0001379041-21-000019 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 11, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 629,791,983
Entity Common Stock Shares Outstanding (in shares)		28,407,494
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 2021 Annual Meeting of Stockholders are incorporated by reference in Items 11, 12, 13 and 14 of Part III of this report.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities at fair value (amortized cost $2,333.6 at December 31, 2020 and $2,403.3 at December 31, 2019, net of CECL allowance of $0.7 at December 31, 2020)	$ 2,479.2	$ 2,485.9
Equity Securities, FV-NI	208.5	256.7
Equity securities at cost	6.7	6.7
Other Investments	36.2	29.1
Short-term Investments	26.6	0.0
Total investments	2,757.2	2,778.4
Cash and cash equivalents	160.4	154.9
Restricted cash and cash equivalents	0.2	0.3
Accrued investment income	15.3	16.4
Premiums receivable (less CECL allowance of $10.8 at December 31, 2020 and less bad debt allowance of $4.6 at December 31, 2019)	232.1	285.7
Reinsurance recoverable for:
Paid losses	7.6	7.2
Unpaid losses (less CECL allowance of $0.4 at December 31, 2020)	496.6	532.5
Deferred policy acquisition costs	43.2	47.9
Property and equipment, net	19.1	21.9
Operating lease right-of-use assets	17.4	15.9
Intangible assets, net	13.6	13.6
Goodwill	36.2	36.2
Contingent commission receivable–LPT Agreement	13.4	13.2
Cloud computing arrangements	50.2	33.6
Other assets	60.1	46.4
Total assets	3,922.6	4,004.1
Liabilities and stockholders' equity
Unpaid losses and loss adjustment expenses	2,069.4	2,192.8
Unearned premiums	299.1	337.1
Commissions and premium taxes payable	43.0	48.6
Accounts payable and accrued expenses	22.9	29.8
Deferred reinsurance gain—LPT Agreement	125.4	137.1
Deferred Income Tax Liabilities, Net	15.5	2.6
FHLB advances	20.0	0.0
Non-cancellable obligations	24.1	23.0
Operating lease liability	19.9	17.8
Other liabilities	70.5	49.5
Total liabilities	2,709.8	2,838.3
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,413,806 and 57,184,370 shares issued and 28,564,798 and 31,355,378 shares outstanding at December 31, 2020 and 2019, respectively	0.6	0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0.0	0.0
Additional paid-in capital	404.3	396.4
Retained earnings	1,247.9	1,158.8
Accumulated other comprehensive income, net of tax	115.1	65.3
Treasury stock, at cost (28,849,008 shares at December 31, 2020 and 25,828,992 shares at December 31, 2019)	(555.1)	(455.3)
Total stockholders' equity	1,212.8	1,165.8
Total liabilities and stockholders' equity	$ 3,922.6	$ 4,004.1

Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Parentheticals [Abstract]
Fixed maturity securities, amortized cost	$ 2,333.6	$ 2,403.3
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.7	0.0
Equity securities, cost	112.4	155.6
Other Investments, at Cost	36.8	28.4
Short-term investments, amortized cost	26.5	0.0
Premium Receivable, Allowance for Credit Loss	10.8	4.6
Reinsurance Recoverable, Allowance for Credit Loss	$ 0.4	$ 0.0
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)	57,413,806	57,184,370
Common stock, shares outstanding (in shares)	28,564,798	31,355,378
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)	28,849,008	25,828,992

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net premiums earned	$ 615.3	$ 695.8	$ 731.1
Net investment income	76.3	88.1	81.2
Net realized and unrealized gains (losses) on investments	19.0	51.1	(13.1)
Other income	0.8	0.9	1.2
Total revenues	711.4	835.9	800.4
Expenses
Losses and loss adjustment expenses	302.4	365.9	376.7
Commission expense	78.8	88.1	94.2
Underwriting and general and administrative expenses	181.3	187.5	158.5
Interest and financing expenses	0.4	0.6	1.5
Other expenses	0.8	0.0	0.0
Total expenses	563.7	642.1	630.9
Net income before income taxes	147.7	193.8	169.5
Income tax expense	27.9	36.7	28.2
Net income	119.8	157.1	141.3
Comprehensive income
Unrealized AFS investment gains (losses) during the period (net of tax (expense) benefit of $(14.2), $(21.8), and $12.9 for the years ended December 31, 2020, 2019, and 2018, respectively)	53.4	82.1	(48.5)
Reclassification adjustment for realized AFS investment (gains) losses in net income (net of tax expense (benefit) of $0.9, $0.8, and $(0.4) for the years ended December 31, 2020, 2019, and 2018, respectively)	(3.6)	(3.1)	1.4
Other comprehensive income (loss), net of tax	49.8	79.0	(47.1)
Total comprehensive income	169.6	236.1	94.2
Net realized and unrealized gains (losses) on investments
Net realized and unrealized gains (losses) on investments before impairments	19.0	51.1	(9.8)
Other than temporary impairments recognized in earnings	0.0	0.0	(3.3)
Net realized and unrealized gains (losses) on investments	$ 19.0	$ 51.1	$ (13.1)
Earnings per common share (Note 18):
Basic	$ 4.01	$ 4.89	$ 4.30
Diluted	3.97	4.83	4.24
Cash dividends declared per common share and eligible RSUs and PSUs	$ 1.00	$ 0.88	$ 0.80

Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Parentheticals [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (14.2)	$ (21.8)	$ 12.9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (0.9)	$ (0.8)	$ 0.4

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, 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 obligations (Note 14), shares		0
Stock-based obligations (Note 14), 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 14), shares		223,410
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 14), value	(2.9)	$ 0.0	(2.9)	0.0	0.0	0.0
Acquisition of treasury stock (Note 13), shares		0
Acquisition of treasury stock (Note 13), 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
Stockholders' equity, value at Dec. 31, 2018	1,018.2	$ 0.6	388.8	1,030.7	(13.7)	(388.2)
Stock-based obligations (Note 14), shares		0
Stock-based obligations (Note 14), 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 14), shares		177,065
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 14), value	(3.2)	$ 0.0	(3.2)	0.0	0.0	0.0
Acquisition of treasury stock (Note 13), shares		0
Acquisition of treasury stock (Note 13), 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)
Stock-based obligations (Note 14), shares		0
Stock-based obligations (Note 14), value	9.7	$ 0.0	9.7	0.0	0.0	0.0
Stock-options exercised, shares		40,800
Stock options exercised, value	0.9	$ 0.0	0.9	0.0	0.0	0.0
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 14), shares		188,636
Vesting of restricted stock units, net of shares withheld to satisfy minimum tax withholding (Note 14), value	(2.7)	$ 0.0	(2.7)	0.0	0.0	0.0
Acquisition of treasury stock (Note 13), shares		0
Acquisition of treasury stock (Note 13), value	(99.8)	$ 0.0	0.0	0.0	0.0	(99.8)
Dividend to common stockholders, shares		0
Dividend to common stockholders, value	30.8	$ 0.0	0.0	30.8	0.0	0.0
Net income for the period	119.8	0.0	0.0	119.8	0.0	0.0
Change in net unrealized gains on investments, net of taxes	$ 49.8	$ 0.0	0.0	0.0	49.8	0.0
Stockholders' equity, shares at Dec. 31, 2020	57,413,806	57,413,806
Stockholders' equity, value at Dec. 31, 2020	$ 1,212.8	$ 0.6	$ 404.3	$ 1,247.9	$ 115.1	$ (555.1)

Consolidated Statements of Stockholders Equity Parentheticals - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statement of Stockholders Equity Parentheticals [Abstract]
Other Comprehensive Income (Loss), Tax	$ (13.3)	$ (21.0)	$ 12.5

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 119.8	$ 157.1	$ 141.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8.2	9.0	6.3
Stock-based compensation	9.7	10.1	9.4
Amortization of cloud computing arrangements	9.0	5.3	0.0
Amortization of premium on investments, net	9.8	8.7	8.4
Allowance for expected credit losses	6.6	(2.1)	(3.3)
Deferred income tax expense	(13.4)	6.0	14.4
Net realized and unrealized (gains) losses on investments	(19.0)	(51.1)	13.1
Abandonment of operating leases	0.8	0.0	0.0
Change in operating assets and liabilities:
Premiums receivable	47.4	49.5	(3.1)
Reinsurance recoverable on paid and unpaid losses	35.1	20.4	33.1
Cloud computing arrangements	(25.6)	(12.9)	(26.0)
Operating lease right-of-use-assets	(2.3)	(15.9)	0.0
Current federal income taxes	22.0	(7.4)	8.6
Unpaid losses and loss adjustment expenses	(123.4)	(63.4)	(58.2)
Unearned premiums	(38.0)	0.8	18.0
Accounts payable, accrued expenses and other liabilities	(3.7)	(7.5)	19.1
Deferred reinsurance gain–LPT Agreement	(11.7)	(12.5)	(14.0)
Contingent commission receivable–LPT Agreement	(0.2)	18.8	0.0
Operating lease liabilities	2.1	17.8	0.0
Non-cancellable obligations	1.1	4.2	16.1
Other	(1.0)	(11.8)	(3.0)
Net cash provided by operating activities	33.3	123.1	180.2
Investing activities
Purchases of fixed maturity securities	(645.6)	(359.0)	(636.7)
Purchases of equity securities	(179.5)	(240.8)	(79.3)
Purchases of short-term investments	(135.9)	0.0	(59.7)
Purchases of other invested assets	(8.3)	(28.4)	0.0
Proceeds from sale of fixed maturity securities	349.5	163.0	204.8
Proceeds from sale of equity securities	243.4	232.4	70.7
Proceeds from maturities and redemptions of fixed maturity securities	359.2	309.9	329.4
Proceeds from maturities of short-term investments	110.6	25.0	39.0
Net change in unsettled investment purchases and sales	(3.6)	(24.7)	22.4
Capital expenditures and other	(5.5)	(12.1)	(10.2)
Payments to Acquire Businesses, Net of Cash Acquired	0.0	(16.1)	0.0
Net cash provided by (used in) investing activities	84.3	49.2	(119.6)
Financing activities
Acquisition of common stock	(99.4)	(67.5)	(4.2)
Cash transactions related to stock-based compensation	(1.8)	(2.5)	(1.8)
Dividends paid to stockholders	(30.8)	(28.9)	(26.7)
Proceeds from FHLB advances	35.0	0.0	0.0
Repayments of Notes Payable	(15.0)	0.0	0.0
Redemption of notes payable	0.0	(20.0)	0.0
Payments on capital leases	(0.2)	(0.2)	(0.2)
Net cash used in financing activities	(112.2)	(119.1)	(32.9)
Net increase in cash, cash equivalents, and restricted cash	5.4	53.2	27.7
Cash, cash equivalents, and restricted cash at the beginning of the period	155.2	102.0	74.3
Cash, cash equivalents, and restricted cash at the end of the period	160.6	155.2	102.0
Non-cash transactions
Financed property and equipment purchases	0.1	0.7	0.3
Cash, cash equivalents, and restricted cash
Total cash, cash equivalents, and restricted cash	$ 160.6	$ 102.0	$ 74.3

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2020
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 10. 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. Detailed financial information about the Company's operating segments is presented in Note 19. 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, 2020

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, 2020 and 2019 the Company held $3.2 million and $2.9 million, respectively, in cash and investments in trust for reinsurance obligations, of which $0.2 million and $0.3 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 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. Additionally, ASU 2016-01 also removed the impairment assessment for equity securities at fair value. 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 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.

Beginning in 2020, with the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), the Company's investments in fixed maturity securities are presented net of an allowance for expected credit losses. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria is met, the security's amortized cost basis is written down to its fair value. For AFS debt securities that do not meet either criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. The changes in the Company's allowance for expected credit losses on investments are included in Net realized and unrealized gains (losses) on investments on the Company's Consolidated Statements of Comprehensive Income (see Note 6).

Prior to adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), the determination of an other-than-temporary decline for fixed maturity securities and other invested assets included, in addition to other relevant factors, a presumption that if the market value was 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 was deemed to be a "credit loss", which was considered a realized loss, and the portion that was deemed to be an "other than credit loss", which was considered to be an unrealized loss. If management had the intent to sell the security or more likely than not would be required to sell the security before its anticipated recovery, the investment was written down to its fair value and the entire impairment was recorded as a realized loss in the Company's Consolidated Statements of Comprehensive Income. If management did not have the intent to sell or would

not be required to sell the security but did not expect to recover the amortized cost or cost basis of the security, the amount of the other-than-temporary impairment was 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 $2.3 million and $37.3 million of additional premiums expected to be received from policyholders for premium audits at December 31, 2020 and 2019, respectively.

The Company establishes an allowance for expected credit losses (see Note 6) on its premiums receivable through a charge included in underwriting and general and administrative expenses in its Consolidated Statements of Comprehensive Income. This allowance for expected credit losses is determined based on estimates (collectability and historical payment patterns) and assumptions to project future experience. After all collection efforts have been exhausted, the Company reduces the allowance for expected credit losses for write-offs of premiums receivable that have been deemed uncollectible. The Company's allowance for expected credit losses was $10.8 million and $4.6 million at December 31, 2020 and 2019, respectively. The Company had write offs, net of recoveries of amounts previously written off, of $6.8 million, $10.5 million, and $8.2 million for the years ended December 31, 2020, 2019, and 2018, 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, 2020, 2019, and 2018, was $97.5 million, $107.7 million, and $112.0 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, 2020, 2019, and 2018.

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 10). 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 $496.6 million and $532.5 million at December 31, 2020 and 2019, respectively.

Beginning in 2020, with the adoption of ASU 2016-13, the Company's reinsurance recoverables are presented net of an allowance for expected credit losses. The changes in the Company's allowance for expected credit losses are included in underwriting and general and administrative expenses on the Company's Consolidated Statements of Comprehensive Income (see Note 6). This allowance for expected credit losses is determined based on historical information, financial strength of reinsurers, collateralization amounts and ratings to determine the appropriateness of the allowance.

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 7). 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.

The Company elected the practical expedients in ASU 2018-11, Leases (Topic 842): Targeted Improvements and ASU 2016-02, Leases (Topic 842), allowing it to apply provisions of the new guidance at the date of adoption without adjusting comparative periods presented (see Note 12).

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 12 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, 2020, $2.2 million was held as collateral by cash or letters of credit for the Company's reinsurance recoverables and an additional $369.1 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 formally tests for impairment of goodwill and 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. During 2020 the Company’s fair value, as measured by its market capitalization, decreased significantly as a result of investor concerns of the potential adverse effects of the COVID-19 pandemic on our business. Nonetheless, 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 fair value and determined that there were no impairments of these assets as of December 31, 2020 and 2019.

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, 2020.

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:


	2020						2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—	$	13.5	$	13.5	$	—	$	13.5
Insurance relationships	9.4		$	(9.4)	—		9.4		$	(9.4)	—
Other	0.1		—		0.1		0.1		—		0.1
Total	$	23.0	$	(9.4)	$	13.6	$	23.0	$	(9.4)	$	13.6

During the year ended December 31, 2018, the Company recognized $0.2 million in amortization expense associated with its intangible assets. There was no amortization expense in 2020 or 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 14).

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Standards	New Accounting Standards Recently Issued Accounting Standards In October 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-10, Codification Improvements. This update ensures all disclosure guidance that requires or provides an option for an entity to provide notes to the financial statements is included in the Disclosure Section (Section 50) of the Codification. This update also provides various codification improvements in which the original guidance was unclear. This update becomes effective for annual periods beginning after December 15, 2020 and early adoption is permitted for any annual or interim period for which financial statements have not been issued. 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 October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivable-Nonrefundable fees and other costs. The amendments in that Update shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities within the scope of paragraph 310-20-25-33 to the earliest call date. The amendments affect the guidance in Accounting Standards Update No. 2017-08, receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments is this update become effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is not permitted. The Company does not expect that the adoption of this update will have a material impact on its consolidated financial condition or results of operations. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This update provides optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (LIBOR), with optional expedients and exceptions related to the application of US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. Companies can apply this ASU immediately, but early adoption is only available through December 31, 2022 when the ASU becomes effective. The Company is evaluating the impact of LIBOR on its existing contracts and investments, but does not expect that this update will have a material impact on its consolidated financial condition or results of operations. In December 2019, the FASB issued 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. Recently Adopted Accounting Standards 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 adopted the updates related to Topic 815 when it adopted ASU 2016-13. The Company determined that the impact of these improvements was not 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. Additionally, in March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. This update provided clarification and eliminated inconsistencies on a variety of topics within the codification. The Company adopted the applicable standards and there was no 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. The Company adopted this standard and there was no 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 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. The Company adopted these standards on January 1, 2020 and did not make any opening balance sheet adjustments due to the immaterial amounts. See Note 6 regarding the impact of this adoption on the Company's consolidated financial condition and results of operations.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Valuation of Financial Instruments

Financial Instruments Carried at Fair Value

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


	2020				2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets	(in millions)
Total investments at fair value (Note 5)	$	2,714.3	$	2,714.3	$	2,742.6	$	2,742.6
Cash and cash equivalents	160.4		160.4		154.9		154.9
Restricted cash and cash equivalents	0.2		0.2		0.3		0.3

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 the valuation methodology utilized by third party pricing services as of December 31, 2020 and 2019.

