0001379041-23-000117 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income [Abstract]

Schedule of accumulated other comprehensive income (loss) table

The following table summarizes the components of accumulated other comprehensive loss:


	June 30, 2023		December 31, 2022
	(in millions)
Net unrealized losses on investments, before taxes	$	(165.2)	$	(175.8)
Deferred tax benefit on net unrealized losses	34.7		36.9
Total accumulated other comprehensive loss	$	(130.5)	$	(138.9)

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities at fair value (amortized cost $2,331.4 at June 30, 2023 and $2,366.7 at December 31, 2022, less CECL allowance of $4.3 at June 30, 2023 and $4.5 at December 31, 2022)	$ 2,161.9	$ 2,186.3
Equity securities at fair value (cost $131.7 at June 30, 2023 and $144.2 at December 31, 2022)	204.2	197.0
Equity securities at cost	6.0	6.7
Other invested assets (cost $75.0 at June 30, 2023 and $54.4 at December 31, 2022)	83.4	59.7
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	16.3	119.1
Total investments	2,471.8	2,568.8
Cash and cash equivalents	66.2	89.2
Restricted cash and cash equivalents	0.2	0.2
Accrued investment income	18.5	19.0
Premiums receivable (less CECL allowance of $15.2 at June 30, 2023 and $12.8 at December 31, 2022)	352.3	305.9
Reinsurance recoverable for:
Paid losses	6.8	6.8
Unpaid losses (less CECL allowance of $0.9 at June 30, 2023 and $0.9 at December 31, 2022)	435.3	444.5
Deferred policy acquisition costs	55.6	48.3
Deferred income tax asset, net	55.6	62.7
Property and equipment, net	7.2	12.0
Operating lease right-of-use assets	4.6	11.5
Intangible assets, net	13.6	13.6
Goodwill	36.2	36.2
Contingent commission receivable—LPT Agreement	13.9	13.9
Cloud computing arrangements	36.7	42.9
Other assets	41.1	41.2
Total assets	3,615.6	3,716.7
Liabilities and stockholders’ equity
Unpaid losses and loss adjustment expenses	1,927.2	1,960.7
Unearned premiums	378.5	339.5
Commissions and premium taxes payable	56.8	58.2
Accounts payable and accrued expenses	19.7	28.7
Deferred reinsurance gain—LPT Agreement	102.1	106.1
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	105.7	182.5
Operating lease liability	5.4	13.6
Non-cancellable obligations	20.4	26.1
Other liabilities	48.1	57.1
Total liabilities	2,663.9	2,772.5
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,997,485 and 57,876,287 shares issued and 26,078,813 and 27,160,748 shares outstanding at June 30, 2023 and December 31, 2022, respectively	0.6	0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0.0	0.0
Additional paid-in capital	417.1	414.6
Retained earnings	1,339.4	1,295.6
Accumulated other comprehensive loss, net of tax	(130.5)	(138.9)
Treasury stock, at cost (31,918,672 shares at June 30, 2023 and 30,715,539 shares at December 31, 2022)	(674.9)	(627.7)
Total stockholders’ equity	951.7	944.2
Total liabilities and stockholders’ equity	$ 3,615.6	$ 3,716.7

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-33245
Entity Registrant Name	EMPLOYERS HOLDINGS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	04-3850065
Entity Address, Address Line One	2340 Corporate Circle, Suite 200
Entity Address, City or Town	Henderson,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89074
City Area Code	888
Local Phone Number	682-6671
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	EIG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,063,813
Entity Central Index Key	0001379041
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Property and Equipment Leases, Supplement Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 4.6	$ 11.5
Operating lease liability	5.4	13.6
Property and equipment, gross	47.2	56.7
Accumulated depreciation, depletion and amortization, property and equipment	(40.0)	(44.7)
Property and equipment, net	7.2	12.0
Other liabilities	48.1	57.1
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	0.7	0.8
Finance Lease, Right-of-Use Asset, Accumulated Amortization	0.4	0.4
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	0.3	0.4
Finance lease, liability	$ 0.3	$ 0.4

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Basis of Presentation	Basis of Presentation and Summary of Operations Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers’ compensation products and services. Unless otherwise indicated, all references to the “Company” refer to EHI, together with its subsidiaries. In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a retroactive 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement commenced on June 30, 1999 and will remain in effect until: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated, upon the mutual agreement of the parties; or (iii) the reinsurers’ aggregate maximum limit of liability is exhausted, whichever occurs first. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities and operations of the Fund, including the Fund’s rights and obligations associated with the LPT Agreement (See Note 9). The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company’s Consolidated Balance Sheets. The Company is entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is estimated based on both actual paid results to date and projections of expected paid losses under the LPT Agreement and is recorded as an asset on the Company’s Consolidated Balance Sheets. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company’s Form 10-K for the year ended December 31, 2022 (Annual Report). The Company operates through two reportable segments: Employers and Cerity. Each of the segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. This presentation allows the reader, as well as the Company's chief operating decision makers, to objectively analyze the business originated through each of these channels. Detailed financial information about the Company's operating segments is presented in Note 14. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments.

LPT Agreement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LPT Agreement (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reinsurance Agreement [Line Items]
Liabilities for the incurred but unpaid losses and LAE related to claims prior to July 1, 1995	$ 1,500.0		$ 1,500.0
Ceded premiums written			775.0
Amortization of deferred gain	2.0	$ 2.1	4.0	$ 4.2
Net income	34.9	(15.6)	58.5	(17.8)
Deferred reinsurance gain—LPT Agreement	102.1		102.1		$ 106.1
Estimated remaining liabilities - LPT Agreement	299.0		299.0		308.6
Paid losses and LAE claims related to LPT	868.5		868.5		$ 858.9
Impact of the LPT Agreement	2.0	$ 2.1	4.0	$ 4.2
Indemnification Agreement [Member]
Reinsurance Agreement [Line Items]
Coverage provided under LPT Agreement	$ 2,000.0		$ 2,000.0

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Property and equipment consists of the following:


	As of June 30,		As of December 31,
	2023		2022
	(in millions)

Furniture and equipment	$	1.8	$	3.3
Leasehold improvements	0.6		5.0
Computers and software	44.1		47.6
Automobiles	0.7		0.8
Property and equipment, gross	47.2		56.7
Accumulated depreciation	(40.0)		(44.7)
Property and equipment, net	$	7.2	$	12.0

Depreciation expenses related to property and equipment for the three and six months ended June 30, 2023 were $1.6 million and $2.7 million, respectively, and $5.3 million for the year ended December 31, 2022. Internally developed software costs of $0.4 million and $0.7 million were capitalized during the three and six months ended June 30, 2023, respectively, and $1.2 million in internally developed software costs were capitalized during the year ended December 31, 2022.

Cloud Computing Arrangements

The Company’s capitalized costs associated with cloud computing arrangements totaled $36.7 million and $42.9 million, which were comprised of service contract fees and implementation costs associated with hosting arrangements as of June 30, 2023 and December 31, 2022, respectively. Total amortization for hosting arrangements was $4.1 million and $8.4 million for the three and six months ended June 30, 2023, respectively, and $16.4 million for the year ended December 31, 2022.

Leases

The Company determines if an arrangement is a lease at the inception of the transaction. Operating leases for offices are presented as a right-of-use asset (ROU asset) and lease liability on the Company’s Consolidated Balance Sheets. Financing leases for automobiles are included in property and equipment and other liabilities on the Company’s Consolidated Balance Sheets.

ROU assets represent the right to use an underlying asset for the lease term and the lease liability represents the obligation to make lease payments arising from the lease transaction. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company uses collateralized incremental borrowing rates to determine the present value of lease payments. The ROU assets also include lease payments less any lease incentives within a lease agreement. The Company’s lease terms may include options to extend or terminate a lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As of June 30, 2023, the Company’s operating leases have remaining terms of 1 year to 5 years, with options to extend up to 5 years with no termination provision. The Company’s finance leases have an option to terminate after 1 year.

Components of lease expense were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Operating lease expense	$	0.5	$	0.8	$	1.1	$	1.7



Finance lease expense	—		—		0.1		—
Total lease expense	$	0.5	$	0.8	$	1.2	$	1.7

As of June 30, 2023, the weighted average remaining lease term for operating leases was 4.1 years and for finance leases was 2.4 years. The weighted average discount rate was 0.6% and 7.4% for operating and finance leases, respectively.

Maturities of lease liabilities were as follows:


	As of June 30, 2023
	Operating Leases		Finance Leases
	(in millions)
2023	$	0.7	$	0.1
2024	1.5		0.1
2025	1.3		0.1
2026	0.9		—
2027	0.9		—
Thereafter	0.2		—
Total lease payments	5.5		0.3
Less: imputed interest	(0.1)		—
Total	$	5.4	$	0.3

Supplemental balance sheet information related to leases was as follows:


	As of June 30,		As of December 31,
	2023		2022
	(in millions)
Operating leases:
Operating lease right-of-use asset	$	4.6	$	11.5
Operating lease liability	5.4		13.6
Finance leases:
Property and equipment, gross	0.7		0.8
Accumulated depreciation	(0.4)		(0.4)
Property and equipment, net	0.3		0.4
Other liabilities	$	0.3	$	0.4

Supplemental cash flow information related to leases was as follows:


	Six Months Ended
	June 30,
	2023		2022
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	1.1	$	1.7

Financing cash flows used for finance leases	0.1		—

Lease Exit and Disposal Costs

During the three months ended June 30, 2023, the Company recorded a non-recurring charge in connection with the early termination of the lease associated with the Company's former corporate headquarters in Reno, Nevada. This charge included a one-time lease termination payment of $7.6 million, a write-off related to remaining leasehold improvements and furniture and equipment of $2.6 million, and estimated miscellaneous expenses associated with exiting the property of $0.2 million. The Company also recognized a lease termination gain pertaining to the elimination of the lease liability net of the right-of-use asset of $1.0 million, which all amounts are included in Other expenses on the Company’s Consolidated Statements of Comprehensive Income (Loss). The decision to terminate this operating lease was undertaken as part of an ongoing review of the Company's current and future facility needs.

Restructuring, Impairment, and Other Activities Disclosure

Lease Exit and Disposal Costs

Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses and LAE at beginning of period	$ 1,953.7	$ 1,981.9	$ 1,960.7	$ 1,981.2
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	440.3	471.7	445.4	476.9
Net unpaid losses and LAE at beginning of period	1,513.4	1,510.2	1,515.3	1,504.3
Losses and LAE, net of reinsurance, incurred during the period related to:
Current period	112.2	105.4	221.8	201.7
Prior periods	(19.7)	(10.0)	(19.9)	(10.0)
Total net losses and LAE incurred during the period	92.5	95.4	201.9	191.7
Deduct payments for losses and LAE, net of reinsurance, related to:
Current period	26.5	18.5	32.1	23.1
Prior periods	88.4	76.7	194.1	162.5
Total net paid losses and LAE during the period	114.9	95.2	226.2	185.6
Ending unpaid losses and LAE, net of reinsurance	1,491.0	1,510.4	1,491.0	1,510.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	436.2	462.4	436.2	462.4
Unpaid losses and LAE at end of period	1,927.2	1,972.8	1,927.2	1,972.8
Impact of the LPT Agreement	2.0	2.1	4.0	4.2
Involuntary Assigned Risk Business [Member]
Losses and LAE, net of reinsurance, incurred during the period related to:
Prior periods	(0.3)	0.4	(0.1)	0.4
Voluntary Risk Business [Member]
Losses and LAE, net of reinsurance, incurred during the period related to:
Prior periods	$ 20.0	$ 9.6	$ 20.0	$ 9.6

Segment Reporting Geographic Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue, Major Customer [Line Items]
Segment Reporting, Disclosure of Major Customers	10
CALIFORNIA
Revenue, Major Customer [Line Items]
Premiums In Force	$ 291.0	$ 279.7	$ 266.5	$ 258.4
Policies In force	43,133	42,876	42,337	40,704
FLORIDA
Revenue, Major Customer [Line Items]
Premiums In Force	$ 53.0	$ 49.4	$ 43.1	$ 41.1
Policies In force	9,790	9,417	8,582	7,989
NEW YORK
Revenue, Major Customer [Line Items]
Premiums In Force	$ 30.6	$ 27.3	$ 26.3	$ 24.5
Policies In force	7,552	7,497	7,555	7,307
AllOtherStates [Member]
Revenue, Major Customer [Line Items]
Premiums In Force	$ 278.8	$ 266.1	$ 254.9	$ 247.4
Policies In force	64,373	58,710	58,782	55,350
UNITED STATES
Revenue, Major Customer [Line Items]
Premiums In Force	$ 653.4	$ 622.5	$ 590.8	$ 571.4
Policies In force	124,848	118,500	117,256	111,350
Final audit policies in-force	0	0	0	0
Final audit premium	$ 44.6	$ 42.5	$ 44.9	$ 42.8
Total in-force policies, includingfinal audit	124,848	118,500	117,256	111,350
Total in-force, including final audit premium	$ 698.0	$ 665.0	$ 635.7	$ 614.2

Basis of Presentation (Details)	6 Months Ended
Basis of Presentation (Details)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	2
Reinsurance Quota Share, Percentage	100.00%

