3.	Investments

Composition of Invested Assets

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investments as of September 30, 2012 and December 31, 2011 were as follows:


September 30, 2012 (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments⁽¹⁾	$	406.0	$	10.9	$	0.0	$	416.9
Non-U.S. Governments		56.6		3.5		0.1		60.0
Obligations of states and political subdivisions		560.7		49.4		0.3		609.8
Credit-Financial		366.4		24.6		0.7		390.3
Credit-Industrial		411.2		32.1		1.0		442.3
Credit-Utility		183.0		12.3		0.6		194.7
Structured securities:
CMO/MBS-agency ⁽²⁾		418.7		25.9		0.1		444.5
CMO/MBS-non agency		13.6		0.8		0.2		14.2
CMBS ⁽³⁾		104.9		6.3		0.2		111.0
ABS-residential ⁽⁴⁾		11.1		0.3		1.0		10.4
ABS-non residential		77.1		1.2		0.0		78.3
Foreign denominated:
Governments		250.3		10.5		5.3		255.5
Credit		125.9		6.4		2.7		129.6

Total fixed maturities		2,985.5		184.2		12.2		3,157.5
Equity securities		373.3		165.9		5.9		533.3
Other investments		282.7		3.1		2.2		283.6
Short-term investments		370.5		0.0		0.0		370.5

Total investments	$	4,012.0	$	353.2	$	20.3	$	4,344.9

⁽¹⁾	Includes corporate bonds backed by the Federal Deposit Insurance Corporation of $4.3 million amortized cost, $4.3 million fair value.

⁽²⁾	Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽³⁾	Commercial mortgage-backed securities (“CMBS”).

⁽⁴⁾	Asset-backed securities (“ABS”).


December 31, 2011			Gross		Gross
(in millions)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments⁽¹⁾	$	482.8	$	12.5	$	0.0	$	495.3
Non-U.S. Governments		56.2		1.0		1.6		55.6
Obligations of states and politicalsubdivisions		589.3		47.4		0.3		636.4
Credit-Financial		378.3		10.4		5.2		383.5
Credit-Industrial		411.6		20.8		3.4		429.0
Credit-Utility		163.9		7.5		1.2		170.2
Structured securities:
CMO/MBS-agency ⁽²⁾		516.0		30.7		0.2		546.5
CMO/MBS-non agency		18.5		0.7		0.8		18.4
CMBS ⁽³⁾		100.7		5.2		0.3		105.6
ABS-residential ⁽⁴⁾		15.3		0.1		2.0		13.4
ABS-non residential		47.0		1.0		0.0		48.0
Foreign denominated:
Governments		224.7		9.1		8.8		225.0
Credit		91.1		2.2		4.7		88.6

Total fixed maturities		3,095.4		148.6		28.5		3,215.5
Equity securities		291.5		120.7		8.6		403.6
Other investments		232.3		0.7		1.0		232.0
Short-term investments		296.4		0.0		0.0		296.4

Total investments	$	3,915.6	$	270.0	$	38.1	$	4,147.5

⁽¹⁾	Includes corporate bonds backed by the Federal Deposit Insurance Corporation of $48.7 million amortized cost, $49.1 million fair value.

⁽²⁾	Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽³⁾	Commercial mortgage-backed securities (“CMBS”).

⁽⁴⁾	Asset-backed securities (“ABS”).

Included in total investments at September 30, 2012 and December 31, 2011 was $150.1 million and $162.6 million, respectively, of assets managed on behalf of the trade capital providers, who are third party capital participants that provide underwriting capital to our Syndicate 1200 segment.

Contractual Maturity

The amortized cost and fair values of fixed maturity investments as of September 30, 2012, by contractual maturity, were as follows:


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	240.1	$	242.7
Due after one year through five years		1,164.7		1,209.8
Due after five years through ten years		763.6		837.1
Thereafter		191.7		209.5
Structured securities		625.4		658.4

Total	$	2,985.5	$	3,157.5

The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.