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


	December 31, 2020						December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	78.3	$	—	$	—	$	85.6	$	—
U.S. Agencies	—		3.1		—		—		2.9		—
States and municipalities	—		482.7		—		—		484.5		—
Corporate securities	—		1,046.4		—		—		1,079.0		—
Residential mortgage-backed securities	—		461.0		—		—		480.4		—
Commercial mortgage-backed securities	—		102.4		—		—		110.6		—
Asset-backed securities	—		42.6		—		—		61.2		—
Collateralized loan obligations	—		83.6		—		—		—		—
Foreign government securities	—		8.2		—		—		—		—
Other securities	—		170.9		—		—		181.7		—
Total fixed maturity securities	$	—	$	2,479.2	$	—	$	—	$	2,485.9	$	—
Equity securities at fair value
Industrial and miscellaneous	$	179.1	$	—	$	—	$	216.4	$	—	$	—

Other	29.4		—		—		40.3		—		—
Total equity securities at fair value	$	208.5	$	—	$	—	$	256.7	$	—	$	—
Short-term investments	$	4.0	$	22.6	$	—	$	—	$	—	$	—
Total investments at fair value	$	212.5	$	2,501.8	$	—	$	256.7	$	2,485.9	$	—

Financial Instruments Carried at Cost

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 Company also has investments in convertible preferred shares of real estate investment trusts which are carried at cost and approximate 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 10 to 12 years, subject to two or 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, 2020 and 2019, the Company had unfunded commitments to these private equity limited partnerships totaling $63.8 million and $41.6 million, respectively.

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

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


	December 31, 2020	December 31, 2019

Cash equivalents measured at NAV	58.7	14.4
Other invested assets carried at NAV	16.2	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, 2020

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, 2020	(in millions)
Fixed maturity securities
U.S. Treasuries	$	74.3	$	4.0	$	—	$	78.3
U.S. Agencies	2.8		0.3		—		3.1
States and municipalities	449.4		33.3		—		482.7
Corporate securities	963.5		83.2		(0.3)		1,046.4
Residential mortgage-backed securities	444.6		16.7		(0.3)		461.0
Commercial mortgage-backed securities	94.7		7.8		(0.1)		102.4
Asset-backed securities	42.0		0.9		(0.3)		42.6
Collateralized loan obligations	84.4		—		(0.8)		83.6
Foreign government securities	8.0		0.2		—		8.2
Other securities(1)	169.9		1.5		(0.5)		170.9
Total fixed maturity securities	2,333.6		147.9		(2.3)		2,479.2
Short-term investments	26.5		0.1		—		26.6
Total AFS investments	$	2,360.1	$	148.0	$	(2.3)	$	2,505.8

At December 31, 2019
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

(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, 2020 and 2019 were as follows:


	Cost		Estimated Fair Value
	(in millions)
At December 31, 2020
Equity securities at fair value
Industrial and miscellaneous	$	94.1	$	179.1
Other	18.3		29.4
Total equity securities at fair value	$	112.4	$	208.5

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

The Company had Other invested assets totaling $36.2 million and $29.1 million at December 31, 2020 and 2019, respectively. These investments consisted of: (i) private equity limited partnerships that totaled $16.2 million and $9.1 million (initial cost of $16.8 million and $8.4 million) at December 31, 2020 and 2019, respectively, which are carried at NAV based on information provided by the general partner; and (ii) convertible preferred shares of real estate investment trusts that totaled $20.0 million at each December 31, 2020 and 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. 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 amortized cost and estimated fair value of the Company's fixed maturity securities at December 31, 2020, 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	$	127.1	$	128.8
Due after one year through five years	665.5		707.8
Due after five years through ten years	759.1		829.6
Due after ten years	116.2		123.4
Mortgage and asset-backed securities	665.7		689.6
Total	$	2,333.6	$	2,479.2

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, 2020 and 2019.


	December 31, 2020					December 31, 2019
	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



Corporate securities	$	9.7	$	(0.3)	10	$	—	$	—	—
Residential mortgage-backed securities	47.4		(0.3)		13	56.9		(0.2)		29
Commercial mortgage-backed securities	5.5		(0.1)		6	—		—		—
Asset-backed securities	7.8		(0.3)		6	10.1		(0.1)		6
Collateralized loan obligations	74.6		(0.8)		18	—		—		—
Other securities	60.4		(0.5)		146	15.2		(0.3)		64
Total fixed maturity securities	205.4		(2.3)		199	82.2		(0.6)		99
Total less than 12 months	$	205.4	$	(2.3)	199	$	82.2	$	(0.6)	99

12 months or greater:
Fixed maturity securities




Residential mortgage-backed securities	$	—	$	—	—	$	40.0	$	(0.5)	19



Other securities	—		—		—	5.9		(0.1)		19
Total fixed maturity securities	—		—		—	45.9		(0.6)		38
Total 12 months or greater	$	—	$	—	—	$	45.9	$	(0.6)	38

The Company recorded an allowance for expected credit losses on available-for-sale debt securities of $0.7 million during the year ended December 31, 2020 (see Note 6). Those fixed maturity securities whose total fair value was less than amortized cost at December 31, 2020, were those in which the Company had no intent, need or requirement to sell at an amount less than their amortized cost. 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 sixty-six securities) during the year ended December 31, 2018, 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 and 2018 were primarily the result of changes in prevailing interest rates and not the credit quality of the issuers.

Realized gains and losses on investments include the gain or loss on a security at the time of sale compared to its original or adjusted cost (equity securities and other invested assets) or amortized cost (fixed maturity securities). Realized losses on fixed

maturity securities are also recognized when securities are written down as a result of an other-than-temporary impairment or for changes in the expected credit loss allowance.

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		Net Change in CECL Allowance		Change in Net Unrealized Gains (Losses)		Changes in Fair Value Reflected in Earnings		Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Year Ended December 31, 2020
Fixed maturity securities	$	9.2	$	(4.1)	$	(0.7)	$	63.0	$	4.4	$	63.0
Equity securities	42.6		(21.8)		—		(5.0)		15.8		—
Other invested assets	—		—		—		(1.3)		(1.3)		—
Short-term investments	0.1		—		—		0.1		0.1		0.1
Total investments	$	51.9	$	(25.9)	$	(0.7)	$	56.8	$	19.0	$	63.1

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)

Proceeds from the sales of fixed maturity securities were $349.5 million, $163.0 million and $204.8 million for years ended December 31, 2020, 2019 and 2018, respectively.

Net investment income was as follows:


	Years Ended December 31,
	2020		2019		2018
	(in millions)
Fixed maturity securities	$	72.6	$	81.9	$	76.0
Equity securities	4.4		7.9		6.5
Other invested assets	2.8		1.2		—
Short-term investments	1.5		—		0.3
Cash equivalents and restricted cash	0.5		1.7		2.0
Gross investment income	81.8		92.7		84.8
Investment expenses	(5.5)		(4.6)		(3.6)
Net investment income	$	76.3	$	88.1	$	81.2

The Company is required by various state laws and regulations to support, through securities on deposit or otherwise, its outstanding loss reserves in certain states in which it does business. These laws and regulations govern not only the amount but also the types of securities that are eligible for deposit. As of December 31, 2020 and 2019, securities having a fair value of $768.7 million and $844.9 million, respectively, were on deposit. Additionally, standby letters of credit from the FHLB were in place in lieu of $275.0 million and $260.0 million of securities on deposit as of December 31, 2020 and 2019, respectively (see Note 11).

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, 2020 and 2019 was $3.2 million and $2.9 million, respectively.

Credit Losses

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Allowance for Credit Losses

Current Expected Credit Losses

The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) in the first quarter of 2020, which replaced the incurred loss methodology with an expected loss methodology known as the current expected loss methodology (CECL). The measurement of CECL is applicable to financial assets measured at amortized cost, which includes held-to-maturity securities, trade receivables, lease receivables, reinsurance recoverables, financial guarantee contracts, loan commitments, and financial assets with evidence of credit deterioration. Additionally, Topic 326 made changes to the accounting for AFS debt securities. This change requires credit losses to be presented as an allowance rather than as a write-down on AFS debt securities that the Company does not intend to sell or believes that it is more likely than not that it will be required to sell.

Premiums Receivable

Premiums receivable balances are all due within one year or less. The Company currently determines the allowance for premiums receivable based on an internal aging schedule using collectability and historical payment patterns, as well as current and expected future market conditions to determine the appropriateness of the allowance. Historical payment patterns provide the basis for the estimation along with similar risk characteristics and the Company's business strategy, which have not changed significantly over time. However, current and future market conditions have deteriorated as compared with the economic conditions included in the historical information. Specifically, as a result of the COVID-19 pandemic, unemployment and the temporary and/or permanent closures of small businesses have increased as of December 31, 2020, and the Company expects this trend to continue until such time that business operations can resume at a more normalized rate. Based on our past experience with generally similar conditions, the Company will continually assess the historical payment patterns and aging schedule to reflect the differences in our current conditions and future forecasted changes. Changes in the allowance for credit losses are recorded through general and administrative expenses.

The table below shows the changes in the allowance for expected credit losses on premiums receivable.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on premiums receivable	$	4.6
Current period provision for expected credit losses	13.0
Write-offs charged against the allowance	(6.8)
Ending balance of the allowance for expected credit losses on premiums receivable	$	10.8

Reinsurance Recoverable

In assessing an allowance for reinsurance assets, which includes reinsurance recoverables and contingent commission receivables, the Company considers historical information, financial strength of reinsurers, collateralization amounts and ratings to determine the appropriateness of the allowance. Historically, the Company has not experienced a credit loss from reinsurance transactions. In assessing future default, the Company evaluated the CECL allowance under the ratings based method using the A.M. Best Average Cumulative Net Impairment Rates. Reinsurer ratings are also assessed through this process. Changes in the allowance for credit losses are recorded through general and administrative expenses.

The table below shows the changes in the allowance for expected credit losses on reinsurance recoverables.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on reinsurance recoverables	$	—
Current period provision for expected credit losses	0.4
Ending balance of the allowance for expected credit losses on reinsurance recoverables	$	0.4

Investments

The Company assesses all AFS debt securities in an unrealized loss position for expected credit losses. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria is met, the security's amortized cost basis is written down to its fair value. For AFS debt securities that do not meet either criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized

cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Any impairment that has not been recorded through an allowance for credit losses is recognized in Accumulated other comprehensive income on the Company's Consolidated Balance Sheets. Changes in the allowance for credit losses are recorded through realized capital losses.

As of December 31, 2020, the Company established an aggregate allowance for credit losses in the amount of $0.7 million. For the Company’s investments in fixed-income debt securities, the allowance for credit losses was determined by: (i) observing the credit characteristics of those debt securities that may have demonstrated a credit loss as of that date and by comparing the present value of cash flows expected to be collected to its amortized cost basis; and (ii) observing the credit characteristics of those debt securities that are expected to demonstrate a credit loss in the future by comparing the present value of cash flows expected to be collected to its amortized cost basis. The expected present value of cash flows are calculated using scenario based credit loss models derived from the discounted cash flows under the Comprehensive Capital Analysis Review (CCAR) framework, which is adopted by the Federal Reserve.

As of December 31, 2020, the Company did not intend to sell any of its AFS debt securities in which its amortized cost exceeded its fair value.

Accrued interest receivable on AFS debt securities totaled $15.3 million at December 31, 2020 and is excluded from the estimate of credit losses based on historically timely payments.

The table below shows the changes in the allowance for expected credit losses on available-for-sale securities.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on AFS securities	$	—
Current period provision for expected credit losses	3.1
Reductions in allowance from disposals	(2.4)
Ending balance of the allowance for expected credit losses on AFS securities	$	0.7

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property and Equipment [Abstract]

Property, Plant and Equipment Disclosure

Property and Equipment

Property and equipment consists of the following:


	As of December 31,
	2020		2019
	(in millions)

Furniture and equipment	$	3.4	$	2.5
Leasehold improvements	5.5		6.0
Computers and software	53.3		60.3
Automobiles	0.8		1.1
Property and equipment, gross	63.0		69.9
Accumulated depreciation	(43.9)		(48.0)
Property and equipment, net	$	19.1	$	21.9

Depreciation expenses related to property and equipment for the years ended December 31, 2020, 2019, and 2018 were $8.2 million, $9.0 million, and $6.1 million, respectively. Internally developed software costs of $3.2 million were capitalized during each of the years ended December 31, 2020 and 2019, respectively.

Cloud Computing Arrangements

The Company's capitalized costs associated with cloud computing arrangements totaled $50.2 million and $33.6 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, 2020 and 2019, respectively. Total amortization for hosting arrangements for the years ended December 31, 2020 and 2019 was $9.0 million and $5.3 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Current tax expense:	(in millions)
Federal	$	27.6	$	26.3	$	13.2
State	0.7		1.8		0.6
Total current tax expense	28.3		28.1		13.8
Deferred federal tax expense:
Impact of tax Enactment	—		—		(0.4)
Other	(0.4)		8.6		14.8
Total deferred federal tax expense	(0.4)		8.6		14.4
Income tax expense	$	27.9	$	36.7	$	28.2

The differences between the statutory federal tax rate of 21% 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,
	2020		2019		2018
	(in millions)
Expense computed at statutory rate	$	31.0	$	40.7	$	35.6
Tax-advantaged investment income	(1.9)		(2.4)		(2.9)
LPT deferred gain amortization	(2.2)		(2.3)		(2.6)
Stock based compensation	(0.2)		(0.9)		(1.4)
LPT Reserve Adjustment	(0.3)		(0.4)		(0.5)
Impact of tax Enactment	—		—		(0.4)

Other	1.5		2.0		0.4
Income tax expense	$	27.9	$	36.7	$	28.2

The LPT Reserve Adjustments for the years ended December 31, 2020, 2019, and 2018 increased GAAP net income by $1.2 million, $1.8 million, and $2.2 million, respectively, but did not affect taxable income. The LPT Contingent Commission Adjustments increased net income by $0.2 million, $0.2 million, and $0.5 million during 2020, 2019, and 2018, respectively, but did not increase taxable income.

As of December 31, 2020, 2019, and 2018 the Company had no material unrecognized tax benefits.

The Company made cash payments of $18.5 million, $37.8 million and $4.2 million for income taxes during the years ended December 31, 2020, 2019, and 2018, respectively.

Tax years 2017 through 2020 remain open and are available for examination by the Internal Revenue Service. The significant components of deferred income taxes, net, were as follows as of December 31:


	2020				2019
	Deferred Tax				Deferred Tax
	Assets		Liabilities		Assets		Liabilities
	(in millions)
Unrealized capital gains, net	$	—	$	50.7	$	—	$	38.7
Deferred policy acquisition costs	—		9.2		—		10.2
Intangible assets	—		1.6		—		1.6
Loss reserve discounting for tax reporting	30.3		—		30.9		—
Unearned premiums	11.5		—		13.2		—
Allowance for bad debt	2.4		—		1.0		—
Stock-based compensation	3.4		—		3.4		—
Accrued liabilities	3.5		—		4.0		—


Operating leases	4.2		3.6		3.7		3.3
Other	2.4		8.1		2.1		7.1
Total	$	57.7	$	73.2	$	58.3	$	60.9
Deferred income tax asset (liability), net	$	(15.5)			$	(2.6)

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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Liability for Unpaid Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2020

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 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,
	2020		2019		2018
	(in millions)
Unpaid losses and LAE at beginning of period	$	2,192.8	$	2,207.9	$	2,266.1
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	532.5		504.4		537.0
Net unpaid losses and LAE at beginning of period	1,660.3		1,703.5		1,729.1
Losses and LAE, net of reinsurance, incurred during the period related to:
Current year	395.9		456.1		457.5
Prior years	(81.6)		(77.5)		(66.2)
Total net losses and LAE incurred during the period	314.3		378.6		391.3
Paid losses and LAE, net of reinsurance, related to:
Current year	83.6		106.6		93.0
Prior years	318.6		315.2		323.9
Total net paid losses and LAE during the period	402.2		421.8		416.9
Ending unpaid losses and LAE, net of reinsurance	1,572.4		1,660.3		1,703.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	497.0		532.5		504.4
Unpaid losses and LAE at end of period	$	2,069.4	$	2,192.8	$	2,207.9

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 10).

In 2020, the Company had $81.6 million of favorable prior accident year loss development, which included $80.2 million of favorable development on its voluntary risk business and $1.4 million on its assigned risk business. 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. The favorable prior accident year development on voluntary business during 2020 was primarily the result of the Company's determination that adjustments were necessary to reflect observed favorable paid loss trends for accident years 2018 and prior due to decreasing medical costs, partially offset by $13.3 million of adverse development on accident year 2019 partially due to an inability to fully execute its claims initiatives to reduce loss costs as a result of the COVID-19 pandemic. The favorable prior accident year loss development on voluntary business during 2019 and 2018 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 2020. Loss reserves shown in the Company's Consolidated Balance Sheets are net of $28.1 million and $28.6 million for anticipated subrogation recoveries as of December 31, 2020 and 2019, 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, 2020 for each of the previous 10 accident years.