Consolidated Statements of Stockholders Equity (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Change in net unrealized (losses) gains on investments, net of tax	$ 4.1	$ 17.8	$ (2.3)	$ 41.2

- Definition

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

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+ Details

Property and Equipment Property and Equipment (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Property and Equipment [Line Items]
Property and equipment, gross	$ 56.7	$ 47.2	$ 47.2
Accumulated depreciation, depletion and amortization, property and equipment	(44.7)	(40.0)	(40.0)
Property and equipment, net	12.0	7.2	7.2
Utilities operating expense, depreciation and amortization	5.3	1.6	2.7
Payments to develop software	1.2	0.4	0.7
Cloud computing arrangements	42.9	36.7	36.7
Amortization of cloud computing arrangements	16.4	4.1	8.4	$ 7.9
Furniture and equipment
Property and Equipment [Line Items]
Property and equipment, gross	3.3	1.8	1.8
Leasehold improvements
Property and Equipment [Line Items]
Property and equipment, gross	5.0	0.6	0.6
Computer and software
Property and Equipment [Line Items]
Property and equipment, gross	47.6	44.1	44.1
Automobiles
Property and Equipment [Line Items]
Property and equipment, gross	$ 0.8	$ 0.7	$ 0.7

Investments Other Invested Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Invest Assets [Abstract]
Other invested assets at NAV	$ 83.4	$ 59.7
Investment Owned, at Cost	75.0	54.4
Total other invested assets	$ 83.4	$ 59.7

- Definition

Cost of the investment.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Jun. 30, 2022

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

Stock-options exercised

23,500

41,665

Restricted Stock Units (RSUs) [Member]

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

Share-based compensation award, shares issued

18,664

Fair value of awards awarded on grant date

^[1]

$ 0.7

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[1]

$ 35.32

Restricted Stock Units (RSUs) [Member] | Management

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

Share-based compensation award, shares issued

^[2]

12,732

Fair value of awards awarded on grant date

^[2]

$ 0.6

Number of outstanding options or share units

290,756

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[2]

$ 44.27

Restricted Stock Units (RSUs) [Member] | Officer [Member]

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

Share-based compensation award, shares issued

^[2]

2,260

64,520

Fair value of awards awarded on grant date

^[2]

$ 0.1

^[1]

$ 2.7

$ 0.1

^[1]

Vesting rights for RSUs awarded

vest 25% on March 15, 2024 and May 15, 2024, as applicable, and each of the subsequent three anniversaries of those dates

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[2]

$ 37.83

$ 41.14

Performance Shares [Member] | Officer [Member]

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

Share-based compensation award, shares issued

^[3]

1,220

81,800

Fair value of awards awarded on grant date

^[3]

$ 0.0

$ 3.4

$ 0.0

Performance share awards performance period

three years

Performance share awards, minimum payout

0.00%

Performance share awards, maximum payout

250.00%

Number of outstanding options or share units

222,755

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[3]

$ 37.83

$ 41.14

[1]	The 18,664 RSUs awarded on this date were awarded to non-employee directors of the Company and vest in full on May 25, 2024.
[2]	All of the RSUs awarded in March 2023 and 2,260 of the RSUs awarded in May 2023, were awarded to certain employees of the Company and vest 25% on March 15, 2024 and May 15, 2024, as applicable, and each of the subsequent three anniversaries of those dates.
[3]	The PSUs awarded in March 2023 and May 2023 were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 250% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level.

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Changes in the liability for unpaid losses and LAE table

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Unpaid losses and LAE at beginning of period	$	1,953.7	$	1,981.9	$	1,960.7	$	1,981.2
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	440.3		471.7		445.4		476.9
Net unpaid losses and LAE at beginning of period	1,513.4		1,510.2		1,515.3		1,504.3
Losses and LAE, net of reinsurance, incurred during the period related to:
Current period	112.2		105.4		221.8		201.7
Prior periods	(19.7)		(10.0)		(19.9)		(10.0)
Total net losses and LAE incurred during the period	92.5		95.4		201.9		191.7
Paid losses and LAE, net of reinsurance, related to:
Current period	26.5		18.5		32.1		23.1
Prior periods	88.4		76.7		194.1		162.5
Total net paid losses and LAE during the period	114.9		95.2		226.2		185.6
Ending unpaid losses and LAE, net of reinsurance	1,491.0		1,510.4		1,491.0		1,510.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	436.2		462.4		436.2		462.4
Unpaid losses and LAE at end of period	$	1,927.2	$	1,972.8	$	1,927.2	$	1,972.8

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Stock-Based Compensation [Abstract]

Share-based compensation arrangements by share-based payment award table

The Company awarded restricted stock units (RSUs) and performance share units (PSUs) to certain employees and non-employee Directors of the Company as follows:


	Number Awarded	Weighted Average Fair Value on Date of Grant		Aggregate Fair Value on Date of Grant
				(in millions)
March 2023
RSUs(1)	12,732	$	44.27	0.6
RSUs(1)	64,520	41.14		2.7
PSUs(2)	81,800	41.14		3.4

May 2023
RSUs(1)	2,260	$	37.83	$	0.1
PSUs(2)	1,220	37.83		—
RSUs(3)	18,664	35.32		0.7

(1)All of the RSUs awarded in March 2023 and 2,260 of the RSUs awarded in May 2023, were awarded to certain employees of the Company and vest 25% on March 15, 2024 and May 15, 2024, as applicable, and each of the subsequent three anniversaries of those dates.

(2)The PSUs awarded in March 2023 and May 2023 were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 250% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level.

(3)The 18,664 RSUs awarded on this date were awarded to non-employee directors of the Company and vest in full on May 25, 2024.

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income, Net	Treasury Stock, Common
Stockholders' equity, shares at Dec. 31, 2021		57,690,254
Stockholders' equity, value at Dec. 31, 2021	$ 1,213.1	$ 0.6	$ 410.7	$ 1,338.5	$ 60.6	$ (597.3)
Stock-based obligations, shares		0
Stock-based obligations, value	$ 2.3	$ 0.0	2.3	0.0	0.0	0.0
Stock-options exercised, shares	41,665	41,665
Stock-options exercised, value	$ 1.1	$ 0.0	1.1	0.0	0.0	0.0
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares		139,598
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value	(2.3)	$ 0.0	(2.3)	0.0	0.0	0.0
Acquisition of common stock, shares		0
Acquisition of common stock, value	(21.3)	$ 0.0	0.0		0.0	(21.3)
Dividends declared, shares		0
Dividends declared, value	(42.3)	$ 0.0	0.0	(42.3)	0.0	0.0
Net income	(17.8)	0.0	0.0	(17.8)	0.0	0.0
Change in net unrealized gains in investments, net of tax	(155.3)	$ 0.0	0.0	0.0	(155.3)	0.0
Stockholders' equity, shares at Jun. 30, 2022		57,871,517
Stockholders' equity, value at Jun. 30, 2022	977.5	$ 0.6	411.8	1,278.4	(94.7)	(618.6)
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax	41.2
Stockholders' equity, shares at Mar. 31, 2022		57,861,455
Stockholders' equity, value at Mar. 31, 2022	1,109.3	$ 0.6	411.1	1,329.2	(27.6)	(604.0)
Stock-based obligations, shares		0
Stock-based obligations, value	0.7	$ 0.0	0.7	0.0	0.0	0.0
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares		10,062
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value	0.0	$ 0.0	0.0	0.0	0.0	0.0
Acquisition of common stock, shares		0
Acquisition of common stock, value	(14.6)	$ 0.0	0.0		0.0	(14.6)
Dividends declared, shares		0
Dividends declared, value	(35.2)	$ 0.0	0.0	(35.2)	0.0	0.0
Net income	(15.6)	0.0	0.0	(15.6)	0.0	0.0
Change in net unrealized gains in investments, net of tax	(67.1)	$ 0.0	0.0	0.0	(67.1)	0.0
Stockholders' equity, shares at Jun. 30, 2022		57,871,517
Stockholders' equity, value at Jun. 30, 2022	977.5	$ 0.6	411.8	1,278.4	(94.7)	(618.6)
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax	$ 17.8
Stockholders' equity, shares at Dec. 31, 2022	57,876,287	57,876,287
Stockholders' equity, value at Dec. 31, 2022	$ 944.2	$ 0.6	414.6	1,295.6	(138.9)	(627.7)
Stock-based obligations, shares		0
Stock-based obligations, value	$ 3.2	$ 0.0	3.2	0.0	0.0	0.0
Stock-options exercised, shares	23,500	23,500
Stock-options exercised, value	$ 0.7	$ 0.0	0.7	0.0	0.0	0.0
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares		97,698
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value	(1.4)	$ 0.0	(1.4)	0.0	0.0	0.0
Acquisition of common stock, shares		0
Acquisition of common stock, value	(47.2)	$ 0.0	0.0	0.0	0.0	(47.2)
Dividends declared, shares		0
Dividends declared, value	(14.7)	$ 0.0	0.0	(14.7)	0.0	0.0
Net income	58.5	0.0	0.0	58.5	0.0	0.0
Change in net unrealized gains in investments, net of tax	$ 8.4	$ 0.0	0.0	0.0	8.4	0.0
Stockholders' equity, shares at Jun. 30, 2023	57,997,485	57,997,485
Stockholders' equity, value at Jun. 30, 2023	$ 951.7	$ 0.6	417.1	1,339.4	(130.5)	(674.9)
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax	(2.3)
Stockholders' equity, shares at Mar. 31, 2023		57,985,389
Stockholders' equity, value at Mar. 31, 2023	974.1	$ 0.6	415.6	1,312.1	(115.1)	(639.1)
Stock-based obligations, shares		0
Stock-based obligations, value	1.5	$ 0.0	1.5	0.0	0.0	0.0
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, shares		12,096
Vesting of RSUs and PSUs, net of shares withheld to satisfy minimum tax withholding, value	0.0	$ 0.0	0.0	0.0	0.0	0.0
Acquisition of common stock, shares		0
Acquisition of common stock, value	(35.8)	$ 0.0	0.0	0.0	0.0	(35.8)
Dividends declared, shares		0
Dividends declared, value	(7.6)	$ 0.0	0.0	(7.6)	0.0	0.0
Net income	34.9	0.0	0.0	34.9	0.0	0.0
Change in net unrealized gains in investments, net of tax	$ (15.4)	$ 0.0	0.0	0.0	(15.4)	0.0
Stockholders' equity, shares at Jun. 30, 2023	57,997,485	57,997,485
Stockholders' equity, value at Jun. 30, 2023	$ 951.7	$ 0.6	$ 417.1	$ 1,339.4	$ (130.5)	$ (674.9)
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax	$ 4.1

Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s available-for-sale (AFS) investments were as follows:


	Amortized Cost		Allowance for Current Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)
At June 30, 2023
Fixed maturity securities
U.S. Treasuries	$	93.3	$	—	$	—	$	(4.5)	$	88.8
U.S. Agencies	2.2		—		—		(0.1)		2.1
States and municipalities	325.5		—		0.4		(8.4)		317.5
Corporate securities	1,019.3		(3.8)		2.1		(91.1)		926.5
Residential mortgage-backed securities	392.6		—		0.2		(42.5)		350.3
Commercial mortgage-backed securities	61.0		—		—		(7.2)		53.8
Asset-backed securities	102.6		—		0.1		(6.4)		96.3
Collateralized loan obligations	210.9		—		—		(4.6)		206.3
Foreign government securities	12.7		—		—		(2.6)		10.1
Other securities(1)	111.3		(0.5)		0.6		(1.2)		110.2
Total fixed maturity securities	$	2,331.4	$	(4.3)	$	3.4	$	(168.6)	$	2,161.9
Short-term investments	16.3		—		—		—		16.3
Total AFS investments	$	2,347.7	$	(4.3)	$	3.4	$	(168.6)	$	2,178.2


At December 31, 2022
Fixed maturity securities
U.S. Treasuries	$	95.1	$	—	$	0.1	$	(4.4)	$	90.8
U.S. Agencies	2.2		—		—		(0.1)		2.1
States and municipalities	326.7		—		0.8		(9.9)		317.6
Corporate securities	963.4		(2.8)		2.0		(94.5)		868.1
Residential mortgage-backed securities	403.5		—		0.3		(43.6)		360.2
Commercial mortgage-backed securities	61.5		—		—		(6.4)		55.1
Asset-backed securities	74.0		—		0.1		(8.0)		66.1
Collateralized loan obligations	268.1		—		—		(7.2)		260.9
Foreign government securities	13.0		—		—		(2.8)		10.2
Other securities(1)	159.2		(1.7)		0.6		(2.9)		155.2
Total fixed maturity securities	$	2,366.7	$	(4.5)	$	3.9	$	(179.8)	$	2,186.3
Short-term investments	119.1		—		—		—		119.1
Total AFS investments	$	2,485.8	$	(4.5)	$	3.9	$	(179.8)	$	2,305.4

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

The cost and estimated fair value of the Company’s equity securities recorded at fair value at June 30, 2023 and December 31, 2022 were as follows:


	Cost		Estimated Fair Value
	(in millions)
At June 30, 2023
Equity securities at fair value
Industrial and miscellaneous	$	104.0	$	171.7
Other	27.7		32.5
Total equity securities at fair value	$	131.7	$	204.2




At December 31, 2022
Equity securities at fair value
Industrial and miscellaneous	$	115.3	$	165.3
Other	28.9		31.7
Total equity securities at fair value	$	144.2	$	197.0

The Company had Other invested assets totaling $83.4 million and $59.7 million (initial cost of $75.0 million and $54.4 million) at June 30, 2023 and December 31, 2022, respectively, consisting of private equity limited partnerships, which are carried at NAV based on information provided by the general partner. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Changes in the value of these investments are recorded through Net realized and unrealized gains and losses on the Company’s Consolidated Statements of Comprehensive Income (Loss).