Unrealized Losses and Other-Than-Temporary Impairments

An aging of unrealized losses on our investments at September 30, 2012 and December 31, 2011 is presented below:


September 30, 2012	Less Than One Year				One Year or Greater				Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities
USD denominated:
U.S. Governments ⁽¹⁾	$	2.2	$	0.0	$	0.0	$	0.0	$	2.2	$	0.0
Non-U.S. Governments ⁽²⁾		5.4		0.1		0.6		0.0		6.0		0.1
Obligations of states and political subdivisions		5.1		0.1		0.7		0.2		5.8		0.3
Credit-Financial		10.2		0.1		9.9		0.6		20.1		0.7
Credit-Industrial		21.6		0.4		6.2		0.6		27.8		1.0
Credit-Utility		4.4		0.2		1.3		0.4		5.7		0.6
Structured securities:
CMO/MBS-agency ⁽²⁾		8.4		0.1		0.3		0.0		8.7		0.1
CMO/MBS-non agency		2.0		0.1		2.5		0.1		4.5		0.2
CMBS⁽¹⁾		0.4		0.0		3.8		0.2		4.2		0.2
ABS-residential ⁽¹⁾		0.3		0.0		5.4		1.0		5.7		1.0
ABS-non residential ^(1) (2)		3.9		0.0		0.2		0.0		4.1		0.0
Foreign denominated:
Governments ⁽²⁾		118.9		5.3		0.3		0.0		119.2		5.3
Credit		49.3		2.7		0.0		0.0		49.3		2.7

Total fixed maturities		232.1		9.1		31.2		3.1		263.3		12.2
Equity securities		40.8		2.7		14.0		3.2		54.8		5.9
Other investments		14.3		2.2		0.0		0.0		14.3		2.2
Short-term investments ⁽¹⁾		1.1		0.0		0.0		0.0		1.1		0.0

Total	$	288.3	$	14.0	$	45.2	$	6.3	$	333.5	$	20.3

⁽¹⁾	Unrealized losses less than one year are less than $0.1 million.

⁽²⁾	Unrealized losses one year or greater are less than $0.1 million.


December 31, 2011	Less Than One Year					One Year or Greater				Total
(in millions)	Fair Value			Unrealized Losses		Fair Value		Unrealized Losses		Fair Value			Unrealized Losses
Fixed maturities
USD denominated:
U.S. Governments ⁽¹⁾	$	41.0		$	0.0	$	0.0	$	0.0	$	41.0		$	0.0
Non-U.S. Governments		22.4			1.6		0.0		0.0		22.4			1.6
Obligations of states and political subdivisions ⁽¹⁾		1.4			0.0		0.7		0.3		2.1			0.3
Credit-Financial		81.8			3.8		9.4		1.4		91.2			5.2
Credit-Industrial		67.4			3.4		0.0		0.0		67.4			3.4
Credit-Utility		21.7			1.2		0.0		0.0		21.7			1.2
Structured securities:
CMO/MBS-agency		28.9			0.1		3.2		0.1		32.1			0.2
CMO/MBS-non agency		6.7			0.2		4.2		0.6		10.9			0.8
CMBS⁽¹⁾		0.7			0.0		4.2		0.3		4.9			0.3
ABS-residential		1.2			0.1		9.6		1.9		10.8			2.0
ABS-non residential ^(1) (2)		4.0			0.0		0.3		0.0		4.3			0.0
Foreign denominated:
Governments		166.3			8.8		0.0		0.0		166.3			8.8
Credit		65.9			4.1		5.3		0.6		71.2			4.7

Total fixed maturities		509.4			23.3		36.9		5.2		546.3			28.5
Equity securities		84.3			8.5		0.2		0.1		84.5			8.6
Other investments ⁽³⁾		(1.0	)		1.0		0.0		0.0		(1.0	)		1.0
Short-term investments ⁽¹⁾		21.2			0.0		0.0		0.0		21.2			0.0

Total	$	613.9		$	32.8	$	37.1	$	5.3	$	651.0		$	38.1

⁽¹⁾	Unrealized losses less than one year are less than $0.1 million.