	Incurred Losses and LAE, Net of Reinsurance
	Years Ended December 31,																				As of December 31, 2020
Accident Year	2011(1)		2012(1)		2013(1)		2014(1)		2015(1)		2016(1)		2017(1)		2018(1)		2019(1)		2020		IBNR		Cumulative number of reported claims
	(in millions, except claims counts)
2011	$	253.7	$	267.3	$	272.0	$	277.4	$	296.3	$	292.6	$	288.8	$	287.8	$	285.6	$	284.2	$	17.8	19,585
2012			348.8		359.9		360.9		386.4		388.2		382.8		379.8		378.5		372.4		28.2		26,030
2013					452.6		460.6		478.6		472.6		468.9		464.6		459.3		446.8		37.7		28,909
2014							463.4		445.8		432.9		434.6		430.5		424.7		415.5		46.0		28,584
2015									422.2		425.8		423.9		419.6		408.7		396.7		46.1		27,240
2016											419.0		414.6		395.4		375.0		364.6		49.8		25,782
2017													412.4		391.3		358.3		337.9		56.7		25,047
2018															422.5		424.6		407.7		75.5		27,892
2019																	422.4		435.7		107.3		32,535
2020																			365.7		188.4		20,166
Total																			$	3,827.3


	Cumulative Paid Losses and LAE, Net of Reinsurance
	Years Ended December 31,
Accident Year	2011(1)		2012(1)		2013(1)		2014(1)		2015(1)		2016(1)		2017(1)		2018(1)		2019(1)		2020
	(in millions)
2011	$	47.4	$	115.1	$	162.6	$	193.8	$	217.5	$	230.1	$	238.2	$	243.8	$	248.1	$	251.8
2012			58.6		148.3		214.2		261.4		289.9		305.0		316.9		324.3		328.4
2013					68.5		184.4		263.8		317.4		346.1		365.9		379.3		386.6
2014							65.3		172.7		248.9		297.2		323.4		342.1		351.4
2015									65.5		174.5		246.9		290.5		311.2		322.2
2016											65.6		166.8		227.7		261.2		278.3
2017													63.5		160.2		215.7		243.7
2018															77.9		189.9		254.2
2019																	88.8		212.6
2020																			71.9
Total																			$	2,701.1
All outstanding liabilities for unpaid losses and LAE prior to 2011, net of reinsurance																			376.3
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																			$	1,502.4

(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, 2020
	(in millions)
Liabilities for unpaid losses and LAE, net of reinsurance	$	1,502.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses	497.0
Unallocated LAE (adjusting and other)	70.0
Total liability for unpaid losses and LAE	$	2,069.4

The following table presents the average annual percentage payout of incurred claims by age, net of reinsurance, as of December 31, 2020 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
17.6	%	26.6	%	17.2	%	10.8	%	6.4	%	4.0	%	2.8	%	1.9	%	1.3	%	1.3	%

Reinsurance

12 Months Ended

Dec. 31, 2020

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,
	2020				2019				2018
	Written		Earned		Written		Earned		Written		Earned
	(in millions)
Direct premiums	$	570.8	$	611.0	$	687.4	$	691.6	$	739.0	$	727.2
Assumed premiums	9.3		9.5		9.5		9.6		9.9		10.0
Gross premiums	580.1		620.5		696.9		701.2		748.9		737.2
Ceded premiums	(5.2)		(5.2)		(5.4)		(5.4)		(6.1)		(6.1)
Net premiums	$	574.9	$	615.3	$	691.5	$	695.8	$	742.8	$	731.1
Ceded losses and LAE incurred	$	5.9			$	19.2			$	9.5

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, 2020 through June 30, 2021. The coverage under the Company's annual reinsurance program that ended each of July 1, 2020 and 2019 was $190.0 million, in excess of its $10.0 million retention on a per occurrence basis. The reinsurance coverage includes coverage for pandemics, 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.

LPT Agreement

Recoverables from reinsurers on unpaid losses and LAE amounted to $496.6 million and $532.5 million at December 31, 2020 and 2019, respectively. At each of December 31, 2020 and 2019, $353.5 million and $380.4 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 $369.1 million and $341.0 million at December 31, 2020 and 2019, 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, 2020, the Company has paid losses and LAE claims totaling $818.9 million related to the LPT Agreement.

The Company amortized $10.5 million, $10.7 million, and $11.9 million of the Deferred Gain for the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, the Company recognized favorable development in the estimated reserves ceded under the LPT Agreement of $4.2 million, $5.3 million, and $6.3 million that reduced the Deferred Gain by $1.2 million, $1.8 million, and $2.2 million for the years ended December 31, 2020, 2019, and 2018, respectively, due to favorable LPT Reserve Adjustments and by $0.2 million, $0.2 million, and $0.5 million for the years ended December 31, 2020, 2019, and 2018, respectively, due to favorable LPT Contingent Commission Adjustments (Note 2 –Reinsurance).

Financing Arrangements	12 Months Ended
Financing Arrangements	Dec. 31, 2020
Notes Payable [Abstract]
Notes Payable	FHLB Advances, Notes Payable and Other Financing Arrangements On December 15, 2020, the Company entered into a Credit Agreement (the Credit Agreement) with a syndicate of financial institutions. The Credit Agreement provides for a $75.0 million three-year revolving credit facility and is guaranteed by certain of the Company’s wholly owned subsidiaries (Employers Group, Inc. and Cerity Group, Inc.). Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of the Company and its subsidiaries. Pursuant to the Credit Agreement, the Company also has an option to request an increase of the credit available under the facility up to a maximum facility amount of $125.0 million, subject to the consent of lenders and the satisfaction of certain conditions. The interest rates applicable to loans under the Credit Agreement are generally based on a base rate plus a specified margin, ranging from 0.25% to 1.25%, or the Eurodollar rate (which will convert to an alternative reference rate once LIBOR is discontinued), plus a specified margin, ranging from 1.25% to 2.25%. In addition, the Company will pay a fee on each lender’s commitment, ranging from 0.20% to 0.50%, irrespective of usage. The applicable margin and the amount of such commitment fee vary based upon the financial strength rating of the Company’s insurance subsidiaries as most recently announced by A.M. Best or the Company’s debt to total capitalization ratio if such financial strength rating is not available. No interest was paid during the year ended December 31, 2020. The Credit Agreement contains covenants that require the Company and its consolidated subsidiaries to maintain: (i) a minimum consolidated net worth of no less than 70% of the Company’s stockholders’ equity as of September 30, 2020, plus 50% of the Company’s aggregate net income thereafter; and (ii) a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Credit Agreement. The Company incurred $0.7 million in debt issuance costs, which are being amortized over the three-year life of the facility in Interest and Financing expenses. The annual commitment and administrative fee on the unused portion of the facility is 0.30%, for a maximum of $225,000, and an annual agency fee of $25,000. Advances can be repaid at any time without prepayment penalties or additional fees. As of December 31, 2020, the Company has not made any advances under the credit facility. 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 and 2018 was $0.2 million and $0.7 million, respectively. 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 and 2018 was $0.2 million and $0.6 million, respectively. Other financing arrangements are 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. During the second quarter of 2020, the FHLB announced its Zero Interest Recovery Advance Program (the FHLB Advance Program). The FHLB Advance Program is a zero percent interest, six-month or one-year credit product that members can use to provide immediate relief to property owners, businesses, and other customers from the COVID-19 pandemic. Each member was allocated up to $10.0 million in advances under the FHLB Advance Program. On May 11, 2020, the Company's insurance subsidiaries received a total of $35.0 million of advances under the Advance Program. The advances were secured by collateral previously pledged to the FHLB by the Company's insurance subsidiaries in support of their existing collateralized advance facility, which has been reduced by the amount of these outstanding advances. The Company repaid $15.0 million on November 4, 2020. The remaining advances are required to be repaid to the FHLB by May 11, 2021 in the amount of $20.0 million. 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 Agreement to increase their respective credit amounts. On March 2, 2020, the FHLB and EAC and EPIC each amended their Letter of Credit Agreements to increase their respective credit amounts. On May 5, 2020, the FHLB and ECIC amended its Letter of Credit Agreement to decrease its credit amount. The amended Letter of Credit Agreements are between the FHLB and each of EAC, in the amount of $80.0 million, ECIC, in the amount of $70.0 million, and EPIC, in the amount of $125.0 million. The amended Letter of Credit Agreements will expire March 31, 2021, and will remain evergreen with automatic one-year extensions unless the FHLB notifies the beneficiary at least 60 days prior to the then applicable expiration date of its election not to renew. The Letter of Credit Agreements may only be used to satisfy, in whole or in part, insurance deposit requirements with the State of California and are fully secured with eligible collateral at all times. The Letter of Credit Agreements are subject to annual maintenance charges and a fee of 15 basis points on issued amounts. As of December 31, 2020 and 2019 letters of credit totaling $275.0 million and $260.0 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, 2020 and 2019, investment securities having a fair value of $385.6 million and $326.8 million, respectively, were pledged to the FHLB by the Company's insurance subsidiaries in support of the collateralized advance facility and the Letter of Credit Agreements.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure

Commitments and Contingencies

Leases

At December 31, 2020, the Company's operating leases have remaining terms of 1 year to 7 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.

Due to the evolving nature of the Company's business impacted by the COVID-19 pandemic and the continuation of work-from-home status, the Company made the decision to reduce its real estate footprint in order to achieve operating efficiencies. As a result, during the year ended December 31, 2020, the Company recorded charges of $0.8 million related to the abandonment of certain operating leases, which is recognized in Other expenses in the Company's Consolidated Statements of Comprehensive Income.

Components of lease expense were as follows:


	Years Ended December 31,
	2020		2019
	(in millions)
Operating lease expense	$	5.1	$	5.1
Finance lease expense	0.2		0.2
Total lease expense	$	5.3	$	5.3

As of December 31, 2020, the weighted average remaining lease term for operating leases was 6.0 years and for finance leases was 2.8 years. The weighted average discount rate was 2.8% and 3.7% for operating and finance leases, respectively.

Maturities of lease liabilities were as follows:


Year	Operating Leases		Finance Leases
	(in millions)
2021	$	4.1	$	0.2
2022	3.2		0.1
2023	3.2		0.1
2024	3.2		—
2025	3.0		—
Thereafter	4.6		—
Total lease payments	21.3		0.4
Less: imputed interest	(1.4)		—
Total	$	19.9	$	0.4

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2020		2019
	(in millions)
Operating leases:
Operating lease right-of-use asset	$	17.4	15.9
Operating lease liability	19.9		17.8
Finance leases:
Property and equipment, gross	0.8		1.1
Accumulated depreciation	(0.4)		(0.5)
Property and equipment, net	0.4		0.6
Other liabilities	$	0.4	$	0.6

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5.1	5.1
Financing cash flows used for finance leases	0.2		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 $18.4 million and $16.8 million as of December 31, 2020 and 2019, 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 $18.7 million and $17.0 million, as of December 31, 2020 and 2019, 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.

Unfunded Investment Commitments

As of December 31, 2020 and 2019, the Company had unfunded commitments to invest $63.8 million and $41.6 million, respectively, into private equity limited partnerships. See Note 4.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2020
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. On March 11, 2020, the Board of Directors authorized a second $50.0 million expansion of the 2018 Program, to $150.0 million, and extended the repurchase authority pursuant to the 2018 Program through June 30, 2021. On July 22, 2020, the Board of Directors authorized a third $50.0 million expansion of the 2018 Program, to $200.0 million, and extended the repurchase authority pursuant to the 2018 Program through September 30, 2021. 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, 2020, the Company has repurchased a total of 4,751,653 shares of common stock at an average price of $36.09 per share, including commissions, for a total of $171.5 million under the 2018 Program. Since the Company's initial public offering in January 2007 through December 31, 2020, the Company has repurchased a total of 28,849,008 shares of common stock at an average cost per share of $19.24 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, 2020

Stock-Based Compensation [Abstract]

Stock-Based Compensation

On May 28, 2020, the Company’s stockholders approved the Employers Holdings, Inc. Amended and Restated Equity and Incentive Plan (as amended and restated, the "Plan"). The Plan will expire on the tenth anniversary of April 1, 2020, which is also the effective date of the 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 6,555,000 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, 2020, 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,
	2020		2019		2018
Stock-based compensation expense related to:	(in millions)
Stock options	$	—	$	0.1	$	0.3
RSUs	3.0		2.7		2.5
PSUs	6.4		7.2		6.5
Total	9.4		10.0		9.3
Less: related tax benefit	2.0		2.1		2.0
Net stock-based compensation expense	$	7.4	$	7.9	$	7.3

Stock Options

No stock options were granted in 2020, 2019 or 2018.

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, 2020 were as follows:


	Number of Stock Options	Weighted-Average Price		Weighted Average Remaining Contractual Life
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

Exercised	(40,800)	22.08


Stock options outstanding at December 31, 2020	113,216	24.21		1.2 years
Exercisable at December 31, 2020	113,216	24.21		1.2 years

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


	2020		2019		2018
	(in millions)
Fair value of stock options vested	$	0.1	$	0.2	$	0.4
Intrinsic value of outstanding stock options	0.9		2.8		3.4
Intrinsic value of exercisable stock options	0.9		2.7		2.8

The intrinsic value of stock options exercised was $0.8 million, $0.6 million, and $1.4 million for the years ended December 31, 2020, 2019, and 2018.

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, 2020 were as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value
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
Granted	100,491	36.01
Forfeited	(7,710)	38.94
Vested	(90,342)	34.76
RSUs outstanding at December 31, 2020	244,344	35.08
Vested but unsettled RSUs at December 31, 2020	59,607	26.16

At December 31, 2020, the Company had yet to recognize $5.3 million of expense related to outstanding RSUs and expects to recognize the remaining expense 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:


	2020		2019		2018
	(in millions)
Grant date fair value of RSUs vested	$	3.1	$	2.6	$	3.2
Intrinsic value of RSUs vested	3.0		3.2		5.5

The intrinsic value of outstanding RSUs was $7.9 million, $10.1 million, and $10.5 million at December 31, 2020, 2019, and 2018.

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 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
March 2020(1)	105,180	37.81	4.0

(1)The PSUs awarded in March 2018, 2019, and 2020 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, 2020, the Company had yet to recognize $6.4 million of expense related to PSU grants and expects to recognize the remaining expense 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 2018 PSUs, a 200% of target rate for the 2019 PSUs, and a 130% of target rate for the 2020 PSUs.

Statutory Matters

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
	(in millions)
Capital stock and unassigned surplus	$	683.1	$	658.2
Paid in capital	363.2		362.8


Total statutory surplus	$	1,046.3	$	1,021.0

Net income provided from the Company's insurance subsidiaries prepared in accordance with SAP was $140.4 million, $129.3 million, and $159.3 million, for the years ended December 31, 2020, 2019 and 2018, respectively.

Treatment of the LPT Agreement, deferred policy acquisition costs, fair value of financial instruments, and the surplus notes (see Notes 4, 10, and 11) are the primary differences in the SAP-basis capital stock and total surplus of the insurance subsidiaries of $1,046.3 million and $1,021.0 million, and the GAAP-basis equity of the Company of $1,212.8 million and $1,165.8 million as of December 31, 2020 and 2019, 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, 2020, EICN had positive unassigned surplus of $229.3 million. During 2020, EICN paid an ordinary dividend in the amount of $20.0 million to its parent company, EGI. As a result of that payment, EICN cannot pay any dividends through March 20, 2021, and can pay $12.5 million of dividends thereafter, without regulatory approval.

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 2020, EAC paid an ordinary dividend in the amount of $20.8 million to its parent company, EGI. As a result of that payment, EAC can pay $0.3 million of dividends through June 30, 2021 and $21.1 million thereafter without regulatory approval from the Florida Office of Insurance Regulation (FOIR), provided that no dividends are paid prior to June 30, 2021. During 2020, EPIC paid an ordinary dividend in the amount of $21.7 million to its parent company, EGI. As a result of that payment, EPIC can pay $1.3 million of dividends through May 11, 2021 and can pay $23.0 million of dividends thereafter, without regulatory approval from the FOIR.

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 statutes require 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, 2020, 2019, and 2018, EPIC and EAC were in compliance with these statutes.

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, 2020, 2019, and 2018, ECIC was in compliance with these requirements.

During 2020, ECIC paid an ordinary dividend in the amount of $32.1 million to its parent company, EGI. As a result of that payment, ECIC cannot pay any dividends through September 24, 2021 and can pay $32.1 million of dividends thereafter, without prior regulatory approval.

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. CIC can pay $3.0 million of dividends after July 31, 2021.

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, 2020, 2019, and 2018, 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, 2020

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

Accumulated Other Comprehensive Income, Net

Accumulated Other Comprehensive Income

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


	Years Ended December 31,
	2020		2019
	(in millions)
Net unrealized gains on investments, before taxes	$	145.7	$	82.6
Deferred tax expense on net unrealized gains	(30.6)		(17.3)
Total accumulated other comprehensive income	$	115.1	$	65.3

Employee Benefit and Retirement Plans	12 Months Ended
Employee Benefit and Retirement Plans	Dec. 31, 2020
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 $2.3 million, $2.2 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Common Share

Basic earnings per share 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 common stock equivalents on earnings per share. Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested, and stock options were to be exercised.