The amortized cost and estimated fair value of the Company’s fixed maturity securities at June 30, 2023, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
	(in millions)
Due in one year or less	$	104.9	$	103.6
Due after one year through five years	787.6		754.0
Due after five years through ten years	591.9		531.2
Due after ten years	75.6		66.4
Mortgage and asset-backed securities	767.1		706.7
Total	$	2,327.1	$	2,161.9

The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater in each case as of June 30, 2023 and December 31, 2022.


	June 30, 2023					December 31, 2022
	Estimated Fair Value		Gross Unrealized Losses		Number of Issues	Estimated Fair Value		Gross Unrealized Losses		Number of Issues
	(dollars in millions)
Less than 12 months:
Fixed maturity securities
U.S. Treasuries	$	47.3	$	(1.0)	9	$	76.8	$	(3.5)	13
U.S. Agencies	2.1		(0.1)		1	2.1		(0.1)		1
States and municipalities	217.9		(3.7)		63	193.4		(9.0)		68
Corporate securities	246.2		(8.4)		84	763.3		(76.4)		335
Residential mortgage-backed securities	128.2		(5.5)		73	236.8		(17.9)		186
Commercial mortgage-backed securities	—		—		—	52.5		(5.7)		22
Asset-backed securities	41.4		(0.5)		17	27.6		(2.6)		22
Collateralized loan obligations	31.4		(0.3)		6	209.9		(5.5)		37

Other securities	14.1		(0.2)		68	81.6		(1.8)		224
Total fixed maturity securities	728.6		(19.7)		321	1,644.0		(122.5)		908

Total less than 12 months	$	728.6	$	(19.7)	321	$	1,644.0	$	(122.5)	908

12 months or greater:
Fixed maturity securities
U.S. Treasuries	$	38.8	$	(3.5)	10	$	11.2	$	(0.9)	4
States and municipalities	46.5		(4.7)		23	5.4		(0.9)		3
Corporate securities	639.1		(82.7)		328	84.6		(18.1)		84
Residential mortgage-backed securities	208.6		(37.0)		179	106.6		(25.7)		65
Commercial mortgage-backed securities	53.7		(7.2)		25	2.6		(0.7)		3
Asset-backed securities	48.5		(5.9)		31	27.7		(5.4)		11
Collateralized loan obligations	175.0		(4.3)		34	36.9		(1.7)		11
Foreign government securities	10.1		(2.6)		2	10.2		(2.8)		3
Other securities	34.5		(1.0)		139	38.4		(1.1)		119
Total fixed maturity securities	1,254.8		(148.9)		771	323.6		(57.3)		303
Total 12 months or greater	$	1,254.8	$	(148.9)	771	$	323.6	$	(57.3)	303

As of June 30, 2023 and December 31, 2022, the Company had an allowance for current expected credit losses (CECL) on AFS debt securities of $4.3 million and $4.5 million, respectively (See Note 5). Those fixed maturity securities whose total fair value was less than amortized cost at each of June 30, 2023 and December 31, 2022, were those in which the Company had no intent, need or requirement to sell at an amount less than their amortized cost.

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

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


	Gross Realized Gains		Gross Realized Losses		Net Decrease (Increase) in CECL Allowance		Change in Net Unrealized Gains (Losses)		Changes in Fair Value Reflected in Earnings		Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Three Months Ended June 30, 2023
Fixed maturity securities	0.3		$	(2.0)	$	1.6	$	(19.4)	$	(0.1)	$	(19.4)
Equity securities	—		(2.1)		—		11.8		9.7		—
Other invested assets	—		—		—		1.7		1.7		—

Total investments	$	0.3	$	(4.1)	$	1.6	$	(5.9)	$	11.3	$	(19.4)

Six Months Ended June 30, 2023
Fixed maturity securities	$	0.7	$	(2.6)	$	0.2	$	10.7	$	(1.7)	$	10.7
Equity securities	0.1		(3.4)		—		19.6		16.3		—
Other invested assets	—		—		—		3.1		3.1		—

Total investments	$	0.8	$	(6.0)	$	0.2	$	33.4	$	17.7	$	10.7


Three Months Ended June 30, 2022
Fixed maturity securities	$	0.5	$	(0.8)	$	(7.8)	$	(84.9)	$	(8.1)	$	(84.9)
Equity securities	1.0		(6.9)		—		(38.0)		(43.9)		—
Other invested assets	—		—		—		1.9		1.9		—

Total investments	$	1.5	$	(7.7)	$	(7.8)	$	(121.0)	$	(50.1)	$	(84.9)

Six Months Ended June 30, 2022
Fixed maturity securities	$	2.4	$	(1.0)	$	(9.8)	$	(196.5)	$	(8.4)	$	(196.5)
Equity securities	21.7		(8.9)		—		(73.8)		(61.0)		—
Other invested assets	—		—		—		2.0		2.0		—

Total investments	$	24.1	$	(9.9)	$	(9.8)	$	(268.3)	$	(67.4)	$	(196.5)

Proceeds from the sales of fixed maturity securities were $80.7 million and $125.5 million for the three and six months ended June 30, 2023, respectively, compared to $108.0 million and $200.1 million for the three and six months ended June 30, 2022, respectively.

Net investment income was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Fixed maturity securities	$	23.4	$	17.9	$	47.1	$	36.6
Equity securities	1.8		2.9		3.6		4.5
Other invested assets	0.9		0.5		1.8		0.9
Short-term investments	0.5		—		1.7		—
Cash equivalents and restricted cash	0.9		0.1		1.8		0.1
Gross investment income	27.5		21.4		56.0		42.1
Investment expenses	(0.7)		(1.4)		(1.6)		(3.0)
Net investment income	$	26.8	$	20.0	$	54.4	$	39.1

The Company is required by various state laws and regulations to support, through securities on deposit or otherwise, its outstanding loss reserves in certain states in which it does business. These laws and regulations govern not only the amount but also the types of securities that are eligible for deposit. As of June 30, 2023 and December 31, 2022, securities having a fair

value of $762.6 million and $745.9 million, respectively, were on deposit. Additionally, standby letters of credit from the FHLB were in place in lieu of $70.0 million of securities on deposit as of June 30, 2023 and December 31, 2022 (See Note 10). Certain reinsurance contracts require the Company’s funds to be held in trust for the benefit of the ceding reinsurer to secure the outstanding liabilities assumed by the Company. The fair value of fixed maturity securities and restricted cash and cash equivalents held in trust for the benefit of ceding reinsurers at both June 30, 2023 and December 31, 2022 was $2.7 million.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment [Table Text Block]

Property and equipment consists of the following:


	As of June 30,		As of December 31,
	2023		2022
	(in millions)

Furniture and equipment	$	1.8	$	3.3
Leasehold improvements	0.6		5.0
Computers and software	44.1		47.6
Automobiles	0.7		0.8
Property and equipment, gross	47.2		56.7
Accumulated depreciation	(40.0)		(44.7)
Property and equipment, net	$	7.2	$	12.0

Lease, Cost [Table Text Block]

Components of lease expense were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Operating lease expense	$	0.5	$	0.8	$	1.1	$	1.7



Finance lease expense	—		—		0.1		—
Total lease expense	$	0.5	$	0.8	$	1.2	$	1.7

Lessee, Operating and Finance Lease Liability Maturity [Table Text Block]

Maturities of lease liabilities were as follows:


	As of June 30, 2023
	Operating Leases		Finance Leases
	(in millions)
2023	$	0.7	$	0.1
2024	1.5		0.1
2025	1.3		0.1
2026	0.9		—
2027	0.9		—
Thereafter	0.2		—
Total lease payments	5.5		0.3
Less: imputed interest	(0.1)		—
Total	$	5.4	$	0.3

Supplemental Balance Sheet Information related to Leases [Table Text Block]

Supplemental balance sheet information related to leases was as follows:


	As of June 30,		As of December 31,
	2023		2022
	(in millions)
Operating leases:
Operating lease right-of-use asset	$	4.6	$	11.5
Operating lease liability	5.4		13.6
Finance leases:
Property and equipment, gross	0.7		0.8
Accumulated depreciation	(0.4)		(0.4)
Property and equipment, net	0.3		0.4
Other liabilities	$	0.3	$	0.4

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases was as follows:


	Six Months Ended
	June 30,
	2023		2022
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	1.1	$	1.7

Financing cash flows used for finance leases	0.1		—

Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Net Investment Income (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 27.5	$ 21.4	$ 56.0	$ 42.1
Investment expenses	0.7	1.4	1.6	3.0
Net investment income	26.8	20.0	54.4	39.1
Debt Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	23.4	17.9	47.1	36.6
Equity Securities [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	1.8	2.9	3.6	4.5
Other Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	0.9	0.5	1.8	0.9
Short-term Investments [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	0.5	0.0	1.7	0.0
Cash and Cash Equivalents [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 0.9	$ 0.1	$ 1.8	$ 0.1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Income tax expense (benefit)	$ 8.9	$ (5.8)	$ 14.3	$ (6.0)
Effective tax rate	20.30%	27.10%	19.60%	25.20%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Taxes [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and six months ended June 30, 2023 was 20.3% and 19.6%, respectively, and the Company’s effective tax rate for the three and six months ended June 30, 2022 was 27.1% and 25.2%, respectively. The effective rates during each of the periods presented included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, and deferred gain amortization.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment Leases, Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases, Supplement Balance Sheet Information [Abstract]
Operating cash flows from operating leases	$ 1.1	$ 1.7
Financing cash flows from finance leases	$ 0.1	$ 0.0

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Reporting

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

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

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

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

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

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


	Employers		Cerity		Corporate and Other		Total
	(in millions)
Three Months Ended June 30, 2023
Gross premiums written	$	196.1	$	2.3	$	—	$	198.4
Net premiums written	194.3		2.3		—		196.6

Net premiums earned	175.5		1.6		—		177.1
Net investment income	24.1		1.7		1.0		26.8
Net realized and unrealized gains on investments	11.3		—		—		11.3


Total revenues	210.9		3.3		1.0		215.2

Losses and loss adjustment expenses	91.5		1.0		(2.0)		90.5
Commission expense	23.6		—		—		23.6
Underwriting and general and administrative expenses	38.0		4.0		4.0		46.0
Interest and financing expenses	1.8		—		0.1		1.9
Other expenses	9.4		—		—		9.4
Total expenses	164.3		5.0		2.1		171.4

Net income (loss) before income taxes	$	46.6	$	(1.7)	$	(1.1)	$	43.8


Three Months Ended June 30, 2022
Gross premiums written	$	178.5	$	0.9	$	—	$	179.4
Net premiums written	177.2		0.9		—		178.1

Net premiums earned	164.6		0.6		—		165.2
Net investment income	18.7		0.8		0.5		20.0
Net realized and unrealized losses on investments	(42.8)		(0.9)		(6.4)		(50.1)

Other income	0.2		—		—		0.2
Total revenues	140.7		0.5		(5.9)		135.3

Losses and loss adjustment expenses	95.1		0.3		(2.1)		93.3
Commission expense	23.7		—		—		23.7
Underwriting and general and administrative expenses	33.3		3.3		2.8		39.4
Interest and financing expenses	0.2		—		0.1		0.3

Total expenses	152.3		3.6		0.8		156.7

Net loss before income taxes	$	(11.6)	$	(3.1)	$	(6.7)	$	(21.4)


	Employers		Cerity		Corporate and Other		Total
	(in millions)
Six Months Ended June 30, 2023
Gross premiums written	$	390.3	$	3.0	$	—	$	393.3
Net premiums written	386.7		3.0		—		389.7

Net premiums earned	346.8		3.0		—		349.8
Net investment income	48.9		3.4		2.1		54.4
Net realized and unrealized gains on investments	16.9		0.2		0.6		17.7

Other (loss) income	(0.2)		—		—		(0.2)
Total revenues	412.4		6.6		2.7		421.7

Losses and loss adjustment expenses	200.0		1.9		(4.0)		197.9
Commission expense	47.0		0.1		—		47.1
Underwriting and general and administrative expenses	75.3		8.5		6.5		90.3
Interest and financing expenses	4.0		—		0.2		4.2
Other expenses	9.4		—		—		9.4
Total expenses	335.7		10.5		2.7		348.9

Net income (loss) before income taxes	$	76.7	$	(3.9)	$	—	$	72.8


Six Months Ended June 30, 2022
Gross premiums written	$	349.7	$	2.1	$	—	$	351.8
Net premiums written	346.4		2.1		—		348.5

Net premiums earned	314.2		1.2		—		315.4
Net investment income	36.3		1.6		1.2		39.1
Net realized and unrealized losses on investments	(58.4)		(1.3)		(7.7)		(67.4)

Other income	0.2		—		—		0.2
Total revenues	292.3		1.5		(6.5)		287.3

Losses and loss adjustment expenses	191.0		0.7		(4.2)		187.5
Commission expense	44.6		—		—		44.6
Underwriting and general and administrative expenses	66.1		6.5		6.0		78.6
Interest and financing expenses	0.2		—		0.2		0.4

Total expenses	301.9		7.2		2.0		311.1

Net loss before income taxes	$	(9.6)	$	(5.7)	$	(8.5)	$	(23.8)

Entity-Wide Disclosures

The Company operates solely within the U.S. and does not have revenue from transactions with a single policyholder accounting for 10% or more of its revenues.