⁽²⁾	Unrealized losses one year or greater are less than $0.1 million.

⁽³⁾	Unrealized foreign currency exchange position at December 31, 2011.

We hold a total of 6,143 securities, of which 677 were in an unrealized loss position for less than one year and 151 were in an unrealized loss position for a period one year or greater as of September 30, 2012. Unrealized losses greater than twelve months on fixed maturities were the result of a number of factors, including increased credit spreads, foreign currency fluctuations, and higher market yields relative to the date the securities were purchased, and for structured securities, by the performance of the underlying collateral as well. Unrealized losses greater than twelve months on equity securities were principally the result of current market conditions. We currently do not intend to sell these securities and will likely not be required to sell these securities. We do not consider these investments to be other-than-temporarily impaired at September 30, 2012.

We regularly evaluate our investments for impairment. For fixed maturity securities, the evaluation for a credit loss is generally based on the present value of expected cash flows of the security as compared to the amortized book value. For MBS and residential ABS securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Frequency of loss is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. Severity of loss includes such factors as trends in overall housing prices and house prices that are obtained at foreclosure. We recognized other-than-temporary losses on our fixed maturities portfolio of $1.1 million and $1.4 million for the three months and nine months ended September 30, 2012, respectively. We recognized other-than-temporary losses on our fixed maturities portfolio of $0.1 million and $0.1 million for the three and nine months ended September 30, 2011, respectively. For equity securities, the length of time and the amount of decline in fair value are the principal factors in determining other-than-temporary impairment. We recognized other-than-temporary losses on our equity portfolio of $0.0 million and $0.6 million for the three and nine months ended September 30, 2012, respectively. We recognized other-than-temporary losses on our equity portfolio of $1.1 million and $1.1 million for the three and nine months ended September 30, 2011, respectively.

Realized Gains and Losses

The following table presents the Company’s gross realized investment gains (losses) for the three and nine months ended September 30:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2012			2011			2012			2011
Realized gains
Fixed maturities	$	5.5		$	8.4		$	21.0		$	25.5
Equity securities		0.2			0.9			0.4			15.7
Other investments		7.7			3.2			20.8			11.6
Short-term investments		0.2			0.7			0.5			1.0

Gross realized gains		13.6			13.2			42.7			53.8
Realized losses
Fixed maturities		(3.0	)		(2.5	)		(8.1	)		(6.8	)
Equity securities		(0.1	)		0.0			(0.4	)		(0.7	)
Other investments		(1.1	)		(5.6	)		(13.2	)		(6.9	)
Short-term investments		0.0			0.0			(0.3	)		(0.5	)
Other-than-temporary impairment losses on fixed maturities		(1.1	)		(0.1	)		(1.4	)		(0.1	)
Other-than-temporary impairment losses on equity securities		0.0			(1.1	)		(0.6	)		(1.1	)

Gross realized losses		(5.3	)		(9.3	)		(24.0	)		(16.1	)

Net realized investment gains	$	8.3		$	3.9		$	18.7		$	37.7

We enter into short-term, currency spot and forward contracts to mitigate foreign exchange rate exposure for certain non-U.S. Dollar denominated fixed maturity investments. The forward contracts used are typically less than sixty days and are renewed, as long as the non-U.S. Dollar denominated fixed maturity investments are held in our portfolio. These forward contracts are designated as fair value hedges for accounting purposes.

As of September 30, 2012 and 2011, we hedged $2.4 million and $4.3 million, respectively, of certain holdings in non-U.S. Dollar denominated fixed maturity investments with $2.3 million and $4.3 million, respectively, of foreign exchange forward contracts. The net realized effect on income was not significant.