RSUs and PSUs are entitled to receive dividend equivalents on awards that fully vest or become payable. The dividend equivalents are reflected in the Company’s net income; therefore, these awards are not considered participating securities for the purposes of determining earnings per share.

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,
	2020		2019		2018
	(in millions, except share data)
Net income	$	119.8	$	157.1	$	141.3
Weighted average number of shares outstanding–basic	29,912,063		32,120,578		32,884,828
Effect of dilutive securities:
Stock options	36,568		77,482		97,810
PSUs	230,831		285,550		268,030
RSUs	25,402		56,108		60,669
Dilutive potential shares	292,801		419,140		426,509
Weighted average number of shares outstanding–diluted	30,204,864		32,539,718		33,311,337

Diluted earnings per share excludes outstanding options and other common stock equivalents in periods where the inclusion of such options and common stock equivalents would be anti-dilutive. The following table presents options, PSUs, and RSUs that were excluded from diluted earnings per share.


	Years Ended December 31,
	2020	2019	2018
Options, PSUs, and RSUs excluded under the treasury method, as the potential proceeds on settlement or exercise was greater than the value of shares acquired	111,386	—	—

Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Reporting

In 2019 the Company 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. The Company has determined that it has two reportable segments: Employers and Cerity. Each of these segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. The nature and composition of each reportable segment and its Corporate and Other activities are as follows:

The Employers segment represents the traditional business offered through the EMPLOYERS brand name (Employers) through its agents, including business originated from the Company's strategic partnerships and alliances.

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

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

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

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


	Employers		Cerity		Corporate and Other		Total
	(in millions)
Year Ended December 31, 2020
Gross premiums written	$	579.8	$	0.3	$	—	$	580.1
Net premiums written	574.6		0.3		—		574.9

Net premiums earned	615.1		0.2		—		615.3
Net investment income	72.1		3.1		1.1		76.3
Net realized and unrealized gains (losses) on investments	20.9		—		(1.9)		19.0

Other income	0.8		—		—		0.8
Total revenues	708.9		3.3		(0.8)		711.4

Losses and loss adjustment expenses	314.2		0.1		(11.9)		302.4
Commission expense	78.8		—		—		78.8
Underwriting and general and administrative expenses	151.1		16.6		13.6		181.3
Interest and financing expenses	0.1		—		0.3		0.4
Other expenses	0.7		0.1		—		0.8
Total expenses	544.9		16.8		2.0		563.7

Net income (loss) before income taxes	$	164.0	$	(13.5)	$	(2.8)	$	147.7


	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

Entity-Wide Disclosures

The Company operates solely within the United States and does not have revenue from transactions with a single policyholder 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:


	2020			2019			2018
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	262.0	39,610	$	329.8	43,079	$	357.1	41,988
Florida	37.9		6,898	36.3		5,822	41.0		5,833
New York	26.7		6,657	31.7		5,679	23.9		3,663


Other (43 states and D.C.)	251.3		50,341	266.8		44,104	244.2		40,014
Total	$	577.9	103,506	$	664.6	98,684	$	666.2	91,498

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Selecled Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Information

Selected Quarterly Financial Data (Unaudited)

Quarterly results for the years ended December 31, 2020 and 2019 were as follows:


	2020 Quarters Ended
	March 31		June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	167.9	$	151.5	$	144.4	$	151.5
Net realized and unrealized gains (losses) on investments	(61.1)		39.7		19.1		21.3
Losses and loss adjustment expenses	104.3		73.1		77.1		47.9
Commission expense	21.3		19.2		19.4		18.9

Underwriting and general and administrative expenses	46.7		44.8		46.4		43.4

Income tax expense (benefit)	(10.4)		14.7		7.2		16.4
Net income (loss)	(34.9)		59.6		31.1		64.0
Earnings (loss) per common share:
Basic	(1.14)		1.98		1.06		2.21
Diluted	(1.14)		1.97		1.05		2.19


	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

Significant Quarterly Adjustments

The first quarter of 2020 was impacted by: (1) favorable prior accident year loss development of $3.5 million, which decreased losses and LAE by the same amount; (2) the inclusion of $69.2 million in net unrealized losses on equity securities; and (3) unfavorable change in CECL allowance on investments of $10.7 million.

The second quarter of 2020 was impacted by: (1) favorable prior accident year loss development of $23.6 million, which decreased losses and LAE by the same amount; (2) the inclusion of $42.3 million in net unrealized gains on equity securities; and (3) favorable change in CECL allowance on investments of $9.5 million.

The third quarter of 2020 was impacted by: (1) favorable prior accident year loss development of $14.8 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $3.7 million in net unrealized gains on equity securities.

The fourth quarter of 2020 was impacted by: (1) favorable prior accident year loss development of $39.7 million, which decreased losses and LAE by the same amount; and (2) the inclusion of $18.2 million in net unrealized gains on equity securities.

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.

Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Notes to Condensed Financial Statments [Abstract]

Schedule II. Condensed Financial Information of Registrant


Employers Holdings, Inc.

Condensed Balance Sheets

	December 31,
	2020		2019
Assets	(in millions, except share data)
Investments:
Investment in subsidiaries	$	1,186.1	$	1,096.1
Fixed maturity securities at fair value (amortized cost $9.6 at December 31, 2020 and $25.3 at December 31, 2019)	11.0		26.6
Equity securities at fair value (cost $0.4 at December 31, 2020 and $27.8 at December 31, 2019)	0.4		28.1

Total investments	1,197.5		1,150.8

Cash and cash equivalents	11.0		9.9

Accrued investment income	0.2		0.2
Intercompany receivable	—		3.5
Federal income taxes receivable	—		3.5
Deferred income taxes, net	1.7		2.2
Other assets	7.2		1.6
Total assets	$	1,217.6	$	1,171.7

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	4.7	$	5.0




Other liabilities	0.1		0.9
Total liabilities	4.8		5.9

Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,413,806 and 57,184,370 shares issued and 28,564,798 and 31,355,378 shares outstanding at December 31, 2020 and 2019, respectively	0.6		0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	—		—
Additional paid-in capital	404.3		396.4
Retained earnings	1,247.9		1,158.8
Accumulated other comprehensive income, net of tax	115.1		65.3
Treasury stock, at cost (28,849,008 shares at December 31, 2020 and 25,828,992 shares at December 31, 2019)	(555.1)		(455.3)
Total stockholders' equity	1,212.8		1,165.8
Total liabilities and stockholders' equity	$	1,217.6	$	1,171.7


Employers Holdings, Inc.

Condensed Statements of Income

	Years Ended December 31,
	2020		2019		2018
	(in millions, except per share data)
Revenues
Net investment income	$	1.1	$	3.7	$	2.5
Net realized and unrealized gains (losses) on investments	(1.9)		3.3		0.8
Total revenues	(0.8)		7.0		3.3

Expenses
Underwriting and general and administrative expenses	16.8		19.0		17.5
Interest and financing expenses	0.3		—		—
Total expenses	17.1		19.0		17.5

Loss before income taxes and equity in earnings of subsidiaries	(17.9)		(12.0)		(14.2)
Income tax benefit	(3.2)		(2.5)		(4.3)
Net loss before equity in earnings of subsidiaries	(14.7)		(9.5)		(9.9)
Equity in earnings of subsidiaries	134.5		166.6		151.2
Net income	$	119.8	$	157.1	$	141.3

Earnings per common share:
Basic	$	4.01	$	4.89	$	4.30
Diluted	$	3.97	$	4.83	$	4.24

Cash dividends declared per common share and eligible RSUs and PSUs	$	1.00	$	0.88	$	0.80


Employers Holdings, Inc.

Condensed Statement of Cash Flows

	Years Ended December 31,
	2020		2019		2018
	(in millions)
Operating activities
Net income	$	119.8	$	157.1	$	141.3
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(39.9)		(70.4)		(66.7)

Net realized and unrealized losses (gains) on investments	1.9		(3.3)		(0.8)
Stock-based compensation	9.7		10.1		9.4


Amortization of premium on investments, net	0.1		—		0.2
Deferred income tax expense	0.8		(2.8)		14.7
Change in operating assets and liabilities:
Accounts payable, accrued expenses, and other liabilities	(2.2)		2.3		0.2
Federal income taxes	3.5		19.2		(18.5)
Other assets	(0.5)		(0.7)		(0.1)
Intercompany payables and receivables	3.5		(3.2)		(2.2)
Other	(0.3)		—		—
Net cash provided by operating activities	96.4		108.3		77.5

Investing activities
Purchases of fixed maturity securities	(3.2)		(9.3)		(14.4)
Purchases of equity securities	(3.0)		(42.0)		(40.0)
Purchases of short-term securities	—		—		(59.6)
Proceeds from sale of fixed maturity securities	14.9		4.3		12.0
Proceeds from sale of equity securities	29.0		56.0		—
Proceeds from maturities and redemptions of fixed maturity securities	3.8		3.8		59.2
Proceeds from maturities of short-term investments	—		25.0		—
Net change in unsettled investment purchases and sales	(4.4)		(5.0)		3.9

Capital contributions to subsidiaries	(0.4)		(73.6)		(4.2)

Net cash provided by (used in) investing activities	36.7		(40.8)		(43.1)

Financing activities
Acquisition of common stock	(99.4)		(67.5)		(4.2)
Cash transactions related to stock-based compensation	(1.8)		(2.5)		(1.8)
Dividends paid to stockholders	(30.8)		(28.9)		(26.7)


Net cash used in financing activities	(132.0)		(98.9)		(32.7)

Net increase (decrease) in cash and cash equivalents	1.1		(31.4)		1.7
Cash and cash equivalents at the beginning of the period	9.9		41.3		39.6
Cash and cash equivalents at the end of the period	$	11.0	$	9.9	$	41.3

Schedule VI. Supplemental Information (Notes)

12 Months Ended

Dec. 31, 2020

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
2020	$	43.2	$	2,024.5	$	298.9	$	615.1	$	72.1	$	395.8	$	(81.6)	$	97.5	$	402.2	$	574.6
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

Cerity Segment
2020	$	—	$	0.1	$	0.2	$	0.2	$	3.1	$	0.1	$	—	$	—	$	—	$	0.3
2019	—		—		0.1		—		0.3		—		—		—		—		0.1
2018	—		—		—		—		—		—		—		—		—		—

Corporate & Other
2020	$	—	$	44.8	$	—	$	—	$	1.1	$	—	$	(11.9)	$	—	$	(11.9)	$	—
2019	—		47.6		—		—		3.7		—		(12.7)		—		(12.7)		—
2018	—		—		—		—		2.6		—		(14.6)		—		(14.6)		—

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

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

not be required to sell the security but did not expect to recover the amortized cost or cost basis of the security, the amount of the other-than-temporary impairment was bifurcated (see Note 5).

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 7). 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

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.

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:


	2020						2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—	$	13.5	$	13.5	$	—	$	13.5
Insurance relationships	9.4		$	(9.4)	—		9.4		$	(9.4)	—
Other	0.1		—		0.1		0.1		—		0.1
Total	$	23.0	$	(9.4)	$	13.6	$	23.0	$	(9.4)	$	13.6

Stock-based Compensation, Policy

Stock-Based Compensation

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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:


	2020						2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(in millions)
State licenses	$	13.5	$	—	$	13.5	$	13.5	$	—	$	13.5
Insurance relationships	9.4		$	(9.4)	—		9.4		$	(9.4)	—
Other	0.1		—		0.1		0.1		—		0.1
Total	$	23.0	$	(9.4)	$	13.6	$	23.0	$	(9.4)	$	13.6

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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:


	2020				2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets	(in millions)
Total investments at fair value (Note 5)	$	2,714.3	$	2,714.3	$	2,742.6	$	2,742.6
Cash and cash equivalents	160.4		160.4		154.9		154.9
Restricted cash and cash equivalents	0.2		0.2		0.3		0.3

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, 2020						December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities
U.S. Treasuries	$	—	$	78.3	$	—	$	—	$	85.6	$	—
U.S. Agencies	—		3.1		—		—		2.9		—
States and municipalities	—		482.7		—		—		484.5		—
Corporate securities	—		1,046.4		—		—		1,079.0		—
Residential mortgage-backed securities	—		461.0		—		—		480.4		—
Commercial mortgage-backed securities	—		102.4		—		—		110.6		—
Asset-backed securities	—		42.6		—		—		61.2		—
Collateralized loan obligations	—		83.6		—		—		—		—
Foreign government securities	—		8.2		—		—		—		—
Other securities	—		170.9		—		—		181.7		—
Total fixed maturity securities	$	—	$	2,479.2	$	—	$	—	$	2,485.9	$	—
Equity securities at fair value
Industrial and miscellaneous	$	179.1	$	—	$	—	$	216.4	$	—	$	—

Other	29.4		—		—		40.3		—		—
Total equity securities at fair value	$	208.5	$	—	$	—	$	256.7	$	—	$	—
Short-term investments	$	4.0	$	22.6	$	—	$	—	$	—	$	—
Total investments at fair value	$	212.5	$	2,501.8	$	—	$	256.7	$	2,485.9	$	—

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, 2020	December 31, 2019

Cash equivalents measured at NAV	58.7	14.4
Other invested assets carried at NAV	16.2	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, 2020

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, 2020	(in millions)
Fixed maturity securities
U.S. Treasuries	$	74.3	$	4.0	$	—	$	78.3
U.S. Agencies	2.8		0.3		—		3.1
States and municipalities	449.4		33.3		—		482.7
Corporate securities	963.5		83.2		(0.3)		1,046.4
Residential mortgage-backed securities	444.6		16.7		(0.3)		461.0
Commercial mortgage-backed securities	94.7		7.8		(0.1)		102.4
Asset-backed securities	42.0		0.9		(0.3)		42.6
Collateralized loan obligations	84.4		—		(0.8)		83.6
Foreign government securities	8.0		0.2		—		8.2
Other securities(1)	169.9		1.5		(0.5)		170.9
Total fixed maturity securities	2,333.6		147.9		(2.3)		2,479.2
Short-term investments	26.5		0.1		—		26.6
Total AFS investments	$	2,360.1	$	148.0	$	(2.3)	$	2,505.8

At December 31, 2019
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

(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, 2020 and 2019 were as follows:


	Cost		Estimated Fair Value
	(in millions)
At December 31, 2020
Equity securities at fair value
Industrial and miscellaneous	$	94.1	$	179.1
Other	18.3		29.4
Total equity securities at fair value	$	112.4	$	208.5

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

Investments classified by contractual maturity date table


	Amortized Cost		Estimated Fair Value
	(in millions)
Due in one year or less	$	127.1	$	128.8
Due after one year through five years	665.5		707.8
Due after five years through ten years	759.1		829.6
Due after ten years	116.2		123.4
Mortgage and asset-backed securities	665.7		689.6
Total	$	2,333.6	$	2,479.2

Unrealized loss on investments table


	December 31, 2020					December 31, 2019
	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



Corporate securities	$	9.7	$	(0.3)	10	$	—	$	—	—
Residential mortgage-backed securities	47.4		(0.3)		13	56.9		(0.2)		29
Commercial mortgage-backed securities	5.5		(0.1)		6	—		—		—
Asset-backed securities	7.8		(0.3)		6	10.1		(0.1)		6
Collateralized loan obligations	74.6		(0.8)		18	—		—		—
Other securities	60.4		(0.5)		146	15.2		(0.3)		64
Total fixed maturity securities	205.4		(2.3)		199	82.2		(0.6)		99
Total less than 12 months	$	205.4	$	(2.3)	199	$	82.2	$	(0.6)	99

12 months or greater:
Fixed maturity securities




Residential mortgage-backed securities	$	—	$	—	—	$	40.0	$	(0.5)	19



Other securities	—		—		—	5.9		(0.1)		19
Total fixed maturity securities	—		—		—	45.9		(0.6)		38
Total 12 months or greater	$	—	$	—	—	$	45.9	$	(0.6)	38

Unrealized gain (loss) on investments table


	Gross Realized Gains		Gross Realized Losses		Net Change in CECL Allowance		Change in Net Unrealized Gains (Losses)		Changes in Fair Value Reflected in Earnings		Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Year Ended December 31, 2020
Fixed maturity securities	$	9.2	$	(4.1)	$	(0.7)	$	63.0	$	4.4	$	63.0
Equity securities	42.6		(21.8)		—		(5.0)		15.8		—
Other invested assets	—		—		—		(1.3)		(1.3)		—
Short-term investments	0.1		—		—		0.1		0.1		0.1
Total investments	$	51.9	$	(25.9)	$	(0.7)	$	56.8	$	19.0	$	63.1

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)

Investment income table

Net investment income was as follows:


	Years Ended December 31,
	2020		2019		2018
	(in millions)
Fixed maturity securities	$	72.6	$	81.9	$	76.0
Equity securities	4.4		7.9		6.5
Other invested assets	2.8		1.2		—
Short-term investments	1.5		—		0.3
Cash equivalents and restricted cash	0.5		1.7		2.0
Gross investment income	81.8		92.7		84.8
Investment expenses	(5.5)		(4.6)		(3.6)
Net investment income	$	76.3	$	88.1	$	81.2

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Premium Receivable, Allowance for Credit Loss

The table below shows the changes in the allowance for expected credit losses on premiums receivable.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on premiums receivable	$	4.6
Current period provision for expected credit losses	13.0
Write-offs charged against the allowance	(6.8)
Ending balance of the allowance for expected credit losses on premiums receivable	$	10.8

Reinsurance Recoverable, Allowance for Credit Loss

The table below shows the changes in the allowance for expected credit losses on reinsurance recoverables.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on reinsurance recoverables	$	—
Current period provision for expected credit losses	0.4
Ending balance of the allowance for expected credit losses on reinsurance recoverables	$	0.4

Debt Securities, Available-for-sale, Allowance for Credit Loss

The table below shows the changes in the allowance for expected credit losses on available-for-sale securities.