In-force premiums represent the estimated annual premium on all policies that are active and in-force on such date. More specifically, in-force premiums include policy endorsements but exclude estimated final audit premiums. When adjusting for estimated final audit premium, our total in-force premiums were $698.0 million, $665.0 million, $635.7 million, and $614.2 million as of June 30, 2023, December 31, 2022, June 30, 2022, and December 31, 2021, respectively. The Company's management focuses on in-force premium because it represents premium that is available for renewal in the future. The

following table shows our in-force premiums, in-force premiums including estimated final audit premium, and number of policies in-force for each of our largest states and all other states combined for the periods presented:


	June 30, 2023			December 31, 2022			June 30, 2022			December 31, 2021
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	291.0	43,133	$	279.7	42,876	$	266.5	42,337	$	258.4	40,704
Florida	53.0		9,790	49.4		9,417	43.1		8,582	41.1		7,989
New York	30.6		7,552	27.3		7,497	26.3		7,555	24.5		7,307


Other (43 states and D.C.)	278.8		64,373	266.1		58,710	254.9		58,782	247.4		55,350
Total in-force	$	653.4	124,848	$	622.5	118,500	$	590.8	117,256	$	571.4	111,350
Estimated audit premium	44.6		—	42.5		—	44.9		—	42.8		—
Total in-force, including estimated audit premium	$	698.0	124,848	$	665.0	118,500	$	635.7	117,256	$	614.2	111,350

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Segment Reporting Segment Net Income Before Taxes (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments			2
Premiums Written, Gross	$ 198.4	$ 179.4	$ 393.3	$ 351.8
Premiums Written, Net	196.6	178.1	389.7	348.5
Net premiums earned	177.1	165.2	349.8	315.4
Net investment income	26.8	20.0	54.4	39.1
Net realized and unrealized (losses) gains on investments	11.3	(50.1)	17.7	(67.4)
Other income (loss)	0.0	0.2	(0.2)	0.2
Revenues	(215.2)	(135.3)	(421.7)	(287.3)
Losses and loss adjustment expenses	90.5	93.3	197.9	187.5
Commission expense	23.6	23.7	47.1	44.6
Underwriting and general and administrative expenses	46.0	39.4	90.3	78.6
Interest and financing expenses	1.9	0.3	4.2	0.4
Other Expenses	9.4	0.0	9.4	0.0
Operating Expenses	171.4	156.7	348.9	311.1
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	43.8	(21.4)	72.8	(23.8)
Employers Segment [Member]
Segment Reporting Information [Line Items]
Premiums Written, Gross	196.1	178.5	390.3	349.7
Premiums Written, Net	194.3	177.2	386.7	346.4
Net premiums earned	175.5	164.6	346.8	314.2
Net investment income	24.1	18.7	48.9	36.3
Net realized and unrealized (losses) gains on investments	11.3	(42.8)	16.9	(58.4)
Other income (loss)		0.2	(0.2)	0.2
Revenues	(210.9)	(140.7)	(412.4)	(292.3)
Losses and loss adjustment expenses	91.5	95.1	200.0	191.0
Commission expense	23.6	23.7	47.0	44.6
Underwriting and general and administrative expenses	38.0	33.3	75.3	66.1
Interest and financing expenses	1.8	0.2	4.0	0.2
Other Expenses	9.4		9.4
Operating Expenses	164.3	152.3	335.7	301.9
Net (loss) income before income taxes	46.6	(11.6)	76.7	(9.6)
Cerity Segment [Member]
Segment Reporting Information [Line Items]
Premiums Written, Gross	2.3	0.9	3.0	2.1
Premiums Written, Net	2.3	0.9	3.0	2.1
Net premiums earned	1.6	0.6	3.0	1.2
Net investment income	1.7	0.8	3.4	1.6
Net realized and unrealized (losses) gains on investments	0.0	(0.9)	0.2	(1.3)
Other income (loss)		0.0	0.0	0.0
Revenues	(3.3)	(0.5)	(6.6)	(1.5)
Losses and loss adjustment expenses	1.0	0.3	1.9	0.7
Commission expense	0.0	0.0	0.1	0.0
Underwriting and general and administrative expenses	4.0	3.3	8.5	6.5
Interest and financing expenses	0.0	0.0	0.0	0.0
Other Expenses	0.0		0.0
Operating Expenses	5.0	3.6	10.5	7.2
Net (loss) income before income taxes	(1.7)	(3.1)	(3.9)	(5.7)
Corporate Segment
Segment Reporting Information [Line Items]
Premiums Written, Gross	0.0	0.0	0.0	0.0
Premiums Written, Net	0.0	0.0	0.0	0.0
Net premiums earned	0.0	0.0	0.0	0.0
Net investment income	1.0	0.5	2.1	1.2
Net realized and unrealized (losses) gains on investments	0.0	(6.4)	0.6	(7.7)
Other income (loss)		0.0	0.0	0.0
Revenues	(1.0)	(5.9)	(2.7)	6.5
Losses and loss adjustment expenses	(2.0)	(2.1)	(4.0)	(4.2)
Commission expense	0.0	0.0	0.0	0.0
Underwriting and general and administrative expenses	4.0	2.8	6.5	6.0
Interest and financing expenses	0.1	0.1	0.2	0.2
Other Expenses	0.0		0.0
Operating Expenses	2.1	0.8	2.7	2.0
Net (loss) income before income taxes	$ (1.1)	$ (6.7)	$ 0.0	$ (8.5)

Current Expected Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Current Expected Credit Losses [Abstract]
Premium Receivable, Allowance for Credit Loss	$ 15.2	$ 9.7	$ 15.2	$ 9.7	$ 14.0	$ 12.8	$ 10.0	$ 10.3
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease)	3.9	1.9	7.2	4.2
Premium Receivable, Allowance for Credit Loss, Writeoff	(0.5)	0.0	(1.2)	0.0
Premium Receivable, Allowance for Credit Loss, Recovery	(2.2)	(2.2)	(3.6)	(4.8)
Reinsurance recoverables on unpaid losses, allowance	0.9	0.6	0.9	0.6	0.9	0.9	0.6	0.6
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease)	0.0	0.0	0.0	0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss	4.3	10.0	4.3	10.0	$ 5.9	4.5	$ 2.2	$ 0.2
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(0.5)	0.0	(0.7)	0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	0.0	0.0	0.0	(0.1)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	(1.1)	$ 7.8	0.5	$ 9.9
Accrued investment income	$ 18.5		$ 18.5			$ 19.0

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Net premiums earned	$ 177.1	$ 165.2	$ 349.8	$ 315.4
Net investment income	26.8	20.0	54.4	39.1
Net realized and unrealized (losses) gains on investments	11.3	(50.1)	17.7	(67.4)
Other income (loss)	0.0	0.2	(0.2)	0.2
Total revenues	215.2	135.3	421.7	287.3
Expenses
Losses and loss adjustment expenses	90.5	93.3	197.9	187.5
Commission expense	23.6	23.7	47.1	44.6
Underwriting and general and administrative expenses	46.0	39.4	90.3	78.6
Interest and financing expenses	1.9	0.3	4.2	0.4
Other Expenses	9.4	0.0	9.4	0.0
Total expenses	171.4	156.7	348.9	311.1
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	43.8	(21.4)	72.8	(23.8)
Income tax expense (benefit)	8.9	(5.8)	14.3	(6.0)
Net income (loss)	34.9	(15.6)	58.5	(17.8)
Comprehensive income (loss)
Unrealized AFS investment (losses) gains arising during the period, net of tax (expense) benefit of $4.1 and $19.5 for the three months ended June 30, 2023 and 2022, respectively, and $(1.9) and $43.0 for the six months ended June 30, 2023 and 2022, respectively	(15.5)	(73.5)	7.1	(161.9)
Reclassification adjustment for realized AFS investment losses (gains) in net income, net of tax (benefit) of $(1.7) for the three months ended June 30, 2022, and $(0.4) and $(1.8) for the six months ended June 30, 2023 and 2022, respectively	0.1	6.4	1.3	6.6
Other comprehensive (loss) income, net of tax	(15.4)	(67.1)	8.4	(155.3)
Total Comprehensive income (loss)	$ 19.5	$ (82.7)	$ 66.9	$ (173.1)
Earnings (loss) per common share (Note 13):
Basic	$ 1.31	$ (0.56)	$ 2.17	$ (0.65)
Diluted	1.30	(0.56)	2.16	(0.65)
Cash dividends declared per common share and eligible plan awards	$ 0.28	$ 1.26	$ 0.54	$ 1.51

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 58.5	$ (17.8)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	2.7	2.9
Stock-based compensation	3.2	2.3
Amortization of cloud computing arrangements	8.4	7.9
Amortization of premium on investments, net	1.8	1.7
Allowance for expected credit losses	2.4	(0.6)
Deferred income tax expense (benefit)	4.9	(16.5)
Net realized and unrealized (gains) losses on investments	(17.7)	67.4
Asset Impairment Charges	2.6	0.0
Gain (Loss) on Termination of Lease	(1.0)	0.0
Change in operating assets and liabilities:
Premiums receivable	(48.8)	(37.1)
Reinsurance recoverable on paid and unpaid losses	9.2	14.7
Cloud computing arrangements	(2.2)	(0.5)
Operating lease right-of-use assets	6.9	1.3
Current federal income taxes	(11.9)	1.5
Unpaid losses and loss adjustment expenses	(33.5)	(8.4)
Unearned premiums	39.0	34.1
Accounts payable, accrued expenses and other liabilities	(5.6)	1.1
Deferred reinsurance gain—LPT Agreement	(4.0)	(4.2)
Operating lease liabilities	(7.2)	(1.6)
Non-cancellable obligations	(5.7)	(6.2)
Other	(5.5)	(4.1)
Net cash (used in) provided by operating activities	(3.5)	37.9
Investing activities
Purchases of fixed maturity securities	(157.8)	(349.9)
Payments to Acquire Equity Securities, FV-NI	(22.6)	(90.6)
Purchases of short-term investments	(24.5)	(9.6)
Purchases of other invested assets	(20.6)	(7.4)
Proceeds from sale of fixed maturity securities	125.5	200.1
Proceeds from Sale of Equity Securities, FV-NI	32.5	103.0
Proceeds from maturities and redemptions of fixed maturity securities	63.8	95.5
Proceeds from maturities of short-term investments	127.3	16.8
Net change in unsettled investment purchases and sales	(3.6)	(0.7)
Capital expenditures and other	(0.6)	(1.5)
Net cash provided by (used in) investing activities	119.4	(44.3)
Financing activities
Acquisition of common stock	(46.1)	(21.3)
Cash transactions related to stock-based compensation	(0.7)	(1.2)
Dividends paid to stockholders	(15.2)	(42.1)
Proceeds from FHLBank Borrowings, Financing Activities	0.0	126.0
Repayments of FHLBank Advance, Investing Activities	(76.8)	0.0
Proceeds from Lines of Credit	0.0	10.0
Repayments on line of credit advances	0.0	(10.0)
Financing cash flows from finance leases	(0.1)	0.0
Net cash (used in) provided by financing activities	(138.9)	61.4
Net (decrease) increase in cash, cash equivalents and restricted cash	(23.0)	55.0
Cash, cash equivalents, restricted cash and restricted cash equivalents at the beginning of the period	89.4	75.3
Cash, cash equivalents, restricted cash and restricted cash equivalents at the end of the period	66.4	130.3
Cash and cash equivalents	66.2
Restricted cash and cash equivalents	0.2
Total cash, cash equivalents, restricted cash	$ 66.4	$ 130.3

Fair Value of Financial Instruments, Fair Value Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	$ 2,161.9	$ 2,186.3
Equity Securities, FV-NI	204.2	197.0
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	16.3	119.1
Investments	2,471.8	2,568.8
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	204.2	197.0
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	0.0	119.1
Investments	204.2	316.1
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	0.0	0.0
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	16.3	0.0
Investments	2,152.8	2,162.1
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	0.0	0.0
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	0.0	0.0
Investments	25.4	24.2
Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	2,136.5	2,162.1
Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	25.4	24.2
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	88.8	90.8
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	88.8	90.8
US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	2.1	2.1
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	2.1	2.1
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	317.5	317.6
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	317.5	317.6
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	926.5	868.1
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	910.0	851.9
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	16.5	16.2
Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	350.3	360.2
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	350.3	360.2
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	53.8	55.1
Commercial Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Commercial Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	53.8	55.1
Commercial Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	96.3	66.1
Asset-backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Asset-backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	87.4	58.1
Asset-backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	8.9	8.0
Foreign Government Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	10.1	10.2
Foreign Government Debt \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Foreign Government Debt \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	10.1	10.2
Foreign Government Debt \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	206.3	260.9
Collateralized Loan Obligations [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Collateralized Loan Obligations [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	206.3	260.9
Collateralized Loan Obligations [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	110.2	155.2
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	110.2	155.2
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, fair value	0.0	0.0
Industrial and Miscellaneous [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	171.7	165.3
Industrial and Miscellaneous [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	171.7	165.3
Industrial and Miscellaneous [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	0.0	0.0
Industrial and Miscellaneous [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	0.0	0.0
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	32.5	31.7
Other [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	32.5	31.7
Other [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	0.0	0.0
Other [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	$ 0.0	$ 0.0

