and reviewed, and as settlements are made or reserves adjusted, the differences are reported in current operations. Salvage and subrogation recoveries are estimated based on a review of the level of historical salvage and subrogation recoveries.

Reinsurance

In the ordinary course of business, the Company purchases excess of loss reinsurance in order to protect it against the impact of large and/or catastrophic losses. Additionally, the Company is a party to the LPT Agreement (see Note 9). These reinsurance arrangements reduce the Company's exposure to such losses since its reinsurers are liable to the Company to the extent of the reinsurance protection provided. However, the Company remains liable for all losses it incurs to the extent that any reinsurer is unable or unwilling to make timely payments under its reinsurance agreements.

Balances due from reinsurers on unpaid losses, including an estimate of such recoverables related to reserves for incurred but not reported losses, are reported as reinsurance recoverables on the Company's Consolidated Balance Sheets. Reinsurance recoverables on paid losses represent amounts currently due from reinsurers. Reinsurance recoverables on unpaid losses represent amounts that will be collectible from reinsurers once the losses are paid. Reinsurance recoverables on unpaid losses and LAE amounted to $532.5 million and $504.4 million at December 31, 2019 and 2018, respectively.

Ceded reinsurance premiums are accounted for on a basis consistent with those used in accounting for the underlying premiums, and are reported as reductions to arrive at net premiums written and earned.

Ceded losses and LAE are also accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the relevant reinsurance agreement, and are recorded as reductions to losses and LAE incurred.

Pursuant to the LPT Agreement, LAE is deemed to be 7% of total losses paid and is payable to the Company as compensation for management of the claims under the LPT Agreement. The Deferred Gain is amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries through the life of the LPT Agreement, and is recorded in losses and LAE incurred in the Company's Consolidated Statements of Comprehensive Income. Any adjustment to the estimated loss and LAE reserves ceded under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also recognized in losses and LAE incurred in the Company's Consolidated Statements of Comprehensive Income, such that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement (LPT Reserve Adjustment).

Additionally, the Company is entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is equal to 30% of the favorable difference between actual paid losses and LAE and expected paid losses and LAE as established in the LPT Agreement based on losses paid through June 30, 2024. The contingent profit commission is paid every five years beginning June 30, 2004 for the first 25 years of the agreement. The Company could be required to return any previously received contingent profit commission, plus interest, in the event of unfavorable differences through June 30, 2024. The Company records an estimate of contingent profit commission on its Consolidated Balance Sheets as Contingent commission receivable–LPT Agreement and a corresponding liability is recorded as Deferred reinsurance gain–LPT Agreement. The Contingent commission receivable–LPT Agreement is reduced as amounts are received from participating reinsurers. In 2019, the Company received $19.1 million in cash related to the contingent profit commission. The Deferred reinsurance gain–LPT Agreement is amortized using the recovery method. The amortization of the contingent profit commission is determined by the proportion of actual reinsurance recoveries to total estimated recoveries over the life of the contingent profit commission (through June 30, 2024), and is recorded in losses and LAE incurred in the Company's Consolidated Statements of Comprehensive Income. Any adjustment to the contingent profit commission under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also recognized in losses and LAE incurred in the Company's Consolidated Statements of Comprehensive Income, such that the Deferred Gain reflects the balance that would have existed had the revised contingent profit commission been recognized at the inception of the LPT Agreement (LPT Contingent Commission Adjustment).

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation (see Note 6). Expenditures for maintenance and repairs are charged against operations as incurred.

Electronic data processing equipment, software, furniture and equipment, and automobiles are depreciated using the straight-line method over three to seven years. Leasehold improvements are also carried at cost less accumulated amortization. The Company amortizes leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to eight years.

Cloud Computing Arrangements

The Company capitalizes software license fees and implementation costs associated with hosting arrangements that are service contracts. These amounts are included in Cloud computing arrangements on the Company's Consolidated Balance Sheets. Amortization of the software license fees is calculated using the straight-line method over the term of the service contract or based on the expected utilization of the asset. Amortization of the implementation costs are calculated using the straight-line method based on the term of the service contract and commence once the module or component is ready for its intended use, regardless of whether the hosted software has been placed into service, and will be recognized over the remaining life of the service contract.

Operating leases

The Company determines if an arrangement is a lease at the inception of the transaction. Leased office property meets the definition of operating leases under ASC 842 and is presented as a right-of-use asset (ROU asset) and lease liability on the Company's Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease payments arising from the lease transaction. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company uses collateralized incremental borrowing rates to determine the present value of lease payments. The ROU assets also include lease payments less any lease incentives within a lease agreement. The Company's lease terms may include options to extend or terminate a lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Finance Leases

Leased property and equipment meeting finance lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Financing leases for automobiles are included in property

and equipment in other liabilities on the Company's Consolidated Balance Sheets. Amortization is calculated using the straight-line method based on the term of the lease and is included in the depreciation expense of property and equipment. See Note 11 for additional disclosures related to finance leases.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company's financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. As of December 22, 2017, the date that the Tax Cuts and Jobs Act was enacted (Enactment), the effect of the change in tax rates on the Company's deferred tax assets and liabilities was recognized in income and created stranded tax effects within accumulated other comprehensive income that did not reflect the newly enacted tax rate. The Company reclassified the net tax effects from Accumulated other comprehensive income, net of tax, to Retained earnings as of the date of Enactment.

The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process. Recognition (Step 1) occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step 2) is addressed only if Step 1 has been satisfied. Under Step 2, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon ultimate settlement.

The Company recognizes deferred tax assets when it determines that such assets are more likely than not to be realized in future periods. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, tax-planning strategies, projected future taxable income, projected future tax rates, and results of recent operations. If the Company determines that it is not more likely than not that it could realize its deferred tax assets in future periods, it would establish a deferred tax asset valuation allowance that would increase the Company's provision for income taxes. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents (including restricted cash equivalents), short-term investments, investment securities, premiums receivable, and reinsurance recoverable balances.

The Company's cash equivalents and short-term investments include investments in money market securities and securities backed by the U.S. government. The Company's investment securities are diversified throughout many industries and geographic regions and include investments in U.S. government and U.S. government-sponsored enterprises. The Company believes that it has no significant concentrations of credit risk from a single issue or issuer within its cash equivalents, short-term investments and investment securities other than concentrations in U.S. government and U.S. government-sponsored enterprises.

The Company's premiums receivable are generally diversified due to the large number of entities composing the Company's policyholder base and their dispersion across many different industries.

The Company monitors the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company also obtains collateral from its reinsurers in order to mitigate the risks related to insolvencies. At December 31, 2019, $2.7 million was held as collateral by cash or letters of credit for the Company's reinsurance recoverables and an additional $341.0 million was in trust accounts for reinsurance recoverables specifically related to the LPT Agreement.

Fair Value of Financial Instruments

The fair values of the Company's financial instruments have been determined using available market information and other appropriate valuation methodologies. Judgment is required in developing fair value estimates where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.

The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments:

Cash and cash equivalents, short-term investments, premiums receivable, accounts payable and accrued expenses, and other liabilities. The carrying amounts for each of these financial instruments as reported in the Company's Consolidated Balance Sheets approximate their fair values.

Investment securities. The Company's investment securities are predominantly valued on the basis of actual market transactions or observable inputs. A small portion of the Company's investment securities are valued on the basis of pricing models with significant unobservable inputs or nonbinding broker quotes. See Note 4.

Goodwill and Other Intangible Assets

The Company tests for impairment of goodwill and non-amortizable intangible assets in the fourth quarter of each year. At the end of each quarter, management considers the results of the previous analysis as well as any recent developments that may constitute triggering events requiring the impairment analysis of goodwill and other intangible assets to be updated. The Company has assessed the effects of current economic conditions on the Company's financial condition and results of operations and changes in the Company's stock price and determined that there were no impairments of these assets as of December 31, 2019 and 2018.

Intangible assets related to state licenses are not subject to amortization. Intangibles related to insurance relationships were amortized in proportion to the expected period of benefit and were fully amortized as of December 31, 2019.

The gross carrying value, accumulated amortization, and net carrying value for the Company's intangible assets, by major class, as of December 31, were as follows:



	2019							2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—		$	13.5	$	7.7	$	—		$	7.7
Insurance relationships	9.4		$	(9.4	)	—		9.4		$	(9.4	)	—
Other	0.1		—			0.1		—		—			—
Total	$	23.0	$	(9.4	)	$	13.6	$	17.1	$	(9.4	)	$	7.7

During the years ended December 31, 2018 and 2017, the Company recognized $0.2 million and $0.3 million in amortization expense associated with its intangible assets, respectively. There was no amortization expense in 2019. These amortization expenses are included in the Company's Consolidated Statements of Comprehensive Income in underwriting and general and administrative expenses.

Stock-Based Compensation

The Company provides stock-based compensation to its directors and certain of its employees, which is recognized in its Consolidated Statements of Comprehensive Income based on estimated grant date fair values over the relevant service period (see Note 13).

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Standards	New Accounting Standards Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740). This update simplifies the accounting for income taxes within Accounting Standards Codification (ASC) topic 740 by removing certain exceptions and clarifies existing guidance. The Company has determined that the impact of this new standard will not be material to its consolidated financial condition and results of operations. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments in this update represent changes to clarify, correct errors in, or improve the codification within various ASC topics. The Company will adopt the updates related to Topic 815 when it adopts ASU 2016-13. The Company will adopt any remaining codification improvements as they become applicable and has determined that the impact of these improvements will not be material to its consolidated financial condition and results of operations. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that this update will have a material impact on its consolidated financial condition and results of operations. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). This update simplifies the measurement of goodwill by eliminating the performance of Step 2 in the goodwill impairment testing. This update allows the testing to be performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge when the carrying amount exceeds fair value. Additionally, this update eliminates the requirements of any reporting unit with a zero or negative carrying value to perform Step 2, but requires disclosure of the amount of goodwill allocated to a reporting unit with zero or negative carrying amount of net assets. This update is effective for fiscal years beginning after December 15, 2019. The Company does not expect that this update will have a material impact on its consolidated financial condition and results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). This update replaces the incurred loss impairment methodology for recognizing credit losses on financial instruments with a methodology that reflects an entity's current estimate of all expected credit losses. This update requires financial assets (including receivables and reinsurance recoverables) measured at amortized cost to be presented net of an allowance for credit losses. Additionally, this update requires credit losses on available-for-sale fixed maturity securities to be presented as an allowance rather than as a write-down, allowing an entity to also record reversals of credit losses in current period net income. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Additionally, in December 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. This update provides clarification on the effective and transition dates and the exclusion of operating lease receivables from Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. This update adds optional transition relief for entities to elect the fair value option for certain financial assets previously measured at amortized cost basis to increase comparability of similar financial assets. In December 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses which provides clarification on certain aspects of the guidance in ASC 326 including purchased credit-deteriorated (PCD) financial assets, transition relief for troubled debt restructurings, disclosure relief for accrued interest receivables and allows a practical expedient for financial assets secured by collateral maintenance provisions. Upon adoption of this ASU, the Company will use the Ratings Based Method based on the A.M. Best Average Cumulative Net Impairment Rates in developing the expected credit allowance on reinsurance recoverables. The Company estimates the total impact to allowances for credit losses on all financial instruments, including premiums receivable, reinsurance recoverables, and investments will be immaterial to its consolidated financial condition and results of operations. Recently Adopted Accounting Standards In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections. This update aligned the guidance in various SEC sections of the codification with the requirements of certain SEC final rules along with other miscellaneous updates, which were effective upon issuance. The Company adopted these updates where applicable and there was no impact to its consolidated financial condition and results of operations. In July 2018, the FASB issued ASU 2018-09, Codification Improvements. This update provided clarification, corrected errors in and made minor improvements to the codification within various ASC topics. Many of the amendments in this update had transition guidance with effective dates for annual periods beginning after December 15, 2018 and some amendments in this update did not require transition guidance and became effective upon issuance of this update. The Company adopted these amendments and there was no impact to its consolidated financial condition and results of operations. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. This update provided entities with an additional and optional transition method to adopt ASU 2016-02 with a cumulative-effect adjustment in the period of adoption. This update also provided guidance for a practical expedient that permitted lessors to not separate non-lease components from the associated lease components. Additionally, in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. This update provided additional guidance on the new lease model with improvements in numerous aspects of the guidance in ASC 842 including, but not limited to, implicit rates, reassessment of lease classification, terms and purchase options, investment tax credits, and various other transition guidance. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. This update provided amendments to various lease topics including sales taxes collected from lessees, certain lessor costs paid to third parties, and variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, Leases Topics (842) Codification Improvements. The amendments in this update increased transparency and comparability for the recognition of leases and disclosures about leasing transactions. This update provided additional clarity on determining the value of the underlying asset by lessors that are not manufacturers or dealers. This update further clarified the presentation of the statement of cash flows related to lessors that are depository and lending institutions within the scope of Topic 942. Additionally, this update provided guidance on transition disclosures related to leases. The Company adopted these updates concurrently with ASU 2016-02. See Note 11 regarding the impact of this adoption on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update provided guidance on a new lease model that included the recognition of assets and liabilities arising from lease transactions on the balance sheet. Additionally, the update provided clarity on the definition of a lease and the distinction between finance and operating leases. Furthermore, the update required certain qualitative and quantitative disclosures pertaining to the amounts recorded in the financial statements. This update became effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018 and early adoption was permitted. As a result of the implementation of this standard, the Company recognized an Operating lease right-of-use asset of $16.8 million and $19.0 million of Lease liabilities on its Consolidated Balance Sheet at March 31, 2019. See Note 11 for additional detail regarding the adoption of this standard.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Valuation of Financial Instruments

The carrying value and the estimated fair value of the Company's financial instruments at fair value were as follows as of December 31:



	2019				2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets	(in millions)
Total investments at fair value (Note 5)	$	2,742.6	$	2,742.6	$	2,721.3	$	2,721.3
Cash and cash equivalents	154.9		154.9		101.4		101.4
Restricted cash and cash equivalents	0.3		0.3		0.6		0.6
Financial liabilities
Notes payable (Note 10)	$	—	$	—	$	20.0	$	23.5

Assets and liabilities recorded at fair value on the Company's Consolidated Balance Sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows:


•	Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date.


•	Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date.


•	Level 3 - Inputs that are unobservable that reflect management's best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date.

The Company uses third party pricing services to assist with its investment accounting function. The ultimate pricing source varies depending on the investment security and pricing service used, but investment securities valued on the basis of observable inputs (Levels 1 and 2) are generally assigned values on the basis of actual transactions. Securities valued on the basis of pricing models with significant unobservable inputs or nonbinding broker quotes are classified as Level 3. The Company performs quarterly analyses on the prices it receives from third parties to determine whether the prices are reasonable estimates of fair value, including confirming the fair values of these securities through observable market prices using an alternative pricing source, as it is ultimately management's responsibility to ensure that the fair values reflected in the Company's consolidated financial statements are appropriate. If differences are noted in these analyses, the Company may obtain additional information from other pricing services to validate the quoted price.

The Company bases all of its estimates of fair value for assets on the bid price, when available, as it represents what a third-party market participant would be willing to pay in an arm's length transaction.

For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speeds. There were no material adjustments to prices obtained from third party pricing services as of December 31, 2019 and 2018.

These methods of valuation will only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable.

The Company's estimates of fair value for its financial liabilities are based on a combination of the variable interest rates for notes with similar durations to discount the projection of future payments on notes payable. The fair value measurements for notes payable have been determined to be Level 2 at each of the periods presented. As of December 31, 2019, all outstanding notes payable had been redeemed. See Note 10 for further details.

EICN, ECIC, EPIC, and EAC are members of the Federal Home Loan Bank of San Francisco (FHLB). Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. The Company's investment in FHLB stock is recorded at cost, which approximates fair value, as purchases and sales of these securities are at par value with

the issuer. FHLB stock is considered a restricted security and is periodically evaluated by the Company for impairment based on the ultimate recovery of par value.

The following table presents the Company's investments at fair value and the corresponding fair value measurements.



	December 31, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	85.6	$	—	$	—	$	106.4	$	—
U.S. Agencies	—		2.9		—		—		11.4		—
States and municipalities	—		484.5		—		—		528.0		—
Corporate securities	—		1,079.0		—		—		1,090.4		—
Residential mortgage-backed securities	—		480.4		—		—		451.5		—
Commercial mortgage-backed securities	—		110.6		—		—		94.3		—
Asset-backed securities	—		61.2		—		—		64.5		—
Other securities	—		181.7		—		—		149.9		—
Total fixed maturity securities	$	—	$	2,485.9	$	—	$	—	$	2,496.4	$	—
Equity securities at fair value
Industrial and miscellaneous	$	216.4	$	—	$	—	$	174.8	$	—	$	—
Other	40.3		—		—		25.1		—		—
Total equity securities at fair value	$	256.7	$	—	$	—	$	199.9	$	—	$	—
Short-term investments	$	—	$	—	$	—	$	—	$	25.0	$	—
Total investments at fair value	$	256.7	$	2,485.9	$	—	$	199.9	$	2,521.4	$	—

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the years ended December 31, 2019 and 2018.



	Level 3 Securities
	2019		2018
	(in millions)
Beginning balance, January 1	$	—	$	4.7
Transfers out of Level 3⁽¹⁾	—		(4.7		)
Purchases and sales, net	—		—
Ending balance, December 31	$	—	$	—


(1)	The transfer during the year ended December 31, 2018 was the result of adoption of ASU 2016-01, which specified that FHLB stock shall be carried at cost and is no longer measured at fair value.

Financial Instruments Carried at Net Asset Value (NAV)

The Company has investments in private equity limited partnership interests that are included in other invested assets on the Company's Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at NAV and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. The Company performs certain control procedures to validate the appropriateness of using NAV as a measurement. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have a fund term of 12 years, subject to three one year extensions at the general partner's discretion. The Company will receive distributions of proceeds from dividends and interest from fund investments, as well as from the disposition of a fund investment, or a portion thereof. The Company expects these distributions from time-to-time during the full course of the fund term. As of December 31, 2019, the Company had unfunded commitments to these private equity limited partnerships totaling $41.6 million.

Additionally, certain cash equivalents, principally money market securities, are measured at fair value using NAV, which approximates fair value.

The following table presents cash and investments carried at NAV on the Company's Consolidated Balance Sheets.



	December 31, 2019	December 31, 2018

Cash equivalents measured at NAV	14.4	57.5
Other invested assets carried at NAV	9.1	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investments

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company's AFS investments were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
At December 31, 2019	(in millions)
Fixed maturity securities
U.S. Treasuries	$	83.7	$	1.9	$	—		$	85.6
U.S. Agencies	2.8		0.1		—			2.9
States and municipalities	458.2		26.3		—			484.5
Corporate securities	1,038.6		40.4		—			1,079.0
Residential mortgage-backed securities	471.7		9.4		(0.7		)	480.4
Commercial mortgage-backed securities	107.4		3.2		—			110.6
Asset-backed securities	60.4		0.9		(0.1		)	61.2
Other securities⁽¹⁾	180.5		1.6		(0.4		)	181.7
Total fixed maturity securities	2,403.3		83.8		(1.2		)	2,485.9
Total AFS investments	$	2,403.3	$	83.8	$	(1.2	)	$	2,485.9

At December 31, 2018
Fixed maturity securities
U.S. Treasuries	$	106.7	$	0.9	$	(1.2	)	$	106.4
U.S. Agencies	11.3		0.1		—			11.4
States and municipalities	513.4		15.3		(0.7		)	528.0
Corporate securities	1,106.2		5.8		(21.6		)	1,090.4
Residential mortgage-backed securities	459.1		2.2		(9.8		)	451.5
Commercial mortgage-backed securities	96.7		0.1		(2.5		)	94.3
Asset-backed securities	64.7		0.2		(0.4		)	64.5
Other securities⁽¹⁾	155.6		—		(5.7		)	149.9
Total fixed maturity securities	2,513.7		24.6		(41.9		)	2,496.4
Short-term investments	25.0		—		—			25.0
Total AFS investments	$	2,538.7	$	24.6	$	(41.9	)	$	2,521.4


(1)	Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.

The cost and estimated fair value of the Company's equity securities recorded at fair value at December 31, 2019 and 2018 were as follows:



	Cost		Estimated Fair Value
	(in millions)
At December 31, 2019
Equity securities at fair value
Industrial and miscellaneous	$	129.1	$	216.4
Other	26.5		40.3
Total equity securities at fair value	$	155.6	$	256.7

At December 31, 2018
Equity securities at fair value
Industrial and miscellaneous	$	114.6	$	174.8
Other	17.3		25.1
Total equity securities at fair value	$	131.9	$	199.9

The Company has investments in private equity limited partnerships that totaled $9.1 million (initial cost of $8.4 million) at December 31, 2019, which are carried at NAV based on information provided by the general partner. The Company also has investments in convertible preferred shares of real estate investment trusts that totaled $20.0 million at December 31, 2019, which are carried at cost and approximate fair value. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Both of these investments are included in Other invested assets on the Company's Consolidated Balance Sheets, and changes in the value of these investments are recorded through Net realized and unrealized gains and losses on the Company's Consolidated Statements of Comprehensive Income. The Company had no Other invested assets at December 31, 2018.