We also enter into foreign currency exchange forward contracts to manage currency exposure on losses related to global catastrophe events. These currency forward contracts are carried at fair value in the Consolidated Balance Sheets in Other investments. The realized and unrealized gains and losses are included in realized gains or losses in the Consolidated Statements of Income (Loss). The notional amount of the currency forward contracts was $104.9 million and $133.4 million as of September 30, 2012 and 2011, respectively. The fair value of the currency forward contracts was a gain of $2.5 million and a loss of $4.3 million as of September 30, 2012 and 2011, respectively. We recognized net realized gains from the currency forward contacts of $2.5 million and $2.8 million and net realized losses of $1.1 million and net realized gains of $2.8 million for the three and nine months ended September 30, 2012 and 2011, respectively.

During the second quarter of 2012, we entered into a put option contract to hedge the foreign currency exposure on a portion of our Euro-denominated investment portfolio. This put option expires prior to the end of the year and has a fair value of $0.3 million at September 30, 2012. We recognized realized losses from the put option contract of $0.4 million and $0.5 million for the three and nine months ended September 30, 2012, respectively.

Regulatory Deposits, Pledged Securities and Letters of Credit

At September 30, 2012, the amortized cost and fair value of investments on deposit for regulatory purposes and reinsurance were $210.7 million and $229.3 million, respectively.

Investments with an amortized cost of $201.2 million and fair value of $204.5 million were pledged as collateral in support of irrevocable letters of credit at September 30, 2012. These assets support irrevocable letters of credit issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves in the amount of $45.5 million, and $124.9 million for our Corporate member’s capital as security to support the underwriting business at Lloyd’s of London (“Lloyd’s”).

At September 30, 2012, our Corporate member’s capital supporting our Lloyd’s business consisted of:


(in millions)
Letters of credit	$	124.9
Fixed maturities, at fair value		174.2
Short-term investments, at fair value		9.0

Total securities and letters of credit pledged to Lloyd’s	$	308.1

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transact for the asset or liability.

Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.

•

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the reporting date. We define actively traded as a security that has traded in the past seven days. We receive one quote per instrument for Level 1 inputs.

•

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We receive one quote per instrument for Level 2 inputs.

•

Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

We receive fair value prices from third-party pricing services and our outside investment managers. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities, and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we reviewed these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of September 30, 2012. A description of the valuation techniques we use to measure assets at fair value is as follows:

Fixed Maturities (Available-for-Sale) Levels 1 and 2:

•

United States Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.

•

United States Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services.

•

CMO/MBS agency securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. All of these securities are backed by United States agencies and are of the highest investment grade.

•

CMO/MBS non-agency, CMBS, ABS residential, and ABS non-residential securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.

Fixed Maturities (Available-for-Sale) Level 3:

•

Corporate securities reported at fair value utilizing Level 3 inputs are infrequently traded securities valued by an investment manager utilizing unobservable inputs.

Transfers Between Level 1 and Level 2 Securities: There were no transfers between Level 1 and Level 2 securities during the three or nine months ended September 30, 2012.

Equity Securities Level 1: Equity securities are principally reported at fair value utilizing Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.

Equity Securities Level 2: We own an interest in a mutual fund that is reported at fair value utilizing Level 2 inputs. The valuation is based on the fund’s net asset value per share, determined weekly and at the end of each month. The underlying assets in the fund are valued primarily on the basis of closing market quotations or official closing prices on each valuation day.

Equity Securities Level 3: We own certain equity securities that are reported at fair value utilizing Level 3 inputs. The valuation techniques for these securities include the following:

•

Fair value measurements are obtained from the National Association of Insurance Commissioners’ Security Valuation Office at the reporting date.

•

Fair value measurements for an investment in an equity fund are obtained by applying final prices provided by the administrator of the fund, which is based upon certain estimates and assumptions.