New Accounting Standards	6 Months Ended
New Accounting Standards	Jun. 30, 2023
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards Recently Issued Accounting Standards None. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848). This update provided optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (LIBOR), with optional expedients and exceptions related to the application of US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. Companies could apply this ASU at any time, but early adoption was only available through December 31, 2022 when it became effective. The Company determined that there was no impact of LIBOR transitioning on its existing contracts and investments.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)(1)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (e)(2)
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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 8
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Section 65
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-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section S99
-Paragraph 6
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Topic 310
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Debt Securities, Available-for-sale

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s available-for-sale (AFS) investments were as follows:


	Amortized Cost		Allowance for Current Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)
At June 30, 2023
Fixed maturity securities
U.S. Treasuries	$	93.3	$	—	$	—	$	(4.5)	$	88.8
U.S. Agencies	2.2		—		—		(0.1)		2.1
States and municipalities	325.5		—		0.4		(8.4)		317.5
Corporate securities	1,019.3		(3.8)		2.1		(91.1)		926.5
Residential mortgage-backed securities	392.6		—		0.2		(42.5)		350.3
Commercial mortgage-backed securities	61.0		—		—		(7.2)		53.8
Asset-backed securities	102.6		—		0.1		(6.4)		96.3
Collateralized loan obligations	210.9		—		—		(4.6)		206.3
Foreign government securities	12.7		—		—		(2.6)		10.1
Other securities(1)	111.3		(0.5)		0.6		(1.2)		110.2
Total fixed maturity securities	$	2,331.4	$	(4.3)	$	3.4	$	(168.6)	$	2,161.9
Short-term investments	16.3		—		—		—		16.3
Total AFS investments	$	2,347.7	$	(4.3)	$	3.4	$	(168.6)	$	2,178.2


At December 31, 2022
Fixed maturity securities
U.S. Treasuries	$	95.1	$	—	$	0.1	$	(4.4)	$	90.8
U.S. Agencies	2.2		—		—		(0.1)		2.1
States and municipalities	326.7		—		0.8		(9.9)		317.6
Corporate securities	963.4		(2.8)		2.0		(94.5)		868.1
Residential mortgage-backed securities	403.5		—		0.3		(43.6)		360.2
Commercial mortgage-backed securities	61.5		—		—		(6.4)		55.1
Asset-backed securities	74.0		—		0.1		(8.0)		66.1
Collateralized loan obligations	268.1		—		—		(7.2)		260.9
Foreign government securities	13.0		—		—		(2.8)		10.2
Other securities(1)	159.2		(1.7)		0.6		(2.9)		155.2
Total fixed maturity securities	$	2,366.7	$	(4.5)	$	3.9	$	(179.8)	$	2,186.3
Short-term investments	119.1		—		—		—		119.1
Total AFS investments	$	2,485.8	$	(4.5)	$	3.9	$	(179.8)	$	2,305.4

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

Equity securities table

The cost and estimated fair value of the Company’s equity securities recorded at fair value at June 30, 2023 and December 31, 2022 were as follows:


	Cost		Estimated Fair Value
	(in millions)
At June 30, 2023
Equity securities at fair value
Industrial and miscellaneous	$	104.0	$	171.7
Other	27.7		32.5
Total equity securities at fair value	$	131.7	$	204.2




At December 31, 2022
Equity securities at fair value
Industrial and miscellaneous	$	115.3	$	165.3
Other	28.9		31.7
Total equity securities at fair value	$	144.2	$	197.0

Other invested assets

Investments classified by contractual maturity date table


	Amortized Cost		Estimated Fair Value
	(in millions)
Due in one year or less	$	104.9	$	103.6
Due after one year through five years	787.6		754.0
Due after five years through ten years	591.9		531.2
Due after ten years	75.6		66.4
Mortgage and asset-backed securities	767.1		706.7
Total	$	2,327.1	$	2,161.9

Unrealized loss on investments table


	June 30, 2023					December 31, 2022
	Estimated Fair Value		Gross Unrealized Losses		Number of Issues	Estimated Fair Value		Gross Unrealized Losses		Number of Issues
	(dollars in millions)
Less than 12 months:
Fixed maturity securities
U.S. Treasuries	$	47.3	$	(1.0)	9	$	76.8	$	(3.5)	13
U.S. Agencies	2.1		(0.1)		1	2.1		(0.1)		1
States and municipalities	217.9		(3.7)		63	193.4		(9.0)		68
Corporate securities	246.2		(8.4)		84	763.3		(76.4)		335
Residential mortgage-backed securities	128.2		(5.5)		73	236.8		(17.9)		186
Commercial mortgage-backed securities	—		—		—	52.5		(5.7)		22
Asset-backed securities	41.4		(0.5)		17	27.6		(2.6)		22
Collateralized loan obligations	31.4		(0.3)		6	209.9		(5.5)		37

Other securities	14.1		(0.2)		68	81.6		(1.8)		224
Total fixed maturity securities	728.6		(19.7)		321	1,644.0		(122.5)		908

Total less than 12 months	$	728.6	$	(19.7)	321	$	1,644.0	$	(122.5)	908

12 months or greater:
Fixed maturity securities
U.S. Treasuries	$	38.8	$	(3.5)	10	$	11.2	$	(0.9)	4
States and municipalities	46.5		(4.7)		23	5.4		(0.9)		3
Corporate securities	639.1		(82.7)		328	84.6		(18.1)		84
Residential mortgage-backed securities	208.6		(37.0)		179	106.6		(25.7)		65
Commercial mortgage-backed securities	53.7		(7.2)		25	2.6		(0.7)		3
Asset-backed securities	48.5		(5.9)		31	27.7		(5.4)		11
Collateralized loan obligations	175.0		(4.3)		34	36.9		(1.7)		11
Foreign government securities	10.1		(2.6)		2	10.2		(2.8)		3
Other securities	34.5		(1.0)		139	38.4		(1.1)		119
Total fixed maturity securities	1,254.8		(148.9)		771	323.6		(57.3)		303
Total 12 months or greater	$	1,254.8	$	(148.9)	771	$	323.6	$	(57.3)	303

Unrealized gain (loss) on investments


	Gross Realized Gains		Gross Realized Losses		Net Decrease (Increase) in CECL Allowance		Change in Net Unrealized Gains (Losses)		Changes in Fair Value Reflected in Earnings		Changes in Fair Value Reflected in AOCI, before tax
	(in millions)
Three Months Ended June 30, 2023
Fixed maturity securities	0.3		$	(2.0)	$	1.6	$	(19.4)	$	(0.1)	$	(19.4)
Equity securities	—		(2.1)		—		11.8		9.7		—
Other invested assets	—		—		—		1.7		1.7		—

Total investments	$	0.3	$	(4.1)	$	1.6	$	(5.9)	$	11.3	$	(19.4)

Six Months Ended June 30, 2023
Fixed maturity securities	$	0.7	$	(2.6)	$	0.2	$	10.7	$	(1.7)	$	10.7
Equity securities	0.1		(3.4)		—		19.6		16.3		—
Other invested assets	—		—		—		3.1		3.1		—

Total investments	$	0.8	$	(6.0)	$	0.2	$	33.4	$	17.7	$	10.7


Three Months Ended June 30, 2022
Fixed maturity securities	$	0.5	$	(0.8)	$	(7.8)	$	(84.9)	$	(8.1)	$	(84.9)
Equity securities	1.0		(6.9)		—		(38.0)		(43.9)		—
Other invested assets	—		—		—		1.9		1.9		—

Total investments	$	1.5	$	(7.7)	$	(7.8)	$	(121.0)	$	(50.1)	$	(84.9)

Six Months Ended June 30, 2022
Fixed maturity securities	$	2.4	$	(1.0)	$	(9.8)	$	(196.5)	$	(8.4)	$	(196.5)
Equity securities	21.7		(8.9)		—		(73.8)		(61.0)		—
Other invested assets	—		—		—		2.0		2.0		—

Total investments	$	24.1	$	(9.9)	$	(9.8)	$	(268.3)	$	(67.4)	$	(196.5)

Investment income table

Net investment income was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Fixed maturity securities	$	23.4	$	17.9	$	47.1	$	36.6
Equity securities	1.8		2.9		3.6		4.5
Other invested assets	0.9		0.5		1.8		0.9
Short-term investments	0.5		—		1.7		—
Cash equivalents and restricted cash	0.9		0.1		1.8		0.1
Gross investment income	27.5		21.4		56.0		42.1
Investment expenses	(0.7)		(1.4)		(1.6)		(3.0)
Net investment income	$	26.8	$	20.0	$	54.4	$	39.1

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Exit and Disposal Cost (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Exit and Disposal Cost (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Business Exit Costs	$ 7.6
Asset Impairment Charges	2.6	$ 2.6	$ 0.0
Other General Expense	0.2
Gain (Loss) on Termination of Lease	$ 1.0	$ 1.0	$ 0.0

LPT Agreement	6 Months Ended
LPT Agreement	Jun. 30, 2023
LPT Agreement [Abstract]
LPT Agreement	LPT Agreement The Company is party to the LPT Agreement under which $1.5 billion in liabilities for losses and LAE related to claims incurred by the Fund prior to July 1, 1995 were reinsured for consideration of $775.0 million. The LPT Agreement provides coverage up to $2.0 billion. The Company records its estimate of contingent profit commission in the accompanying Consolidated Balance Sheets as Contingent commission receivable–LPT Agreement and a corresponding liability is recorded in the accompanying Consolidated Balance Sheets in Deferred reinsurance gain–LPT Agreement. The Deferred Gain is being amortized using the recovery method. Amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries over the life of the LPT Agreement, except for the contingent profit commission, which is amortized through June 30, 2024, the date through which the Company is entitled to receive a contingent profit commission under the LPT Agreement. The amortization is recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income (loss). Any adjustments to the Deferred Gain are recorded in losses and LAE incurred in the accompanying consolidated statements of comprehensive income (loss). The Company amortized $2.0 million and $2.1 million of the Deferred Gain for the three months ended June 30, 2023 and 2022, respectively, and $4.0 million and $4.2 million for the six months ended June 30, 2023 and 2022, respectively. The remaining Deferred Gain was $102.1 million and $106.1 million as of June 30, 2023 and December 31, 2022, respectively. The estimated remaining liabilities subject to the LPT Agreement were $299.0 million and $308.6 million as of June 30, 2023 and December 31, 2022, respectively. Losses and LAE paid with respect to the LPT Agreement totaled $868.5 million and $858.9 million from inception through June 30, 2023 and December 31, 2022, respectively.

Current Expected Credit Losses

6 Months Ended

Jun. 30, 2023

Credit Loss [Abstract]

Credit Losses

Current Expected Credit Losses

Premiums Receivable

Premiums receivable balances are all due within one year or less. The Company currently determines the allowance for premiums receivable based on an internal aging schedule using collectability and historical payment patterns, as well as current and expected future market conditions to determine the appropriateness of the allowance. Historical payment patterns and future market conditions provide the basis for the estimation along with similar risk characteristics and the Company's business strategy, which have not changed significantly over time. Changes in the allowance for CECL are recorded through underwriting and general and administrative expenses.

The table below shows the changes in CECL on premiums receivable.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on premiums receivable	$	14.0	$	10.0	$	12.8	$	10.3
Net change in CECL provision	3.9		1.9		7.2		4.2
Write-offs charged against CECL	(0.5)		—		(1.2)		—
Recoveries collected	(2.2)		(2.2)		(3.6)		(4.8)
Ending balance of CECL on premiums receivable	$	15.2	$	9.7	$	15.2	$	9.7

Reinsurance Recoverable

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

The table below shows the changes in CECL on reinsurance recoverables.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on reinsurance recoverables	$	0.9	$	0.6	$	0.9	$	0.6
Net change in CECL provision	—		—		—		—


Ending balance of CECL on reinsurance recoverables	$	0.9	$	0.6	$	0.9	$	0.6

Investments

The Company assesses all AFS debt securities in an unrealized loss position for CECL. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria is met, the security's amortized cost basis is written down to its fair value. For AFS debt securities that do not meet either criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Any impairment that has not been recorded through an allowance for CECL is recognized in Accumulated other comprehensive loss on the Company's Consolidated Balance Sheets. Changes in CECL are recorded through realized capital losses.

As of June 30, 2023, the Company established an aggregate allowance for CECL in the amount of $4.3 million. For the Company’s investments in fixed-income debt securities, the allowance for CECL was determined by: (i) observing the credit characteristics of those debt securities that may have demonstrated a credit loss as of that date and by comparing the present value of cash flows expected to be collected to its amortized cost basis; and (ii) observing the credit characteristics of those debt securities that are expected to demonstrate a credit loss in the future by comparing the present value of cash flows expected to be collected to its amortized cost basis. The expected present value of cash flows are calculated using scenario based credit loss models derived from the discounted cash flows under the Comprehensive Capital Analysis Review framework, which is adopted by the Federal Reserve.