The amortized cost and estimated fair value of the Company's fixed maturity securities at December 31, 2019, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Estimated Fair Value
	(in millions)
Due in one year or less	$	170.2	$	171.5
Due after one year through five years	758.2		781.5
Due after five years through ten years	778.6		819.3
Due after ten years	56.8		61.4
Mortgage and asset-backed securities	639.5		652.2
Total	$	2,403.3	$	2,485.9

The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of December 31, 2019 and 2018.



	December 31, 2019						December 31, 2018
	Estimated Fair Value		Gross Unrealized Losses			Number of Issues	Estimated Fair Value		Gross Unrealized Losses			Number of Issues
Less than 12 months:	(dollars in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	—		—	$	12.2	$	(0.1	)	7
States and municipalities	—		—			—	70.1		(0.7		)	21
Corporate securities	—		—			—	624.4		(13.4		)	205
Residential mortgage-backed securities	56.9		(0.2		)	29	156.9		(2.5		)	59
Commercial mortgage-backed securities	—		—			—	30.9		(0.5		)	13
Asset-backed securities	10.1		(0.1		)	6	25.1		(0.2		)	18
Other securities	15.2		(0.3		)	64	137.1		(5.7		)	215
Total fixed maturity securities	82.2		(0.6		)	99	1,056.7		(23.1		)	538
Total less than 12 months	$	82.2	$	(0.6	)	99	$	1,056.7	$	(23.1	)	538

12 months or greater:
Fixed maturity securities
U.S. Treasuries	$	—	$	—		—	$	72.7	$	(1.1	)	25
Corporate securities	—		—			—	193.7		(8.2		)	69
Residential mortgage-backed securities	40.0		(0.5		)	19	199.8		(7.3		)	72
Commercial mortgage-backed securities	—		—			—	55.0		(2.0		)	22
Asset-backed securities	—		—			—	16.5		(0.2		)	17
Other securities	5.9		(0.1		)	19	—		—			—
Total fixed maturity securities	45.9		(0.6		)	38	537.7		(18.8		)	205
Total 12 months or greater	$	45.9	$	(0.6	)	38	$	537.7	$	(18.8	)	205

There were no other-than-temporary impairments recognized on fixed maturity securities during the year ended December 31, 2019. The Company recognized impairments on fixed maturity securities of $3.3 million (consisting of 66 securities) and $0.5 million (consisting of nine securities) during the years ended December 31, 2018 and 2017, respectively, as a result of the Company's intent to sell these securities and/or the severity of the change in fair values of these securities. The Company determined that the remaining unrealized losses on fixed maturity securities at December 31, 2019, 2018, and 2017 were primarily the result of changes in prevailing interest rates and not the credit quality of the issuers. The fixed maturity securities whose fair value was less than amortized cost were not determined to be other-than-temporarily impaired given the lack of severity and duration of the impairment, the credit quality of the issuers, the Company's intent to not sell the securities, and a determination that it is not more likely than not that the Company will be required to sell the securities at an amount less than their amortized cost.

Realized gains and losses on investments include the gain or loss on a security at the time of sale compared to its original or adjusted cost (equity securities and other invested assets) or amortized cost (fixed maturity securities). Realized losses on fixed maturity securities are also recognized when securities are written down as a result of an other-than-temporary impairment.

Net realized gains on investments and the change in unrealized gains (losses) on the Company's investments recorded at fair value are determined on a specific-identification basis and were as follows:



	Gross Realized Gains		Gross Realized Losses			Change in Net Unrealized Gains (Losses)			Changes in Fair Value Reflected in Earnings			Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Year Ended December 31, 2019
Fixed maturity securities	$	5.2	$	(1.3	)	$	99.9		$	3.9		$	99.9
Equity securities	17.8		(4.4		)	33.1			46.5			—
Other invested assets	—		—			0.7			0.7			—
Total investments	$	23.0	$	(5.7	)	$	133.7		$	51.1		$	99.9

Year Ended December 31, 2018
Fixed maturity securities	$	2.2	$	(4.0	)	$	(59.7	)	$	(1.8	)	$	(59.7	)
Equity securities	15.9		(1.6		)	(25.6		)	(11.3		)	—
Total investments	$	18.1	$	(5.6	)	$	(85.3	)	$	(13.1	)	$	(59.7	)

Year Ended December 31, 2017
Fixed maturity securities	$	4.7	$	(2.2	)	$	3.9		$	2.5		$	3.9
Equity securities	9.3		(4.4		)	17.5			4.9			17.5
Total investments	$	14.0	$	(6.6	)	$	21.4		$	7.4		$	21.4

Proceeds from the sales of fixed maturity securities were $163.0 million, $204.8 million and $249.8 million for years ended December 31, 2019, 2018 and 2017, respectively.

Net investment income was as follows:



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Fixed maturity securities	$	81.9		$	76.0		$	70.4
Equity securities	7.9			6.5			6.9
Other invested assets	1.2			—			—
Short-term investments	—			0.3			0.1
Cash equivalents and restricted cash	1.7			2.0			0.6
Gross investment income	92.7			84.8			78.0
Investment expenses	(4.6		)	(3.6		)	(3.4		)
Net investment income	$	88.1		$	81.2		$	74.6

The Company is required by various state laws and regulations to support its outstanding loss reserves in certain states in which it does business. These laws and regulations govern not only the amount but also the types of securities that are eligible for deposit. As of December 31, 2019 and 2018, securities having a fair value of $844.9 million and $867.7 million, respectively, were on deposit. Additionally, standby letters of credit from the FHLB were in place in lieu of $260.0 million and $140.0 million of securities on deposit as of December 31, 2019 and 2018, respectively (see Note 10).

Certain reinsurance contracts require the Company's funds to be held in trust for the benefit of the ceding reinsurer to secure the outstanding liabilities assumed by the Company. The fair value of fixed maturity securities and restricted cash and cash equivalents held in trust for the benefit of ceding reinsurers at December 31, 2019 and 2018 was $2.9 million and $23.2 million, respectively.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property and Equipment [Abstract]

Property, Plant and Equipment Disclosure

Property and Equipment

Property and equipment consists of the following:



	As of December 31,
	2019			2018
	(in millions)
Furniture and equipment	$	2.5		$	3.3
Leasehold improvements	6.0			3.2
Computers and software	60.3			61.9
Automobiles	1.1			1.1
Property and equipment, gross	69.9			69.5
Accumulated depreciation	(48.0		)	(51.3		)
Property and equipment, net	$	21.9		$	18.2

Depreciation expenses related to property and equipment for the years ended December 31, 2019, 2018, and 2017 were $9.0 million, $6.1 million, and $7.9 million, respectively. Internally developed software costs of $3.2 million and $2.9 million were capitalized during each of the years ended December 31, 2019 and 2018, respectively.

Additionally, in 2017, the Company wrote-off $7.5 million of previously capitalized costs relating to the development of information technology capabilities that had not yet been placed in service, which is recognized in Other expenses in the Company's Consolidated Statements of Comprehensive Income. The Company incurred this charge as part of a continual evaluation of its ongoing technology initiatives.

Cloud Computing Arrangements

The Company's capitalized costs associated with cloud computing arrangements totaled $33.6 million and $26.0 million, which were comprised of service contract fees and implementation costs associated with hosting arrangements on the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018, respectively. Total amortization for hosting arrangements for the years ended December 31, 2019 and 2018 was $5.3 million and $0.8 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Taxes

The Company files a consolidated federal income tax return. The insurance subsidiaries pay premium taxes on premiums in lieu of some states' income or franchise taxes.

The Tax Cuts and Jobs Act significantly revised U.S. corporate income tax law by, among other things, reducing the corporate statutory income tax rate from 35% to 21%, beginning January 1, 2018. This reduction in the corporate statutory income tax rate required the Company to re-evaluate certain of its deferred tax assets and liabilities, as of the date of Enactment, to reflect the revised income tax rates applicable to future periods. Despite a repeal of the corporate alternative minimum tax, the Company's minimum tax credit was fully recognized in the year ended December 31, 2018.

The Company's provision for income taxes consisted of the following:



	Years Ended December 31,
	2019		2018			2017
Current tax expense:	(in millions)
Federal	$	26.3	$	13.2		$	17.9
State	1.8		0.6			0.7
Total current tax expense	28.1		13.8			18.6
Deferred federal tax expense:
Impact of tax Enactment	—		(0.4		)	7.0
Other	8.6		14.8			17.2
Total deferred federal tax expense	8.6		14.4			24.2
Income tax expense	$	36.7	$	28.2		$	42.8

The differences between the statutory federal tax rate of 21% for 2019 and 2018 and 35% for 2017 and the Company's effective tax rate on net income before income taxes as reflected in the Consolidated Statements of Comprehensive Income were as follows:



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Expense computed at statutory rate	$	40.7		$	35.6		$	50.4
Tax-advantaged investment income	(2.4		)	(2.9		)	(7.6		)
LPT deferred gain amortization	(2.3		)	(2.6		)	(4.0		)
Stock based compensation	(0.9		)	(1.4		)	(3.4		)
LPT Reserve Adjustment	(0.4		)	(0.5		)	—
Impact of tax Enactment	—			(0.4		)	7.0
Other	2.0			0.4			0.4
Income tax expense	$	36.7		$	28.2		$	42.8

The LPT Reserve Adjustments for the years ended December 31, 2019 and 2018 increased GAAP net income by $1.8 million and $2.2 million, respectively, but did not affect taxable income. There were no LPT Reserve Adjustments in 2017. The LPT Contingent Commission Adjustments increased net income by $0.2 million, $0.5 million, and $0.3 million during 2019, 2018, and 2017, respectively, but did not increase taxable income.

As of December 31, 2019, 2018, and 2017 the Company had no material unrecognized tax benefits.

The Company made cash payments of $37.8 million, $4.2 million and $21.3 million for income taxes during the years ended December 31, 2019, 2018, and 2017, respectively.

Tax years 2016 through 2019 remained open and are subject to full examination by the federal taxing authority. The significant components of deferred income taxes, net, were as follows as of December 31:



	2019					2018
	Deferred Tax					Deferred Tax
	Assets			Liabilities		Assets		Liabilities
	(in millions)
Unrealized capital gains, net	$	—		$	38.7	$	—	$	10.6
Deferred policy acquisition costs	—			10.2		—		10.3
Intangible assets	—			1.6		—		1.6
Loss reserve discounting for tax reporting	30.9			—		31.1		—
Unearned premiums	13.2			—		13.3		—
Allowance for bad debt	1.0			—		1.4		—
Stock-based compensation	3.4			—		2.9		—
Accrued liabilities	4.4			—		4.9		—
Other	2.1			7.1		2.6		6.8
Total	$	55.0		$	57.6	$	56.2	$	29.3
Deferred income tax asset (liability), net	$	(2.6	)			$	26.9

Deferred tax assets are required to be reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Realization of the deferred income tax asset is dependent on the Company generating sufficient taxable income in future years as the deferred income tax charges become deductible for tax reporting purposes. Although realization is not assured, management believes that it is more likely than not that the net deferred income tax asset will be realized.

The Company is required to discount its loss and LAE reserves for federal income tax purposes. The Company's income tax deduction associated with its loss and LAE reserves is discounted using interest rates prescribed by the U.S. Treasury, as well as established loss payment patterns. Enactment changed the prescribed interest rates to rates based on corporate bond yield curves and extends the time periods associated with loss payment patterns, which resulted in an acceleration of future income tax payments. These changes became effective for tax years beginning after 2017 and are subject to a transition rule that spreads the additional tax payment from the amount determined by applying these changes over the eight years beginning in 2018. This item is a taxable temporary difference and had no direct impact on the Company's total income tax expense for 2017 or future years. The Company has followed the guidance of Revenue Procedure 2019-31 to complete its accounting for loss reserve discounting.

Liability for Unpaid Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2019

Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Liability for Unpaid Losses and Loss Adjustment Expenses

Accounting for workers' compensation insurance requires the Company to estimate the liability for the expected ultimate cost of unpaid losses and LAE (loss reserves) as of a balance sheet date. Loss reserve estimates are inherently uncertain because the ultimate amount the Company will pay for many of the claims it has incurred as of the balance sheet date will not be known for many years. The estimate of loss reserves is intended to equal the difference between the expected ultimate losses and LAE of all claims that have occurred as of a balance sheet date and amounts already paid. The Company establishes loss reserves based on its own analysis of emerging claims experience and environmental conditions in its markets and review of the results of various actuarial projections. The Company's aggregate carried reserve for unpaid losses and LAE is the sum of its reserves for each accident year and represents its best estimate of outstanding loss reserves.

The amount by which estimated losses in the aggregate differ from those previously estimated for a specific time period is known as reserve "development." Reserve development is unfavorable when losses ultimately settle for more than the amount estimated or subsequent estimates indicate a basis for reserve increases on open claims, causing the previously estimated loss reserves to be ''deficient.'' Reserve development is favorable when estimates of ultimate losses indicate a decrease in established reserves, causing the previously estimated loss reserves to be ''redundant.'' Development is reflected in the Company's operating results through an adjustment to incurred losses and LAE during the period in which it is recognized.

Although claims for which reserves are established may not be paid for several years or more, the Company does not discount loss reserves in its financial statements for the time value of money, in accordance with GAAP.

The three main components of reserves for unpaid losses and LAE are case reserves, incurred but not reported (IBNR) loss reserves, and LAE reserves.

When claims are reported, the Company establishes individual estimates of the ultimate cost of each claim (case reserves). These case reserves are continually monitored and revised in response to new information and for amounts paid.

In addition to case reserves, the Company establishes a provision for IBNR. IBNR is an actuarial estimate composed of the following: (a) future payments on claims that are incurred but have not yet been reported to the Company; (b) a reserve for the additional development on claims that have been reported to the Company; and (c) a provision for additional payments on closed claims that might reopen. IBNR reserves apply to the entire body of claims arising from a specific time period, rather than a specific claim. Most of the Company's IBNR reserves relate to estimated future claim payments on recorded open claims.

LAE reserves are the Company's estimate of the future expense to manage, investigate, administer, and settle claims that have occurred, and include legal expenses. LAE reserves are established in the aggregate, rather than on a claim-by-claim basis. LAE reserves are categorized between defense and cost containment, and adjusting and other.

A portion of the Company's obligations for losses and LAE are ceded to unaffiliated reinsurers. The amount of reinsurance that will be recoverable on losses and LAE reserves includes both the reinsurance recoverable from excess of loss reinsurance contracts, as well as reinsurance recoverable under the terms of the LPT Agreement.

The Company uses actuarial methods to analyze and estimate the aggregate amount of unpaid losses and LAE. Management considers the results of various actuarial methods and their underlying assumptions, among other factors, in establishing reserves for unpaid losses and LAE.

Judgment is required in the actuarial estimation of loss reserves, including the selection of various actuarial methodologies to project the ultimate cost of claims. Specifically, judgment is required in the following areas: the selection of parameters utilized in the various methodologies; the use of industry data and other benchmarks; and the weighting of differing reserve indications resulting from alternative methods and assumptions.

The Company's Internal Actuary prepares reserve estimates for all accident years using our own historical claims data, industry data and many of the generally accepted actuarial methodologies for estimating loss reserves, such as paid loss development methods, incurred loss development methods, and Bornhuetter-Ferguson methods. These methods vary in their responsiveness to different information, characteristics, and dynamics in the data, and the results assist the actuary in considering these characteristics and dynamics in the historical data. The methods employed for each segment of claims data, and the relative weight accorded to each method, vary depending on the nature of the claims segment and on the age of the claims.

Each actuarial methodology requires the selection and application of various parameters and assumptions. The key parameters and assumptions include: the future payment and emergence patterns of our aggregate claims data; the magnitude and changes in claim settlement activity; claims cost inflation rates; the effects of legislative benefit changes and/or judicial decisions; and trends in the frequency and severity of claims. The Company believes the pattern with which our aggregate data will be paid or emerge over time, claim settlement activity, and claims cost inflation rates are the most important parameters and assumptions.

The following table represents a reconciliation of changes in the liability for unpaid losses and LAE.



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Unpaid losses and LAE at beginning of period	$	2,207.9		$	2,266.1		$	2,301.0
Less reinsurance recoverable on unpaid losses and LAE	504.4			537.0			580.0
Net unpaid losses and LAE at beginning of period	1,703.5			1,729.1			1,721.0
Losses and LAE, net of reinsurance, incurred during the period related to:
Current year	456.1			457.5			447.3
Prior years	(77.5		)	(66.2		)	(18.5		)
Total net losses and LAE incurred during the period	378.6			391.3			428.8
Paid losses and LAE, net of reinsurance, related to:
Current year	106.6			93.0			76.9
Prior years	315.2			323.9			343.8
Total net paid losses and LAE during the period	421.8			416.9			420.7
Ending unpaid losses and LAE, net of reinsurance	1,660.3			1,703.5			1,729.1
Reinsurance recoverable on unpaid losses and LAE	532.5			504.4			537.0
Unpaid losses and LAE at end of period	$	2,192.8		$	2,207.9		$	2,266.1

Total net losses and LAE included in the above table excludes the impact of the amortization of the Deferred Gain and LPT Reserve Adjustments (See Note 9).

In 2019, the Company had $77.5 million of favorable prior accident year loss development on its voluntary risk business. In 2018, the Company had $66.2 million of favorable prior accident year loss development, which included $65.5 million of favorable development on its voluntary risk business and $0.7 million of favorable development related to its assigned risk business. In 2017, the Company had $18.5 million of favorable prior accident year loss development, which included $17.4 million of favorable development on its voluntary risk business and $1.1 million of favorable development related to its assigned risk business. The favorable prior accident year loss development on voluntary business in these years was the result of the Company's determination that adjustments were necessary to reflect observed favorable paid loss trends. Paid loss trends have been impacted by generally declining loss costs and by cost savings associated with accelerated claims settlement activity that began in 2014 and continued through 2019. Loss reserves shown in the Company's Consolidated Balance Sheets are net of $28.6 million and $34.4 million for anticipated subrogation recoveries as of December 31, 2019 and 2018, respectively.

The Company compiles and aggregates its claims data by grouping the claims according to the year in which the claim occurred ("accident year") when analyzing claim payment and emergence patterns and trends over time. Reported claims include any claim that has case reserves and/or loss and LAE payments associated with them.

The Company analyzed the usefulness of disaggregation of its results and determined the characteristics associated with the policies and the related unpaid loss reserves, incurred losses, and payment patterns are similar in nature. As such, the following tables show the Company's historical incurred and cumulative paid losses and LAE development, net of reinsurance, as well as IBNR loss reserves and the number of reported claims on an aggregated basis as of December 31, 2019 for each of the previous 10 accident years.



	Incurred Losses and LAE, Net of Reinsurance
	Years Ended December 31,																				As of December 31, 2019
Accident Year	2010⁽¹⁾		2011⁽¹⁾		2012⁽¹⁾		2013⁽¹⁾		2014⁽¹⁾		2015⁽¹⁾		2016⁽¹⁾		2017⁽¹⁾		2018⁽¹⁾		2019		IBNR		Cumulative number of reported claims
	(in millions, except claims counts)
2010	$	204.9	$	224.4	$	228.1	$	246.1	$	250.2	$	262.0	$	259.9	$	258.8	$	255.2	$	255.3	$	15.8	18,541
2011			253.7		267.3		272.0		277.4		296.3		292.6		288.8		287.8		285.6		20.0		19,582
2012					348.8		359.9		360.9		386.4		388.2		382.8		379.8		378.5		35.2		26,011
2013							452.6		460.6		478.6		472.6		468.9		464.6		459.3		50.2		28,884
2014									463.4		445.8		432.9		434.6		430.5		424.7		59.3		28,552
2015											422.2		425.8		423.9		419.6		408.7		62.7		27,199
2016													419.0		414.6		395.4		375.0		66.8		25,722
2017															412.4		391.3		358.3		89.6		24,953
2018																	422.5		424.6		127.4		27,614
2019																			422.4		206.2		28,025
Total																			$	3,792.3



	Cumulative Paid Losses and LAE, Net of Reinsurance
	Years Ended December 31,
Accident Year	2010⁽¹⁾		2011⁽¹⁾		2012⁽¹⁾		2013⁽¹⁾		2014⁽¹⁾		2015⁽¹⁾		2016⁽¹⁾		2017⁽¹⁾		2018⁽¹⁾		2019
	(in millions)
2010	$	47.1	$	105.6	$	143.8	$	171.7	$	190.7	$	206.2	$	215.4	$	221.3	$	226.5	$	228.9
2011			47.4		115.1		162.6		193.8		217.5		230.1		238.2		243.8		248.1
2012					58.6		148.3		214.2		261.4		289.9		305.0		316.9		324.3
2013							68.5		184.4		263.8		317.4		346.1		365.9		379.3
2014									65.3		172.7		248.9		297.2		323.4		342.1
2015											65.5		174.5		246.9		290.5		311.2
2016													65.6		166.8		227.7		261.2
2017															63.5		160.2		215.7
2018																	77.9		189.9
2019																			88.8
Total																			$	2,589.5
All outstanding liabilities for unpaid losses and LAE prior to 2010, net of reinsurance																			378.9
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																			$	1,581.7


(1)	Data presented for these calendar years is required supplementary information, which is unaudited.