	Year Ended December 31,
	2020
	(in millions)
Beginning balance of the allowance for expected credit losses on AFS securities	$	—
Current period provision for expected credit losses	3.1
Reductions in allowance from disposals	(2.4)
Ending balance of the allowance for expected credit losses on AFS securities	$	0.7

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property and Equipment [Abstract]

Property, plant and equipment table

Property and equipment consists of the following:


	As of December 31,
	2020		2019
	(in millions)

Furniture and equipment	$	3.4	$	2.5
Leasehold improvements	5.5		6.0
Computers and software	53.3		60.3
Automobiles	0.8		1.1
Property and equipment, gross	63.0		69.9
Accumulated depreciation	(43.9)		(48.0)
Property and equipment, net	$	19.1	$	21.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Summary of income tax contingencies table

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


	Years Ended December 31,
	2020		2019		2018
Current tax expense:	(in millions)
Federal	$	27.6	$	26.3	$	13.2
State	0.7		1.8		0.6
Total current tax expense	28.3		28.1		13.8
Deferred federal tax expense:
Impact of tax Enactment	—		—		(0.4)
Other	(0.4)		8.6		14.8
Total deferred federal tax expense	(0.4)		8.6		14.4
Income tax expense	$	27.9	$	36.7	$	28.2

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


	Years Ended December 31,
	2020		2019		2018
	(in millions)
Expense computed at statutory rate	$	31.0	$	40.7	$	35.6
Tax-advantaged investment income	(1.9)		(2.4)		(2.9)
LPT deferred gain amortization	(2.2)		(2.3)		(2.6)
Stock based compensation	(0.2)		(0.9)		(1.4)
LPT Reserve Adjustment	(0.3)		(0.4)		(0.5)
Impact of tax Enactment	—		—		(0.4)

Other	1.5		2.0		0.4
Income tax expense	$	27.9	$	36.7	$	28.2

Deferred tax assets and liabilities

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


	2020				2019
	Deferred Tax				Deferred Tax
	Assets		Liabilities		Assets		Liabilities
	(in millions)
Unrealized capital gains, net	$	—	$	50.7	$	—	$	38.7
Deferred policy acquisition costs	—		9.2		—		10.2
Intangible assets	—		1.6		—		1.6
Loss reserve discounting for tax reporting	30.3		—		30.9		—
Unearned premiums	11.5		—		13.2		—
Allowance for bad debt	2.4		—		1.0		—
Stock-based compensation	3.4		—		3.4		—
Accrued liabilities	3.5		—		4.0		—


Operating leases	4.2		3.6		3.7		3.3
Other	2.4		8.1		2.1		7.1
Total	$	57.7	$	73.2	$	58.3	$	60.9
Deferred income tax asset (liability), net	$	(15.5)			$	(2.6)

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
	(in millions)
Unpaid losses and LAE at beginning of period	$	2,192.8	$	2,207.9	$	2,266.1
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	532.5		504.4		537.0
Net unpaid losses and LAE at beginning of period	1,660.3		1,703.5		1,729.1
Losses and LAE, net of reinsurance, incurred during the period related to:
Current year	395.9		456.1		457.5
Prior years	(81.6)		(77.5)		(66.2)
Total net losses and LAE incurred during the period	314.3		378.6		391.3
Paid losses and LAE, net of reinsurance, related to:
Current year	83.6		106.6		93.0
Prior years	318.6		315.2		323.9
Total net paid losses and LAE during the period	402.2		421.8		416.9
Ending unpaid losses and LAE, net of reinsurance	1,572.4		1,660.3		1,703.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	497.0		532.5		504.4
Unpaid losses and LAE at end of period	$	2,069.4	$	2,192.8	$	2,207.9

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


	Incurred Losses and LAE, Net of Reinsurance
	Years Ended December 31,																				As of December 31, 2020
Accident Year	2011(1)		2012(1)		2013(1)		2014(1)		2015(1)		2016(1)		2017(1)		2018(1)		2019(1)		2020		IBNR		Cumulative number of reported claims
	(in millions, except claims counts)
2011	$	253.7	$	267.3	$	272.0	$	277.4	$	296.3	$	292.6	$	288.8	$	287.8	$	285.6	$	284.2	$	17.8	19,585
2012			348.8		359.9		360.9		386.4		388.2		382.8		379.8		378.5		372.4		28.2		26,030
2013					452.6		460.6		478.6		472.6		468.9		464.6		459.3		446.8		37.7		28,909
2014							463.4		445.8		432.9		434.6		430.5		424.7		415.5		46.0		28,584
2015									422.2		425.8		423.9		419.6		408.7		396.7		46.1		27,240
2016											419.0		414.6		395.4		375.0		364.6		49.8		25,782
2017													412.4		391.3		358.3		337.9		56.7		25,047
2018															422.5		424.6		407.7		75.5		27,892
2019																	422.4		435.7		107.3		32,535
2020																			365.7		188.4		20,166
Total																			$	3,827.3


	Cumulative Paid Losses and LAE, Net of Reinsurance
	Years Ended December 31,
Accident Year	2011(1)		2012(1)		2013(1)		2014(1)		2015(1)		2016(1)		2017(1)		2018(1)		2019(1)		2020
	(in millions)
2011	$	47.4	$	115.1	$	162.6	$	193.8	$	217.5	$	230.1	$	238.2	$	243.8	$	248.1	$	251.8
2012			58.6		148.3		214.2		261.4		289.9		305.0		316.9		324.3		328.4
2013					68.5		184.4		263.8		317.4		346.1		365.9		379.3		386.6
2014							65.3		172.7		248.9		297.2		323.4		342.1		351.4
2015									65.5		174.5		246.9		290.5		311.2		322.2
2016											65.6		166.8		227.7		261.2		278.3
2017													63.5		160.2		215.7		243.7
2018															77.9		189.9		254.2
2019																	88.8		212.6
2020																			71.9
Total																			$	2,701.1
All outstanding liabilities for unpaid losses and LAE prior to 2011, net of reinsurance																			376.3
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																			$	1,502.4

(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, 2020
	(in millions)
Liabilities for unpaid losses and LAE, net of reinsurance	$	1,502.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses	497.0
Unallocated LAE (adjusting and other)	70.0
Total liability for unpaid losses and LAE	$	2,069.4

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
17.6	%	26.6	%	17.2	%	10.8	%	6.4	%	4.0	%	2.8	%	1.9	%	1.3	%	1.3	%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020				2019				2018
	Written		Earned		Written		Earned		Written		Earned
	(in millions)
Direct premiums	$	570.8	$	611.0	$	687.4	$	691.6	$	739.0	$	727.2
Assumed premiums	9.3		9.5		9.5		9.6		9.9		10.0
Gross premiums	580.1		620.5		696.9		701.2		748.9		737.2
Ceded premiums	(5.2)		(5.2)		(5.4)		(5.4)		(6.1)		(6.1)
Net premiums	$	574.9	$	615.3	$	691.5	$	695.8	$	742.8	$	731.1
Ceded losses and LAE incurred	$	5.9			$	19.2			$	9.5

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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

Lease, Cost [Table Text Block]

Components of lease expense were as follows:


	Years Ended December 31,
	2020		2019
	(in millions)
Operating lease expense	$	5.1	$	5.1
Finance lease expense	0.2		0.2
Total lease expense	$	5.3	$	5.3

Operating and capital leases schedule of future minimum lease payments table


Year	Operating Leases		Finance Leases
	(in millions)
2021	$	4.1	$	0.2
2022	3.2		0.1
2023	3.2		0.1
2024	3.2		—
2025	3.0		—
Thereafter	4.6		—
Total lease payments	21.3		0.4
Less: imputed interest	(1.4)		—
Total	$	19.9	$	0.4

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2020		2019
	(in millions)
Operating leases:
Operating lease right-of-use asset	$	17.4	15.9
Operating lease liability	19.9		17.8
Finance leases:
Property and equipment, gross	0.8		1.1
Accumulated depreciation	(0.4)		(0.5)
Property and equipment, net	0.4		0.6
Other liabilities	$	0.4	$	0.6

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5.1	5.1
Financing cash flows used for finance leases	0.2		0.2

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Stock-based compensation expense related to:	(in millions)
Stock options	$	—	$	0.1	$	0.3
RSUs	3.0		2.7		2.5
PSUs	6.4		7.2		6.5
Total	9.4		10.0		9.3
Less: related tax benefit	2.0		2.1		2.0
Net stock-based compensation expense	$	7.4	$	7.9	$	7.3

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, 2020 were as follows:


	Number of Stock Options	Weighted-Average Price		Weighted Average Remaining Contractual Life
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

Exercised	(40,800)	22.08


Stock options outstanding at December 31, 2020	113,216	24.21		1.2 years
Exercisable at December 31, 2020	113,216	24.21		1.2 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:


	2020		2019		2018
	(in millions)
Fair value of stock options vested	$	0.1	$	0.2	$	0.4
Intrinsic value of outstanding stock options	0.9		2.8		3.4
Intrinsic value of exercisable stock options	0.9		2.7		2.8

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

Changes in outstanding RSUs for the year ended December 31, 2020 were as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value
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
Granted	100,491	36.01
Forfeited	(7,710)	38.94
Vested	(90,342)	34.76
RSUs outstanding at December 31, 2020	244,344	35.08
Vested but unsettled RSUs at December 31, 2020	59,607	26.16

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:


	2020		2019		2018
	(in millions)
Grant date fair value of RSUs vested	$	3.1	$	2.6	$	3.2
Intrinsic value of RSUs vested	3.0		3.2		5.5

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 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
March 2020(1)	105,180	37.81	4.0

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2020

Stautory Matters [Abstract]

Statutory accounting practices disclosure table


	December 31,
	2020		2019
	(in millions)
Capital stock and unassigned surplus	$	683.1	$	658.2
Paid in capital	363.2		362.8


Total statutory surplus	$	1,046.3	$	1,021.0

- 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, 2020

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:


	Years Ended December 31,
	2020		2019
	(in millions)
Net unrealized gains on investments, before taxes	$	145.7	$	82.6
Deferred tax expense on net unrealized gains	(30.6)		(17.3)
Total accumulated other comprehensive income	$	115.1	$	65.3

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
	(in millions, except share data)
Net income	$	119.8	$	157.1	$	141.3
Weighted average number of shares outstanding–basic	29,912,063		32,120,578		32,884,828
Effect of dilutive securities:
Stock options	36,568		77,482		97,810
PSUs	230,831		285,550		268,030
RSUs	25,402		56,108		60,669
Dilutive potential shares	292,801		419,140		426,509
Weighted average number of shares outstanding–diluted	30,204,864		32,539,718		33,311,337

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Years Ended December 31,
	2020	2019	2018
Options, PSUs, and RSUs excluded under the treasury method, as the potential proceeds on settlement or exercise was greater than the value of shares acquired	111,386	—	—

Segments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020
Gross premiums written	$	579.8	$	0.3	$	—	$	580.1
Net premiums written	574.6		0.3		—		574.9

Net premiums earned	615.1		0.2		—		615.3
Net investment income	72.1		3.1		1.1		76.3
Net realized and unrealized gains (losses) on investments	20.9		—		(1.9)		19.0

Other income	0.8		—		—		0.8
Total revenues	708.9		3.3		(0.8)		711.4

Losses and loss adjustment expenses	314.2		0.1		(11.9)		302.4
Commission expense	78.8		—		—		78.8
Underwriting and general and administrative expenses	151.1		16.6		13.6		181.3
Interest and financing expenses	0.1		—		0.3		0.4
Other expenses	0.7		0.1		—		0.8
Total expenses	544.9		16.8		2.0		563.7

Net income (loss) before income taxes	$	164.0	$	(13.5)	$	(2.8)	$	147.7


	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

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


	2020			2019			2018
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	262.0	39,610	$	329.8	43,079	$	357.1	41,988
Florida	37.9		6,898	36.3		5,822	41.0		5,833
New York	26.7		6,657	31.7		5,679	23.9		3,663


Other (43 states and D.C.)	251.3		50,341	266.8		44,104	244.2		40,014
Total	$	577.9	103,506	$	664.6	98,684	$	666.2	91,498

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2020

Selecled Quarterly Financial Data (Unaudited) [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Quarterly results for the years ended December 31, 2020 and 2019 were as follows:


	2020 Quarters Ended
	March 31		June 30		September 30		December 31
	(in millions, except per share data)
Net premiums earned	$	167.9	$	151.5	$	144.4	$	151.5
Net realized and unrealized gains (losses) on investments	(61.1)		39.7		19.1		21.3
Losses and loss adjustment expenses	104.3		73.1		77.1		47.9
Commission expense	21.3		19.2		19.4		18.9

Underwriting and general and administrative expenses	46.7		44.8		46.4		43.4

Income tax expense (benefit)	(10.4)		14.7		7.2		16.4
Net income (loss)	(34.9)		59.6		31.1		64.0
Earnings (loss) per common share:
Basic	(1.14)		1.98		1.06		2.21
Diluted	(1.14)		1.97		1.05		2.19


	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

Basis of Presentation Purchase of CIC (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Purchase of CIC [Abstract]
Statutory capital and surplus of acquisition	$ 47.6
Net cash payment to acquire business	5.8
Cash Acquired from Acquisition	37.3
Noncash or Part Noncash Acquisition, Investments Acquired	10.3
Finite-lived Intangible Assets Acquired	5.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	6.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	6.8
Business Combination, Consideration Transferred, Liabilities Incurred	48.3
Business Combination, Consideration Transferred	48.3
Business Combination, Consideration Transferred, Other	$ 0.0

Basis of Presentation Reportable Segments (Details)	12 Months Ended
Basis of Presentation Reportable Segments (Details)	Dec. 31, 2020
Segment Reporting [Abstract]
Number of Reportable Segments	2

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Funds held by or deposited with reinsurers	$ 3,200,000	$ 2,900,000
Restricted cash and cash equivalents	200,000	300,000
Premiums receivable from policyholders for final audit	2,300,000	37,300,000
Premium Receivable, Allowance for Credit Loss	10,800,000	4,600,000
Write-offs, net of recoveries of amounts previously written off	6,800,000	10,500,000	$ 8,200,000
Premium Deficiency	0	0	0
Unpaid losses	$ 496,600,000	532,500,000
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	$ 2,200,000
LPT collateral held in trust account	369,100,000	341,000,000.0
Goodwill and other intangible asset impairment	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	23,000,000.0	23,000,000.0
Intangible assets, accumulated amortization	(9,400,000)	(9,400,000)
Intangible assets, net	13,600,000	13,600,000
Amortization of intangible assets	0	0	200,000
Employers Segment [Member]
Deferred policy acquisition cost, amortization expense	97,500,000	107,700,000	$ 112,000,000.0
Funds Held in Trust, Reinsurance Agreement [Domain]
Restricted cash and cash equivalents	200,000	300,000
Licensing Agreements [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross carrying amount	13,500,000	13,500,000
Intangible assets, accumulated amortization	0	0
Intangible assets, net	13,500,000	13,500,000
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	100,000
Finite-Lived Intangible Assets, Gross		100,000
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]
Cash and cash equivalents at fair value		$ 19,100,000

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	$ 2,714.3	$ 2,742.6
Total investments at fair value, estimated fair value	2,714.3	2,742.6
Cash and cash equivalents	160.4	154.9
Cash and cash equivalents, estimated fair value	160.4	154.9
Restricted cash and cash equivalents	$ 0.2	0.3
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments	1 year
Unfunded commitment, private investment fund	$ 63.8	41.6
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	12 years
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash and cash equivalents	$ 0.2	$ 0.3

Fair Value of Financial Instruments Instruments Carried at NAV (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Instruments Carried at NAV [Abstract]
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments	1 year
Unfunded commitment, private investment fund	$ 63.8	$ 41.6
Cash equivalents measured at NAV, which approximates fair value	58.7	14.4
Alternative Investment	$ 16.2	$ 9.1

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

Dec. 31, 2020

Dec. 31, 2019

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

Fixed maturity securities, amortized cost

$ 2,333.6

$ 2,403.3

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

147.9

83.8

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

(2.3)

(1.2)

Fixed maturity securities, fair value

2,479.2

2,485.9

US Treasury Securities [Member]

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

Fixed maturity securities, amortized cost

74.3

83.7

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

4.0

1.9

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

0.0

Fixed maturity securities, fair value

78.3

85.6

US Government Agencies Debt Securities [Member]

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

Fixed maturity securities, amortized cost

2.8

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

0.3

0.1

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

0.0

Fixed maturity securities, fair value

3.1

2.9

US States and Political Subdivisions Debt Securities [Member]