As of June 30, 2023, the Company did not intend to sell any of its AFS debt securities in which its amortized cost exceeded its fair value.

Accrued interest receivable on AFS debt securities totaled $18.5 million at June 30, 2023 and is excluded from the estimate of CECL based on historically timely payments.

The table below shows the changes in the allowance for CECL on available-for-sale securities.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on AFS securities	$	5.9	$	2.2	$	4.5	$	0.2
Net change in CECL provision	(1.1)		7.8		0.5		9.9
Reductions in allowance from disposals	(0.5)		—		(0.7)		—

Recoveries of amounts previously written off	—		—		—		(0.1)
Ending balance of CECL on AFS securities	$	4.3	$	10.0	$	4.3	$	10.0

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available for sale:
Debt securities, available-for-sale, amortized cost	$ 2,331.4	$ 2,366.7
Debt Securities, Available-for-sale, Allowance for Credit Loss	4.3	4.5
Equity Securities, FV-NI, Cost	131.7	144.2
Other Investments and Securities, at Cost	75.0	54.4
Available for sale, short-term investments, at amortized cost	16.3	119.1
Accounts Receivable, Allowance for Credit Loss, Current	15.2	12.8
Reinsurance recoverables on unpaid losses, allowance	$ 0.9	$ 0.9
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	57,997,485	57,876,287
Common stock, shares outstanding (in shares)	26,078,813	27,160,748
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, at cost (in shares)	31,918,672	30,715,539

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 34.9	$ (15.6)	$ 58.5	$ (17.8)

- Definition

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

+ References

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+ Details

Investments Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Securities and Other [Line Items]
Equity Securities, FV-NI, Cost	$ 131.7	$ 144.2
Equity Securities, FV-NI	204.2	197.0
Industrial and Miscellaneous [Member]
Schedule of Equity Securities and Other [Line Items]
Equity Securities, FV-NI, Cost	104.0	115.3
Equity Securities, FV-NI	171.7	165.3
Other [Member]
Schedule of Equity Securities and Other [Line Items]
Equity Securities, FV-NI, Cost	27.7	28.9
Equity Securities, FV-NI	$ 32.5	$ 31.7

Valuation of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Valuation of Financial Instruments

Financial Instruments Carried at Fair Value

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


	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(in millions)
Financial assets
Total investments at fair value	$	2,382.4	$	2,382.4	$	2,502.4	$	2,502.4
Cash and cash equivalents	66.2		66.2		89.2		89.2
Restricted cash and cash equivalents	0.2		0.2		0.2		0.2

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

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

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

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

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

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

For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speed assumptions. There were no material adjustments to the valuation methodology utilized by third party pricing services as of June 30, 2023 and December 31, 2022.

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

As of June 30, 2023, the Company held $25.4 million of fixed maturity securities at fair value that were designated Level 3. These private placement securities were designated as Level 3 securities due to the limited amount of observable market information available.

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


	June 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities:
U.S. Treasuries	$	—	$	88.8	$	—	$	—	$	90.8	$	—
U.S. Agencies	—		2.1		—		—		2.1		—
States and municipalities	—		317.5		—		—		317.6		—
Corporate securities	—		910.0		16.5		—		851.9		16.2
Residential mortgage-backed securities	—		350.3		—		—		360.2		—
Commercial mortgage-backed securities	—		53.8		—		—		55.1		—
Asset-backed securities	—		87.4		8.9		—		58.1		8.0
Collateralized loan obligations	—		206.3		—		—		260.9		—
Foreign government securities	—		10.1		—		—		10.2		—
Other securities	—		110.2		—		—		155.2		—
Total fixed maturity securities	$	—	$	2,136.5	$	25.4	$	—	$	2,162.1	$	24.2
Equity securities at fair value:
Industrial and miscellaneous	$	171.7	$	—	$	—	$	165.3	$	—	$	—

Other	32.5		—		—		31.7		—		—
Total equity securities at fair value	$	204.2	$	—	$	—	$	197.0	$	—	$	—
Short-term investments	$	—	$	16.3	$	—	$	119.1	$	—	$	—
Total investments at fair value	$	204.2	$	2,152.8	$	25.4	$	316.1	$	2,162.1	$	24.2

Financial Instruments Carried at Cost

All of the Company's insurance subsidiaries are members of the Federal Home Loan Bank of San Francisco (FHLB). Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. The Company’s investment in FHLB stock is recorded at cost, which approximates fair value, as purchases and sales of these securities are at par value with the issuer. FHLB stock is considered a restricted security and is periodically evaluated by the Company for impairment based on the ultimate recovery of par value.

Financial Instruments Carried at Net Asset Value

The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company’s Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have fund terms of 3 to 12 years, subject to two or three one-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 portion thereof. The Company expects these distributions from time-to-time during the full course of the fund term. As of June 30, 2023, the Company had unfunded commitments to these private equity limited partnerships totaling $35.1 million.

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.


	June 30, 2023		December 31, 2022
	(in millions)
Cash equivalents carried at NAV	$	55.0	$	65.5
Other invested assets carried at NAV	83.4		59.7

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the six months ended June 30, 2023.


	Level 3 Securities
	(in millions)
Beginning balance, January 1, 2023	$	24.2
Purchases	1.0
Unrealized gains included in comprehensive income (loss)	0.2
Ending balance, June 30, 2023	$	25.4

- 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

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income, Net

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is comprised of unrealized gains and losses on investments classified as AFS, net of deferred taxes. The following table summarizes the components of accumulated other comprehensive loss:


	June 30, 2023		December 31, 2022
	(in millions)
Net unrealized losses on investments, before taxes	$	(165.2)	$	(175.8)
Deferred tax benefit on net unrealized losses	34.7		36.9
Total accumulated other comprehensive loss	$	(130.5)	$	(138.9)

Valuation of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value of Financial Instruments [Abstract]

Estimated fair value of financial instruments table

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


	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(in millions)
Financial assets
Total investments at fair value	$	2,382.4	$	2,382.4	$	2,502.4	$	2,502.4
Cash and cash equivalents	66.2		66.2		89.2		89.2
Restricted cash and cash equivalents	0.2		0.2		0.2		0.2

Fair value, assets and liabilities measured on recurring basis table

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


	June 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(in millions)
Fixed maturity securities:
U.S. Treasuries	$	—	$	88.8	$	—	$	—	$	90.8	$	—
U.S. Agencies	—		2.1		—		—		2.1		—
States and municipalities	—		317.5		—		—		317.6		—
Corporate securities	—		910.0		16.5		—		851.9		16.2
Residential mortgage-backed securities	—		350.3		—		—		360.2		—
Commercial mortgage-backed securities	—		53.8		—		—		55.1		—
Asset-backed securities	—		87.4		8.9		—		58.1		8.0
Collateralized loan obligations	—		206.3		—		—		260.9		—
Foreign government securities	—		10.1		—		—		10.2		—
Other securities	—		110.2		—		—		155.2		—
Total fixed maturity securities	$	—	$	2,136.5	$	25.4	$	—	$	2,162.1	$	24.2
Equity securities at fair value:
Industrial and miscellaneous	$	171.7	$	—	$	—	$	165.3	$	—	$	—

Other	32.5		—		—		31.7		—		—
Total equity securities at fair value	$	204.2	$	—	$	—	$	197.0	$	—	$	—
Short-term investments	$	—	$	16.3	$	—	$	119.1	$	—	$	—
Total investments at fair value	$	204.2	$	2,152.8	$	25.4	$	316.1	$	2,162.1	$	24.2

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

Financial Instruments Carried at Net Asset Value

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.


	June 30, 2023		December 31, 2022
	(in millions)
Cash equivalents carried at NAV	$	55.0	$	65.5
Other invested assets carried at NAV	83.4		59.7

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs for the six months ended June 30, 2023.


	Level 3 Securities
	(in millions)
Beginning balance, January 1, 2023	$	24.2
Purchases	1.0
Unrealized gains included in comprehensive income (loss)	0.2
Ending balance, June 30, 2023	$	25.4

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) Per Common Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilutive impact of all common stock equivalents on earnings per share. Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested and stock options were to be exercised.

Employees who are awarded RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when and if, the underlying award vests and becomes payable. Therefore, these awards are not considered participating securities for the purposes of determining earnings per share.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions, except share data)
Net income (loss)	$	34.9	$	(15.6)	$	58.5	$	(17.8)
Weighted average number of shares outstanding—basic	26,691,652		27,650,277		26,932,897		27,585,447
Effect of dilutive securities:
PSUs	85,691		96,907		113,469		150,468
Stock options	—		7,569		4,143		15,223
RSUs	25,997		28,168		46,160		37,949
Potential dilutive shares	111,688		132,644		163,772		203,640
Weighted average number of shares outstanding—diluted	26,803,340		27,782,921		27,096,669		27,789,087

Diluted earnings per share excludes outstanding potential dilutive shares in periods where the inclusion of such securities would be anti-dilutive under the treasury stock methodology. During the three and six months ended June 30, 2023, 77,252 and 38,626 potential dilutive shares, respectively, were excluded from the Company's diluted earnings per share computations because they were anti-dilutive.

No outstanding PSUs and RSUs are considered in the Company’s diluted earnings per share computations in any period that involves a net loss because their inclusion would be anti-dilutive.

Fair Value Measures nd Disclosures on recurring basis, unobservable inputs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	$ 1.0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0.2
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 25.4	$ 24.2

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions, except share data)
Net income (loss)	$	34.9	$	(15.6)	$	58.5	$	(17.8)
Weighted average number of shares outstanding—basic	26,691,652		27,650,277		26,932,897		27,585,447
Effect of dilutive securities:
PSUs	85,691		96,907		113,469		150,468
Stock options	—		7,569		4,143		15,223
RSUs	25,997		28,168		46,160		37,949
Potential dilutive shares	111,688		132,644		163,772		203,640
Weighted average number of shares outstanding—diluted	26,803,340		27,782,921		27,096,669		27,789,087

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

No outstanding PSUs and RSUs are considered in the Company’s diluted earnings per share computations in any period that involves a net loss because their inclusion would be anti-dilutive.

Valuation of Financial Instruments Investments at NAV (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments at NAV [Abstract]
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments	1 year
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 35.1
Cash Equivalents Measured at Net Asset Value	55.0	$ 65.5
Other invested assets at NAV	$ 83.4	$ 59.7
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value investments entities that calculate net asset value per share liquidating investment original expected lives increments	1 year
Maximum [Member]
Investments at NAV [Abstract]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	12 years
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	12 years
Minimum [Member]
Investments at NAV [Abstract]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years

Investments, Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less, amortized cost	$ 104.9
Due after one year through five years, amortized cost	787.6
Due after five years through ten years, amortized cost	591.9
Due after ten years, amortized cost	75.6
Mortgage and asset-backed securities, amortized cost	767.1
Total, amortized cost	2,327.1
Estimated Fair Value
Due in one year or less, fair value	103.6
Due after one year through five years, fair value	754.0
Due after five years through ten years, fair value	531.2
Due after ten years, fair value	66.4
Mortgage and asset-backed securities, fair value	706.7
Total, fair value	$ 2,161.9	$ 2,186.3