The following table represents a reconciliation of claims development to the aggregate carrying amount of the liability for unpaid losses and LAE:



	December 31, 2019
	(in millions)
Liabilities for unpaid losses and LAE, net of reinsurance	$	1,581.7
Reinsurance recoverable on unpaid losses	532.5
Unallocated LAE (adjusting and other)	78.6
Total liability for unpaid losses and LAE	$	2,192.8

The following table presents the average annual percentage payout of incurred claims by age, net of reinsurance, as of December 31, 2019 and is presented as required supplementary information, which is unaudited:



Average Annual Percentage Payout of Claims by Age, Net of Reinsurance
Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
17.7	%	26.3	%	17.4	%	11.7	%	7.5	%	5.1	%	3.6	%	2.4	%	1.8	%	1.0	%

Reinsurance

12 Months Ended

Dec. 31, 2019

Reinsurance [Abstract]

Reinsurance

The Company purchases reinsurance from third parties in the normal course of its business in order to manage its exposures. The Company's reinsurance coverage is provided on both a quota share and excess of loss basis.

The effects of reinsurance on the Company's written and earned premiums and on its losses and LAE incurred were as follows:



	Years Ended December 31,
	2019						2018						2017
	Written			Earned			Written			Earned			Written			Earned
	(in millions)
Direct premiums	$	687.4		$	691.6		$	739.0		$	727.2		$	719.5		$	712.5
Assumed premiums	9.5			9.6			9.9			10.0			10.2			10.0
Gross premiums	696.9			701.2			748.9			737.2			729.7			722.5
Ceded premiums	(5.4		)	(5.4		)	(6.1		)	(6.1		)	(6.0		)	(6.0		)
Net premiums	$	691.5		$	695.8		$	742.8		$	731.1		$	723.7		$	716.5
Ceded losses and LAE incurred	$	19.2					$	9.5					$	(0.5	)

Ceded losses and LAE incurred includes the amortization of the Deferred Gain, LPT Reserve Adjustments, and LPT Contingent Commission Adjustments.

Excess of Loss Reinsurance

The Company has consistently maintained excess of loss reinsurance coverage to protect it against the impact of large and/or catastrophic losses in its workers' compensation business. The Company currently maintains reinsurance for losses from a single occurrence or catastrophic event in excess of $10.0 million and up to $200.0 million, subject to certain exclusions. This current reinsurance program is effective July 1, 2019 through June 30, 2020. The coverage under the Company's annual reinsurance programs that ended July 1, 2019 and 2018 was $190.0 million, in excess of its $10.0 million retention on a per occurrence basis. The reinsurance coverage includes coverage for acts of terrorism, excluding nuclear, biological, chemical, and radiological events. Any liability outside the coverage limits of the reinsurance program is retained by the Company.

As of December 31, 2019, approximately 55% of the Company's excess of loss reinsurance program was provided by reinsurers domiciled in the United Kingdom.

Management currently believes that a British exit of the European Union (BREXIT) is unlikely to affect the Company's excess of loss reinsurance program because it is the Credit for Reinsurance Law and the Credit for Reinsurance Regulation in the ceding insurers' state of domicile (the Reinsurance Regulations) that governs the statutory treatment of both U.S. and Non-U.S. reinsurers. Therefore, provided that the Company's reinsurers domiciled in the United Kingdom and the European Union continue to maintain the collateral required by the Reinsurance Regulations at all times, the Company's excess of loss reinsurance program will be unaffected by BREXIT.

LPT Agreement

Recoverables from reinsurers on unpaid losses and LAE amounted to $532.5 million and $504.4 million at December 31, 2019 and 2018, respectively. At each of December 31, 2019 and 2018, $380.4 million and $408.2 million, respectively, of those recoverables was related to the LPT Agreement that was entered into in 1999 by the Fund and assumed by EICN. Under the LPT Agreement, substantially all of the Fund's losses and LAE on claims incurred prior to July 1, 1995 have been ceded to three unaffiliated reinsurers on a 100% quota share basis. Investments totaling $341.0 million and $311.6 million at December 31, 2019 and 2018, respectively, have been placed in trust by the three reinsurers as security for payment of the reinsured claims. Under the LPT Agreement, initially $1.5 billion in liabilities for the incurred but unpaid losses and LAE related to claims incurred prior to July 1, 1995, were reinsured for consideration of $775.0 million. The LPT Agreement provides coverage up to $2.0 billion. Through December 31, 2019, the Company has paid losses and LAE claims totaling $796.2 million related to the LPT Agreement.

The Company amortized $10.7 million, $11.9 million, and $11.3 million of the Deferred Gain for the years ended December 31, 2019, 2018, and 2017, respectively. Additionally, the Company recognized favorable development in the estimated reserves ceded under the LPT Agreement of $5.3 million and $6.3 million that reduced the Deferred Gain by $1.8 million and $2.2 million for

the years ended December 31, 2019 and 2018, respectively, due to favorable LPT Reserve Adjustments and by $0.2 million, $0.5 million, and $0.3 million for the years ended December 31, 2019, 2018, and 2017, respectively, due to favorable LPT Contingent Commission Adjustments (Note 2 –Reinsurance).

Notes Payable

12 Months Ended

Dec. 31, 2019

Notes Payable [Abstract]

Notes Payable

Notes Payable and Other Financing Arrangements

Notes payable is comprised of the following:



	December 31,
	2019		2018
	(in millions)
Dekania Surplus Note, due April 29, 2034	$	—	$	10.0
Alesco Surplus Note, due December 15, 2034	—		10.0
Total	$	—	$	20.0

EPIC had a $10.0 million surplus note to Dekania CDO II, Ltd. issued as part of a pooled transaction. On April 12, 2019, the Florida Office of Insurance Regulation approved EPIC's request to pay off the Dekania surplus note. Subsequently, on April 15 2019, EPIC formally called this note. The outstanding principal, plus accrued and unpaid interest, in the amount of $10.2 million, was paid on May 14, 2019. Interest paid during each of the years ended December 31, 2019, 2018, and 2017 was $0.2 million, $0.7 million, and $0.6 million, respectively. Interest accrued as of December 31, 2018 was $0.1 million.

EPIC had a $10.0 million surplus note to Alesco Preferred Funding V, LTD issued as part of a pooled transaction. On April 12, 2019, the Florida Office of Insurance regulation approved EPIC's request to pay off the Alesco surplus note. Subsequently, on May 6, 2019, EPIC formally called this note. The outstanding principal, plus accrued and unpaid interest, in the amount of $10.2 million, was paid on June 13, 2019. Interest paid during each of the years ended December 31, 2019, 2018, and 2017 was $0.2 million, $0.6 million, and $0.5 million, respectively. Interest accrued as of December 31, 2018 was less than $0.1 million.

EPIC had a $12.0 million surplus note to ICONS, Inc. issued as part of a pooled transaction. This note was purchased by EHI in 2017 for $9.9 million, resulting in a $2.1 million gain. As a result of EHI's purchase of the note, it was no longer considered outstanding on a consolidated basis at December 31, 2018. The note was formally redeemed and retired by EPIC in May 2018. Interest paid to third parties during the year ended December 31, 2017 was $0.3 million.

Other financing arrangements is comprised of the following:

EICN, ECIC, EPIC, and EAC are members of the FHLB. Membership allows the insurance subsidiaries access to collateralized advances, which may be used to support and enhance liquidity management. The amount of advances that may be taken is dependent on statutory admitted assets on a per company basis. Currently, none of the Company's insurance subsidiaries has advances outstanding under the FHLB facility.

FHLB membership also allows the Company's insurance subsidiaries access to standby letters of credit. On March 9, 2018, ECIC, EPIC, and EAC entered into standby Letter of Credit Reimbursement Agreements (Letter of Credit Agreements) with the FHLB. On March 1, 2019, FHLB and ECIC, EPIC, and EAC each amended their Letter of Credit Agreements to increase their respective credit amounts. The Letter of Credit Agreements are between the FHLB and each of EAC, in the amount of $60.0 million, ECIC, in the amount of $90.0 million, and EPIC, in the amount of $110.0 million. The amended Letter of Credit Agreements will expire April 1, 2020; however, the Letter of Credit Agreements will remain evergreen with automatic one-year extensions unless the FHLB notifies the beneficiary at least 60 days prior to the then applicable expiration date of its election not to renew. The Letter of Credit Agreements may only be used to satisfy, in whole or in part, insurance deposit requirements with the State of California and are fully secured with eligible collateral at all times. The Letter of Credit Agreements are subject to annual maintenance charges and a fee of 15 basis points on issued amounts. As of December 31, 2019 and 2018 letters of credit totaling $260.0 million and $140.0 million were issued in lieu of securities on deposit with the State of California under these Letter of Credit Agreements, respectively.

As of December 31, 2019, investment securities having a fair value of $326.8 million were pledged to the FHLB by the Company's insurance subsidiaries in support of the collateralized advance facility and the Letter of Credit Agreements.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure

Commitments and Contingencies

Leases

The Company elected the practical expedients in ASU Number 2018-11, Leases (Topic 842): Targeted Improvements and ASU Number 2016-02, Leases (Topic 842), allowing the Company to apply provisions of the new guidance at the date of adoption without adjusting comparative periods presented.

At December 31, 2019, the Company's operating leases have remaining terms of 1 year to 8 years, with options to extend up to 10 years with no termination provision. The Company's finance leases have an option to terminate after 1 year.

Components of lease expense were as follows:



	Year Ended December 31,
	2019
	(in millions)
Operating lease expense	$	5.1
Finance lease expense	0.2
Total lease expense	$	5.3

As of December 31, 2019, the weighted average remaining lease term for operating leases was 5.8 years and for finance leases was 2.9 years. The weighted average discount rate was 3.2% and 3.7% for operating and finance leases, respectively.

Maturities of lease liabilities were as follows:



Year	Operating Leases			Finance Leases
	(in millions)
2020	$	4.8		$	0.2
2021	3.5			0.2
2022	2.3			0.1
2023	2.3			0.1
2024	2.1			—
Thereafter	4.6			—
Total lease payments	19.6			0.6
Less: imputed interest	(1.8		)	—
Total	$	17.8		$	0.6

Supplemental balance sheet information related to leases was as follows:



	As of December 31,
	2019
	(in millions)
Operating leases:
Operating lease right-of-use asset	$	15.9
Operating lease liability	17.8
Finance leases:
Property and equipment, gross	1.1
Accumulated depreciation	(0.5		)
Property and equipment, net	0.6
Other liabilities	$	0.6

Supplemental cash flow information related to leases was as follows:



	Year Ended December 31,
	2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5.1
Financing cash flows used for finance leases	0.2

Contingencies Surrounding Insurance Assessments

All of the states where the Company's insurance subsidiaries are licensed to transact business require property and casualty insurers doing business within the respective state to pay various insurance assessments. The Company accrues a liability for estimated insurance assessments as direct premiums are written, losses are recorded, or as other events occur in accordance with various states' laws and regulations, and defers these costs and recognizes them as an expense as the related premiums are earned. The Company had an accrued liability for guaranty fund assessments, second injury funds assessments, and other insurance assessments totaling $16.8 million and $18.6 million as of December 31, 2019 and 2018, respectively. These liabilities are generally expected

to be paid over one to eighty year periods based on individual state's regulations. The Company also recorded an asset of $17.0 million and $14.9 million, as of December 31, 2019 and 2018, respectively, for prepaid policy charges still to be collected in the future from policyholders, or assessments that may be recovered through a reduction in future premium taxes in certain states. These assets are expected to be realized over one to ten year periods in accordance with their type and each individual state's regulations.

Capital Commitment

As of December 31, 2019, the Company had an unfunded commitment to invest $41.6 million into a private investment fund. See Note 4.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Treasury Stock	Stockholders' Equity Stock Repurchase Programs On February 21, 2018, the Board of Directors authorized a share repurchase program for up to $50.0 million of the Company's common stock from February 26, 2018 through February 26, 2020 (the 2018 Program). On April 24, 2019, the Board of Directors authorized a $50.0 million expansion of the 2018 Program, to $100.0 million, and extended the repurchase authority pursuant to the 2018 Program through June 30, 2020. The 2018 Program provides that shares may be purchased at prevailing market prices through a variety of methods, including open market or private transactions, in accordance with applicable laws and regulations and as determined by management. The timing and actual number of shares repurchased will depend on a variety of factors, including the share price, corporate and regulatory requirements, and other market and economic conditions. Repurchases under the 2018 Program may be commenced, modified, or suspended from time-to-time without prior notice, and the 2018 Program may be suspended or discontinued at any time. Through December 31, 2019, the Company has repurchased a total of 1,731,637 shares of common stock at an average price of $41.40 per share, including commissions, for a total of $71.7 million under the 2018 Program. Since the Company's initial public offering in January 2007 through December 31, 2019, the Company has repurchased a total of 25,828,992 shares of common stock at an average cost per share of $17.63 through various stock repurchase programs, which is reported as treasury stock, at cost, on its Consolidated Balance Sheets.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation [Abstract]

Stock-Based Compensation

The Employers Holdings, Inc. Amended and Restated Equity and Incentive Plan (the Plan) is administered by the Compensation Committee of the Board of Directors, which is authorized to grant, at its discretion, awards to officers, employees, non-employee directors, consultants, and independent contractors. The maximum number of common shares reserved for grants of awards under the Plan was 5,500,000 shares, prior to reductions for grants made. The Plan provides for the grant of stock options (both incentive stock options and nonqualified stock options), stock appreciation rights, shares of restricted stock, restricted stock units (RSUs), performance stock units (PSUs), and other stock-based awards.

Commencing in 2017, employees who were awarded RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when the underlying award vests and becomes payable. If the underlying award does not vest or is forfeited, dividend equivalents with respect to the underlying award will also fail to become payable and will be forfeited.

As of December 31, 2019, the only incentive awards outstanding under the Plan were nonqualified stock options, RSUs, and PSUs.

Compensation costs are recognized based on expected performance, if applicable, net of any estimated forfeitures on a straight-line basis over the requisite employee service periods. Forfeiture rates are based on historical experience and are adjusted in subsequent periods for differences in actual forfeitures from those estimated. Net stock-based compensation expense recognized in the Company's Consolidated Statements of Comprehensive Income was as follows:



	Years Ended December 31,
	2019		2018		2017
Stock-based compensation expense related to:	(in millions)
Stock options	$	0.1	$	0.3	$	0.5
RSUs	2.7		2.5		2.0
PSUs	7.2		6.5		4.3
Total	10.0		9.3		6.8
Less: related tax benefit	2.1		2.0		2.4
Net stock-based compensation expense	$	7.9	$	7.3	$	4.4

Stock Options

No stock options were granted in 2019, 2018 or 2017.

The Company anticipates issuing new shares of common stock upon the exercise of its outstanding stock options.

Changes in outstanding stock options for the year ended December 31, 2019 were as follows:



	Number of Stock Options		Weighted-Average Price		Weighted Average Remaining Contractual Life
Stock options outstanding at December 31, 2016	564,096		$	21.04	3.3 years
Exercised	(307,076	)	19.44
Forfeited	(9,673	)	24.45
Stock options outstanding at December 31, 2017	247,347		22.90		3.4 years
Exercised	(57,091	)	20.17
Stock options outstanding at December 31, 2018	190,256		23.71		2.7 years
Exercised	(31,630	)	26.98
Forfeited	(4,610	)	25.37
Stock options outstanding at December 31, 2019	154,016		23.65		1.7 years
Exercisable at December 31, 2019	144,161		23.37		1.6 years

At December 31, 2019, the Company had yet to recognize less than $0.1 million of unamortized expense related to stock option grants and expects to recognize these costs on a straight-line basis over the next 3 months. The fair value of stock options vested and the intrinsic value of outstanding and exercisable stock options as of December 31, were as follows:



	2019		2018		2017
	(in millions)
Fair value of stock options vested	$	0.2	$	0.4	$	0.6
Intrinsic value of outstanding stock options	2.8		3.4		5.3
Intrinsic value of exercisable stock options	2.7		2.8		3.6

The intrinsic value of stock options exercised was $0.6 million, $1.4 million, and $7.6 million for the years ended December 31, 2019, 2018, and 2017.

RSUs

The Company has awarded RSUs to non-employee members of the Board of Directors and certain employees of the Company. The RSUs awarded to non-employee members of the Board of Directors generally vest on the first anniversary of the award date. RSU grants allow each non-employee Director to decide whether to defer settlement of the RSUs until six months after termination of Board service or settle the RSUs at vesting. Dividend equivalents are granted to Directors who elected to defer settlement of the RSUs after the grants vested. RSUs awarded to employees of the Company have a service vesting period of approximately four years from the date awarded and vest 25% on or after each of the subsequent four anniversaries of such date. These RSUs are subject to accelerated vesting in certain limited circumstances, such as: retirement, death or disability of the holder, or in connection with a change of control of the Company.

Changes in outstanding RSUs for the year ended December 31, 2019 were as follows:



	Number of RSUs		Weighted Average Grant Date Fair Value
RSUs outstanding at December 31, 2016	324,384		$	22.55
Granted	87,276		37.94
Forfeited	(13,711	)	29.28
Vested	(102,785	)	22.89
RSUs outstanding at December 31, 2017	295,164		26.67
Granted	87,857		40.26
Forfeited	(3,370	)	33.51
Vested	(129,351	)	24.53
RSUs outstanding at December 31, 2018	250,300		32.45
Granted	90,576		40.60
Forfeited	(22,232	)	36.39
Vested	(76,739	)	33.99
RSUs outstanding at December 31, 2019	241,905		34.70
Vested but unsettled RSUs at December 31, 2019	73,535		24.75

At December 31, 2019, the Company had yet to recognize $5.0 million of unamortized expense related to outstanding RSUs and expects to recognize these costs on a straight-line basis over the next 39 months. The grant date fair value of RSUs vested and the intrinsic value of vested RSUs for the years ended December 31, were as follows:



	2019		2018		2017
	(in millions)
Grant date fair value of RSUs vested	$	2.6	$	3.2	$	2.4
Intrinsic value of RSUs vested	3.2		5.5		4.3

The intrinsic value of outstanding RSUs was $10.1 million, $10.5 million, and $13.1 million at December 31, 2019, 2018, and 2017.

PSUs

The Company has awarded PSUs to certain employees of the Company as follows:



Date of Grant	Target Number Awarded	Fair Value on Date of Grant		Aggregate Fair Value on Date of Grant
				(in millions)
March 2017⁽¹⁾	97,440	$	37.60	$	3.7
March 2018⁽¹⁾	96,940	40.30		3.9
March 2019⁽¹⁾	95,940	40.54		3.9
August 2019⁽¹⁾	9,587	41.72		0.4

(1)

The PSUs awarded in March 2017, 2018, and 2019 and August 2019 were awarded to certain employees of the Company and have a performance period of two years followed by an additional one year vesting period. The PSU awards are subject to certain performance goals with payouts that range from 0% to 200% of the target awards. The values shown in the table represent the aggregate number of PSUs awarded at the target level.

At December 31, 2019, the Company had yet to recognize $8.0 million of unamortized expense related to PSU grants and expects to recognize these costs on a straight-line basis over the next 24 months. This is based on the expectation of the Company achieving a 200% of target rate for the 2017 PSUs, a 200% of target rate for the 2018 PSUs, and a 200% of target rate for the 2019 PSUs.

Statutory Matters

12 Months Ended

Dec. 31, 2019

Stautory Matters [Abstract]

Statutory Financial Data Disclosure

Statutory Matters

Statutory Financial Data

The combined capital stock, surplus, and net income of the Company's insurance subsidiaries (EICN, ECIC, EPIC, EAC, and CIC), prepared in accordance with the statutory accounting practices (SAP) of the National Association of Insurance Commissioners (NAIC) as well as SAP permitted by the states of California, Florida, Nevada, and New York were as follows:



	December 31,
	2019		2018
	(in millions)
Capital stock and unassigned surplus	$	658.2	$	558.5
Paid in capital	362.8		349.4
Surplus notes	—		20.0
Total statutory surplus	$	1,021.0	$	927.9

Net income provided from the Company's insurance subsidiaries prepared in accordance with SAP was $129.3 million, $159.3 million, and $116.8 million, for the years ended December 31, 2019, 2018 and 2017, respectively.

Treatment of the LPT Agreement, deferred policy acquisition costs, fair value of financial instruments, and the surplus notes (see Notes 4, 9, and 10) are the primary differences in the SAP-basis capital stock and total surplus of the insurance subsidiaries of $1,021.0 million and $927.9 million, and the GAAP-basis equity of the Company of $1,165.8 million and $1,018.2 million as of December 31, 2019 and 2018, respectively. Under SAP accounting, the retroactive reinsurance gain resulting from the LPT Agreement is recorded as a special component of surplus (special surplus funds) in the initial year of the contract, and not reported as unassigned surplus until the Company has recovered amounts in excess of the original consideration paid. The special surplus funds are also reduced by the amount of extraordinary dividends as approved by the Nevada Division of Insurance. Under SAP, the surplus notes are recorded as a separate component of surplus. Under SAP, changes to the estimated contingent profit commission under the LPT Agreement are reflected in commission expense in the period that the estimate is revised.