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

Fixed maturity securities, amortized cost

449.4

458.2

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

33.3

26.3

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

0.0

Fixed maturity securities, fair value

482.7

484.5

Corporate Debt Securities [Member]

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

Fixed maturity securities, amortized cost

963.5

1,038.6

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

83.2

40.4

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

(0.3)

0.0

Fixed maturity securities, fair value

1,046.4

1,079.0

Residential Mortgage Backed Securities [Member]

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

Fixed maturity securities, amortized cost

444.6

471.7

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

16.7

9.4

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

(0.3)

(0.7)

Fixed maturity securities, fair value

461.0

480.4

Commercial Mortgage Backed Securities [Member]

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

Fixed maturity securities, amortized cost

94.7

107.4

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

7.8

3.2

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

(0.1)

0.0

Fixed maturity securities, fair value

102.4

110.6

Asset-backed Securities [Member]

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

Fixed maturity securities, amortized cost

42.0

60.4

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

0.9

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

(0.3)

(0.1)

Fixed maturity securities, fair value

42.6

61.2

Other Debt Obligations [Member]

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

Fixed maturity securities, amortized cost

^[1]

169.9

180.5

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

^[1]

1.5

1.6

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

^[1]

(0.5)

(0.4)

Fixed maturity securities, fair value

^[1]

170.9

181.7

Collateralized Loan Obligations

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

Fixed maturity securities, amortized cost

84.4

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

0.0

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

(0.8)

Fixed maturity securities, fair value

83.6

Short-term Investments [Member]

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

Short-term investments, at amortized cost

26.5

Total AFS, gross unrealized gain

0.1

Total AFS investments, gross unrealized loss

0.0

Total AFS investments

26.6

Total AFS Investments [Domain]

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

Short-term investments, at amortized cost

2,360.1

2,403.3

Total AFS, gross unrealized gain

148.0

83.8

Total AFS investments, gross unrealized loss

2.3

1.2

Total AFS investments

2,505.8

$ 2,485.9

Sovereign Debt Securities

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

Fixed maturity securities, amortized cost

8.0

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

0.2

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

0.0

Fixed maturity securities, fair value

$ 8.2

[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 Millions	Dec. 31, 2020	Dec. 31, 2019
Equity Securities [Line Items]
Equity securities, cost	$ 112.4	$ 155.6
Equity Securities, FV-NI	208.5	256.7
Industrial and miscellaneous
Equity Securities [Line Items]
Equity securities, cost	94.1	129.1
Equity Securities, FV-NI	179.1	216.4
Other equities
Equity Securities [Line Items]
Equity securities, cost	18.3	26.5
Equity Securities, FV-NI	$ 29.4	$ 40.3

Investments Other Invested Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Invested Assets [Abstract]
Alternative Investment	$ 16.2	$ 9.1
Other Investments, at Cost	36.8	28.4
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	20.0	20.0
Other Investments	36.2	29.1
Unfunded commitment, private investment fund	63.8	41.6
Investment Owned, at Cost	$ 16.8	$ 8.4

Investments, Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less, amortized cost	$ 127.1
Due after one year through five years, amortized cost	665.5
Due after five years through ten years, amortized cost	759.1
Due after ten years, amortized cost	116.2
Mortgage and asset-backed securities, amortized cost	665.7
Debt securities, available-for-sale, amortized cost	2,333.6	$ 2,403.3
Estimated Fair Value
Due in one year or less, fair value	128.8
Due after one year through five years, fair value	707.8
Due after five years through ten years, fair value	829.6
Due after ten years, fair value	123.4
Mortgage and asset-backed securities, fair value	689.6
Fixed maturity securities, fair value	$ 2,479.2	$ 2,485.9

Investments, Continuous Loss Position (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2020 USD ($) shares
Debt Securities, Available-for-sale [Line Items]
Investments	$ 2,778.4		$ 2,757.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	82.2		205.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	45.9		0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.6)		(2.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (0.6)		$ 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	99		199
Debt Securities, number of issues in loss position, 12 months or longer \| shares	38		0
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		$ 205.4
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	45.9		0.0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0.6		$ 0.0
Number of Issues available For Sale Securities Continuous Unrealized Loss Position Greater Than Twelve Months. \| shares	38		0
Available-for-sale Securities, unrealized losses, less than 12 months	$ 0.6		$ 2.3
Number of Issues available for sale securities continous unrealized loss position less than twelve months \| shares	99		199
Total impairments, value	$ 0.0	$ 3.3
Total impairments, number of securitites \| shares		66
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		$ 9.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0.0		$ (0.3)
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	0		10
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		$ 47.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	40.0		0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.2)		(0.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (0.5)		$ 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	29		13
Debt Securities, number of issues in loss position, 12 months or longer \| shares	19		0
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		$ 5.5
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, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0		6
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		$ 7.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (0.1)		$ (0.3)
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	6		6
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		$ 60.4
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)		(0.5)
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		146
Debt Securities, number of issues in loss position, 12 months or longer \| shares	19		0
Collateralized Loan Obligations
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0		$ 74.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0.0		$ (0.8)
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	0		18

Investments, Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on debt securities reflected in AOCI									$ 63.1	$ 99.9	$ (59.7)
Total change in net unrealized gains (losses)									56.8	133.7	(85.3)
AFS, net realized gains (losses)
Total gross realized gains									51.9	23.0	18.1
Total gross realized losses									(25.9)	(5.7)	(5.6)
Net realized and unrealized gains (losses) on investments	$ 21.3	$ 19.1	$ 39.7	$ (61.1)	$ 17.8	$ 2.6	$ 7.4	$ 23.3	19.0	51.1	(13.1)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)			$ 9.5	$ 10.7					(0.7)	0.0	0.0
Proceeds from sale of fixed maturity securities									349.5	163.0	204.8
Debt Securities [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on debt securities reflected in AOCI									63.0	99.9	(59.7)
AFS, net realized gains (losses)
AFS, gross gains from sales									9.2	5.2	2.2
AFS, gross losses from sales									(4.1)	(1.3)	(4.0)
Net realized and unrealized gains (losses) on investments									4.4	3.9	(1.8)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)									(0.7)	0.0	0.0
Equity Securities [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on debt securities reflected in AOCI									0.0	0.0	0.0
Equity securities, FV-NI, unrealized gain (loss)									(5.0)	33.1	(25.6)
Equity securities:
Equity securities, FV-NI, realized gain									42.6	17.8	15.9
Equity securities, FV-NI, realized loss									(21.8)	(4.4)	(1.6)
AFS, net realized gains (losses)
Net realized and unrealized gains (losses) on investments									15.8	46.5	(11.3)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)									0.0	0.0	$ 0.0
Other Investments [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on debt securities reflected in AOCI									0.0	0.0
Trading Securities, Realized Gain									0.0	0.0
Trading Securities, Realized Loss									0.0	0.0
Equity securities, change in unrealized gains (losses)									(1.3)	0.7
AFS, net realized gains (losses)
Net realized and unrealized gains (losses) on investments									(1.3)	0.7
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)									0.0	$ 0.0
Short-term Investments [Member]
Change in unrealized gains (losses)
AFS, change in unrealized gains (losses) on debt securities reflected in AOCI									0.1
AFS, net realized gains (losses)
AFS, gross gains from sales									0.1
AFS, gross losses from sales									0.0
Net realized and unrealized gains (losses) on investments									0.1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)									$ 0.0

Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
Net Investment Income (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 81.8	$ 92.7	$ 84.8
Investment expenses	(5.5)	(4.6)	(3.6)
Net investment income	76.3	88.1	81.2
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	72.6	81.9	76.0
Equity Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income related to equity securities	4.4	7.9	6.5
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	2.8	1.2	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	1.5	0.0	0.3
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	$ 0.5	$ 1.7	$ 2.0

Investments Investments, held in Trust or on Deposit (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deposit Assets [Abstract]
Investments	$ 2,757.2	$ 2,778.4
Assets Held-in-trust [Abstract]
Funds held by or deposited with reinsurers	3.2	2.9
Federal Home Loan Bank [Member]
Deposit Assets [Abstract]
Investments	275.0	260.0
Required by various state laws and regulations to hold securities or letters of credit in depository account [Member]
Deposit Assets [Abstract]
Investments	$ 768.7	$ 844.9

Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Premium Receivable, Allowance for Credit Loss	$ 10.8	$ 4.6
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease)	13.0
Premium Receivable, Allowance for Credit Loss, Writeoff	(6.8)
Reinsurance Recoverable, Allowance for Credit Loss	0.4	0.0
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease)	0.4
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.7	0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	3.1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(2.4)
Accrued investment income	$ 15.3	$ 16.4

Property and Equipment Property and Equipment breakout (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment [Line Items]
Property and equipment, gross	$ 63.0	$ 69.9
Accumulated depreciation, depletion and amortization, property and equipment	43.9	48.0
Property and equipment, net	19.1	21.9
Payments to develop software	3.2	3.2
Cloud computing arrangements	50.2	33.6
Amortization of cloud computing arrangements	9.0	5.3	$ 0.0
Depreciation	8.2	9.0	$ 6.1
Furniture and equipment
Property and Equipment [Line Items]
Property and equipment, gross	3.4	2.5
Leasehold improvements
Property and Equipment [Line Items]
Property and equipment, gross	5.5	6.0
Computer and software
Property and Equipment [Line Items]
Property and equipment, gross	53.3	60.3
Automobiles
Property and Equipment [Line Items]
Property and equipment, gross	$ 0.8	$ 1.1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory federal tax rate									21.00%	21.00%		35.00%
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current federal tax expense (benefit)									$ 27.6	$ 26.3	$ 13.2
Current state and local tax expense (benefit)									0.7	1.8	0.6
Current income tax expense (benefit)									28.3	28.1	13.8
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Revaluation of deferred tax asset									0.0	0.0	(0.4)
Routine/other									(0.4)	8.6	14.8
Deferred income tax expense (benefit)									(0.4)	8.6	14.4
Income tax expense	$ 16.4	$ 7.2	$ 14.7	$ (10.4)	$ 9.6	$ 8.1	$ 9.0	$ 10.0	27.9	36.7	28.2
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Expense computed at statutory rate									31.0	40.7	35.6
Dividends received deduction and tax-exempt interest									(1.9)	(2.4)	(2.9)
LPT deferred gain amortization									(2.2)	(2.3)	(2.6)
Stock based compensation									(0.2)	(0.9)	(1.4)
LPT reserve adjustment									(0.3)	(0.4)	(0.5)
Revaluation of deferred tax asset									0.0	0.0	(0.4)
Income tax reconciliation, other									1.5	2.0	0.4
Net income	64.0	$ 31.1	$ 59.6	$ (34.9)	31.8	$ 32.8	$ 40.7	$ 51.8	119.8	157.1	141.3
Unrecognized tax benefits	0.0				0.0				0.0	0.0	0.0
Income Taxes Paid, Net									18.5	37.8	4.2
Deferred Tax Liabilities [Abstract]
Unrealized capital gains, net	50.7				38.7				50.7	38.7
Deferred policy acquisition cost	9.2				10.2				9.2	10.2
Intangible assets	1.6				1.6				1.6	1.6
Deferred Tax Liabilities, Leasing Arrangements	3.6				3.3				3.6	3.3
Other deferred tax liabilities	8.1				7.1				8.1	7.1
Deferred income taxes, net	(15.5)				(2.6)				(15.5)	(2.6)
Deferred Tax Assets [Abstract]
Loss reserves discounting for tax reporting	30.3				30.9				30.3	30.9
Unearned premiums	11.5				13.2				11.5	13.2
Allowance for bad debt	2.4				1.0				2.4	1.0
Stock based compensation	3.4				3.4				3.4	3.4
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	3.5				4.0				3.5	4.0
Accrued liabilities	4.2				3.7				4.2	3.7
Other deferred tax assets	2.4				2.1				2.4	2.1
Deferred Tax Liabilities, Gross	73.2				60.9				73.2	60.9
Total deferred tax assets	$ 57.7				$ 58.3				57.7	58.3
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Net income									1.2	1.8	2.2
Change to Contingent Profit Commission [Member]
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Net income									0.2	0.2	0.5
Accounting Standards Update 2018-05 [Member]
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Revaluation of deferred tax asset									0.0	0.0	(0.4)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Revaluation of deferred tax asset									$ 0.0	$ 0.0	$ (0.4)

Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Losses and loss adjustment expenses	$ 47.9	$ 77.1	$ 73.1	$ 104.3	$ 97.6	$ 92.9	$ 86.8	$ 88.6	$ 302.4	$ 365.9	$ 376.7
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses and LAE, gross of reinsurance, at beginning of period				2,192.8				2,207.9	2,192.8	2,207.9	2,266.1
Loss reinsurance recoverable, excluding bad debt, on unpaid losses				532.5				504.4	532.5	504.4	537.0
Net unpaid losses and LAE at beginning of period				1,660.3				1,703.5	1,660.3	1,703.5	1,729.1
Losses and LAE, net of reinsurance, incurred in:
Current year									395.9	456.1	457.5
Prior years	(39.7)	$ (14.8)	$ (23.6)	$ (3.5)	(11.4)	$ (20.2)	$ (23.7)	$ (22.2)	(81.6)	(77.5)	(66.2)
Total net losses and LAE incurred during the period									314.3	378.6	391.3
Deduct payments for losses and LAE, net of reinsurance, related to:
Current year									83.6	106.6	93.0
Prior years									318.6	315.2	323.9
Total net payments for losses and LAE during the period									402.2	421.8	416.9
Ending unpaid losses and LAE, net of reinsurance	1,572.4				1,660.3				1,572.4	1,660.3	1,703.5
Loss reinsurance recoverable, excluding bad debt, on unpaid losses	497.0				532.5				497.0	532.5	504.4
Unpaid losses and LAE, gross of reinsurance, at end of period	2,069.4				2,192.8				2,069.4	2,192.8	2,207.9
Salvage and subrogation recoveries, value	$ 28.1				$ 28.6				28.1	$ 28.6
Voluntary risk business
Losses and LAE, net of reinsurance, incurred in:
Prior years									(80.2)		(65.5)
Involuntary assigned risk business
Losses and LAE, net of reinsurance, incurred in:
Prior years									$ (1.4)		$ (0.7)

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Sep. 30, 2020

USD ($)

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

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]

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

$ 3,827.3

Cumulative paid losses and LAE, net of reinsurance

2,701.1

Liabilities for unpaid losses and LAE, net of reinsurance

1,502.4

Prior years

(39.7)

$ (14.8)

$ (23.6)

$ (3.5)

$ (11.4)

$ (20.2)

$ (23.7)

$ (22.2)

(81.6)

$ (77.5)

$ (66.2)

Involuntary assigned risk business

Claims Development [Line Items]

Prior years

(1.4)

(0.7)

Accident years prior to 2011

Claims Development [Line Items]

Cumulative paid losses and LAE, net of reinsurance

376.3

Accident year 2011

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

284.2

285.6

^[1]

284.2

285.6

^[1]

287.8

^[1]

$ 288.8

$ 292.6

$ 296.3

$ 277.4

$ 272.0

$ 267.3

$ 253.7

IBNR

$ 17.8

Cumulative number of reported claims

19,585

Cumulative paid losses and LAE, net of reinsurance

$ 251.8

248.1

^[1]

$ 251.8

248.1

^[1]

243.8

^[1]

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

372.4

378.5

^[1]

372.4

378.5

^[1]

379.8

^[1]

382.8

388.2

386.4

360.9

359.9

348.8

IBNR

$ 28.2

Cumulative number of reported claims

26,030

Cumulative paid losses and LAE, net of reinsurance

$ 328.4

324.3

^[1]

$ 328.4

324.3

^[1]

316.9

^[1]

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

446.8

459.3

^[1]

446.8

459.3

^[1]

464.6

^[1]

468.9

472.6

478.6

460.6

452.6

IBNR

$ 37.7

Cumulative number of reported claims

28,909

Cumulative paid losses and LAE, net of reinsurance

$ 386.6

379.3

^[1]

$ 386.6

379.3

^[1]

365.9

^[1]

346.1

317.4

263.8

184.4

$ 68.5

Accident Year 2014

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

415.5

424.7

^[1]

415.5

424.7

^[1]

430.5

^[1]

434.6

432.9

445.8

463.4

IBNR

$ 46.0

Cumulative number of reported claims

28,584

Cumulative paid losses and LAE, net of reinsurance

$ 351.4

342.1

^[1]

$ 351.4

342.1

^[1]

323.4

^[1]

297.2

248.9

172.7

$ 65.3

Accident Year 2015

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

396.7

408.7

^[1]

396.7

408.7

^[1]

419.6

^[1]

423.9

425.8

422.2

IBNR

$ 46.1

Cumulative number of reported claims

27,240

Cumulative paid losses and LAE, net of reinsurance

$ 322.2

311.2

^[1]

$ 322.2

311.2

^[1]

290.5

^[1]

246.9

174.5

$ 65.5

Accident year 2016

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

364.6

375.0

^[1]

364.6

375.0

^[1]

395.4

^[1]

414.6

419.0

IBNR

$ 49.8

Cumulative number of reported claims

25,782

Cumulative paid losses and LAE, net of reinsurance

$ 278.3

261.2

^[1]