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2023
Notes Payable [Abstract]
Debt Disclosure [Text Block]	FHLB Advances, Notes Payable and Other Financing Arrangements On December 15, 2020, EHI entered into a Credit Agreement (the Credit Agreement) with a syndicate of financial institutions. The Credit Agreement provides for a $75.0 million three-year revolving credit facility and is guaranteed by EHI's wholly- owned subsidiaries, Employers Group, Inc. and Cerity Group, Inc. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of EHI and its subsidiaries. Pursuant to the Credit Agreement, EHI also has an option to request an increase of the credit available under the facility up to a maximum facility amount of $125.0 million, subject to the consent of lenders and the satisfaction of certain conditions. On February 16, 2023, the Credit Agreement was amended (the Amended Credit Agreement) to: (i) formally replace the Eurodollar interest rate option with an Adjusted Term Secured Overnight Financing Rate (SOFR) option; (ii) amend the definition of "net worth," as referred to within the Amended Credit Agreement; and (iii) amend the minimum consolidated net worth covenant for fiscal quarters ending after September 30, 2022. The interest rates applicable to loans made under the Amended Credit Agreement are based on, at EHI's option, a base rate plus a specified margin, ranging from 0.25% to 1.25%, or the Adjusted Term SOFR rate plus a specified margin, ranging from 1.25% to 2.25%. In addition, EHI will pay a fee on each lender’s unused commitment, ranging from 0.20% to 0.50%. The applicable margin and the amount of such commitment fee vary based upon the financial strength rating of EHI’s insurance subsidiaries as most recently announced by A.M. Best or EHI’s debt to total capitalization ratio if such financial strength rating is not available. Interest paid and/or fees incurred pursuant to the Amended Credit Agreement or Credit Agreement, as applicable, was $0.1 million for each of the three months ended June 30, 2023 and 2022, and $0.2 million for each of the six months ended June 30, 2023 and 2022. The Amended Credit Agreement contains covenants that require EHI and its consolidated subsidiaries to maintain: (i) a minimum consolidated net worth of no less than $900.0 million; and (ii) a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Amended Credit Agreement. Through June 30, 2023, EHI has remained in compliance with all of the covenants associated with this credit facility since its inception. EHI incurred $0.7 million in debt issuance costs in connection with the credit facility, which are being amortized over the three-year life of the facility in Interest and Financing expenses. The annual commitment and administrative fee on the unused portion of the facility is 0.30%, for a maximum of $225,000, and an annual agency fee of $25,000. Advances can be repaid at any time without prepayment penalties or additional fees. EHI had no borrowings outstanding under the Amended Credit Agreement at any time during the six months ended June 30, 2023. Other financing arrangements are comprised of the following: All of the Company's insurance subsidiaries are members of the FHLB. Membership allows the insurance subsidiaries access to collateralized advances, which may be used to support and enhance liquidity management. The amount of advances that may be taken is dependent on statutory admitted assets on a per company basis. During 2022, the Company's insurance subsidiaries, with the exception of CIC, had received aggregate advances of $182.5 million under the FHLB Standard Credit Program, of which $105.7 million remained outstanding at June 30, 2023. The proceeds from these advances were used to purchase an equivalent amount of high-quality collateralized loan obligation securities. As of June 30, 2023, the Company's weighted average annual interest rate on these advances was 5.17%. Interest paid during the three and six months ended June 30, 2023 was $1.8 million and $4.0 million, respectively, and $0.2 million for each of the three and six months ended June 30, 2022. During the three months ended June 30, 2023, the Company's insurance subsidiaries repaid $76.8 million of their advances under the FHLB Standard Credit Program. Advances can be repaid at any time without penalty and are collateralized by eligible investment securities. FHLB membership also allows the Company’s insurance subsidiaries access to standby letters of credit (Letter of Credit Agreements). The Letter of Credit Agreements currently in effect expire on March 31, 2024, and will remain evergreen with automatic one-year extensions unless the FHLB notifies the beneficiary at least 60 days prior to the then applicable expiration date of its election not to renew. The Letter of Credit Agreements may only be used to satisfy, in whole or in part, insurance deposit requirements with the State of California and are fully secured with eligible collateral at all times. The Letter of Credit Agreements are subject to annual maintenance charges and a fee of 15 basis points on issued amounts. As of both June 30, 2023 and December 31, 2022, letters of credit totaling $70.0 million, were issued in lieu of securities on deposit with the State of California under these Letter of Credit Agreements. As of June 30, 2023 and December 31, 2022, investment securities having a fair value of $297.1 million and $321.2 million, respectively, were pledged to the FHLB by the Company’s insurance subsidiaries in support of the collateralized advance facility and the Letter of Credit Agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income [Abstract]
Net unrealized losses on investments, before taxes	$ (165.2)	$ (175.8)
Deferred tax benefit on net unrealized losses	34.7	36.9
Total accumulated other comprehensive loss	$ (130.5)	$ (138.9)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Property and Equipment Leases (Details)	Jun. 30, 2023
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Lessee, Finance Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	5 years
Lessee, operating lease, renewal term	5 years

Investments Investments, Net Realized Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity securities:
Equity Securities, FV-NI, Realized Gain	$ 0.0	$ 1.0	$ 0.1	$ 21.7
Equity Securities, FV-NI, Realized Loss	2.1	6.9	3.4	8.9
AFS, change in unrealized gains (losses)
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI	(19.4)	(84.9)	10.7	(196.5)
AFS, net realized gains (losses)
Net realized and unrealized (losses) gains on investments	11.3	(50.1)	17.7	(67.4)
Total gross realized gains	0.3	1.5	0.8	24.1
Investments, Gross Realized Losses	(4.1)	(7.7)	(6.0)	(9.9)
Total change in net unrealized gains (losses)	(5.9)	(121.0)	33.4	(268.3)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Equity Securities, FV-NI, Unrealized Gain (Loss)	11.8	(38.0)	19.6	(73.8)
Proceeds from sale of fixed maturity securities	80.7	108.0	125.5	200.1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	1.6	(7.8)	0.2	(9.8)
Debt Securities [Member]
AFS, change in unrealized gains (losses)
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI	(19.4)	(84.9)	10.7	(196.5)
AFS, net realized gains (losses)
Net realized and unrealized (losses) gains on investments	(0.1)	(8.1)	(1.7)	(8.4)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	1.6	(7.8)	0.2	(9.8)
Debt Securities, Available-for-sale, Realized Loss	2.0	0.8	2.6	1.0
Debt Securities, Available-for-sale, Realized Gain	0.3	0.5	0.7	2.4
Equity Securities [Member]
AFS, change in unrealized gains (losses)
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI	0.0	0.0	0.0	0.0
AFS, net realized gains (losses)
Net realized and unrealized (losses) gains on investments	9.7	(43.9)	16.3	(61.0)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	0.0	0.0	0.0	0.0
Other Investments [Member]
AFS, change in unrealized gains (losses)
AFS, change unrealized gains (losses) on fixed maturity and equity securities reflected in AOCI	0.0	0.0	0.0	0.0
AFS, net realized gains (losses)
Net realized and unrealized (losses) gains on investments	1.7	1.9	3.1	2.0
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	0.0	0.0	0.0	0.0
Gain on Sale of Investments	0.0	0.0	0.0	0.0
Loss on Sale of Investments	0.0	0.0	0.0	0.0
Unrealized Gain (Loss) on Investments	$ 1.7	$ 1.9	$ 3.1	$ 2.0

Earnings Per Share (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income available to stockholders - basic and diluted	$ 34.9	$ (15.6)	$ 58.5	$ (17.8)
Weighted average number of shares outstanding - basic	26,691,652	27,650,277	26,932,897	27,585,447
Effect of dilutive securities:
Dilutive securities	111,688	132,644	163,772	203,640
Weighted average number of shares outstanding - diluted	26,803,340	27,782,921	27,096,669	27,789,087
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	77,252		38,626
Performance Shares [Member]
Effect of dilutive securities:
Dilutive securities	85,691	96,907	113,469	150,468
Stock Option [Member]
Effect of dilutive securities:
Dilutive securities	0	7,569	4,143	15,223
Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Dilutive securities	25,997	28,168	46,160	37,949

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Net Income before income taxes by segment [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Employers		Cerity		Corporate and Other		Total
	(in millions)
Three Months Ended June 30, 2023
Gross premiums written	$	196.1	$	2.3	$	—	$	198.4
Net premiums written	194.3		2.3		—		196.6

Net premiums earned	175.5		1.6		—		177.1
Net investment income	24.1		1.7		1.0		26.8
Net realized and unrealized gains on investments	11.3		—		—		11.3


Total revenues	210.9		3.3		1.0		215.2

Losses and loss adjustment expenses	91.5		1.0		(2.0)		90.5
Commission expense	23.6		—		—		23.6
Underwriting and general and administrative expenses	38.0		4.0		4.0		46.0
Interest and financing expenses	1.8		—		0.1		1.9
Other expenses	9.4		—		—		9.4
Total expenses	164.3		5.0		2.1		171.4

Net income (loss) before income taxes	$	46.6	$	(1.7)	$	(1.1)	$	43.8


Three Months Ended June 30, 2022
Gross premiums written	$	178.5	$	0.9	$	—	$	179.4
Net premiums written	177.2		0.9		—		178.1

Net premiums earned	164.6		0.6		—		165.2
Net investment income	18.7		0.8		0.5		20.0
Net realized and unrealized losses on investments	(42.8)		(0.9)		(6.4)		(50.1)

Other income	0.2		—		—		0.2
Total revenues	140.7		0.5		(5.9)		135.3

Losses and loss adjustment expenses	95.1		0.3		(2.1)		93.3
Commission expense	23.7		—		—		23.7
Underwriting and general and administrative expenses	33.3		3.3		2.8		39.4
Interest and financing expenses	0.2		—		0.1		0.3

Total expenses	152.3		3.6		0.8		156.7

Net loss before income taxes	$	(11.6)	$	(3.1)	$	(6.7)	$	(21.4)


	Employers		Cerity		Corporate and Other		Total
	(in millions)
Six Months Ended June 30, 2023
Gross premiums written	$	390.3	$	3.0	$	—	$	393.3
Net premiums written	386.7		3.0		—		389.7

Net premiums earned	346.8		3.0		—		349.8
Net investment income	48.9		3.4		2.1		54.4
Net realized and unrealized gains on investments	16.9		0.2		0.6		17.7

Other (loss) income	(0.2)		—		—		(0.2)
Total revenues	412.4		6.6		2.7		421.7

Losses and loss adjustment expenses	200.0		1.9		(4.0)		197.9
Commission expense	47.0		0.1		—		47.1
Underwriting and general and administrative expenses	75.3		8.5		6.5		90.3
Interest and financing expenses	4.0		—		0.2		4.2
Other expenses	9.4		—		—		9.4
Total expenses	335.7		10.5		2.7		348.9

Net income (loss) before income taxes	$	76.7	$	(3.9)	$	—	$	72.8


Six Months Ended June 30, 2022
Gross premiums written	$	349.7	$	2.1	$	—	$	351.8
Net premiums written	346.4		2.1		—		348.5

Net premiums earned	314.2		1.2		—		315.4
Net investment income	36.3		1.6		1.2		39.1
Net realized and unrealized losses on investments	(58.4)		(1.3)		(7.7)		(67.4)

Other income	0.2		—		—		0.2
Total revenues	292.3		1.5		(6.5)		287.3

Losses and loss adjustment expenses	191.0		0.7		(4.2)		187.5
Commission expense	44.6		—		—		44.6
Underwriting and general and administrative expenses	66.1		6.5		6.0		78.6
Interest and financing expenses	0.2		—		0.2		0.4

Total expenses	301.9		7.2		2.0		311.1

Net loss before income taxes	$	(9.6)	$	(5.7)	$	(8.5)	$	(23.8)

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


	June 30, 2023			December 31, 2022			June 30, 2022			December 31, 2021
State	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force	In-force Premiums		Policies In-force
	(dollars in millions)
California	$	291.0	43,133	$	279.7	42,876	$	266.5	42,337	$	258.4	40,704
Florida	53.0		9,790	49.4		9,417	43.1		8,582	41.1		7,989
New York	30.6		7,552	27.3		7,497	26.3		7,555	24.5		7,307


Other (43 states and D.C.)	278.8		64,373	266.1		58,710	254.9		58,782	247.4		55,350
Total in-force	$	653.4	124,848	$	622.5	118,500	$	590.8	117,256	$	571.4	111,350
Estimated audit premium	44.6		—	42.5		—	44.9		—	42.8		—
Total in-force, including estimated audit premium	$	698.0	124,848	$	665.0	118,500	$	635.7	117,256	$	614.2	111,350

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information Rule 10b5-1 Trading Plans During the three months ended June 30, 2023, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each such term is defined in Item 408(a) of Regulation S-K.

Property and Equipment Leases, Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Lessee, operating lease liabilities due
Operating lease liabilities due next twelve months	$ 0.7
Operating lease liabilities due year two	1.5
Operating lease liabilities due year three	1.3
Operating lease liabilities due year four	0.9
Operating lease liabilities due year five	0.9
Operating lease liabilities due after year five	0.2
Operating lease liabilities due	5.5
Less: inputed interest, Operating lease liability	(0.1)
Operating lease liability	$ 5.4	$ 13.6
Operating lease, weighted average remaining lease term	4 years 1 month 6 days
Operating lease, weighted average discount rate, percent	0.60%
Lessee, finance lease liabilities due
Finance lease liabilities due next twelve months	$ 0.1
Finance lease liabilities due year two	0.1
Finance lease liabilities due year three	0.1
Finance lease liabilities due year four	0.0
Finance lease liabilities due year five	0.0
Finance lease liabilities due after year five	0.0
Finance lease liabilities due	0.3
Less: inputed interest, finance lease	0.0
Finance lease, liability	$ 0.3	$ 0.4
Finance lease, weighted average remaining lease term	2 years 4 months 24 days
Finance lease, weighted average discount rate, percent	7.40%

Notes Payable Letters of Credit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Letters of Credit Facilities [Line Items]
Letters of credit, unused capacity, commitment fee percentage			15.00%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 105,700		$ 105,700		$ 182,500
Line of Credit Facility, Current Borrowing Capacity	75,000		$ 75,000
Line of Credit Facility, Commitment Fee Percentage			0.30%
Repayments on line of credit advances			$ 0	$ 10,000
Interest and financing expenses	1,900	$ 300	4,200	400
Line of Credit Facility, Commitment Fee Amount			25
Debt Issuance Costs, Gross	700		$ 700
Debt Instrument, Covenant Description			a minimum consolidated net worth of no less than $900.0 million
Line of Credit Facility, Covenant Terms			a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Amended Credit Agreement
Proceeds from FHLBank Advance, Investing Activities					182,500
Repayments of FHLBank Advance, Investing Activities			$ 76,800	0
Line of Credit Facility, Fair Value of Amount Outstanding	0		0
Proceeds from Lines of Credit			0	10,000
Line of Credit Facility, Periodic Payment, Interest	100	200	100	200
Interest Expense, Loans from Other Federal Home Loan Banks	$ 1,800	$ 200	$ 4,000	$ 200
Federal Home Loan Bank, Advances, Weighted Average Interest Rate	5.17%		5.17%
Maximum [Member]
Letters of Credit Facilities [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 125,000		$ 125,000
Line of Credit Facility, Interest Rate at Period End	1.25%		1.25%
Debt Instrument, Interest Rate, Stated Percentage	2.25%		2.25%
Line of Credit Facility, Commitment Fee Percentage			0.50%
Line of Credit Facility, Commitment Fee Amount			$ 225
Minimum [Member]
Letters of Credit Facilities [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.25%		0.25%
Debt Instrument, Interest Rate, Stated Percentage	1.25%		1.25%
Line of Credit Facility, Commitment Fee Percentage			0.20%
Federal Home Loan Bank [Member]
Letters of Credit Facilities [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 70,000		$ 70,000		70,000
Letters of credit collateral amount	$ 297,100		$ 297,100		$ 321,200