Insurance Company Dividends and Regulatory Requirements and Restrictions

The ability of EHI to pay dividends on the Company's common stock and to pay other expenses will be dependent to a significant extent upon the ability of the Nevada domiciled insurance company, EICN, the California domiciled insurance company, ECIC, the Florida domiciled insurance companies, EPIC and EAC, to pay dividends to their immediate holding company, Employers Group, Inc. (EGI) and the New York domiciled insurance company, CIC, to pay dividends to its immediate holding company Cerity Group, Inc. (CGI), and in turn, the ability of EGI and CGI to pay dividends to EHI. The amount of dividends each of the Company's insurance subsidiaries may pay to their immediate parent is limited by the laws of its respective state of domicile.

Nevada law limits the payment of cash dividends by EICN to its parent by providing that payments cannot be made except from available and accumulated surplus, otherwise unrestricted (unassigned), and derived from realized net operating profits and realized and unrealized capital gains. A stock dividend may be paid out of any available surplus. A cash or stock dividend prohibited by these restrictions may only be declared and distributed as an extraordinary dividend upon the prior approval of the Nevada Commissioner of Insurance (Nevada Commissioner). EICN may not pay such an extraordinary dividend or make an extraordinary distribution until the Nevada Commissioner either approves or does not disapprove the payment within 30 days after receiving notice of its declaration. An extraordinary dividend or distribution is defined by statute to include any dividend or distribution of cash or property whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the lesser of: (a) 10% of EICN's statutory surplus as regards to policyholders at the next preceding December 31; or (b) EICN's statutory net income, not including realized capital gains, for the 12-month period ending at the next preceding December 31. As of December 31, 2019, EICN had positive unassigned surplus of $224.3 million. During 2019, EICN paid an ordinary dividend in the amount of $19.7 million to its parent company, EGI. As a result of that payment, EICN can pay $1.4 million of dividends through March 1, 2020, and $21.1 million thereafter, without regulatory approval, provided that no dividends are paid prior to March 1, 2020.

Under Florida law, without regulatory approval, EPIC and EAC may pay dividends if they do not exceed the greater of: the lesser of 10% of surplus or net income, not including realized capital gains, plus a 2-year carry forward; 10% of surplus, with dividends payable limited to unassigned funds minus 25% of unrealized capital gains; or, the lesser of 10% of surplus or net investment income plus a 3-year carry forward with dividends payable limited to unassigned funds minus 25% of unrealized capital gains. During 2019, EAC paid an ordinary dividend in the amount of $19.7 million to its parent company, EGI. As a result of that payment, EAC can pay $1.2 million of dividends through June 12, 2020 and $20.9 million thereafter without regulatory approval from the Florida Office of Insurance Regulation (FOIR), provided that no dividends are paid prior to June 12, 2020. During 2019, EPIC did not pay any dividends. The maximum dividends that may be paid in 2020 by EPIC without prior regulatory approval from the FOIR is $21.7 million.

ECIC is subject to regulation by the California Department of Insurance (California DOI). Additionally, the California Insurance Holding Company System Regulatory Act limits the ability of ECIC to pay dividends to its parent. California law provides that, absent prior approval of the California Insurance Commissioner, dividends may only be declared from earned surplus. For purpose of this statute, earned surplus excludes amounts derived from net appreciation in the value of assets not yet realized, or derived from an exchange of assets, unless the assets received are currently realizable in cash. In addition, California law provides that the appropriate insurance regulatory authorities in the state of California must approve (or, within a 30-day notice period, not disapprove) any dividend that, together with all other such dividends paid during the preceding 12 months, exceeds the greater of: (a) 10% of the paying company's statutory surplus as regards to policyholders at the preceding December 31; or (b) 100% of net income for the preceding year. During the years ended December 31, 2019, 2018, and 2017, ECIC was in compliance with these requirements.

During 2019, ECIC paid an ordinary dividend in the amount of $57.2 million to its parent company, EGI. As a result of that payment, ECIC cannot pay any dividends until September 23, 2020 and can pay $32.1 million thereafter without prior regulatory approval.

EPIC and EAC are subject to regulation by the Florida Department of Financial Services (FDFS). Florida statute Section 624.408 requires EPIC and EAC to maintain minimum capital and surplus of the greater of $4.0 million or 10% of total liabilities. Florida statute Section 624.4095 requires EPIC and EAC to maintain a ratio of written premiums, defined as 1.25 times written premiums, to surplus of no greater than 10-to-1 for gross written premiums and 4-to-1 for net written premiums. During the years ended December 31, 2019, 2018, and 2017, EPIC and EAC were in compliance with these statutes.

Under New York law, without regulatory approval, CIC may pay dividends if they do not exceed the lesser of 10% of surplus or 100% of net investment income for the previous year increased by the excess, if any, of net investment income over dividends declared or distributed during the period commencing 36 months prior to the declaration or distribution of the current dividend and ending 12 months prior thereto. The New York state law also provides that any distribution may only be paid out of earned surplus. Additionally, New York has prohibited CIC from paying any dividends for two years from the date of Acquisition without prior regulatory approval.

Additionally, EICN, ECIC, EPIC, EAC, and CIC are required to comply with RBC requirements. RBC is a method of measuring the amount of capital appropriate for an insurance company to support its overall business operations in light of its size and risk profile. NAIC RBC standards are used by regulators to determine appropriate regulatory actions relating to insurers that show signs of weak or deteriorating conditions. As of December 31, 2019, 2018, and 2017, EICN, ECIC, EPIC, EAC, and CIC each had total adjusted capital above all regulatory action levels.

Accumulated Other Comprehensive Income, Net

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income, Net

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is comprised of unrealized gains (losses) on investments classified as available-for-sale, net of deferred tax expense. The following table summarizes the components of Accumulated other comprehensive income (loss):



	Years Ended December 31,
	2019			2018
	(in millions)
Net unrealized gains (losses) on investments, before taxes	$	82.6		$	(17.3	)
Deferred tax (expense) benefit on net unrealized gains (losses)	(17.3		)	3.6
Total accumulated other comprehensive income (loss)	$	65.3		$	(13.7	)

Employee Benefit and Retirement Plans	12 Months Ended
Employee Benefit and Retirement Plans	Dec. 31, 2019
Employee Benefit and Retirement Plans [Abstract]
Compensation and Employee Benefit Plans	Employee Benefit and Retirement Plans The Company maintains a 401(k) defined contribution plan covering all eligible Company employees (the Employers 401(k) Plan). Under the Employers 401(k) Plan, the Company's safe harbor matching consists of a 100% matching contribution on salary deferrals up to 3% of compensation and then a 50% matching contribution on salary deferrals from 3% to 5% of compensation. The Company's matching contribution to the Employers 401(k) Plan was $2.2 million, $2.0 million, and $1.9 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Common Share

Basic earnings per share, which includes no dilution from outstanding stock-based awards, is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilutive impact of all outstanding stock-based awards on earnings per share. Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested, and stock options were to be exercised.

Commencing in 2017, certain stock-based compensation awards are eligible to receive dividend equivalents on awards that fully vest or become payable.

The following table presents the net income and the weighted average shares outstanding used in the earnings per share common share calculations.



	Years Ended December 31,
	2019		2018		2017
	(in millions, except share data)
Net income	$	157.1	$	141.3	$	101.2
Weighted average number of shares outstanding–basic	32,120,578		32,884,828		32,501,576
Effect of dilutive securities:
Stock options	77,482		97,810		208,602
PSUs	285,550		268,030		271,738
RSUs	56,108		60,669		78,844
Dilutive potential shares	419,140		426,509		559,184
Weighted average number of shares outstanding–diluted	32,539,718		33,311,337		33,060,760

Segments Level 1 (Notes)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Reporting

The Company has recently made changes to its corporate structure, mainly involving the launch and further development of a new digital insurance platform offered under the Cerity brand name (Cerity), resulting in changes to its reportable segments. As of December 31, 2019, the Company has determined that it has two reportable segments: Employers and Cerity. Each of these segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. The nature and composition of each reportable segment and its Corporate and Other activities are as follows:

The Employers segment is defined as traditional business offered through the EMPLOYERS brand name (Employers) through its agents, including business originated from its strategic partnerships and alliances.

The Cerity segment is defined as business offered under the Cerity brand name, which includes the Company's direct-to-customer business.

Corporate and Other activities consist of those holding company expenses that are not considered to be underwriting in nature, the financial impact of the LPT agreement, and legacy business assumed and ceded by CIC. These expenses are not considered to be part of a reportable segment and are not otherwise allocated to a reportable segment.

The Company has determined that it is not practicable to report identifiable assets by segment since certain assets are used interchangeably among the segments.

Prior to December 31, 2019, the Company operated under a single reportable segment. All periods prior to December 31, 2019 have been conformed to the current presentation.

The following table summarizes the Company's written premium and components of net income before income taxes by reportable segment.



	Employers		Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2019
Gross premiums written	$	696.8	$	0.1		$	—		$	696.9
Net premiums written	691.4		0.1			—			691.5

Net premiums earned	695.8		—			—			695.8
Net investment income	84.1		0.3			3.7			88.1
Net realized and unrealized gains on investments	47.7		0.1			3.3			51.1
Other income	0.9		—			—			0.9
Total revenues	828.5		0.4			7.0			835.9

Losses and loss adjustment expenses	378.6		—			(12.7		)	365.9
Commission expense	88.1		—			—			88.1
Underwriting and general and administrative expenses	153.2		16.0			18.3			187.5
Interest and financing expenses	0.6		—			—			0.6
Total expenses	620.5		16.0			5.6			642.1

Net income (loss) before income taxes	$	208.0	$	(15.6	)	$	1.4		$	193.8



	Employers			Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2018
Gross premiums written	$	748.9		$	—		$	—		$	748.9
Net premiums written	742.8			—			—			742.8

Net premiums earned	731.1			—			—			731.1
Net investment income	78.6			—			2.6			81.2
Net realized and unrealized (losses) gains on investments	(13.9		)	—			0.8			(13.1		)
Other income	1.0			0.2			—			1.2
Total revenues	796.8			0.2			3.4			800.4

Losses and loss adjustment expenses	391.3			—			(14.6		)	376.7
Commission expense	94.2			—			—			94.2
Underwriting and general and administrative expenses	135.0			5.9			17.6			158.5
Interest and financing expenses	1.5			—			—			1.5
Total expenses	622.0			5.9			3.0			630.9

Net income (loss) before income taxes	$	174.8		$	(5.7	)	$	0.4		$	169.5



	Employers		Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2017
Gross premiums written	$	729.7	$	—		$	—		$	729.7
Net premiums written	723.7		—			—			723.7

Net premiums earned	716.5		—			—			716.5
Net investment income	73.3		—			1.3			74.6
Net realized and unrealized gains on investments	7.4		—			—			7.4
Gain on redemption of notes payable	2.1		—			—			2.1
Other income	0.8		—			—			0.8
Total revenues	800.1		—			1.3			801.4

Losses and loss adjustment expenses	428.8		—			(11.6		)	417.2
Commission expense	91.4		—			—			91.4
Underwriting and general and administrative expenses	123.7		1.1			15.1			139.9
Interest and financing expenses	1.4		—			—			1.4
Other expenses	7.5		—			—			7.5
Total expenses	652.8		1.1			3.5			657.4

Net income (loss) before income taxes	$	147.3	$	(1.1	)	$	(2.2	)	$	144.0

Entity-Wide Disclosures

The Company operates solely within the United States and does not have revenue from transactions with a single customer accounting for 10% or more of its revenues. The following table shows the Company's in-force premiums and number of policies in-force for each state with approximately five percent or more of our in-force premiums and all other states combined as of December 31:



	2019			2018			2017
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	329.8	43,079	$	357.1	41,988	$	349.4	40,573
Florida	36.3		5,822	41.0		5,833	41.8		5,625
New York	31.7		5,679	23.9		3,663	12.3		2,038
Other (43 states and D.C.)	266.8		44,104	244.2		40,014	223.4		37,258
Total	$	664.6	98,684	$	666.2	91,498	$	626.9	85,494

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Selecled Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Information

Selected Quarterly Financial Data (Unaudited)

Quarterly results for the years ended December 31, 2019 and 2018 were as follows:



	2019 Quarters Ended
	March 31		June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	174.8	$	175.5	$	175.8	$	169.7
Net realized and unrealized gains on investments	23.3		7.4		2.6		17.8
Losses and loss adjustment expenses	88.6		86.8		92.9		97.6
Commission expense	22.0		23.8		21.9		20.4
Underwriting and general and administrative expenses	47.5		43.8		45.3		50.9
Income tax expense	10.0		9.0		8.1		9.6
Net income	51.8		40.7		32.8		31.8
Earnings per common share:
Basic	1.60		1.27		1.03		1.00
Diluted	1.57		1.25		1.01		0.99



	2018 Quarters Ended
	March 31			June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	176.6		$	178.0	$	192.9	$	183.6
Net realized and unrealized (losses) gains on investments	(8.0		)	5.7		15.6		(26.4		)
Losses and loss adjustment expenses	95.4			87.8		106.6		86.9
Commission expense	23.7			24.5		24.8		21.2
Underwriting and general and administrative expenses	39.2			40.1		38.8		40.4
Income tax expense	3.8			8.8		10.7		4.9
Net income	25.6			42.5		47.6		25.6
Earnings per common share:
Basic	0.78			1.29		1.45		0.78
Diluted	0.77			1.28		1.43		0.77

Significant Quarterly Adjustments

The first quarter of 2019 was impacted by: (1) favorable prior accident year loss development of $22.2 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $21.2 million in net unrealized gains on equity securities.

The second quarter of 2019 was impacted by: (1) favorable prior accident year loss development of $23.7 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $6.8 million in net unrealized gains on equity securities.

The third quarter of 2019 was impacted by: (1) favorable prior accident year loss development of $20.2 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $10.3 million in net unrealized losses on equity securities.

The fourth quarter of 2019 was impacted by: (1) favorable prior accident year loss development of $11.4 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $15.5 million in net unrealized gains on equity securities.

The first quarter of 2018 was impacted by: (1) favorable prior accident year loss development of $12.4 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $12.9 million in net unrealized losses on equity securities.

The second quarter of 2018 was impacted by: (1) favorable prior accident year loss development of $16.5 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $3.5 million in net unrealized gains on equity securities.

The third quarter of 2018 was impacted by: (1) favorable prior accident year loss development of $11.9 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $11.2 million in net unrealized gains on equity securities.

The fourth quarter of 2018 was impacted by: (1) favorable prior accident year loss development of $25.4 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $27.4 million in net unrealized losses on equity securities.

Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2019

Notes to Condensed Financial Statments [Abstract]

Schedule II. Condensed Financial Information of Registrant



Employers Holdings, Inc.

Condensed Balance Sheets

	December 31,
	2019			2018
Assets	(in millions, except share data)
Investments:
Investment in subsidiaries	$	1,096.1		$	873.8
Fixed maturity securities at fair value (amortized cost $25.3 at December 31, 2019 and $24.2 at December 31, 2018)	26.6			24.6
Equity securities at fair value (cost $27.8 at December 31, 2019 and $40.0 at December 31, 2018)	28.1			38.7
Short-term investments at fair value (amortized cost $25.0 at December 31, 2018)	—			25.0
Total investments	1,150.8			962.1

Cash and cash equivalents	9.9			41.3
Accrued investment income	0.2			0.3
Intercompany receivable	3.5			0.3
Federal income taxes receivable	3.5			22.7
Deferred income taxes, net	2.2			—
Other assets	1.6			0.9
Total assets	$	1,171.7		$	1,027.6

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	5.0		$	5.0
Deferred income taxes, net	—			0.4
Other liabilities	0.9			4.0
Total liabilities	5.9			9.4

Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,184,370 and 56,975,675 shares issued and 31,355,378 and 32,765,792 shares outstanding at December 31, 2019 and 2018, respectively	0.6			0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	—			—
Additional paid-in capital	396.4			388.8
Retained earnings	1,158.8			1,030.7
Accumulated other comprehensive income (loss), net of tax	65.3			(13.7		)
Treasury stock, at cost (25,828,992 shares at December 31, 2019 and 24,209,883 shares at December 31, 2018)	(455.3		)	(388.2		)
Total stockholders' equity	1,165.8			1,018.2
Total liabilities and stockholders' equity	$	1,171.7		$	1,027.6



Employers Holdings, Inc.

Condensed Statements of Income

	Years Ended December 31,
	2019			2018			2017
	(in millions, except per share data)
Revenues
Net investment income	$	3.7		$	2.5		$	1.3
Net realized and unrealized gains on investments	3.3			0.8			—
Total revenues	7.0			3.3			1.3

Expenses
Underwriting and general and administrative expenses	19.0			17.5			15.2
Total expenses	19.0			17.5			15.2

Loss before income taxes and equity in earnings of subsidiaries	(12.0		)	(14.2		)	(13.9		)
Income tax benefit	(2.5		)	(4.3		)	(5.8		)
Net loss before equity in earnings of subsidiaries	(9.5		)	(9.9		)	(8.1		)
Equity in earnings of subsidiaries	166.6			151.2			109.3
Net income	$	157.1		$	141.3		$	101.2

Earnings per common share:
Basic	$	4.89		$	4.30		$	3.11
Diluted	$	4.83		$	4.24		$	3.06

Cash dividends declared per common share and eligible RSUs and PSUs	$	0.88		$	0.80		$	0.60



Employers Holdings, Inc.

Condensed Statement of Cash Flows

	Years Ended December 31,
	2019			2018			2017
	(in millions)
Operating activities
Net income	$	157.1		$	141.3		$	101.2
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(70.4		)	(66.7		)	(71.5		)
Net realized and unrealized gains on investments	(3.3		)	(0.8		)	—
Stock-based compensation	10.1			9.4			6.8
Amortization of premium on investments, net	—			0.2			0.1
Deferred income tax expense	(2.8		)	14.7			5.3
Change in operating assets and liabilities:
Accounts payable, accrued expenses, and other liabilities	2.3			0.2			(0.3		)
Federal income taxes	19.2			(18.5		)	5.4
Other assets	(0.7		)	(0.1		)	(0.1		)
Intercompany payables and receivables	(3.2		)	(2.2		)	1.8
Net cash provided by operating activities	108.3			77.5			48.7

Investing activities
Purchases of fixed maturity securities	(9.3		)	(14.4		)	(30.6		)
Purchases of equity securities	(42.0		)	(40.0		)	—
Proceeds from sale of equity securities	56.0			—			—
Purchases of short-term securities	—			(59.6		)	(7.9		)
Proceeds from sale of fixed maturity securities	4.3			12.0			5.0
Proceeds from maturities and redemptions of fixed maturity securities	3.8			59.2			4.5
Proceeds from maturities of short-term investments	25.0			—			—
Net change in unsettled investment purchases and sales	(5.0		)	3.9			—
Capital contributions to subsidiaries	(73.6		)	(4.2		)	(5.6		)
Net cash used in investing activities	(40.8		)	(43.1		)	(34.6		)

Financing activities
Acquisition of common stock	(67.5		)	(4.2		)	—
Cash transactions related to stock-based compensation	(2.5		)	(1.8		)	3.8
Dividends paid to stockholders	(28.9		)	(26.7		)	(19.7		)
Net cash used in financing activities	(98.9		)	(32.7		)	(15.9		)

Net (decrease) increase in cash and cash equivalents	(31.4		)	1.7			(1.8		)
Cash and cash equivalents at the beginning of the period	41.3			39.6			41.4
Cash and cash equivalents at the end of the period	$	9.9		$	41.3		$	39.6

Schedule VI. Supplemental Information (Notes)

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Text Block]



Schedule VI. Supplemental Information Concerning Property - Casualty Insurance Operations

Employers Holdings, Inc. and Subsidiaries
Consolidated Supplemental Information Concerning Property and Casualty Insurance Operations

Year Ended	Deferred Policy Acquisition Costs		Reserves For Unpaid Losses And LAE		Unearned Premiums		Net Premiums Earned		Net Investment Income		Losses and LAE Related to Current Years		Losses and LAE Related to Prior Years (including LPT Amortization and Adj)			Amortization of Deferred Policy Acquisition Costs		Paid Losses And LAE (including LPT Amortization and Adj)			Net Premiums Written
(in millions)
Employers Segment
2019	$	47.9	$	2,145.2	$	337.0	$	695.8	$	84.1	$	456.1	$	(77.5	)	$	107.7	$	421.8		$	691.4
2018	48.2		2,207.9		336.3		731.1		78.6		457.5		(66.2		)	112.0		416.9			742.8
2017	45.8		2,266.1		318.3		716.5		73.3		447.3		(18.5		)	108.2		420.7			723.7

Cerity Segment
2019	$	—	$	—	$	0.1	$	—	$	0.3	$	—	$	—		$	—	$	—		$	0.1
2018	—		—		—		—		—		—		—			—		—			—
2017	—		—		—		—		—		—		—			—		—			—

Corporate & Other
2019	$	—	$	47.6	$	—	$	—	$	3.7	$	—	$	(12.7	)	$	—	$	(12.7	)	$	—
2018	—		—		—		—		2.6		—		(14.6		)	—		(14.6		)	—
2017	—		—		—		—		1.3		—		(11.6		)	—		(11.6		)	—

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

The Company considers all liquid investments with maturities of less than three months, as measured from the date of purchase, to be cash equivalents.