$ 278.3

261.2

^[1]

227.7

^[1]

166.8

$ 65.6

Accident year 2017

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

337.9

358.3

^[1]

337.9

358.3

^[1]

391.3

^[1]

412.4

IBNR

$ 56.7

Cumulative number of reported claims

25,047

Cumulative paid losses and LAE, net of reinsurance

$ 243.7

215.7

^[1]

$ 243.7

215.7

^[1]

160.2

^[1]

$ 63.5

Accident Year 2018

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

407.7

424.6

^[1]

407.7

424.6

^[1]

422.5

^[1]

IBNR

$ 75.5

Cumulative number of reported claims

27,892

Cumulative paid losses and LAE, net of reinsurance

$ 254.2

189.9

^[1]

$ 254.2

189.9

^[1]

$ 77.9

^[1]

Accident Year 2019

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

435.7

422.4

^[1]

435.7

422.4

^[1]

IBNR

$ 107.3

Cumulative number of reported claims

32,535

Cumulative paid losses and LAE, net of reinsurance

$ 212.6

$ 88.8

^[1]

$ 212.6

$ 88.8

^[1]

Accident Year 2020

Claims Development [Line Items]

Incurred losses and LAE, net of reinsurance

365.7

IBNR

$ 188.4

Cumulative number of reported claims

20,166

Cumulative paid losses and LAE, net of reinsurance

$ 71.9

[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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid losses and LAE, net of reinsurance	$ 1,502.4
Reinsurance recoverable on unpaid losses	497.0	$ 532.5	$ 504.4	$ 537.0
Unallocated LAE	70.0
Unpaid losses and loss adjustment expenses	$ 2,069.4	$ 2,192.8	$ 2,207.9	$ 2,266.1

Liability for Unpaid Losses and Loss Adjustment Expenses Short Duration Insurance Contracts, Historcial Claims Duration (Details)	Dec. 31, 2020
Average annual percentage payout of incurred claims by age, net of reinsurance
Year one	17.60%
Year two	26.60%
Year three	17.20%
Year four	10.80%
Year five	6.40%
Year six	4.00%
Year seven	2.80%
Year eight	1.90%
Year nine	1.30%
Year ten	1.30%

Reinsurance Reinsurance Premium Note (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Premiums Written, Net
Direct premiums, written	$ 570.8	$ 687.4	$ 739.0
Assumed premiums written	9.3	9.5	9.9
Gross premiums written	580.1	696.9	748.9
Ceded premiums written	(5.2)	(5.4)	(6.1)
Premiums written, net	574.9	691.5	742.8
Premiums Earned, Net
Direct premiums earned	611.0	691.6	727.2
Assumed premiums earned	9.5	9.6	10.0
Gross premiums, earned	620.5	701.2	737.2
Ceded premiums earned	(5.2)	(5.4)	(6.1)
Premiums earned, net	615.3	695.8	731.1
Ceded losses and LAE incurred	$ 5.9	$ 19.2	$ 9.5

Reinsurance Excess of Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2021	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Retention amount on a per occurrence basis		$ 10.0	$ 10.0
Excess of retention amount on a per occurrence basis		$ 190.0	$ 190.0
LPT collateral held in trust account				$ 369.1	$ 341.0
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

Reinsurance LPT Agreement (Details) - USD ($) $ in Millions	12 Months Ended
Reinsurance LPT Agreement (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reinsurance Agreement [Line Items]
Unpaid losses	$ 496.6	$ 532.5
Recoverables was related to the LPT agreement	$ 353.5	380.4
Reinsurance quota share, percentage	100.00%
LPT collateral held in trust account	$ 369.1	341.0
Ceded premiums written	5.2	5.4	$ 6.1
Coverage provided under LPT agreement	2,000.0
Paid losses and LAE claims related to LPT	818.9
Amortization of deferred gain	10.5	10.7	11.9
Unpaid losses and loss adjustment expenses	2,069.4	2,192.8	2,207.9	$ 2,266.1
LPT Agreement [Member]
Reinsurance Agreement [Line Items]
Liabilities for the incurred but unpaid losses and LAE related to claims prior to July 1, 1995	1,500.0
Ceded premiums written	775.0
Change Due to Estimated Reserves Ceded Under the LPT Agreement [Member]
Reinsurance Agreement [Line Items]
Amortization of deferred gain	1.2	1.8	2.2
Unpaid losses and loss adjustment expenses	(4.2)	(5.3)	(6.3)
Change to Contingent Profit Commission [Member]
Reinsurance Agreement [Line Items]
Amortization of deferred gain	$ 0.2	$ 0.2	$ 0.5

Credit Facility (Details)	12 Months Ended
Credit Facility (Details)	Dec. 31, 2020 USD ($)
Letters of Credit [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 75,000,000.0
Line of Credit Facility, Commitment Fee Percentage	0.30%
Line of Credit Facility, Increase, Accrued Interest	$ 0
Line of Credit Facility, Commitment Fee Amount	25,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 700,000
Debt Instrument, Covenant Description	50% of the Company’s aggregate net income thereafter
Line of Credit Facility, Covenant Terms	a debt to total capitalization ratio of no more than 35%
Minimum [Member]
Letters of Credit [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.25%
Line of Credit Facility, Commitment Fee Percentage	0.20%
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Debt Instrument, Covenant Description	a minimum consolidated net worth of no less than 70% of the Company’s stockholders’ equity as of September 30, 2020
Maximum [Member]
Letters of Credit [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 125,000,000.0
Line of Credit Facility, Interest Rate at Period End	1.25%
Line of Credit Facility, Commitment Fee Percentage	0.50%
Line of Credit Facility, Commitment Fee Amount	$ 225,000
Debt Instrument, Interest Rate, Stated Percentage	2.25%

Notes Payable Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
Notes Payable Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Dekania Surplus Note [Member]
Debt Instrument [Line Items]
Notes Payable		$ 10.0
Cash paid for interest	$ 0.2	0.7
Alesco Surplus Note [Member]
Debt Instrument [Line Items]
Notes Payable		10.0
Cash paid for interest	$ 0.2	$ 0.6

Notes Payable Principal payment obligations on notes payable outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Capitalization, Long-term Debt [Line Items]
Repayments of Notes Payable	$ 15.0	$ 0.0	$ 0.0
Dekania Surplus Note [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Notes Payable			10.0
Repayments of Notes Payable		10.2
Alesco Surplus Note [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Notes Payable			$ 10.0
Repayments of Notes Payable		$ 10.2
Federal Home Loan Bank [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Repayments of Notes Payable	$ 15.0

FHLB Advances(Details) - USD ($) $ in Millions	12 Months Ended
FHLB Advances(Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 11, 2020
Payables and Accruals [Abstract]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available	$ 10.0
FHLB advances	20.0	$ 0.0		$ 35.0
Repayments of Notes Payable	$ 15.0	$ 0.0	$ 0.0

Letters of Credit (Details) - USD ($) $ in Millions	12 Months Ended
Letters of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Letters of Credit [Line Items]
Investments	$ 2,757.2	$ 2,778.4
Federal Home Loan Bank [Member]
Letters of Credit [Line Items]
Letter of credit, expiration date	Mar. 31, 2021
Letter of credit, unused capacity, commitment fee percentage	15.00%
Investments	$ 275.0	260.0
Letter of credit collateral amount	385.6	$ 326.8
Federal Home Loan Bank [Member] \| EAC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	80.0
Federal Home Loan Bank [Member] \| ECIC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	70.0
Federal Home Loan Bank [Member] \| EPIC
Letters of Credit [Line Items]
Letter of credit, maximum borrowing capacity	$ 125.0

Commitments and Contingencies Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years
Operating Lease, Expense	$ 5.1	$ 5.1
Finance Lease Expense	0.2	0.2
Lease, Cost	$ 5.3	5.3
Finance Lease, Weighted Average Remaining Lease Term	2 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	2.80%
Finance Lease, Weighted Average Discount Rate, Percent	3.70%
Operating lease right-of-use assets	$ 17.4	15.9
Operating lease liability	19.9	17.8
Property and equipment, gross	0.8	1.1
Accumulated depreciation, depletion and amortization, property and equipment	0.4	0.5
Property and equipment, net	0.4	0.6
Other liabilities	0.4	0.6
Abandonment of operating leases	$ 0.8	$ 0.0	$ 0.0
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	10 years
Lessee, Operating Lease, remaining lease term	7 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Finance Lease, Term of Contract	1 year
Lessee, Operating Lease, remaining lease term	1 year

Commitments and Contingencies Future Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases, Future Minimum Payments Due [Abstract]
Operating leases, future minimum payments due, current	$ 4.1
Operating leases, future minimum payments, due in two years	3.2
Operating leases, future minimum payments, due in three years	3.2
Operating leases, future minimum payments, due in four years	3.2
Operating leases, future minimum payments, due in five years	3.0
Operating leases, future minimum payments, due thereafter	4.6
Lessee, Operating Lease, Liability, Payments, Due	21.3
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1.4)
Operating lease liability	19.9	$ 17.8
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	0.1
Capital leases, future minimum payments due in three years	0.1
Capital leases, future minimum payments due in four years	0.0
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	0.4
Finance Lease, Liability, Undiscounted Excess Amount	0.0
Capital Leases, Future Minimum Payments Due	$ 0.4

Commitments and Contingencies Leases, Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Payments	$ 5.1	$ 5.1
Finance Lease, Principal Payments	$ 0.2	$ 0.2

Commitments and Contingencies Contingencies Surrounding Insurance Assessments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Amount of Insurance-related assessment liability	$ 18.4	$ 16.8
Payment period for assessment liability based on individual states regulations	one to eighty year periods
Other assets, prepaid policy surcharges	$ 18.7	$ 17.0
Expected realization period for assets related to policy surcharges	one to ten year periods

Commitments and Contingencies Capital Commitment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Capital Commitment [Abstract]
Unfunded commitment, private investment fund	$ 63.8	$ 41.6

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended		36 Months Ended	168 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Mar. 11, 2020	Apr. 24, 2019	Feb. 21, 2018
Accelerated Share Repurchases [Line Items]
Accelerated Share Repurchase Program, Adjustment	$ 50.0	$ 50.0		$ 50.0
Stock Repurchase Program, Authorized Amount			$ 200.0		$ 200.0	$ 200.0	$ 150.0	$ 100.0	$ 50.0
Stock repurchased during period, shares					4,751,653	28,849,008
Accelerated share repurchases, final price paid per share					$ 36.09	$ 19.24
Stock Repurchased During Period, Value					$ 171.5
Stock Repurchase Program Expiration Date			Sep. 30, 2021

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares reserved for grants	6,555,000
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 9.4	$ 10.0	$ 9.3
Less: related tax benefit	2.0	2.1	2.0
Net stock-based compensation expense	7.4	7.9	7.3
Stock Option [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	0.0	0.1	0.3
Restricted stock units (RSUs)
Stock-based compensation expense [Abstract]
Stock-based compensation expense	3.0	2.7	2.5
Performance shares units [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 6.4	$ 7.2	$ 6.5

Stock-Based Compensation Fair Market Value of Stock Options Granted, Calculated (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options or share units, granted	0	0	0

Stock-Based Compensation Changes in Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share awards, expected target	130.00%	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	113,216	154,016	190,256	247,347
Number of options or share units, granted	0	0	0
Stock-options exercised, shares	(40,800)	(31,630)	(57,091)
Number of options or share units, forfeited		(4,610)
Number of exercisable options or share units	113,216
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 24.21
Weighted average exercise price, outstanding	24.21	$ 23.65	$ 23.71	$ 22.90
Weighted average exercise price, exercises	$ 22.08	26.98	$ 20.17
Weighted average exercise price, forfeitures		$ 25.37
Weighted average remaining contractual life	1 year 2 months 12 days	1 year 8 months 12 days	2 years 8 months 12 days	3 years 4 months 24 days
Options exercised, intrinsic value	$ 0.8	$ 0.6	$ 1.4
Options vested, fair value	0.1	0.2	0.4
Options exercisable, intrinsic value	0.9	2.7	2.8
Options outstanding, intrinsic value	$ 0.9	$ 2.8	$ 3.4
Stock Options Exercisable [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life	1 year 2 months 12 days
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options or share units	244,344	241,905	250,300	295,164
Number of options or share units, granted	100,491	90,576	87,857
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 36.01	$ 40.60	$ 40.26
Number of options or share units, forfeited	(7,710)	(22,232)	(3,370)
Number of vested options or share units	(90,342)	(76,739)	(129,351)
Weighted average exercise price, forfeitures	$ 38.94	$ 36.39	$ 33.51
Weighted average grant date fair value	35.08	34.70	32.45	$ 26.67
Weighted average exercise price, vested	$ 34.76	$ 33.99	$ 24.53
Share-based compensation expense, deferred	$ 5.3
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	$ 3.1	$ 2.6	$ 3.2
Options exercisable, intrinsic value	3.0	3.2	5.5
Options outstanding, intrinsic value	$ 7.9	$ 10.1	$ 10.5
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	59,607
Weighted average grant date fair value	$ 26.16

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

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

130.00%

200.00%

Performance shares units [Member]

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

Number of outstanding options or share units

105,180

9,587

^[1]

96,940

^[1]

Share-based compensation options, exercise price on grant date

$ 37.81

$ 41.72

^[1]

$ 40.30

^[1]

Fair value of awards awarded on grant date

$ 4.0

$ 0.4

^[1]

$ 3.9

^[1]

Share-based compensation expense, deferred

$ 6.4

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]

The PSUs awarded in March 2018, 2019, and 2020 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.

Statutory Matters Statutory Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 24, 2021	Jul. 31, 2021	Jul. 01, 2021	Jun. 30, 2021	May 12, 2021	May 11, 2021	Mar. 20, 2021
Statutory Accounting Practices [Line Items]
Capital stock and unassigned surplus	$ 683.1	$ 658.2
Paid in capital	363.2	362.8
Total statutory surplus	1,046.3	1,021.0
SAP, net income amount	140.4	129.3	$ 159.3
Total stockholders’ equity	1,212.8	$ 1,165.8
EICN
Statutory Accounting Practices [Line Items]
Capital stock and unassigned surplus	$ 229.3
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	$ 20.0
EICN \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval										$ 12.5
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	$ 32.1
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%
Dividends paid, without approval of regulatory agency	$ 21.7
EPIC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Maximum dividends that may be paid without prior approval								$ 23.0	$ 1.3
EAC
Statutory Accounting Practices [Line Items]
Dividends paid, without approval of regulatory agency	20.8
EAC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval						$ 21.1	$ 0.3
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%
CIC \| Forecast [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval					$ 3.0

Accumulated Other Comprehensive Income, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 145.7	$ 82.6
Deferred tax expense	(30.6)	(17.3)
Total accumulated other comprehensive income, net	$ 115.1	$ 65.3

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Employee Benefit and Retirement Plans Employee Benefit and Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	$ 2.3	$ 2.2	$ 2.0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Earnings Per Share Earnings Per Share (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 64.0	$ 31.1	$ 59.6	$ (34.9)	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 119.8	$ 157.1	$ 141.3
Weighted average number of shares outstanding - basic									29,912,063	32,120,578	32,884,828
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements									292,801	419,140	426,509
Weighted average number of shares outstanding - diluted									30,204,864	32,539,718	33,311,337
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount									111,386	0	0
Stock Options [Member]
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements									36,568	77,482	97,810
Performance shares units [Member]
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements									230,831	285,550	268,030
Restricted stock units (RSUs)
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements									25,402	56,108	60,669

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments Segment Net Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									$ 580.1	$ 696.9	$ 748.9
Premiums Written, Net									574.9	691.5	742.8
Net premiums earned	$ 151.5	$ 144.4	$ 151.5	$ 167.9	$ 169.7	$ 175.8	$ 175.5	$ 174.8	615.3	695.8	731.1
Net investment income									76.3	88.1	81.2
Net realized and unrealized gains (losses) on investments	21.3	19.1	39.7	(61.1)	17.8	2.6	7.4	23.3	19.0	51.1	(13.1)
Other income									0.8	0.9	1.2
Total revenues									711.4	835.9	800.4
Losses and loss adjustment expenses	47.9	77.1	73.1	104.3	97.6	92.9	86.8	88.6	302.4	365.9	376.7
Commission expense	18.9	19.4	19.2	21.3	20.4	21.9	23.8	22.0	78.8	88.1	94.2
Underwriting and general and administrative expenses	$ 43.4	$ 46.4	$ 44.8	$ 46.7	$ 50.9	$ 45.3	$ 43.8	$ 47.5	181.3	187.5	158.5
Interest and financing expenses									0.4	0.6	1.5
Other Expenses									0.8	0.0	0.0
Total expenses									563.7	642.1	630.9
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									147.7	193.8	169.5
Employers Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									579.8	696.8	748.9
Premiums Written, Net									574.6	691.4	742.8
Net premiums earned									615.1	695.8	731.1
Net investment income									72.1	84.1	78.6
Net realized and unrealized gains (losses) on investments									20.9	47.7	(13.9)
Other income									0.8	0.9	1.0
Total revenues									708.9	828.5	796.8
Losses and loss adjustment expenses									314.2	378.6	391.3
Commission expense									78.8	88.1	94.2
Underwriting and general and administrative expenses									151.1	153.2	135.0
Interest and financing expenses									0.1	0.6	1.5
Other Expenses									0.7
Total expenses									544.9	620.5	622.0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									164.0	208.0	174.8
Cerity Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross premiums written									0.3	0.1	0.0
Premiums Written, Net									0.3	0.1	0.0
Net premiums earned									0.2	0.0	0.0
Net investment income									3.1	0.3	0.0
Net realized and unrealized gains (losses) on investments									0.0	0.1	0.0
Other income									0.0	0.0	0.2
Total revenues									3.3	0.4	0.2
Losses and loss adjustment expenses									0.1	0.0	0.0
Commission expense									0.0	0.0	0.0
Underwriting and general and administrative expenses									16.6	16.0	5.9
Interest and financing expenses									0.0	0.0	0.0
Other Expenses									0.1
Total expenses									16.8	16.0	5.9
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									(13.5)	(15.6)	(5.7)
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									1.1	3.7	2.6
Net realized and unrealized gains (losses) on investments									(1.9)	3.3	0.8
Other income									0.0	0.0	0.0
Total revenues									(0.8)	7.0	3.4
Losses and loss adjustment expenses									(11.9)	(12.7)	(14.6)
Commission expense									0.0	0.0	0.0
Underwriting and general and administrative expenses									13.6	18.3	17.6
Interest and financing expenses									0.3	0.0	0.0
Other Expenses									0.0
Total expenses									2.0	5.6	3.0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest									$ (2.8)	$ 1.4	$ 0.4