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement Parenthetical [Abstract]
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax	$ 4.1	$ 19.5	$ (1.9)	$ 43.0
Other comprehensive income (loss), reclassification adjustment for sale of securities included in net income, tax	$ 0.0	$ (1.7)	$ (0.4)	$ (1.8)

Liability for Unpaid Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2023

Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Liability for Unpaid Losses and Loss Adjustment Expenses

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Unpaid losses and LAE at beginning of period	$	1,953.7	$	1,981.9	$	1,960.7	$	1,981.2
Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	440.3		471.7		445.4		476.9
Net unpaid losses and LAE at beginning of period	1,513.4		1,510.2		1,515.3		1,504.3
Losses and LAE, net of reinsurance, incurred during the period related to:
Current period	112.2		105.4		221.8		201.7
Prior periods	(19.7)		(10.0)		(19.9)		(10.0)
Total net losses and LAE incurred during the period	92.5		95.4		201.9		191.7
Paid losses and LAE, net of reinsurance, related to:
Current period	26.5		18.5		32.1		23.1
Prior periods	88.4		76.7		194.1		162.5
Total net paid losses and LAE during the period	114.9		95.2		226.2		185.6
Ending unpaid losses and LAE, net of reinsurance	1,491.0		1,510.4		1,491.0		1,510.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	436.2		462.4		436.2		462.4
Unpaid losses and LAE at end of period	$	1,927.2	$	1,972.8	$	1,927.2	$	1,972.8

Total net losses and LAE included in the above table exclude amortization of the deferred reinsurance gain—LPT Agreement, which totaled $2.0 million and $2.1 million for the three months ended June 30, 2023 and 2022, respectively, and $4.0 million and $4.2 million for the six months ended June 30, 2023 and 2022, respectively (see Note 9).

The change in incurred losses and LAE attributable to prior periods for the three months ended June 30, 2023, included $20.0 million of net favorable loss reserve development on the Company's voluntary risk business offset by $0.3 million of net unfavorable loss reserve development on the Company's assigned risk business. The change in incurred losses and LAE attributable to prior periods for the six months ended June 30, 2023, included $20.0 million of net favorable loss reserve development on the Company's voluntary risk business offset by $0.1 million of net unfavorable loss reserve development on the Company's assigned risk business. The change in incurred losses and LAE attributable to prior periods for the three and six months ended June 30, 2022, included $9.6 million of net favorable loss reserve development on the Company's voluntary risk business and $0.4 million of net favorable loss reserve development on the Company's assigned risk business.

Property and Equipment Leases, Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of Lease Expense [Abstract]
Operating lease expense	$ 0.5	$ 0.8	$ 1.1	$ 1.7
Finance lease expense	0.0	0.0	0.1	0.0
Total lease expense	$ 0.5	$ 0.8	$ 1.2	$ 1.7

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Stock-Based Compensation [Abstract]

Stock-Based compensation

Stock-Based Compensation

The Company awarded restricted stock units (RSUs) and performance share units (PSUs) to certain employees and non-employee Directors of the Company as follows:


	Number Awarded	Weighted Average Fair Value on Date of Grant		Aggregate Fair Value on Date of Grant
				(in millions)
March 2023
RSUs(1)	12,732	$	44.27	0.6
RSUs(1)	64,520	41.14		2.7
PSUs(2)	81,800	41.14		3.4

May 2023
RSUs(1)	2,260	$	37.83	$	0.1
PSUs(2)	1,220	37.83		—
RSUs(3)	18,664	35.32		0.7

(3)The 18,664 RSUs awarded on this date were awarded to non-employee directors of the Company and vest in full on May 25, 2024.

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

RSUs and PSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with a change of control of the Company.

There were 23,500 stock options exercised during the six months ended June 30, 2023 and there were 41,665 stock options exercised during the six months ended June 30, 2022, and the year ended December 31, 2022.

As of June 30, 2023, the Company had 290,756 RSUs, and 222,755 PSUs (based on the target number of PSUs awarded) outstanding. As of June 30, 2023, the Company no longer had any stock options outstanding.

Investments Investments, Held in Trust or on Deposit (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Other invested assets (cost $75.0 at June 30, 2023 and $54.4 at December 31, 2022)	$ 83.4	$ 59.7
Deposit Assets [Abstract]
Investments	2,471.8	2,568.8
Assets Held-in-trust [Abstract]
Funds Held under Reinsurance Agreements, Asset	2.7	2.7
Federal Home Loan Bank [Member]
Deposit Assets [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	70.0	70.0
Required by various state laws and regulations to hold securities or letters of credit in depository account [Member]
Deposit Assets [Abstract]
Investments	$ 762.6	$ 745.9

Investments Available for Sale Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	$ 2,331.4		$ 2,366.7
Debt securities, available-for-sale, gross unrealized gain	3.4		3.9
Debt securities, available-for-sale, gross unrealized loss	(168.6)		(179.8)
Fixed maturity securities, fair value	2,161.9		2,186.3
Total AFS, amortized cost	2,347.7		2,485.8
Total AFS, gross unrealized gain	3.4		3.9
Total AFS, gross unrealized loss	168.6		179.8
Short-term investments at fair value (amortized cost $16.3 at June 30, 2023 and $119.1 at December 31, 2022)	16.3		119.1
Total AFS investments	2,178.2		2,305.4
Debt Securities, Available-for-sale, Allowance for Credit Loss	(4.3)	$ (5.9)	(4.5)	$ (10.0)	$ (2.2)	$ (0.2)
Other invested assets (cost $75.0 at June 30, 2023 and $54.4 at December 31, 2022)	83.4		59.7
Other invested assets at NAV	83.4		59.7
Investment Owned, at Cost	75.0		54.4
US Treasury Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	93.3		95.1
Debt securities, available-for-sale, gross unrealized gain	0.0		0.1
Debt securities, available-for-sale, gross unrealized loss	(4.5)		(4.4)
Fixed maturity securities, fair value	88.8		90.8
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	2.2		2.2
Debt securities, available-for-sale, gross unrealized gain	0.0		0.0
Debt securities, available-for-sale, gross unrealized loss	(0.1)		(0.1)
Fixed maturity securities, fair value	2.1		2.1
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	325.5		326.7
Debt securities, available-for-sale, gross unrealized gain	0.4		0.8
Debt securities, available-for-sale, gross unrealized loss	(8.4)		(9.9)
Fixed maturity securities, fair value	317.5		317.6
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	1,019.3		963.4
Debt securities, available-for-sale, gross unrealized gain	2.1		2.0
Debt securities, available-for-sale, gross unrealized loss	(91.1)		(94.5)
Fixed maturity securities, fair value	926.5		868.1
Debt Securities, Available-for-sale, Allowance for Credit Loss	(3.8)		(2.8)
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	392.6		403.5
Debt securities, available-for-sale, gross unrealized gain	0.2		0.3
Debt securities, available-for-sale, gross unrealized loss	(42.5)		(43.6)
Fixed maturity securities, fair value	350.3		360.2
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	61.0		61.5
Debt securities, available-for-sale, gross unrealized gain	0.0		0.0
Debt securities, available-for-sale, gross unrealized loss	(7.2)		(6.4)
Fixed maturity securities, fair value	53.8		55.1
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	102.6		74.0
Debt securities, available-for-sale, gross unrealized gain	0.1		0.1
Debt securities, available-for-sale, gross unrealized loss	(6.4)		(8.0)
Fixed maturity securities, fair value	96.3		66.1
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Foreign Government Debt
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	12.7		13.0
Debt securities, available-for-sale, gross unrealized gain	0.0		0.0
Debt securities, available-for-sale, gross unrealized loss	(2.6)		(2.8)
Fixed maturity securities, fair value	10.1		10.2
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Collateralized Loan Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	210.9		268.1
Debt securities, available-for-sale, gross unrealized gain	0.0		0.0
Debt securities, available-for-sale, gross unrealized loss	(4.6)		(7.2)
Fixed maturity securities, fair value	206.3		260.9
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0		0.0
Other Debt Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost	111.3		159.2
Debt securities, available-for-sale, gross unrealized gain	0.6		0.6
Debt securities, available-for-sale, gross unrealized loss	(1.2)		(2.9)
Fixed maturity securities, fair value	110.2		155.2
Debt Securities, Available-for-sale, Allowance for Credit Loss	(0.5)		(1.7)
Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Total AFS, amortized cost	16.3		119.1
Total AFS, gross unrealized gain	0.0		0.0
Total AFS, gross unrealized loss	0.0		0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0.0		$ 0.0

Investments, Continuous Loss Position (Details) $ in Millions	Jun. 30, 2023 USD ($) shares shares	Dec. 31, 2022 USD ($) shares
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 728.6	$ 1,644.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,254.8	323.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(19.7)	(122.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (148.9)	$ (57.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	321	908
Debt Securities, number of issues in loss position, 12 months or greater	771	303
Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 728.6	$ 1,644.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,254.8	323.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(19.7)	(122.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (148.9)	$ (57.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	321	908
Debt Securities, number of issues in loss position, 12 months or greater \| shares	771	303
US Treasury Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 47.3	$ 76.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	38.8	11.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1.0)	(3.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (3.5)	$ (0.9)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	9	13
Debt Securities, number of issues in loss position, 12 months or greater	10	4
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 2.1	$ 2.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (0.1)	$ (0.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	1	1
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 217.9	$ 193.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	46.5	5.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(3.7)	(9.0)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (4.7)	$ (0.9)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	63	68
Debt Securities, number of issues in loss position, 12 months or greater	23	3
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 246.2	$ 763.3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	639.1	84.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(8.4)	(76.4)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (82.7)	$ (18.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	84	335
Debt Securities, number of issues in loss position, 12 months or greater	328	84
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 128.2	$ 236.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	208.6	106.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(5.5)	(17.9)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (37.0)	$ (25.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	73	186
Debt Securities, number of issues in loss position, 12 months or greater	179	65
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0.0	$ 52.5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	53.7	2.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	(5.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (7.2)	$ (0.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	0	22
Debt Securities, number of issues in loss position, 12 months or greater	25	3
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 41.4	$ 27.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	48.5	27.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.5)	(2.6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (5.9)	$ (5.4)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	17	22
Debt Securities, number of issues in loss position, 12 months or greater	31	11
Collateralized Loan Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 31.4	$ 209.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	175.0	36.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.3)	(5.5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (4.3)	$ (1.7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	6	37
Debt Securities, number of issues in loss position, 12 months or greater \| shares	34	11
Foreign Government Debt
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 10.1	$ 10.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (2.6)	$ (2.8)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, 12 months or greater \| shares	2	3
Other Debt Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 14.1	$ 81.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	34.5	38.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(0.2)	(1.8)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (1.0)	$ (1.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt Securities, number of issues in loss position, less than 12 months \| shares	68	224
Debt Securities, number of issues in loss position, 12 months or greater \| shares	139	119

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	$ 2,382.4	$ 2,502.4
Total Investments at fair value, estimated fair value	2,382.4	2,502.4
Cash and cash equivalents	66.2	89.2
Cash and cash equivalents, estimated fair value	66.2	89.2
Restricted cash and cash equivalents	0.2	0.2
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash and cash equivalents	$ 0.2	$ 0.2

Current Expected Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Credit Loss [Abstract]

Premium Receivable, Allowance for Credit Loss [Table Text Block]

The table below shows the changes in CECL on premiums receivable.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on premiums receivable	$	14.0	$	10.0	$	12.8	$	10.3
Net change in CECL provision	3.9		1.9		7.2		4.2
Write-offs charged against CECL	(0.5)		—		(1.2)		—
Recoveries collected	(2.2)		(2.2)		(3.6)		(4.8)
Ending balance of CECL on premiums receivable	$	15.2	$	9.7	$	15.2	$	9.7

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

The table below shows the changes in CECL on reinsurance recoverables.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on reinsurance recoverables	$	0.9	$	0.6	$	0.9	$	0.6
Net change in CECL provision	—		—		—		—


Ending balance of CECL on reinsurance recoverables	$	0.9	$	0.6	$	0.9	$	0.6

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

The table below shows the changes in the allowance for CECL on available-for-sale securities.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(in millions)
Beginning balance of CECL on AFS securities	$	5.9	$	2.2	$	4.5	$	0.2
Net change in CECL provision	(1.1)		7.8		0.5		9.9
Reductions in allowance from disposals	(0.5)		—		(0.7)		—

Recoveries of amounts previously written off	—		—		—		(0.1)
Ending balance of CECL on AFS securities	$	4.3	$	10.0	$	4.3	$	10.0