Restricted Cash and Cash Equivalents, Policy

Restricted Cash and Cash Equivalents

Investments, Policy

Short-Term Investments

The Company considers all liquid investments with maturities of between three and twelve months, as measured from the date of purchase, to be short-term investments.

Investment Securities

Realized gains and losses on investments are determined on a specific-identification basis.

Revenue Recognition, Policy

Revenue Recognition

Deferred Policy Acquisition Costs, Policy

Deferred Policy Acquisition Costs

Unpaid Loss and LAE Reserves, Policy

Unpaid Loss and LAE Reserves

Reinsurance, Policy

Reinsurance

Property, and Equipment, Policy

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation (see Note 6). Expenditures for maintenance and repairs are charged against operations as incurred.

Cloud Computing Arrangements, Policy

Cloud Computing Arrangements

Lessee, Leases, Policy

Operating leases

Finance Leases

Income Taxes, Policy

Income Taxes

Credit Risk, Policy

Credit Risk

The Company's premiums receivable are generally diversified due to the large number of entities composing the Company's policyholder base and their dispersion across many different industries.

Fair Value of Financial Instruments, Policy

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments:

Goodwill and Other Intangible Assets, Policy

Goodwill and Other Intangible Assets

The gross carrying value, accumulated amortization, and net carrying value for the Company's intangible assets, by major class, as of December 31, were as follows:



	2019							2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—		$	13.5	$	7.7	$	—		$	7.7
Insurance relationships	9.4		$	(9.4	)	—		9.4		$	(9.4	)	—
Other	0.1		—			0.1		—		—			—
Total	$	23.0	$	(9.4	)	$	13.6	$	17.1	$	(9.4	)	$	7.7

Stock-based Compensation, Policy

Stock-Based Compensation

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Schedule of intangible assets table

The gross carrying value, accumulated amortization, and net carrying value for the Company's intangible assets, by major class, as of December 31, were as follows:



	2019							2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—		$	13.5	$	7.7	$	—		$	7.7
Insurance relationships	9.4		$	(9.4	)	—		9.4		$	(9.4	)	—
Other	0.1		—			0.1		—		—			—
Total	$	23.0	$	(9.4	)	$	13.6	$	17.1	$	(9.4	)	$	7.7

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value of Financial Instruments [Abstract]

Estimated fair value of financial instruments table

The carrying value and the estimated fair value of the Company's financial instruments at fair value were as follows as of December 31:



	2019				2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets	(in millions)
Total investments at fair value (Note 5)	$	2,742.6	$	2,742.6	$	2,721.3	$	2,721.3
Cash and cash equivalents	154.9		154.9		101.4		101.4
Restricted cash and cash equivalents	0.3		0.3		0.6		0.6
Financial liabilities
Notes payable (Note 10)	$	—	$	—	$	20.0	$	23.5

Fair value, assets and liabilities measured on recurring basis table

The following table presents the Company's investments at fair value and the corresponding fair value measurements.



	December 31, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	85.6	$	—	$	—	$	106.4	$	—
U.S. Agencies	—		2.9		—		—		11.4		—
States and municipalities	—		484.5		—		—		528.0		—
Corporate securities	—		1,079.0		—		—		1,090.4		—
Residential mortgage-backed securities	—		480.4		—		—		451.5		—
Commercial mortgage-backed securities	—		110.6		—		—		94.3		—
Asset-backed securities	—		61.2		—		—		64.5		—
Other securities	—		181.7		—		—		149.9		—
Total fixed maturity securities	$	—	$	2,485.9	$	—	$	—	$	2,496.4	$	—
Equity securities at fair value
Industrial and miscellaneous	$	216.4	$	—	$	—	$	174.8	$	—	$	—
Other	40.3		—		—		25.1		—		—
Total equity securities at fair value	$	256.7	$	—	$	—	$	199.9	$	—	$	—
Short-term investments	$	—	$	—	$	—	$	—	$	25.0	$	—
Total investments at fair value	$	256.7	$	2,485.9	$	—	$	199.9	$	2,521.4	$	—

Fair value, assets measured on recurring basis, unobservable input reconciliation table

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the years ended December 31, 2019 and 2018.



	Level 3 Securities
	2019		2018
	(in millions)
Beginning balance, January 1	$	—	$	4.7
Transfers out of Level 3⁽¹⁾	—		(4.7		)
Purchases and sales, net	—		—
Ending balance, December 31	$	—	$	—

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

The following table presents cash and investments carried at NAV on the Company's Consolidated Balance Sheets.



	December 31, 2019	December 31, 2018

Cash equivalents measured at NAV	14.4	57.5
Other invested assets carried at NAV	9.1	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Available-for-sale securities table

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company's AFS investments were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
At December 31, 2019	(in millions)
Fixed maturity securities
U.S. Treasuries	$	83.7	$	1.9	$	—		$	85.6
U.S. Agencies	2.8		0.1		—			2.9
States and municipalities	458.2		26.3		—			484.5
Corporate securities	1,038.6		40.4		—			1,079.0
Residential mortgage-backed securities	471.7		9.4		(0.7		)	480.4
Commercial mortgage-backed securities	107.4		3.2		—			110.6
Asset-backed securities	60.4		0.9		(0.1		)	61.2
Other securities⁽¹⁾	180.5		1.6		(0.4		)	181.7
Total fixed maturity securities	2,403.3		83.8		(1.2		)	2,485.9
Total AFS investments	$	2,403.3	$	83.8	$	(1.2	)	$	2,485.9

At December 31, 2018
Fixed maturity securities
U.S. Treasuries	$	106.7	$	0.9	$	(1.2	)	$	106.4
U.S. Agencies	11.3		0.1		—			11.4
States and municipalities	513.4		15.3		(0.7		)	528.0
Corporate securities	1,106.2		5.8		(21.6		)	1,090.4
Residential mortgage-backed securities	459.1		2.2		(9.8		)	451.5
Commercial mortgage-backed securities	96.7		0.1		(2.5		)	94.3
Asset-backed securities	64.7		0.2		(0.4		)	64.5
Other securities⁽¹⁾	155.6		—		(5.7		)	149.9
Total fixed maturity securities	2,513.7		24.6		(41.9		)	2,496.4
Short-term investments	25.0		—		—			25.0
Total AFS investments	$	2,538.7	$	24.6	$	(41.9	)	$	2,521.4

(1)

Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.

Equity securities table

The cost and estimated fair value of the Company's equity securities recorded at fair value at December 31, 2019 and 2018 were as follows:



	Cost		Estimated Fair Value
	(in millions)
At December 31, 2019
Equity securities at fair value
Industrial and miscellaneous	$	129.1	$	216.4
Other	26.5		40.3
Total equity securities at fair value	$	155.6	$	256.7

At December 31, 2018
Equity securities at fair value
Industrial and miscellaneous	$	114.6	$	174.8
Other	17.3		25.1
Total equity securities at fair value	$	131.9	$	199.9

Investments classified by contractual maturity date table



	Amortized Cost		Estimated Fair Value
	(in millions)
Due in one year or less	$	170.2	$	171.5
Due after one year through five years	758.2		781.5
Due after five years through ten years	778.6		819.3
Due after ten years	56.8		61.4
Mortgage and asset-backed securities	639.5		652.2
Total	$	2,403.3	$	2,485.9

Unrealized loss on investments table



	December 31, 2019						December 31, 2018
	Estimated Fair Value		Gross Unrealized Losses			Number of Issues	Estimated Fair Value		Gross Unrealized Losses			Number of Issues
Less than 12 months:	(dollars in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	—		—	$	12.2	$	(0.1	)	7
States and municipalities	—		—			—	70.1		(0.7		)	21
Corporate securities	—		—			—	624.4		(13.4		)	205
Residential mortgage-backed securities	56.9		(0.2		)	29	156.9		(2.5		)	59
Commercial mortgage-backed securities	—		—			—	30.9		(0.5		)	13
Asset-backed securities	10.1		(0.1		)	6	25.1		(0.2		)	18
Other securities	15.2		(0.3		)	64	137.1		(5.7		)	215
Total fixed maturity securities	82.2		(0.6		)	99	1,056.7		(23.1		)	538
Total less than 12 months	$	82.2	$	(0.6	)	99	$	1,056.7	$	(23.1	)	538

12 months or greater:
Fixed maturity securities
U.S. Treasuries	$	—	$	—		—	$	72.7	$	(1.1	)	25
Corporate securities	—		—			—	193.7		(8.2		)	69
Residential mortgage-backed securities	40.0		(0.5		)	19	199.8		(7.3		)	72
Commercial mortgage-backed securities	—		—			—	55.0		(2.0		)	22
Asset-backed securities	—		—			—	16.5		(0.2		)	17
Other securities	5.9		(0.1		)	19	—		—			—
Total fixed maturity securities	45.9		(0.6		)	38	537.7		(18.8		)	205
Total 12 months or greater	$	45.9	$	(0.6	)	38	$	537.7	$	(18.8	)	205

Unrealized gain (loss) on investments table



	Gross Realized Gains		Gross Realized Losses			Change in Net Unrealized Gains (Losses)			Changes in Fair Value Reflected in Earnings			Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Year Ended December 31, 2019
Fixed maturity securities	$	5.2	$	(1.3	)	$	99.9		$	3.9		$	99.9
Equity securities	17.8		(4.4		)	33.1			46.5			—
Other invested assets	—		—			0.7			0.7			—
Total investments	$	23.0	$	(5.7	)	$	133.7		$	51.1		$	99.9

Year Ended December 31, 2018
Fixed maturity securities	$	2.2	$	(4.0	)	$	(59.7	)	$	(1.8	)	$	(59.7	)
Equity securities	15.9		(1.6		)	(25.6		)	(11.3		)	—
Total investments	$	18.1	$	(5.6	)	$	(85.3	)	$	(13.1	)	$	(59.7	)

Year Ended December 31, 2017
Fixed maturity securities	$	4.7	$	(2.2	)	$	3.9		$	2.5		$	3.9
Equity securities	9.3		(4.4		)	17.5			4.9			17.5
Total investments	$	14.0	$	(6.6	)	$	21.4		$	7.4		$	21.4

Investment income table

Net investment income was as follows:



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Fixed maturity securities	$	81.9		$	76.0		$	70.4
Equity securities	7.9			6.5			6.9
Other invested assets	1.2			—			—
Short-term investments	—			0.3			0.1
Cash equivalents and restricted cash	1.7			2.0			0.6
Gross investment income	92.7			84.8			78.0
Investment expenses	(4.6		)	(3.6		)	(3.4		)
Net investment income	$	88.1		$	81.2		$	74.6

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property and Equipment [Abstract]

Property, plant and equipment table

Property and equipment consists of the following:



	As of December 31,
	2019			2018
	(in millions)
Furniture and equipment	$	2.5		$	3.3
Leasehold improvements	6.0			3.2
Computers and software	60.3			61.9
Automobiles	1.1			1.1
Property and equipment, gross	69.9			69.5
Accumulated depreciation	(48.0		)	(51.3		)
Property and equipment, net	$	21.9		$	18.2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Summary of income tax contingencies table

The Company's provision for income taxes consisted of the following:



	Years Ended December 31,
	2019		2018			2017
Current tax expense:	(in millions)
Federal	$	26.3	$	13.2		$	17.9
State	1.8		0.6			0.7
Total current tax expense	28.1		13.8			18.6
Deferred federal tax expense:
Impact of tax Enactment	—		(0.4		)	7.0
Other	8.6		14.8			17.2
Total deferred federal tax expense	8.6		14.4			24.2
Income tax expense	$	36.7	$	28.2		$	42.8

Reconciliation of federal staturoty income tax rates to the effective tax rates table



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Expense computed at statutory rate	$	40.7		$	35.6		$	50.4
Tax-advantaged investment income	(2.4		)	(2.9		)	(7.6		)
LPT deferred gain amortization	(2.3		)	(2.6		)	(4.0		)
Stock based compensation	(0.9		)	(1.4		)	(3.4		)
LPT Reserve Adjustment	(0.4		)	(0.5		)	—
Impact of tax Enactment	—			(0.4		)	7.0
Other	2.0			0.4			0.4
Income tax expense	$	36.7		$	28.2		$	42.8

Deferred tax assets and liabilities

The significant components of deferred income taxes, net, were as follows as of December 31:



	2019					2018
	Deferred Tax					Deferred Tax
	Assets			Liabilities		Assets		Liabilities
	(in millions)
Unrealized capital gains, net	$	—		$	38.7	$	—	$	10.6
Deferred policy acquisition costs	—			10.2		—		10.3
Intangible assets	—			1.6		—		1.6
Loss reserve discounting for tax reporting	30.9			—		31.1		—
Unearned premiums	13.2			—		13.3		—
Allowance for bad debt	1.0			—		1.4		—
Stock-based compensation	3.4			—		2.9		—
Accrued liabilities	4.4			—		4.9		—
Other	2.1			7.1		2.6		6.8
Total	$	55.0		$	57.6	$	56.2	$	29.3
Deferred income tax asset (liability), net	$	(2.6	)			$	26.9

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Changes in the liability for unpaid losses and LAE table

The following table represents a reconciliation of changes in the liability for unpaid losses and LAE.



	Years Ended December 31,
	2019			2018			2017
	(in millions)
Unpaid losses and LAE at beginning of period	$	2,207.9		$	2,266.1		$	2,301.0
Less reinsurance recoverable on unpaid losses and LAE	504.4			537.0			580.0
Net unpaid losses and LAE at beginning of period	1,703.5			1,729.1			1,721.0
Losses and LAE, net of reinsurance, incurred during the period related to:
Current year	456.1			457.5			447.3
Prior years	(77.5		)	(66.2		)	(18.5		)
Total net losses and LAE incurred during the period	378.6			391.3			428.8
Paid losses and LAE, net of reinsurance, related to:
Current year	106.6			93.0			76.9
Prior years	315.2			323.9			343.8
Total net paid losses and LAE during the period	421.8			416.9			420.7
Ending unpaid losses and LAE, net of reinsurance	1,660.3			1,703.5			1,729.1
Reinsurance recoverable on unpaid losses and LAE	532.5			504.4			537.0
Unpaid losses and LAE at end of period	$	2,192.8		$	2,207.9		$	2,266.1

Short-duration Insurance Contracts, Claims Development [Table Text Block]



	Incurred Losses and LAE, Net of Reinsurance
	Years Ended December 31,																				As of December 31, 2019
Accident Year	2010⁽¹⁾		2011⁽¹⁾		2012⁽¹⁾		2013⁽¹⁾		2014⁽¹⁾		2015⁽¹⁾		2016⁽¹⁾		2017⁽¹⁾		2018⁽¹⁾		2019		IBNR		Cumulative number of reported claims
	(in millions, except claims counts)
2010	$	204.9	$	224.4	$	228.1	$	246.1	$	250.2	$	262.0	$	259.9	$	258.8	$	255.2	$	255.3	$	15.8	18,541
2011			253.7		267.3		272.0		277.4		296.3		292.6		288.8		287.8		285.6		20.0		19,582
2012					348.8		359.9		360.9		386.4		388.2		382.8		379.8		378.5		35.2		26,011
2013							452.6		460.6		478.6		472.6		468.9		464.6		459.3		50.2		28,884
2014									463.4		445.8		432.9		434.6		430.5		424.7		59.3		28,552
2015											422.2		425.8		423.9		419.6		408.7		62.7		27,199
2016													419.0		414.6		395.4		375.0		66.8		25,722
2017															412.4		391.3		358.3		89.6		24,953
2018																	422.5		424.6		127.4		27,614
2019																			422.4		206.2		28,025
Total																			$	3,792.3



	Cumulative Paid Losses and LAE, Net of Reinsurance
	Years Ended December 31,
Accident Year	2010⁽¹⁾		2011⁽¹⁾		2012⁽¹⁾		2013⁽¹⁾		2014⁽¹⁾		2015⁽¹⁾		2016⁽¹⁾		2017⁽¹⁾		2018⁽¹⁾		2019
	(in millions)
2010	$	47.1	$	105.6	$	143.8	$	171.7	$	190.7	$	206.2	$	215.4	$	221.3	$	226.5	$	228.9
2011			47.4		115.1		162.6		193.8		217.5		230.1		238.2		243.8		248.1
2012					58.6		148.3		214.2		261.4		289.9		305.0		316.9		324.3
2013							68.5		184.4		263.8		317.4		346.1		365.9		379.3
2014									65.3		172.7		248.9		297.2		323.4		342.1
2015											65.5		174.5		246.9		290.5		311.2
2016													65.6		166.8		227.7		261.2
2017															63.5		160.2		215.7
2018																	77.9		189.9
2019																			88.8
Total																			$	2,589.5
All outstanding liabilities for unpaid losses and LAE prior to 2010, net of reinsurance																			378.9
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																			$	1,581.7

(1)

Data presented for these calendar years is required supplementary information, which is unaudited

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table Text Block]

The following table represents a reconciliation of claims development to the aggregate carrying amount of the liability for unpaid losses and LAE:



	December 31, 2019
	(in millions)
Liabilities for unpaid losses and LAE, net of reinsurance	$	1,581.7
Reinsurance recoverable on unpaid losses	532.5
Unallocated LAE (adjusting and other)	78.6
Total liability for unpaid losses and LAE	$	2,192.8

Short-duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]



Average Annual Percentage Payout of Claims by Age, Net of Reinsurance
Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
17.7	%	26.3	%	17.4	%	11.7	%	7.5	%	5.1	%	3.6	%	2.4	%	1.8	%	1.0	%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2019

Reinsurance [Abstract]

Supplemental schedule of reinsurance premiums for insurance companies table

The effects of reinsurance on the Company's written and earned premiums and on its losses and LAE incurred were as follows:



	Years Ended December 31,
	2019						2018						2017
	Written			Earned			Written			Earned			Written			Earned
	(in millions)
Direct premiums	$	687.4		$	691.6		$	739.0		$	727.2		$	719.5		$	712.5
Assumed premiums	9.5			9.6			9.9			10.0			10.2			10.0
Gross premiums	696.9			701.2			748.9			737.2			729.7			722.5
Ceded premiums	(5.4		)	(5.4		)	(6.1		)	(6.1		)	(6.0		)	(6.0		)
Net premiums	$	691.5		$	695.8		$	742.8		$	731.1		$	723.7		$	716.5
Ceded losses and LAE incurred	$	19.2					$	9.5					$	(0.5	)

Ceded losses and LAE incurred includes the amortization of the Deferred Gain, LPT Reserve Adjustments, and LPT Contingent Commission Adjustments.

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Payable [Abstract]

Schedule of long-term debt instruments table

Notes payable is comprised of the following:



	December 31,
	2019		2018
	(in millions)
Dekania Surplus Note, due April 29, 2034	$	—	$	10.0
Alesco Surplus Note, due December 15, 2034	—		10.0
Total	$	—	$	20.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Lessee, Lease, Description [Line Items]

Lease, Cost [Table Text Block]

Components of lease expense were as follows:



	Year Ended December 31,
	2019
	(in millions)
Operating lease expense	$	5.1
Finance lease expense	0.2
Total lease expense	$	5.3

Operating and capital leases schedule of future minimum lease payments table



Year	Operating Leases			Finance Leases
	(in millions)
2020	$	4.8		$	0.2
2021	3.5			0.2
2022	2.3			0.1
2023	2.3			0.1
2024	2.1			—
Thereafter	4.6			—
Total lease payments	19.6			0.6
Less: imputed interest	(1.8		)	—
Total	$	17.8		$	0.6

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental cash flow information related to leases was as follows:



	Year Ended December 31,
	2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5.1
Financing cash flows used for finance leases	0.2

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan table

Net stock-based compensation expense recognized in the Company's Consolidated Statements of Comprehensive Income was as follows:



	Years Ended December 31,
	2019		2018		2017
Stock-based compensation expense related to:	(in millions)
Stock options	$	0.1	$	0.3	$	0.5
RSUs	2.7		2.5		2.0
PSUs	7.2		6.5		4.3
Total	10.0		9.3		6.8
Less: related tax benefit	2.1		2.0		2.4
Net stock-based compensation expense	$	7.9	$	7.3	$	4.4

Schedule of share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding table

Changes in outstanding stock options for the year ended December 31, 2019 were as follows:



	Number of Stock Options		Weighted-Average Price		Weighted Average Remaining Contractual Life
Stock options outstanding at December 31, 2016	564,096		$	21.04	3.3 years
Exercised	(307,076	)	19.44
Forfeited	(9,673	)	24.45
Stock options outstanding at December 31, 2017	247,347		22.90		3.4 years
Exercised	(57,091	)	20.17
Stock options outstanding at December 31, 2018	190,256		23.71		2.7 years
Exercised	(31,630	)	26.98
Forfeited	(4,610	)	25.37
Stock options outstanding at December 31, 2019	154,016		23.65		1.7 years
Exercisable at December 31, 2019	144,161		23.37		1.6 years

Schedule of fair value of options vested and instrinsic value of outstanding and exercisable options table

he fair value of stock options vested and the intrinsic value of outstanding and exercisable stock options as of December 31, were as follows:



	2019		2018		2017
	(in millions)
Fair value of stock options vested	$	0.2	$	0.4	$	0.6
Intrinsic value of outstanding stock options	2.8		3.4		5.3
Intrinsic value of exercisable stock options	2.7		2.8		3.6

Schedule of share-based compensation, restricted stock and restricted stock units activity

Changes in outstanding RSUs for the year ended December 31, 2019 were as follows:



	Number of RSUs		Weighted Average Grant Date Fair Value
RSUs outstanding at December 31, 2016	324,384		$	22.55
Granted	87,276		37.94
Forfeited	(13,711	)	29.28
Vested	(102,785	)	22.89
RSUs outstanding at December 31, 2017	295,164		26.67
Granted	87,857		40.26
Forfeited	(3,370	)	33.51
Vested	(129,351	)	24.53
RSUs outstanding at December 31, 2018	250,300		32.45
Granted	90,576		40.60
Forfeited	(22,232	)	36.39
Vested	(76,739	)	33.99
RSUs outstanding at December 31, 2019	241,905		34.70
Vested but unsettled RSUs at December 31, 2019	73,535		24.75

Schedule of fair value of RSUs vested and instrinsic value of outstanding and vested RSUs table

The grant date fair value of RSUs vested and the intrinsic value of vested RSUs for the years ended December 31, were as follows:



	2019		2018		2017
	(in millions)
Grant date fair value of RSUs vested	$	2.6	$	3.2	$	2.4
Intrinsic value of RSUs vested	3.2		5.5		4.3

PSUs awarded to certain officers table

The Company has awarded PSUs to certain employees of the Company as follows:



Date of Grant	Target Number Awarded	Fair Value on Date of Grant		Aggregate Fair Value on Date of Grant
				(in millions)
March 2017⁽¹⁾	97,440	$	37.60	$	3.7
March 2018⁽¹⁾	96,940	40.30		3.9
March 2019⁽¹⁾	95,940	40.54		3.9
August 2019⁽¹⁾	9,587	41.72		0.4

(1)

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2019

Stautory Matters [Abstract]

Statutory accounting practices disclosure table



	December 31,
	2019		2018
	(in millions)
Capital stock and unassigned surplus	$	658.2	$	558.5
Paid in capital	362.8		349.4
Surplus notes	—		20.0
Total statutory surplus	$	1,021.0	$	927.9

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Accumulated Other Comprehensive Income, Net (Tables)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of accumulated other comprehensive income (loss) table

The following table summarizes the components of Accumulated other comprehensive income (loss):



	Years Ended December 31,
	2019			2018
	(in millions)
Net unrealized gains (losses) on investments, before taxes	$	82.6		$	(17.3	)
Deferred tax (expense) benefit on net unrealized gains (losses)	(17.3		)	3.6
Total accumulated other comprehensive income (loss)	$	65.3		$	(13.7	)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net income and weighted average common shares outstanding used in earnings per share calculations table

The following table presents the net income and the weighted average shares outstanding used in the earnings per share common share calculations.