Segments Geographic Information (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
CALIFORNIA
Revenue, Major Customer [Line Items]
Premiums In Force	$ 262.0	$ 329.8	$ 357.1
Policies In force	39,610	43,079	41,988
FLORIDA
Revenue, Major Customer [Line Items]
Premiums In Force	$ 37.9	$ 36.3	$ 41.0
Policies In force	6,898	5,822	5,833
NEW YORK
Revenue, Major Customer [Line Items]
Premiums In Force	$ 26.7	$ 31.7	$ 23.9
Policies In force	6,657	5,679	3,663
All Other States
Revenue, Major Customer [Line Items]
Premiums In Force	$ 251.3	$ 266.8	$ 244.2
Policies In force	50,341	44,104	40,014
UNITED STATES
Revenue, Major Customer [Line Items]
Premiums In Force	$ 577.9	$ 664.6	$ 666.2
Policies In force	103,506	98,684	91,498

Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net premiums earned	$ 151.5	$ 144.4	$ 151.5	$ 167.9	$ 169.7	$ 175.8	$ 175.5	$ 174.8	$ 615.3	$ 695.8	$ 731.1
Net realized and unrealized gains (losses) on investments	21.3	19.1	39.7	(61.1)	17.8	2.6	7.4	23.3	19.0	51.1	(13.1)
Losses and loss adjustment expenses	47.9	77.1	73.1	104.3	97.6	92.9	86.8	88.6	302.4	365.9	376.7
Commission expense	18.9	19.4	19.2	21.3	20.4	21.9	23.8	22.0	78.8	88.1	94.2
Underwriting and general and administrative expenses	43.4	46.4	44.8	46.7	50.9	45.3	43.8	47.5	181.3	187.5	158.5
Income tax expense	16.4	7.2	14.7	(10.4)	9.6	8.1	9.0	10.0	27.9	36.7	28.2
Net income	$ 64.0	$ 31.1	$ 59.6	$ (34.9)	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 119.8	$ 157.1	$ 141.3
Earnings per common share (Note 18):
Basic	$ 2.21	$ 1.06	$ 1.98	$ (1.14)	$ 1.00	$ 1.03	$ 1.27	$ 1.60	$ 4.01	$ 4.89	$ 4.30
Diluted	$ 2.19	$ 1.05	$ 1.97	$ (1.14)	$ 0.99	$ 1.01	$ 1.25	$ 1.57	$ 3.97	$ 4.83	$ 4.24

Selected Quarterly Financial Data Significant Quarterly Adjustments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Securities, FV-NI, Unrealized Gain	$ 18.2	$ 3.7	$ 42.3		$ 15.5		$ 6.8	$ 21.2
Equity Securities, FV-NI, Unrealized Loss				$ (69.2)		$ (10.3)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)			9.5	10.7					$ (0.7)	$ 0.0	$ 0.0
Prior years	39.7	14.8	23.6	3.5	11.4	20.2	23.7	22.2	81.6	77.5	66.2
Net income for the period	$ 64.0	$ 31.1	$ 59.6	$ (34.9)	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 119.8	$ 157.1	$ 141.3

- 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 ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments
Fixed maturity securities at fair value (amortized cost $9.6 at December 31, 2020 and $25.3 at December 31, 2019)	$ 2,479.2	$ 2,485.9
Equity securities at fair value (cost $0.4 at December 31, 2020 and $27.8 at December 31, 2019)	208.5	256.7
Total investments	2,757.2	2,778.4
Cash and cash equivalents	160.4	154.9
Accrued investment income	15.3	16.4
Other assets	60.1	46.4
Total assets	3,922.6	4,004.1
Liabilities and stockholders' equity
Accounts payable and accrued expenses	22.9	29.8
Deferred income taxes, net	15.5	2.6
Other liabilities	70.5	49.5
Total liabilities	2,709.8	2,838.3
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,413,806 and 57,184,370 shares issued and 28,564,798 and 31,355,378 shares outstanding at December 31, 2020 and 2019, respectively	0.6	0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0.0	0.0
Additional paid-in capital	404.3	396.4
Retained earnings	1,247.9	1,158.8
Accumulated other comprehensive income, net of tax	115.1	65.3
Treasury stock, at cost (28,849,008 shares at December 31, 2020 and 25,828,992 shares at December 31, 2019)	(555.1)	(455.3)
Total stockholders’ equity	1,212.8	1,165.8
Total liabilities and stockholders’ equity	3,922.6	4,004.1
Parent Company [Member]
Investments
Investment in subsidiaries	1,186.1	1,096.1
Fixed maturity securities at fair value (amortized cost $9.6 at December 31, 2020 and $25.3 at December 31, 2019)	11.0	26.6
Equity securities at fair value (cost $0.4 at December 31, 2020 and $27.8 at December 31, 2019)	0.4	28.1
Total investments	1,197.5	1,150.8
Cash and cash equivalents	11.0	9.9	$ 41.3	$ 39.6
Accrued investment income	0.2	0.2
Federal income taxes receivable	0.0	3.5
Federal income taxes receivable	0.0	3.5
Deferred Income Tax Assets, Net	1.7	2.2
Other assets	7.2	1.6
Total assets	1,217.6	1,171.7
Liabilities and stockholders' equity
Accounts payable and accrued expenses	4.7	5.0
Other liabilities	0.1	0.9
Total liabilities	4.8	5.9
Stockholders' equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,413,806 and 57,184,370 shares issued and 28,564,798 and 31,355,378 shares outstanding at December 31, 2020 and 2019, respectively	0.6	0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0.0	0.0
Additional paid-in capital	404.3	396.4
Retained earnings	1,247.9	1,158.8
Accumulated other comprehensive income, net of tax	115.1	65.3
Treasury stock, at cost (28,849,008 shares at December 31, 2020 and 25,828,992 shares at December 31, 2019)	(555.1)	(455.3)
Total stockholders’ equity	1,212.8	1,165.8
Total liabilities and stockholders’ equity	$ 1,217.6	$ 1,171.7

Schedule II. Condensed Financial Information of Registrant (Condensed Balance Sheets Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fixed maturity securities, amortized cost	$ 2,333.6	$ 2,403.3
Equity securities, cost	$ 112.4	$ 155.6
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)	57,413,806	57,184,370
Common stock, shares outstanding (in shares)	28,564,798	31,355,378
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)	28,849,008	25,828,992
Parent Company [Member]
Fixed maturity securities, amortized cost	$ 9.6	$ 25.3
Equity securities, cost	$ 0.4	$ 27.8

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net investment income									$ 76.3	$ 88.1	$ 81.2
Net realized and unrealized gains (losses) on investments	$ 21.3	$ 19.1	$ 39.7	$ (61.1)	$ 17.8	$ 2.6	$ 7.4	$ 23.3	19.0	51.1	(13.1)
Total revenues									711.4	835.9	800.4
Expenses
Underwriting and general and administrative expenses	43.4	46.4	44.8	46.7	50.9	45.3	43.8	47.5	181.3	187.5	158.5
Interest and financing expenses									0.4	0.6	1.5
Total expenses									563.7	642.1	630.9
Income tax expense	16.4	7.2	14.7	(10.4)	9.6	8.1	9.0	10.0	27.9	36.7	28.2
Net income	$ 64.0	$ 31.1	$ 59.6	$ (34.9)	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 119.8	$ 157.1	$ 141.3
Earnings per common share for the stated periods (Note 17):
Basic	$ 2.21	$ 1.06	$ 1.98	$ (1.14)	$ 1.00	$ 1.03	$ 1.27	$ 1.60	$ 4.01	$ 4.89	$ 4.30
Diluted	$ 2.19	$ 1.05	$ 1.97	$ (1.14)	$ 0.99	$ 1.01	$ 1.25	$ 1.57	3.97	4.83	4.24
Cash dividends declared per common share and eligible RSUs and PSUs									$ 1.00	$ 0.88	$ 0.80
Parent Company [Member]
Revenues
Net investment income									$ 1.1	$ 3.7	$ 2.5
Net realized and unrealized gains (losses) on investments									(1.9)	3.3	0.8
Total revenues									(0.8)	7.0	3.3
Expenses
Underwriting and general and administrative expenses									16.8	19.0	17.5
Interest and financing expenses									0.3	0.0	0.0
Total expenses									17.1	19.0	17.5
Loss before income taxes and equity in earnings of subsidiaries									(17.9)	(12.0)	(14.2)
Income tax expense									(3.2)	(2.5)	(4.3)
Net loss before equity in earnings of subsidiaries									(14.7)	(9.5)	(9.9)
Equity in earnings of subsidiaries									134.5	166.6	151.2
Net income									$ 119.8	$ 157.1	$ 141.3
Earnings per common share for the stated periods (Note 17):
Basic									$ 4.01	$ 4.89	$ 4.30
Diluted									$ 3.97	$ 4.83	$ 4.24

Schedule II. Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 64.0	$ 31.1	$ 59.6	$ (34.9)	$ 31.8	$ 32.8	$ 40.7	$ 51.8	$ 119.8	$ 157.1	$ 141.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized gains on investments									(19.0)	(51.1)	13.1
Stock-based compensation									9.7	10.1	9.4
Amortization of premium on investments, net									9.8	8.7	8.4
Deferred income tax expense									(0.4)	8.6	14.4
Change in operating assets and liabilities:
Accounts payable, accrued expenses and other liabilities									(3.7)	(7.5)	19.1
Federal income taxes									22.0	(7.4)	8.6
Other									(1.0)	(11.8)	(3.0)
Net cash provided by (used in) operating activities									33.3	123.1	180.2
Investing activities
Purchases of fixed maturity securities									(645.6)	(359.0)	(636.7)
Purchase of equity securities									(179.5)	(240.8)	(79.3)
Proceeds from sale of equity securities									243.4	232.4	70.7
Purchases of short-term investments									(135.9)	0.0	(59.7)
Proceeds from sale of fixed maturity securities									349.5	163.0	204.8
Proceeds from maturities and redemptions of fixed maturity securities									359.2	309.9	329.4
Net change in unsettled investment purchases and sales									(3.6)	(24.7)	22.4
Net cash (used in) provided by investing activities									84.3	49.2	(119.6)
Financing activities
Acquisition of common stock									(99.4)	(67.5)	(4.2)
Cash transactions related to stock-based compensation									(1.8)	(2.5)	(1.8)
Dividends paid to stockholders									(30.8)	(28.9)	(26.7)
Net cash used in financing activities									(112.2)	(119.1)	(32.9)
Cash and cash equivalents at the beginning of the period				154.9					154.9
Cash and cash equivalents at the end of the period	160.4				154.9				160.4	154.9
Parent Company [Member]
Operating activities
Net income									119.8	157.1	141.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net income of subsidiaries									39.9	70.4	66.7
Realized gains on investments									1.9	(3.3)	(0.8)
Stock-based compensation									9.7	10.1	9.4
Amortization of premium on investments, net									0.1	0.0	0.2
Deferred income tax expense									0.8	(2.8)	14.7
Change in operating assets and liabilities:
Accounts payable, accrued expenses and other liabilities									(2.2)	2.3	0.2
Federal income taxes									3.5	19.2	(18.5)
Other assets									0.5	0.7	0.1
Intercompany payable/receivable									3.5	(3.2)	(2.2)
Other									0.3	0.0	0.0
Net cash provided by (used in) operating activities									96.4	108.3	77.5
Investing activities
Purchases of fixed maturity securities									(3.2)	(9.3)	(14.4)
Purchase of equity securities									(3.0)	(42.0)	(40.0)
Proceeds from sale of equity securities									29.0	56.0	0.0
Purchases of short-term investments									0.0	0.0	(59.6)
Proceeds from sale of fixed maturity securities									14.9	4.3	12.0
Proceeds from maturities and redemptions of fixed maturity securities									3.8	3.8	59.2
Proceeds from maturities of short-term investments									0.0	25.0	0.0
Net change in unsettled investment purchases and sales									(4.4)	(5.0)	3.9
Capital Contributions to subsidiary									(0.4)	(73.6)	(4.2)
Net cash (used in) provided by investing activities									36.7	(40.8)	(43.1)
Financing activities
Acquisition of common stock									(99.4)	(67.5)	(4.2)
Cash transactions related to stock-based compensation									(1.8)	(2.5)	(1.8)
Dividends paid to stockholders									(30.8)	(28.9)	(26.7)
Net cash used in financing activities									(132.0)	(98.9)	(32.7)
Net increase (decrease) in cash and cash equivalents									1.1	(31.4)	1.7
Cash and cash equivalents at the beginning of the period				$ 9.9				$ 41.3	9.9	41.3	39.6
Cash and cash equivalents at the end of the period	$ 11.0				$ 9.9				$ 11.0	$ 9.9	$ 41.3

Schedule VI. Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Unearned premiums	$ 299.1				$ 337.1				$ 299.1	$ 337.1
Net investment income									76.3	88.1	$ 81.2
Deferred policy acquisition costs	43.2				47.9				43.2	47.9
Unpaid losses and loss adjustment expenses	2,069.4				2,192.8				2,069.4	2,192.8	2,207.9	$ 2,266.1
Prior years	(39.7)	$ (14.8)	$ (23.6)	$ (3.5)	(11.4)	$ (20.2)	$ (23.7)	$ (22.2)	(81.6)	(77.5)	(66.2)
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid									402.2	421.8	416.9
Net premiums earned	151.5	144.4	151.5	167.9	169.7	175.8	175.5	174.8	615.3	695.8	731.1
Current year									395.9	456.1	457.5
Premiums Written, Net									574.9	691.5	742.8
Losses and loss adjustment expenses	47.9	$ 77.1	$ 73.1	$ 104.3	97.6	$ 92.9	$ 86.8	$ 88.6	302.4	365.9	376.7
Employers Segment [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Unearned premiums	298.9				337.0				298.9	337.0	336.3
Net investment income									72.1	84.1	78.6
Deferred policy acquisition cost, amortization expense									97.5	107.7	112.0
Deferred policy acquisition costs	43.2				47.9				43.2	47.9	48.2
Unpaid losses and loss adjustment expenses	2,024.5				2,145.2				2,024.5	2,145.2	2,207.9
Prior years									(81.6)	(77.5)	(66.2)
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid									402.2	421.8	416.9
Net premiums earned									615.1	695.8	731.1
Current year									395.8	456.1	457.5
Premiums Written, Net									574.6	691.4	742.8
Losses and loss adjustment expenses									314.2	378.6	391.3
Cerity Segment [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Unearned premiums	0.2				0.1				0.2	0.1	0.0
Net investment income									3.1	0.3	0.0
Deferred policy acquisition cost, amortization expense									0.0	0.0	0.0
Deferred policy acquisition costs	0.0				0.0				0.0	0.0	0.0
Unpaid losses and loss adjustment expenses	0.1				0.0				0.1	0.0	0.0
Prior years									0.0	0.0	0.0
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid									0.0	0.0	0.0
Net premiums earned									0.2	0.0	0.0
Current year									0.1	0.0	0.0
Premiums Written, Net									0.3	0.1	0.0
Losses and loss adjustment expenses									0.1	0.0	0.0
Corporate Segment [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Unearned premiums	0.0				0.0				0.0	0.0	0.0
Net investment income									1.1	3.7	2.6
Deferred policy acquisition cost, amortization expense									0.0	0.0	0.0
Deferred policy acquisition costs	0.0				0.0				0.0	0.0	0.0
Unpaid losses and loss adjustment expenses	$ 44.8				$ 47.6				44.8	47.6	0.0
Net premiums earned									0.0	0.0	0.0
Current year									0.0	0.0	0.0
Premiums Written, Net									0.0	0.0	0.0
Losses and loss adjustment expenses									$ (11.9)	$ (12.7)	$ (14.6)