	Years Ended December 31,
	2019		2018		2017
	(in millions, except share data)
Net income	$	157.1	$	141.3	$	101.2
Weighted average number of shares outstanding–basic	32,120,578		32,884,828		32,501,576
Effect of dilutive securities:
Stock options	77,482		97,810		208,602
PSUs	285,550		268,030		271,738
RSUs	56,108		60,669		78,844
Dilutive potential shares	419,140		426,509		559,184
Weighted average number of shares outstanding–diluted	32,539,718		33,311,337		33,060,760

Segments (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]



	Employers		Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2019
Gross premiums written	$	696.8	$	0.1		$	—		$	696.9
Net premiums written	691.4		0.1			—			691.5

Net premiums earned	695.8		—			—			695.8
Net investment income	84.1		0.3			3.7			88.1
Net realized and unrealized gains on investments	47.7		0.1			3.3			51.1
Other income	0.9		—			—			0.9
Total revenues	828.5		0.4			7.0			835.9

Losses and loss adjustment expenses	378.6		—			(12.7		)	365.9
Commission expense	88.1		—			—			88.1
Underwriting and general and administrative expenses	153.2		16.0			18.3			187.5
Interest and financing expenses	0.6		—			—			0.6
Total expenses	620.5		16.0			5.6			642.1

Net income (loss) before income taxes	$	208.0	$	(15.6	)	$	1.4		$	193.8



	Employers			Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2018
Gross premiums written	$	748.9		$	—		$	—		$	748.9
Net premiums written	742.8			—			—			742.8

Net premiums earned	731.1			—			—			731.1
Net investment income	78.6			—			2.6			81.2
Net realized and unrealized (losses) gains on investments	(13.9		)	—			0.8			(13.1		)
Other income	1.0			0.2			—			1.2
Total revenues	796.8			0.2			3.4			800.4

Losses and loss adjustment expenses	391.3			—			(14.6		)	376.7
Commission expense	94.2			—			—			94.2
Underwriting and general and administrative expenses	135.0			5.9			17.6			158.5
Interest and financing expenses	1.5			—			—			1.5
Total expenses	622.0			5.9			3.0			630.9

Net income (loss) before income taxes	$	174.8		$	(5.7	)	$	0.4		$	169.5



	Employers		Cerity			Corporate and Other			Total
	(in millions)
Year Ended December 31, 2017
Gross premiums written	$	729.7	$	—		$	—		$	729.7
Net premiums written	723.7		—			—			723.7

Net premiums earned	716.5		—			—			716.5
Net investment income	73.3		—			1.3			74.6
Net realized and unrealized gains on investments	7.4		—			—			7.4
Gain on redemption of notes payable	2.1		—			—			2.1
Other income	0.8		—			—			0.8
Total revenues	800.1		—			1.3			801.4

Losses and loss adjustment expenses	428.8		—			(11.6		)	417.2
Commission expense	91.4		—			—			91.4
Underwriting and general and administrative expenses	123.7		1.1			15.1			139.9
Interest and financing expenses	1.4		—			—			1.4
Other expenses	7.5		—			—			7.5
Total expenses	652.8		1.1			3.5			657.4

Net income (loss) before income taxes	$	147.3	$	(1.1	)	$	(2.2	)	$	144.0

Revenue from External Customers by Geographic Areas [Table Text Block]



	2019			2018			2017
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	329.8	43,079	$	357.1	41,988	$	349.4	40,573
Florida	36.3		5,822	41.0		5,833	41.8		5,625
New York	31.7		5,679	23.9		3,663	12.3		2,038
Other (43 states and D.C.)	266.8		44,104	244.2		40,014	223.4		37,258
Total	$	664.6	98,684	$	666.2	91,498	$	626.9	85,494

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Selecled Quarterly Financial Data (Unaudited) [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Quarterly results for the years ended December 31, 2019 and 2018 were as follows:



	2019 Quarters Ended
	March 31		June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	174.8	$	175.5	$	175.8	$	169.7
Net realized and unrealized gains on investments	23.3		7.4		2.6		17.8
Losses and loss adjustment expenses	88.6		86.8		92.9		97.6
Commission expense	22.0		23.8		21.9		20.4
Underwriting and general and administrative expenses	47.5		43.8		45.3		50.9
Income tax expense	10.0		9.0		8.1		9.6
Net income	51.8		40.7		32.8		31.8
Earnings per common share:
Basic	1.60		1.27		1.03		1.00
Diluted	1.57		1.25		1.01		0.99



	2018 Quarters Ended
	March 31			June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	176.6		$	178.0	$	192.9	$	183.6
Net realized and unrealized (losses) gains on investments	(8.0		)	5.7		15.6		(26.4		)
Losses and loss adjustment expenses	95.4			87.8		106.6		86.9
Commission expense	23.7			24.5		24.8		21.2
Underwriting and general and administrative expenses	39.2			40.1		38.8		40.4
Income tax expense	3.8			8.8		10.7		4.9
Net income	25.6			42.5		47.6		25.6
Earnings per common share:
Basic	0.78			1.29		1.45		0.78
Diluted	0.77			1.28		1.43		0.77

Basis of Presentation Purchase of CIC (Details)	12 Months Ended
Basis of Presentation Purchase of CIC (Details)	Dec. 31, 2019 USD ($)
Purchase of CIC [Abstract]
Statutory capital and surplus of acquisition	$ 47,600,000
Net cash payment to acquire business	5,800,000
Cash Acquired from Acquisition	37,300,000
Noncash or Part Noncash Acquisition, Investments Acquired	10,300,000
Finite-lived Intangible Assets Acquired	5,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	6,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	6,800,000
Business Combination, Consideration Transferred, Liabilities Incurred	48,300,000
Business Combination, Consideration Transferred	48,300,000
Business Combination, Consideration Transferred, Other	$ 0

Basis of Presentation Reportable Segments (Details)	12 Months Ended
Basis of Presentation Reportable Segments (Details)	Dec. 31, 2019
Segment Reporting [Abstract]
Number of Reportable Segments	2

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Funds held by or deposited with reinsurers	$ 2,900,000	$ 23,200,000
Restricted cash and cash equivalents	300,000	600,000
Premiums receivable from policyholders for final audit	37,300,000	63,700,000
Premiums receivable, bad debt allowance	4,600,000	6,700,000
Write-offs, net of recoveries of amounts previously written off	10,500,000	8,200,000	$ 3,200,000
Premium Deficiency	0	0	0
Unpaid losses	$ 532,500,000	504,400,000
LPT - loss expense as a percentange of losses paid, for management of LPT claims	7.00%
LPT favorable/ unfavorable difference, percentage	30.00%
LPT actual amounts paid versus expected amounts, period	every five years
LPT actual amounts paid versus expected amounts, expiration period	25
Collateralized by cash or letter of credit	$ 2,700,000
LPT collateral held in trust account	341,000,000.0	311,600,000
Goodwill and other intangible asset impairment		0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	23,000,000.0	17,100,000
Intangible assets, accumulated amortization	(9,400,000)	(9,400,000)
Intangible assets, net	13,600,000	7,700,000
Amortization of intangible assets	0	200,000	$ 300,000
Funds Held in Trust, Reinsurance Agreement [Domain]
Restricted cash and cash equivalents	300,000	600,000
Licensing Agreements [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	13,500,000	7,700,000
Intangible assets, accumulated amortization	0	0
Intangible assets, net	13,500,000	7,700,000
Service Agreements [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	9,400,000	9,400,000
Intangible assets, accumulated amortization	(9,400,000)	(9,400,000)
Intangible assets, net	0	0
Other Intangible Assets [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	100,000
Other Intangible Assets [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, accumulated amortization	0	0
Finite-Lived Intangible Assets, Net	$ 100,000	0
Finite-Lived Intangible Assets, Gross		$ 0
Electronic Data Processing Equipment, Software, Furniture and Equipment and Automobiles [Member]
Finite-Lived intangible assets, amortization method	straight-line method over three to seven years
Leasehold improvements
Finite-Lived intangible assets, amortization method	amortized over three to eight years
LPT Agreement [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Cash and cash equivalents at fair value	$ 19,100,000

New Accounting Standards Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Operating lease right-of-use assets	$ 15,900	$ 16,800	$ 0
Cloud computing arrangements	33,600		26,000
Operating lease liability	$ 17,800	$ 19,000	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	$ 2,742.6	$ 2,721.3
Total investments at fair value, estimated fair value	2,742.6	2,721.3
Cash and cash equivalents	154.9	101.4
Cash and cash equivalents, estimated fair value	154.9	101.4
Restricted cash and cash equivalents	0.3	0.6
Notes payable	0.0	20.0
Notes payable, estimated fair value	0.0	23.5
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash and cash equivalents	$ 0.3	$ 0.6

Fair Value of Financial Instruments Fair Value of Financial Instruments, Reconciliation of Level 3 Securities (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance, January 1

$ 2,727.7

Ending balance, December 31

2,778.4

$ 2,727.7

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance, January 1

0.0

4.7

Transfers out of Level 3(1)

^[1]

0.0

(4.7)

Purchases and sales, net

0.0

Ending balance, December 31

$ 0.0

[1]	(1) The transfer during the year ended December 31, 2018 was the result of adoption of ASU 2016-01, which specified that FHLB stock shall be carried at cost and is no longer measured at fair value.

Fair Value of Financial Instruments Instruments Carried at NAV (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Instruments Carried at NAV [Abstract]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	12 years
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments	1 year
Unfunded commitment, private investment fund	$ 41.6
Cash equivalents measured at NAV, which approximates fair value	14.4	$ 57.5
Alternative Investment	$ 9.1	$ 0.0

Investments Available for Sale Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

$ 2,403,300

$ 2,513,700

Debt securities, available-for-sale, gross unrealized gain

83,800

24,600

Debt securities, available-for-sale, gross unrealized loss

(1,200)

(41,900)

Fixed maturity securities, fair value

2,485,900

2,496,400

US Treasury Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

83,700

106,700

Debt securities, available-for-sale, gross unrealized gain

1,900

900

Debt securities, available-for-sale, gross unrealized loss

(1,200)

Fixed maturity securities, fair value

85,600

106,400

US Government Agencies Debt Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

2,800

11,300

Debt securities, available-for-sale, gross unrealized gain

100

Debt securities, available-for-sale, gross unrealized loss

Fixed maturity securities, fair value

2,900

11,400

US States and Political Subdivisions Debt Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

458,200

513,400

Debt securities, available-for-sale, gross unrealized gain

26,300

15,300

Debt securities, available-for-sale, gross unrealized loss

(700)

Fixed maturity securities, fair value

484,500

528,000

Corporate Debt Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

1,038,600

1,106,200

Debt securities, available-for-sale, gross unrealized gain

40,400

5,800

Debt securities, available-for-sale, gross unrealized loss

(21,600)

Fixed maturity securities, fair value

1,079,000

1,090,400

Residential Mortgage Backed Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

471,700

459,100

Debt securities, available-for-sale, gross unrealized gain

9,400

2,200

Debt securities, available-for-sale, gross unrealized loss

(700)

(9,800)

Fixed maturity securities, fair value

480,400

451,500

Commercial Mortgage Backed Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

107,400

96,700

Debt securities, available-for-sale, gross unrealized gain

3,200

100

Debt securities, available-for-sale, gross unrealized loss

(2,500)

Fixed maturity securities, fair value

110,600

94,300

Asset-backed Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

60,400

64,700

Debt securities, available-for-sale, gross unrealized gain

900

200

Debt securities, available-for-sale, gross unrealized loss

(100)

(400)

Fixed maturity securities, fair value

61,200

64,500

Other Debt Obligations [Member]

Debt Securities, Available-for-sale [Line Items]

Fixed maturity securities, amortized cost

^[1]

180,500

155,600

Debt securities, available-for-sale, gross unrealized gain

^[1]

1,600

Debt securities, available-for-sale, gross unrealized loss

^[1]

(400)

(5,700)

Fixed maturity securities, fair value

^[1]

181,700

149,900

Short-term Investments [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized cost

25,000

Gross unrealized gains

Gross unrealized loss

Investments

25,000

Total AFS Investments [Domain]

Debt Securities, Available-for-sale [Line Items]

Short-term investments, at amortized cost

2,403,300

2,538,700

Total AFS, gross unrealized gain

83,800

24,600

Total AFS investments, gross unrealized loss

1,200

41,900

Total AFS investments

$ 2,485,900

$ 2,521,400

[1]	Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.

Investments Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity Securities [Line Items]
Equity securities, cost	$ 155,600	$ 131,900
Equity Securities, FV-NI	256,700	199,900
Industrial and miscellaneous
Equity Securities [Line Items]
Equity securities, cost	129,100	114,600
Equity Securities, FV-NI	216,400	174,800
Other equities
Equity Securities [Line Items]
Equity securities, cost	26,500	17,300
Equity Securities, FV-NI	$ 40,300	$ 25,100

Investments, Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Amortized Cost
Due in one year or less, amortized cost	$ 170,200
Due after one year through five years, amortized cost	758,200
Due after five years through ten years, amortized cost	778,600
Due after ten years, amortized cost	56,800
Mortgage and asset-backed securities, amortized cost	639,500
Debt securities, available-for-sale, amortized cost	2,403,300	$ 2,513,700
Estimated Fair Value
Due in one year or less, fair value	171,500
Due after one year through five years, fair value	781,500
Due after five years through ten years, fair value	819,300
Due after ten years, fair value	61,400
Mortgage and asset-backed securities, fair value	652,200
Fixed maturity securities, fair value	$ 2,485,900	$ 2,496,400

Investments, Continuous Loss Position (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Debt Securities, Available-for-sale [Line Items]
Investments	$ 2,778.4	$ 2,727.7
Proceeds from sale of fixed maturity securities	163.0	204.8	$ 249.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	82.2	1,056.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	45.9	537.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.6)	(23.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (0.6)	$ (18.8)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	99	538
Debt Securities, number of issues in loss position, 12 months or longer \| shares	38	205
Debt Securities [Member]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 82.2	$ 1,056.7
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	45.9	537.7
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.6	$ 18.8
Number of Issues available For Sale Securities Continuous Unrealized Loss Position Greater Than Twelve Months. \| shares	38	205
Available-for-sale Securities, unrealized losses, less than 12 months	$ 0.6	$ 23.1
Number of Issues available for sale securities continous unrealized loss position less than twelve months \| shares	99	538
Total impairments, value		$ 3.3	$ 0.5
Total impairments, number of securitites \| shares		66	9
US Treasury Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0	$ 12.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0.0	72.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	(0.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.0	$ (1.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0	7
Debt Securities, number of issues in loss position, 12 months or longer \| shares	0	25
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0	$ 70.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0.0	$ (0.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0	21
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0	$ 624.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0.0	193.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	(13.4)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.0	$ (8.2)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0	205
Debt Securities, number of issues in loss position, 12 months or longer \| shares	0	69
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 56.9	$ 156.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	40.0	199.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.2)	(2.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (0.5)	$ (7.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	29	59
Debt Securities, number of issues in loss position, 12 months or longer \| shares	19	72
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0	$ 30.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0.0	55.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	(0.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.0	$ (2.0)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0	13
Debt Securities, number of issues in loss position, 12 months or longer \| shares	0	22
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 10.1	$ 25.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0.0	16.5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.1)	(0.2)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.0	$ (0.2)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	6	18
Debt Securities, number of issues in loss position, 12 months or longer \| shares	0	17
Other Debt Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 15.2	$ 137.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	5.9	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.3)	(5.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (0.1)	$ 0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	64	215
Debt Securities, number of issues in loss position, 12 months or longer \| shares	19	0

Investments, Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI									$ 99.9	$ (59.7)	$ 21.4
Total change in net unrealized gains (losses)									133.7	(85.3)
Equity securities, change in unrealized gains (losses)	$ 15.5	$ (10.3)	$ 6.8	$ 21.2	$ 27.4	$ 11.2	$ 3.5	$ 12.9
AFS, net realized gains (losses)
Total gross realized gains									23.0	18.1	14.0
Total gross realized losses									(5.7)	(5.6)	(6.6)
Net realized and unrealized gains (losses) on investments	$ 17.8	$ 2.6	$ 7.4	$ 23.3	$ (26.4)	$ 15.6	$ 5.7	$ (8.0)	51.1	(13.1)	7.4
Debt Securities [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI									99.9	(59.7)	3.9
AFS, net realized gains (losses)
AFS, gross gains from sales									5.2	2.2	4.7
AFS, gross losses from sales									(1.3)	(4.0)	(2.2)
Net realized and unrealized gains (losses) on investments									3.9	(1.8)	2.5
Equity Securities [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI									0.0	0.0	17.5
Equity securities, FV-NI, unrealized gain (loss)									33.1	(25.6)
Equity securities:
Equity securities, FV-NI, realized gain									17.8	15.9	9.3
Equity securities, FV-NI, realized loss									(4.4)	(1.6)	(4.4)
AFS, net realized gains (losses)
Net realized and unrealized gains (losses) on investments									46.5	$ (11.3)	$ 4.9
Other Investments [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI									0.0
Trading Securities, Realized Gain									0.0
Trading Securities, Realized Loss									0.0
Equity securities, change in unrealized gains (losses)									0.7
AFS, net realized gains (losses)
Net realized and unrealized gains (losses) on investments									$ 0.7

Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
Net Investment Income (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 92.7	$ 84.8	$ 78.0
Investment expenses	(4.6)	(3.6)	(3.4)
Net investment income	88.1	81.2	74.6
Debt Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	81.9	76.0	70.4
Equity Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to equity securities	7.9	6.5	6.9
Other Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	1.2	0.0	0.0
Short-term Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	0.0	0.3	0.1
Cash and Cash Equivalents [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to fixed maturity securities and short-term investments and cash equivalents	$ 1.7	$ 2.0	$ 0.6

Investments Investments, held in Trust or on Deposit (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deposit Assets [Abstract]
Investments	$ 2,778.4	$ 2,727.7
Assets Held-in-trust [Abstract]
Funds held by or deposited with reinsurers	2.9	23.2
Federal Home Loan Bank [Member]
Deposit Assets [Abstract]
Investments	260.0	140.0
Required by various state laws and regulations to hold securities or letters of credit in depository account [Member]
Deposit Assets [Abstract]
Investments	$ 844.9	$ 867.7

Investments Other Invested Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Other Invested Assets [Abstract]
Alternative Investment	$ 9.1	$ 0.0
Other Investments and Securities, at Cost	8.4
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	20.0
Other invested assets	$ 29.1	$ 0.0

Property and Equipment Property and Equipment breakout (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment [Line Items]
Property and equipment, gross	$ 69.9	$ 69.5
Accumulated depreciation, depletion and amortization, property and equipment	48.0	51.3
Property and equipment, net	21.9	18.2
Utilities operating expense, depreciation and amortization	9.0	6.1	$ 7.9
Payments to develop software	3.2	2.9
Asset impairment charges			7.5
Cloud computing arrangements	33.6	26.0
Amortization of cloud computing arrangements	5.3	0.0	$ 0.0
Amortization		0.8
Furniture and equipment
Property and Equipment [Line Items]
Property and equipment, gross	2.5	3.3
Leasehold improvements
Property and Equipment [Line Items]
Property and equipment, gross	6.0	3.2
Computer and software
Property and Equipment [Line Items]
Property and equipment, gross	60.3	61.9
Automobiles
Property and Equipment [Line Items]
Property and equipment, gross	$ 1.1	$ 1.1

Income Taxes (Details) - USD ($)	3 Months Ended								12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory federal tax rate										21.00%	35.00%
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current federal tax expense (benefit)									$ 26,300,000	$ 13,200,000	$ 17,900,000
Current state and local tax expense (benefit)									1,800,000	600,000	700,000
Current income tax expense (benefit)									28,100,000	13,800,000	18,600,000
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Revaluation of deferred tax asset									0	(400,000)	7,000,000.0
Routine/other									8,600,000	14,800,000	17,200,000
Deferred income tax expense (benefit)									8,600,000	14,400,000	24,200,000
Income tax expense	$ 9,600,000	$ 8,100,000	$ 9,000,000.0	$ 10,000,000.0	$ 4,900,000	$ 10,700,000	$ 8,800,000	$ 3,800,000	36,700,000	28,200,000	42,800,000
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Expense computed at statutory rate									40,700,000	35,600,000	50,400,000
Dividends received deduction and tax-exempt interest									(2,400,000)	(2,900,000)	(7,600,000)
LPT deferred gain amortization									(2,300,000)	(2,600,000)	(4,000,000.0)
Stock based compensation									(900,000)	(1,400,000)	(3,400,000)
LPT reserve adjustment									(400,000)	(500,000)	0
Revaluation of deferred tax asset									0	(400,000)	7,000,000.0
Income tax reconciliation, other									2,000,000.0	400,000	400,000
Net income	31,800,000	$ 32,800,000	$ 40,700,000	$ 51,800,000	25,600,000	$ 47,600,000	$ 42,500,000	$ 25,600,000	157,100,000	141,300,000	101,200,000
Unrecognized tax benefits	0				0				0	0	0
Income Taxes Paid, Net									37,800,000	4,200,000	21,300,000
Deferred Tax Liabilities [Abstract]
Unrealized capital gains, net	38,700,000				10,600,000				38,700,000	10,600,000
Deferred policy acquisition cost	10,200,000				10,300,000				10,200,000	10,300,000
Intangible assets	1,600,000								1,600,000
Other deferred tax liabilities	7,100,000				6,800,000				7,100,000	6,800,000
Total deferred tax liabilities	57,600,000				29,300,000				57,600,000	29,300,000
Deferred Tax Liabilities, Net	(2,600,000)								(2,600,000)
Deferred Tax Assets [Abstract]
Loss reserves discounting for tax reporting	30,900,000				31,100,000				30,900,000	31,100,000
Unearned premiums	13,200,000				13,300,000				13,200,000	13,300,000
Allowance for bad debt	1,000,000.0				1,400,000				1,000,000.0	1,400,000
Stock based compensation	3,400,000				2,900,000				3,400,000	2,900,000
Accrued liabilities	4,400,000				4,900,000				4,400,000	4,900,000
Other deferred tax assets	2,100,000				2,600,000				2,100,000	2,600,000
Total deferred tax assets	55,000,000.0				56,200,000				55,000,000.0	56,200,000
Deferred income taxes, net	$ 0				$ 26,900,000				0	26,900,000
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Net income									1,800,000	2,200,000	0
Change to Contingent Profit Commission [Member]
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Net income									200,000	$ 500,000	$ 300,000
Accounting Standards Update 2018-05 [Member]
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Revaluation of deferred tax asset									0
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Revaluation of deferred tax asset									$ 0

Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Losses and loss adjustment expenses

$ 97.6

$ 92.9

$ 86.8

$ 88.6

$ 86.9

$ 106.6

$ 87.8

$ 95.4

$ 365.9

$ 376.7

$ 417.2

Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]

Unpaid losses and LAE, gross of reinsurance, at beginning of period

2,207.9

2,266.1

2,207.9

2,266.1

2,301.0

Loss reinsurance recoverable, excluding bad debt, on unpaid losses

504.4

537.0

504.4

537.0

580.0

Net unpaid losses and LAE at beginning of period

1,703.5

1,729.1

1,703.5

1,729.1

1,721.0

Losses and LAE, net of reinsurance, incurred in:

Current year

456.1

457.5

447.3

Prior years

11.4

$ 20.2

$ 23.7

$ 22.2

25.4

$ 11.9

$ 16.5

$ 12.4

(77.5)

^[1]

(66.2)

^[1]

(18.5)

^[1]

Total net losses and LAE incurred during the period

^[1]

378.6

391.3

428.8

Deduct payments for losses and LAE, net of reinsurance, related to:

Current year

106.6

93.0

76.9

Prior years

^[2]

315.2

323.9

343.8

Total net payments for losses and LAE during the period

^[2]

421.8

416.9

420.7

Ending unpaid losses and LAE, net of reinsurance

1,660.3

1,703.5

1,660.3

1,703.5

1,729.1

Loss reinsurance recoverable, excluding bad debt, on unpaid losses

532.5

504.4

532.5

504.4

537.0

Unpaid losses and LAE, gross of reinsurance, at end of period

2,192.8

2,207.9

2,192.8

2,207.9

2,266.1

Salvage and subrogation recoveries, value

$ 28.6

$ 34.4

$ 28.6

34.4

Voluntary risk business

Losses and LAE, net of reinsurance, incurred in:

Prior years

(65.5)

(17.4)

Involuntary assigned risk business

Losses and LAE, net of reinsurance, incurred in:

Prior years

$ (0.7)

$ (1.1)

[1]
[2]

Liability for Unpaid Losses and Loss Adjustment Expenses Historical Incurred Losses and LAE (Details)
$ in Millions

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

^[1]

Dec. 31, 2017

USD ($)

^[1]

Dec. 31, 2016

USD ($)

^[1]

Dec. 31, 2015

USD ($)

^[1]

Dec. 31, 2014

USD ($)

^[1]

Dec. 31, 2013

USD ($)

^[1]

Dec. 31, 2012

USD ($)

^[1]

Dec. 31, 2011

USD ($)

^[1]

Dec. 31, 2010

USD ($)

^[1]

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

$ 3,792.3

Cumulative paid losses and LAE, net of reinsurance

2,589.5

Liabilities for unpaid losses and LAE, net of reinsurance

1,581.7

Accident years prior to 2009

Claims Development [Line Items]

Cumulative paid losses and LAE, net of reinsurance

378.9

Accident year 2010

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

255.3

$ 255.2

$ 258.8

$ 259.9

$ 262.0

$ 250.2

$ 246.1

$ 228.1

$ 224.4

$ 204.9

IBNR

$ 15.8

Cumulative number of reported claims

18,541

Cumulative paid losses and LAE, net of reinsurance

$ 228.9

226.5

221.3

215.4

206.2

190.7

171.7

143.8

105.6

$ 47.1

Accident year 2011

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

285.6

287.8

288.8

292.6

296.3

277.4

272.0

267.3

253.7

IBNR

$ 20.0

Cumulative number of reported claims

19,582

Cumulative paid losses and LAE, net of reinsurance

$ 248.1

243.8

238.2

230.1

217.5

193.8

162.6

115.1

$ 47.4

Accident year 2012

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

378.5

379.8

382.8

388.2

386.4

360.9

359.9

348.8

IBNR

$ 35.2

Cumulative number of reported claims

26,011

Cumulative paid losses and LAE, net of reinsurance

$ 324.3

316.9

305.0

289.9

261.4

214.2

148.3

$ 58.6

Accident year 2013

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

459.3

464.6

468.9

472.6

478.6

460.6

452.6

IBNR

$ 50.2

Cumulative number of reported claims

28,884

Cumulative paid losses and LAE, net of reinsurance

$ 379.3

365.9

346.1

317.4

263.8

184.4

$ 68.5

Accident Year 2014

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

424.7

430.5

434.6

432.9

445.8

463.4

IBNR

$ 59.3

Cumulative number of reported claims

28,552

Cumulative paid losses and LAE, net of reinsurance

$ 342.1

323.4

297.2

248.9

172.7

$ 65.3

Accident Year 2015

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

408.7

419.6

423.9

425.8

422.2

IBNR

$ 62.7

Cumulative number of reported claims

27,199

Cumulative paid losses and LAE, net of reinsurance

$ 311.2

290.5

246.9

174.5

$ 65.5

Accident year 2016

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

375.0

395.4

414.6

419.0

IBNR

$ 66.8

Cumulative number of reported claims

25,722

Cumulative paid losses and LAE, net of reinsurance

$ 261.2

227.7

166.8

$ 65.6

Accident year 2017

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

358.3

391.3

412.4

IBNR

$ 89.6

Cumulative number of reported claims

24,953

Cumulative paid losses and LAE, net of reinsurance

$ 215.7

160.2

$ 63.5

Accident Year 2018

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

424.6

422.5

IBNR

$ 127.4

Cumulative number of reported claims

27,614

Cumulative paid losses and LAE, net of reinsurance

$ 189.9

$ 77.9

Accident Year 2019

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

422.4

IBNR

$ 206.2

Cumulative number of reported claims

28,025

Cumulative paid losses and LAE, net of reinsurance

$ 88.8

[1]	Data presented for these calendar years is required supplementary information, which is unaudite

Liability for Unpaid Losses and Loss Adjustment Expenses Reconciliation of Claims Development to Aggregate Carrying Amount of the Liability for Unpaid Losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid losses and LAE, net of reinsurance	$ 1,581.7
Reinsurance recoverable on unpaid losses	532.5	$ 504.4	$ 537.0	$ 580.0
Unallocated LAE	78.6
Unpaid losses and loss adjustment expenses	$ 2,192.8	$ 2,207.9	$ 2,266.1	$ 2,301.0

Liability for Unpaid Losses and Loss Adjustment Expenses Short Duration Insurance Contracts, Historcial Claims Duration (Details)	Dec. 31, 2019
Average annual percentage payout of incurred claims by age, net of reinsurance
Year one	17.70%
Year two	26.30%
Year three	17.40%
Year four	11.70%
Year five	7.50%
Year six	5.10%
Year seven	3.60%
Year eight	2.40%
Year nine	1.80%
Year ten	1.00%

Reinsurance Reinsurance Premium Note (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums Written, Net
Direct premiums, written	$ 687.4	$ 739.0	$ 719.5
Assumed premiums written	9.5	9.9	10.2
Gross premiums written	696.9	748.9	729.7
Ceded premiums written	(5.4)	(6.1)	(6.0)
Premiums written, net	691.5	742.8	723.7
Premiums Earned, Net
Direct premiums earned	691.6	727.2	712.5
Assumed premiums earned	9.6	10.0	10.0
Gross premiums, earned	701.2	737.2	722.5
Ceded premiums earned	(5.4)	(6.1)	(6.0)
Premiums earned, net	695.8	731.1	716.5
Ceded losses and LAE incurred	$ (19.2)	$ (9.5)	$ (0.5)

Reinsurance Excess of Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2020	Dec. 31, 2019	Jun. 30, 2019
Effects of Reinsurance [Line Items]
Retention amount on a per occurrence basis			$ 10.0
Excess of retention amount on a per occurrence basis			$ 190.0
Forecast [Member]
Effects of Reinsurance [Line Items]
Retention amount on a per occurrence basis	$ 10.0
Maximum reinsurance for losses from single occurence or event	$ 200.0
UNITED KINGDOM
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage		55.00%

Reinsurance LPT Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reinsurance Agreement [Line Items]
Unpaid losses	$ 532,500	$ 504,400
Recoverables was related to the LPT agreement	$ 380,400	408,200
Reinsurance quota share, percentage	100.00%
LPT collateral held in trust account	$ 341,000	311,600
Ceded premiums written	5,400	6,100	$ 6,000
Coverage provided under LPT agreement	2,000,000
Paid losses and LAE claims related to LPT	796,200
Amortization of deferred gain	10,700	11,900	11,300
Unpaid losses and loss adjustment expenses	2,192,800	2,207,900	2,266,100	$ 2,301,000
LPT Agreement [Member]
Reinsurance Agreement [Line Items]
Liabilities for the incurred but unpaid losses and LAE related to claims prior to July 1, 1995	1,500,000
Ceded premiums written	775,000
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Reinsurance Agreement [Line Items]
Amortization of deferred gain	1,800	2,200
Unpaid losses and loss adjustment expenses	(5,300)	(6,300)
Change to Contingent Profit Commission [Member]
Reinsurance Agreement [Line Items]
Amortization of deferred gain	$ 200	$ 500	$ 300

Notes Payable Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Notes payable	$ 0	$ 20,000
Redemption of notes payable	20,000	0	$ 9,900
Gain on redemption of notes payable	0	0	2,100
Dekania Surplus Note [Member]
Debt Instrument [Line Items]
Notes payable	0	$ 10,000
Notes payable, maturity date		Apr. 29, 2034
Cash paid for interest	200	$ 700	600
Accrued interest		0	100
Alesco Surplus Note [Member]
Debt Instrument [Line Items]
Notes payable	$ 0	$ 10,000
Notes payable, maturity date		Dec. 15, 2034
Cash paid for interest		$ 200	600	$ 500
Accrued interest		$ 0	100
ICONS Surpuls Note [Member]
Debt Instrument [Line Items]
Notes payable			12,000
Cash paid for interest				$ 300
Redemption of notes payable			9,900
Gain on redemption of notes payable			$ 2,100

Notes Payable Principal payment obligations on notes payable outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable	$ 0.0	$ 20.0
Dekania Surplus Note [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable	0.0	10.0
Repayments of Notes Payable	10.2
Alesco Surplus Note [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable	0.0	$ 10.0
Repayments of Notes Payable	$ 10.2

Notes Payable Letters of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Letters of Credit [Line Items]
Investments	$ 2,778.4	$ 2,727.7
Federal Home Loan Bank [Member]
Letters of Credit [Line Items]
Letter of credit, expiration date	Apr. 01, 2020
Letter of credit, unused capacity, commitment fee percentage	15.00%
Investments	$ 260.0	$ 140.0
Letter of credit collateral amount	326.8
Federal Home Loan Bank [Member] \| EAC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	60.0
Federal Home Loan Bank [Member] \| ECIC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	90.0
Federal Home Loan Bank [Member] \| EPIC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	$ 110.0

Commitments and Contingencies Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	5 years 9 months 18 days
Operating Lease, Expense	$ 5,100
Finance Lease Expense	200
Lease, Cost	$ 5,300
Finance Lease, Weighted Average Remaining Lease Term	2 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	3.20%
Finance Lease, Weighted Average Discount Rate, Percent	3.70%
Operating lease right-of-use assets	$ 15,900	$ 16,800	$ 0
Operating lease liability	17,800	$ 19,000	0
Property and equipment, gross	69,900		69,500
Accumulated depreciation, depletion and amortization, property and equipment	48,000		51,300
Property and equipment, net	21,900		18,200
Other liabilities	$ 52,100		$ 74,000
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	10 years
Lessee, Operating Lease, Remaining Lease Term	8 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Finance Lease, Term of Contract	1 year
Lessee, Operating Lease, Remaining Lease Term	1 year
Finance leases [Member]
Lessee, Lease, Description [Line Items]
Property and equipment, gross	$ 1,100
Accumulated depreciation, depletion and amortization, property and equipment	500
Property and equipment, net	600
Other liabilities	$ 600

Commitments and Contingencies Future Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Operating Leases, Future Minimum Payments Due [Abstract]
Operating leases, future minimum payments due, current	$ 4.8
Operating leases, future minimum payments, due in two years	3.5
Operating leases, future minimum payments, due in three years	2.3
Operating leases, future minimum payments, due in four years	2.3
Operating leases, future minimum payments, due in five years	2.1
Operating leases, future minimum payments, due thereafter	4.6
Lessee, Operating Lease, Liability, Payments, Due	19.6
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1.8)
Operating leases, future minimum payments due	17.8	$ 19.0	$ 0.0
Capital Leases, Future Minimum Payments Due [Abstract]
Capital leases, future minimum payments due, current	0.2
Capital leases, future minimum payments due in two years	0.2
Capital leases, future minimum payments due in three years	0.1
Capital leases, future minimum payments due in four years	0.1
Capital leases, future minimum payments due in five years	0.0
Capital leases, Future minimum payments due thereafter	0.0
Finance Lease, Liability, Payment, Due	0.6
Finance Lease, Liability, Undiscounted Excess Amount	0.0
Capital leases, future minimum payments due	$ 0.6

Commitments and Contingencies Leases, Supplemental Cash Flow Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating Lease, Payments	$ 5.1
Finance Lease, Principal Payments	$ 0.2

Commitments and Contingencies Contingencies Surrounding Insurance Assessments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Amount of Insurance-related assessment liability	$ 16.8	$ 18.6
Payment period for assessment liability based on individual states regulations	one to eighty year periods
Other assets, prepaid policy surcharges	$ 17.0	$ 14.9
Expected realization period for assets related to policy surcharges	one to ten year periods

Commitments and Contingencies Capital Commitment (Details) $ in Millions	Dec. 31, 2019 USD ($)
Capital Commitment [Abstract]
Unfunded commitment, private investment fund	$ 41.6

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended	24 Months Ended	156 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Accelerated Share Repurchases [Line Items]
Accelerated Share Repurchase Program, Adjustment	$ 50.0
Stock Repurchase Program, Authorized Amount	$ 100.0	$ 100.0	$ 100.0	$ 50.0
Stock repurchased during period, shares		1,731,637	25,828,992
Accelerated share repurchases, final price paid per share		$ 41.40	$ 17.63
Stock Repurchased During Period, Value		$ 71.7

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares reserved for grants	5,500,000
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 10.0	$ 9.3	$ 6.8
Less: related tax benefit	2.1	2.0	2.4
Net stock-based compensation expense	7.9	7.3	4.4
Stock Option [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	0.1	0.3	0.5
Restricted stock units (RSUs)
Stock-based compensation expense [Abstract]
Stock-based compensation expense	2.7	2.5	2.0
Performance shares units [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 7.2	$ 6.5	$ 4.3

Stock-Based Compensation Changes in Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share awards, expected target	200.00%	200.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options or share units	154,016	190,256	247,347	564,096
Number of options or share units, granted	0		0
Stock-options exercised, shares	(31,630)	(57,091)	(307,076)
Number of options or share units, forfeited	(4,610)		(9,673)
Number of exercisable options or share units	144,161
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 23.37
Weighted average exercise price, outstanding	23.65	$ 23.71	$ 22.90	$ 21.04
Weighted average exercise price, exercises	26.98	$ 20.17	19.44
Weighted average exercise price, forfeitures	$ 25.37		$ 24.45
Weighted average remaining contractual life	1 year 8 months 12 days	2 years 8 months 12 days	3 years 4 months 24 days	3 years 3 months 18 days
Share-based compensation expense, deferred	$ 0.1
Options exercised, intrinsic value	0.6	$ 1.4	$ 7.6
Options vested, fair value	0.2	0.4	0.6
Options exercisable, intrinsic value	2.7	2.8	3.6
Options outstanding, intrinsic value	$ 2.8	$ 3.4	$ 5.3
Stock Options Exercisable [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life	1 year 7 months 6 days
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options or share units	241,905	250,300	295,164	324,384
Number of options or share units, granted	90,576	87,857	87,276
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 40.60	$ 40.26	$ 37.94
Number of options or share units, forfeited	(22,232)	(3,370)	(13,711)
Number of vested options or share units	(76,739)	(129,351)	(102,785)
Weighted average exercise price, forfeitures	$ 36.39	$ 33.51	$ 29.28
Weighted average grant date fair value	34.70	32.45	26.67	$ 22.55
Weighted average exercise price, vested	$ 33.99	$ 24.53	$ 22.89
Share-based compensation expense, deferred	$ 5.0
Share-based compensation expense, Period for Recognition	39 months
Service vesting period for options awarded	4 years
Vesting rights for options awarded	vest 25% on or after each of the subsequent four anniversaries of such date
Options vested, fair value	$ 2.6	$ 3.2	$ 2.4
Options exercisable, intrinsic value	3.2	5.5	4.3
Options outstanding, intrinsic value	$ 10.1	$ 10.5	$ 13.1
Restricted Stock Units Vested but Unsettled [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options or share units	73,535
Weighted average grant date fair value	$ 24.75

Stock-Based Compensation Performance Share Awards (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance share awards, minimum payout

0.00%

Performane share awards, maximum payout

200.00%

Performance share awards, expected target

200.00%

Performance share awards, ultimate payout

200.00%

Performance shares units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of outstanding options or share units

^[1]

9,587

96,940

97,440

Share-based compensation options, exercise price on grant date

^[1]

$ 41.72

$ 40.30

$ 37.60

Fair value of awards awarded on grant date

^[1]

$ 0.4

$ 3.9

$ 3.7

Share-based compensation expense, deferred

$ 8.0

Share-based compensation expense, Period for Recognition

24 months

Officer [Member] | Performance shares units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of outstanding options or share units

^[1]

95,940

Share-based compensation options, exercise price on grant date

^[1]

$ 40.54

Fair value of awards awarded on grant date

^[1]

$ 3.9

[1]

Statutory Matters Statutory Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2020	Sep. 24, 2020	Jun. 13, 2020	Jun. 12, 2020	Mar. 02, 2020	Mar. 01, 2020
Statutory Accounting Practices [Line Items]
Capital stock and unassigned surplus	$ 658.2	$ 558.5
Paid in capital	362.8	349.4
Surplus notes	0.0	20.0
Total statutory surplus	1,021.0	927.9
SAP, net income amount	129.3	159.3	$ 116.8
Total stockholders’ equity	1,165.8	$ 1,018.2
EICN
Statutory Accounting Practices [Line Items]
Capital stock and unassigned surplus	$ 224.3
Extraordinary dividends, approves or does not disapprove the payment within	30 days
Percentage of surplus of EICN's statutory surplus as regards to policyholders	10.00%
Dividends paid, without approval of regulatory agency	$ 19.7
EICN \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval								$ 21.1	$ 1.4
ECIC
Statutory Accounting Practices [Line Items]
Percentage of surplus of EICN's statutory surplus as regards to policyholders	10.00%
Percentage of Net Income	100.00%
Dividends paid, without approval of regulatory agency	$ 57.2
ECIC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval					$ 32.1
EPIC
Statutory Accounting Practices [Line Items]
Percentage of surplus used to calculate the lesser of 10% of surplus or net income, not including realized capital gains, plus a 2-year carry forward.	10.00%
Percentage of surplus used to calculate 10% of surplus, with dividends payable limited to unassigned funds minus 25% of unrealized capital gains	10.00%
Percentage of surplus used to calculate the lesser of 10% of surplus or net investment income plus a 3-year carry forward with dividends payable limited to unassigned funds minus 25% of unrealized capital gains	10.00%
Percentage of unassigned gains used to calculate 10% of surplus, with dividends payable limited to unassigned funds minus 25% of unrealized capital gains	25.00%
Percentage of unassigned gains used to calculate the lesser of 10% of surplus or net investment income plus a 3-year carry forward with dividends payable limited to unassigned funds minus 25% of unrealized capital gains	25.00%
EPIC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Maximum dividends that may be paid without prior approval				$ 21.7
EAC
Statutory Accounting Practices [Line Items]
Dividends paid, without approval of regulatory agency	$ 19.7
EAC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval						$ 20.9	$ 1.2
EAC and EPIC
Statutory Accounting Practices [Line Items]
Total statutory surplus	$ 4.0
Florida statute section 624.408 requires EPIC and EAC to maintain minimum capital and surplus of the greater of $4.0 million or 10% of total liabilities.	10.00%
Used to calculate ratio of written premium to surplus	1.25
Net gross premiums to surplus ratio. Florida statute section 624.4095 requires net gross premiums times 1.25 not exceed this ratio.	10-to-1
Net written premiums to surplus ratio. Florida statute section 624.4095 requires net written premiums times 1.25 not exceed this ratio.	4-to-1
CIC
Statutory Accounting Practices [Line Items]
Percentage of surplus of EICN's statutory surplus as regards to policyholders	10.00%
net investment income, Percentage Of	100.00%

Accumulated Other Comprehensive Income, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 82,600	$ (17,300)
Deferred tax expense	(17,300)	3,600
Total accumulated other comprehensive income, net	$ 65,300	$ (13,700)

Employee Benefit and Retirement Plans Employee Benefit and Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Benefit and Retirement Plans [Abstract]
Safe habor matching, 100%	100.00%
Employee contributions, 100% match, percentage	3.00%
Safe harbor matching 50%	50.00%
Employee contributions 50% match, percentage	3.00%
Employee contributions, maximum match, percentage	5.00%
Company's contributions to Employers 401(k)	$ 2.2	$ 2.0	$ 1.9

Earnings Per Share Earnings Per Share (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 25.6	$ 47.6	$ 42.5	$ 25.6	$ 157.1	$ 141.3	$ 101.2
Weighted average number of shares outstanding - basic									32,120,578	32,884,828	32,501,576
Effect of diluted securities:									419,140	426,509	559,184
Weighted average number of shares outstanding - diluted									32,539,718	33,311,337	33,060,760
Share-based Payment Arrangement, Option [Member]
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Effect of diluted securities:									77,482	97,810	208,602
Performance shares units [Member]
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Effect of diluted securities:									285,550	268,030	271,738
Restricted stock units (RSUs)
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Effect of diluted securities:									56,108	60,669	78,844

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segments Segment Net Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									$ 696.9	$ 748.9	$ 729.7
Premiums Written, Net									691.5	742.8	723.7
Net premiums earned	$ 169.7	$ 175.8	$ 175.5	$ 174.8	$ 183.6	$ 192.9	$ 178.0	$ 176.6	695.8	731.1	716.5
Net investment income									88.1	81.2	74.6
Net realized and unrealized gains (losses) on investments	17.8	2.6	7.4	23.3	(26.4)	15.6	5.7	(8.0)	51.1	(13.1)	7.4
Gain on redemption of notes payable									0.0	0.0	2.1
Other income									0.9	1.2	0.8
Total revenues									835.9	800.4	801.4
Losses and loss adjustment expenses	97.6	92.9	86.8	88.6	86.9	106.6	87.8	95.4	365.9	376.7	417.2
Commission expense	20.4	21.9	23.8	22.0	21.2	24.8	24.5	23.7	88.1	94.2	91.4
Underwriting and general and administrative expenses	$ 50.9	$ 45.3	$ 43.8	$ 47.5	$ 40.4	$ 38.8	$ 40.1	$ 39.2	187.5	158.5	139.9
Interest and financing expenses									0.6	1.5	1.4
Underwriting and general and administrative expenses									0.0	0.0	7.5
Total expenses									642.1	630.9	657.4
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									193.8	169.5	144.0
Employers Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									696.8	748.9	729.7
Premiums Written, Net									691.4	742.8	723.7
Net premiums earned									695.8	731.1	716.5
Net investment income									84.1	78.6	73.3
Net realized and unrealized gains (losses) on investments									47.7	(13.9)	7.4
Gain on redemption of notes payable											2.1
Other income									0.9	1.0	0.8
Total revenues									828.5	796.8	800.1
Losses and loss adjustment expenses									378.6	391.3	428.8
Commission expense									88.1	94.2	91.4
Underwriting and general and administrative expenses									153.2	135.0	123.7
Interest and financing expenses									0.6	1.5	1.4
Underwriting and general and administrative expenses											7.5
Total expenses									620.5	622.0	652.8
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									208.0	174.8	147.3
Cerity Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									0.1	0.0	0.0
Premiums Written, Net									0.1	0.0	0.0
Net premiums earned									0.0	0.0	0.0
Net investment income									0.3	0.0	0.0
Net realized and unrealized gains (losses) on investments									0.1	0.0	0.0
Gain on redemption of notes payable											0.0
Other income									0.0	0.2	0.0
Total revenues									0.4	0.2	0.0
Losses and loss adjustment expenses									0.0	0.0	0.0
Commission expense									0.0	0.0	0.0
Underwriting and general and administrative expenses									16.0	5.9	1.1
Interest and financing expenses									0.0	0.0	0.0
Underwriting and general and administrative expenses											0.0
Total expenses									16.0	5.9	1.1
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									(15.6)	(5.7)	(1.1)
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									0.0	0.0	0.0
Premiums Written, Net									0.0	0.0	0.0
Net premiums earned									0.0	0.0	0.0
Net investment income									3.7	2.6	1.3
Net realized and unrealized gains (losses) on investments									3.3	0.8	0.0
Gain on redemption of notes payable											0.0
Other income									0.0	0.0	0.0
Total revenues									7.0	3.4	1.3
Losses and loss adjustment expenses									(12.7)	(14.6)	(11.6)
Commission expense									0.0	0.0	0.0
Underwriting and general and administrative expenses									18.3	17.6	15.1
Interest and financing expenses									0.0	0.0	0.0
Underwriting and general and administrative expenses											0.0
Total expenses									5.6	3.0	3.5
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									$ 1.4	$ 0.4	$ (2.2)

Segments Geographic Information (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CALIFORNIA
Revenue, Major Customer [Line Items]
Premiums In Force	$ 329,800,000	$ 357,100,000	$ 349,400,000
Policies In force	43,079	41,988	40,573
FLORIDA
Revenue, Major Customer [Line Items]
Premiums In Force	36,300,000	41,000,000.0	41,800,000
Policies In force	5,822	5,833	5,625
NEW YORK
Revenue, Major Customer [Line Items]
Premiums In Force	31,700,000	23,900,000	12,300,000
Policies In force	5,679	3,663	2,038
All Other States
Revenue, Major Customer [Line Items]
Premiums In Force	266,800,000	244,200,000	223,400,000
Policies In force	44,104	40,014	37,258
UNITED STATES
Revenue, Major Customer [Line Items]
Premiums In Force	664,600,000	666,200,000	626,900,000
Policies In force	$ 98,684	$ 91,498	$ 85,494

Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net premiums earned	$ 169.7	$ 175.8	$ 175.5	$ 174.8	$ 183.6	$ 192.9	$ 178.0	$ 176.6	$ 695.8	$ 731.1	$ 716.5
Net realized and unrealized gains (losses) on investments	17.8	2.6	7.4	23.3	(26.4)	15.6	5.7	(8.0)	51.1	(13.1)	7.4
Losses and loss adjustment expenses	97.6	92.9	86.8	88.6	86.9	106.6	87.8	95.4	365.9	376.7	417.2
Commission expense	20.4	21.9	23.8	22.0	21.2	24.8	24.5	23.7	88.1	94.2	91.4
Underwriting and general and administrative expenses	50.9	45.3	43.8	47.5	40.4	38.8	40.1	39.2	187.5	158.5	139.9
Other expenses									0.0	0.0	7.5
Income tax expense	9.6	8.1	9.0	10.0	4.9	10.7	8.8	3.8	36.7	28.2	42.8
Net income	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 25.6	$ 47.6	$ 42.5	$ 25.6	$ 157.1	$ 141.3	$ 101.2
Earnings per common share (Note 17):
Basic	$ 1.00	$ 1.03	$ 1.27	$ 1.60	$ 0.78	$ 1.45	$ 1.29	$ 0.78	$ 4.89	$ 4.30	$ 3.11
Diluted	$ 0.99	$ 1.01	$ 1.25	$ 1.57	$ 0.77	$ 1.43	$ 1.28	$ 0.77	$ 4.83	$ 4.24	$ 3.06

Selected Quarterly Financial Data Significant Quarterly Adjustments (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Prior years

$ 11.4

$ 20.2

$ 23.7

$ 22.2

$ 25.4

$ 11.9

$ 16.5

$ 12.4

$ (77.5)

^[1]

$ (66.2)

^[1]

$ (18.5)

^[1]

Equity securities, change in unrealized gains (losses)

15.5

(10.3)

6.8

21.2

27.4

11.2

3.5

12.9

Net income for the period

$ 31.8

$ 32.8

$ 40.7

$ 51.8

$ 25.6

$ 47.6

$ 42.5

$ 25.6

$ 157.1

$ 141.3

$ 101.2

[1]

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule II. Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments
Fixed maturity securities at fair value (amortized cost $25.3 at December 31, 2019 and $24.2 at December 31, 2018)	$ 2,485,900	$ 2,496,400
Equity securities at fair value (cost $27.8 at December 31, 2019 and $40.0 at December 31, 2018)	256,700	199,900
Short-term investments at fair value (amortized cost $25.0 at December 31, 2018)	0	25,000
Total investments	2,778,400	2,727,700
Cash and cash equivalents	154,900	101,400
Accrued investment income	16,400	18,000
Deferred income taxes, net	0	26,900
Other assets	46,400	32,100
Total assets	4,004,100	3,919,200
Liabilities and stockholders' equity
Accounts payable and accrued expenses	29,800	37,100
Deferred income taxes, net	2,600
Other liabilities	52,100	74,000
Total liabilities	2,838,300	2,901,000
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,184,370 and 56,975,675 shares issued and 31,355,378 and 32,765,792 shares outstanding at December 31, 2019 and 2018, respectively	600	600
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0	0
Additional paid-in capital	396,400	388,800
Retained earnings	1,158,800	1,030,700
Accumulated other comprehensive income (loss), net of tax	65,300	(13,700)
Treasury stock, at cost (25,828,992 shares at December 31, 2019 and 24,209,883 shares at December 31, 2018)	(455,300)	(388,200)
Total stockholders’ equity	1,165,800	1,018,200
Total liabilities and stockholders’ equity	4,004,100	3,919,200
Fixed maturity securities, amortized cost	2,403,300	2,513,700
Equity securities, cost	$ 155,600	$ 131,900
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	57,184,370	56,975,675
Common stock, shares outstanding (in shares)	31,355,378	32,765,792
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, at cost (in shares)	25,828,992	24,209,883
Parent Company [Member]
Investments
Investment in subsidiaries	$ 1,096,100	$ 873,800
Fixed maturity securities at fair value (amortized cost $25.3 at December 31, 2019 and $24.2 at December 31, 2018)	26,600	24,600
Equity securities at fair value (cost $27.8 at December 31, 2019 and $40.0 at December 31, 2018)	28,100	38,700
Short-term investments at fair value (amortized cost $25.0 at December 31, 2018)	0	25,000
Total investments	1,150,800	962,100
Cash and cash equivalents	9,900	41,300	$ 39,600	$ 41,400
Accrued investment income	200	300
Federal income taxes receivable	3,500	300
Federal income taxes receivable	3,500	22,700
Deferred income taxes, net	2,200	0
Other assets	1,600	900
Total assets	1,171,700	1,027,600
Liabilities and stockholders' equity
Accounts payable and accrued expenses	5,000	5,000
Deferred income taxes, net	0	400
Other liabilities	900	4,000
Total liabilities	5,900	9,400
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,184,370 and 56,975,675 shares issued and 31,355,378 and 32,765,792 shares outstanding at December 31, 2019 and 2018, respectively	600	600
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0	0
Additional paid-in capital	396,400	388,800
Retained earnings	1,158,800	1,030,700
Accumulated other comprehensive income (loss), net of tax	65,300	(13,700)
Treasury stock, at cost (25,828,992 shares at December 31, 2019 and 24,209,883 shares at December 31, 2018)	(455,300)	(388,200)
Total stockholders’ equity	1,165,800	1,018,200
Total liabilities and stockholders’ equity	1,171,700	1,027,600
Fixed maturity securities, amortized cost	25,300	24,200
Equity securities, cost	27,800	40,000
Short-term Investments [Member] \| Parent Company [Member]
Stockholders' equity:
Short-term investments, at amortized cost	$ 0	$ 25,000

Schedule II. Condensed Financial Information of Registrant (Condensed Balance Sheets Parenthetical) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	57,184,370	56,975,675
Common stock, shares outstanding (in shares)	31,355,378	32,765,792
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, at cost (in shares)	25,828,992	24,209,883

Schedule II. Condensed Financial Information of Registrant (Condensed Statements of Income) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Net investment income									$ 88.1	$ 81.2	$ 74.6
Net realized and unrealized gains on investments	$ 17.8	$ 2.6	$ 7.4	$ 23.3	$ (26.4)	$ 15.6	$ 5.7	$ (8.0)	51.1	(13.1)	7.4
Total revenues									835.9	800.4	801.4
Expenses
Underwriting and general and administrative expenses									0.0	0.0	7.5
Total expenses									642.1	630.9	657.4
Income tax expense	9.6	8.1	9.0	10.0	4.9	10.7	8.8	3.8	36.7	28.2	42.8
Net income	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 25.6	$ 47.6	$ 42.5	$ 25.6	$ 157.1	$ 141.3	$ 101.2
Earnings per common share for the stated periods (Note 17):
Basic	$ 1.00	$ 1.03	$ 1.27	$ 1.60	$ 0.78	$ 1.45	$ 1.29	$ 0.78	$ 4.89	$ 4.30	$ 3.11
Diluted	$ 0.99	$ 1.01	$ 1.25	$ 1.57	$ 0.77	$ 1.43	$ 1.28	$ 0.77	4.83	4.24	3.06
Cash dividends declared per common share and eligible RSUs and PSUs									$ 0.88	$ 0.80	$ 0.60
Parent Company [Member]
Revenues
Net investment income									$ 3.7	$ 2.5	$ 1.3
Net realized and unrealized gains on investments									3.3	0.8	0.0
Total revenues									7.0	3.3	1.3
Expenses
Underwriting and general and administrative expenses									19.0	17.5	15.2
Total expenses									19.0	17.5	15.2
Loss before income taxes and equity in earnings of subsidiaries									(12.0)	(14.2)	(13.9)
Income tax expense									(2.5)	(4.3)	(5.8)
Net loss before equity in earnings of subsidiaries									(9.5)	(9.9)	(8.1)
Equity in earnings of subsidiaries									166.6	151.2	109.3
Net income									$ 157.1	$ 141.3	$ 101.2
Earnings per common share for the stated periods (Note 17):
Basic									$ 4.89	$ 4.30	$ 3.11
Diluted									$ 4.83	$ 4.24	$ 3.06

Schedule II. Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 31,800	$ 32,800	$ 40,700	$ 51,800	$ 25,600	$ 47,600	$ 42,500	$ 25,600	$ 157,100	$ 141,300	$ 101,200
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized gains on investments									(51,100)	13,100	(7,400)
Stock-based compensation									10,100	9,400	6,800
Amortization of premium on investments, net									8,700	8,400	14,300
Deferred income tax expense									8,600	14,400	24,200
Change in operating assets and liabilities:
Accounts payable, accrued expenses and other liabilities									(7,500)	19,100	(7,000)
Federal income taxes									(7,400)	8,600	(2,700)
Other									(11,800)	(3,000)	12,300
Net cash provided by (used in) operating activities									123,100	180,200	142,300
Investing activities
Purchases of fixed maturity securities									(359,000)	(636,700)	(592,300)
Purchase of equity securities									(240,800)	(79,300)	(36,800)
Proceeds from sale of equity securities									232,400	70,700	41,200
Purchases of short-term investments									0	(59,700)	(8,200)
Proceeds from sale of fixed maturity securities									163,000	204,800	249,800
Proceeds from maturities and redemptions of fixed maturity securities									309,900	329,400	215,700
Net change in unsettled investment purchases and sales									(24,700)	22,400	5,800
Net cash (used in) provided by investing activities									49,200	(119,600)	(112,800)
Financing activities
Acquisition of common stock									(67,500)	(4,200)	0
Cash transactions related to stock-based compensation									(2,500)	(1,800)	3,800
Dividends paid to stockholders									(28,900)	(26,700)	(19,700)
Net cash used in financing activities									(119,100)	(32,900)	(26,000)
Cash and cash equivalents at the beginning of the period				101,400					101,400
Cash and cash equivalents at the end of the period	154,900				101,400				154,900	101,400
Parent Company [Member]
Operating activities
Net income									157,100	141,300	101,200
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net income of subsidiaries									70,400	66,700	71,500
Realized gains on investments									(3,300)	(800)	0
Stock-based compensation									10,100	9,400	6,800
Amortization of premium on investments, net									0	200	100
Deferred income tax expense									(2,800)	14,700	5,300
Change in operating assets and liabilities:
Accounts payable, accrued expenses and other liabilities									2,300	200	(300)
Federal income taxes									19,200	(18,500)	5,400
Other assets									700	100	100
Intercompany payable/receivable									(3,200)	(2,200)	1,800
Net cash provided by (used in) operating activities									108,300	77,500	48,700
Investing activities
Purchases of fixed maturity securities									(9,300)	(14,400)	(30,600)
Purchase of equity securities									(42,000)	(40,000)	0
Proceeds from sale of equity securities									56,000	0	0
Purchases of short-term investments									0	(59,600)	(7,900)
Proceeds from sale of fixed maturity securities									4,300	12,000	5,000
Proceeds from maturities and redemptions of fixed maturity securities									3,800	59,200	4,500
Proceeds from maturities of short-term investments									25,000	0	0
Net change in unsettled investment purchases and sales									(5,000)	3,900	0
Capital Contributions to subsidiary									(73,600)	(4,200)	(5,600)
Net cash (used in) provided by investing activities									(40,800)	(43,100)	(34,600)
Financing activities
Acquisition of common stock									(67,500)	(4,200)	0
Cash transactions related to stock-based compensation									(2,500)	(1,800)	3,800
Dividends paid to stockholders									(28,900)	(26,700)	(19,700)
Net cash used in financing activities									(98,900)	(32,700)	(15,900)
Net increase (decrease) in cash and cash equivalents									(31,400)	1,700	(1,800)
Cash and cash equivalents at the beginning of the period				$ 41,300				$ 39,600	41,300	39,600	41,400
Cash and cash equivalents at the end of the period	$ 9,900				$ 41,300				$ 9,900	$ 41,300	$ 39,600