Other Investments Level 2: Foreign regulatory deposits are assets held in trust in jurisdictions where there is a legal and regulatory requirement to maintain funds locally in order to protect policyholders. Lloyd’s is the appointed investment manager for the funds. These assets are invested in short term government securities, agency securities and corporate bonds and are valued utilizing Level 2 inputs based upon values obtained from Lloyd’s. Foreign currency future contracts are valued by our counterparty utilizing market driven foreign currency exchange rates and are considered Level 2 investments. There were no transfers of other investments between Level 1 and Level 2 for the three or nine months ended September 30, 2012.

Short-term Investments: Short-term investments are principally reported at fair value utilizing Level 1 inputs, with the exception of short-term corporate bonds reported at fair value utilizing Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date. Included in short-term investments are Funds at Lloyd’s, which represent a portion of our Corporate member’s capital as security to support the underwriting business at Lloyd’s and include principally short-term money market accounts. There were no transfers of short-term investments between Level 1 and Level 2 for the three months or nine months ended September 30, 2012.

Other Assets Level 3: We entered into two reinsurance contracts that are deemed derivatives. The fair value was estimated by management taking into account changes in the market for catastrophic bond reinsurance contracts with similar economic characteristics and potential recoveries from events preceding the valuation date. See Note 10 “Derivative Instruments” for related disclosures.

Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis at September 30, 2012 and December 31, 2011 have been categorized as follows:


			Fair Value Measurements at Reporting Date Using
(in millions)	September 30, 2012		Level 1 ^(a)		Level 2 ^(b)		Level 3 ^(c)
Fixed maturities
USD denominated:
U.S. Governments	$	416.9	$	219.2	$	197.7	$	0.0
Non-U.S. Governments		60.0		0.0		60.0		0.0
Obligations of states and political subdivisions		609.8		0.0		609.8		0.0
Credit-Financial		390.3		0.0		390.3		0.0
Credit-Industrial		442.3		0.0		442.3		0.0
Credit-Utility		194.7		0.0		194.7		0.0
Structured securities:
CMO/MBS-agency		444.5		0.0		444.5		0.0
CMO/MBS-non agency		14.2		0.0		14.2		0.0
CMBS		111.0		0.0		111.0		0.0
ABS-residential		10.4		0.0		10.4		0.0
ABS-non residential		78.3		0.0		78.3		0.0
Foreign denominated:
Governments		255.5		0.0		255.5		0.0
Credit		129.6		0.0		129.6		0.0

Total fixed maturities		3,157.5		219.2		2,938.3		0.0
Equity securities		533.3		480.7		50.8		1.8
Other investments		139.0		0.0		139.0		0.0
Short-term investments		370.5		321.5		49.0		0.0
Other assets		6.4		0.0		0.0		6.4

	$	4,206.7	$	1,021.4	$	3,177.1	$	8.2

^(a)	Quoted prices in active markets for identical assets

^(b)	Significant other observable inputs

^(c)	Significant unobservable inputs


			Fair Value Measurements at Reporting Date Using
(in millions)	December 31, 2011		Level 1 ^(a)		Level 2 ^(b)		Level 3 ^(c)
Fixed maturities
USD denominated:
U.S. Governments	$	495.3	$	214.9	$	280.4	$	0.0
Non-U.S. Governments		55.6		0.0		55.6		0.0
Obligations of states and political subdivisions		636.4		0.0		636.4		0.0
Credit-Financial		383.5		0.0		382.8		0.7
Credit-Industrial		429.0		0.0		429.0		0.0
Credit-Utility		170.2		0.0		170.2		0.0
Structured securities:
CMO/MBS-agency		546.5		0.0		546.5		0.0
CMO/MBS-non agency		18.4		0.0		18.4		0.0
CMBS		105.6		0.0		105.6		0.0
ABS-residential		13.4		0.0		13.4		0.0
ABS-non residential		48.0		0.0		48.0		0.0
Foreign denominated:
Governments		225.0		0.0		225.0		0.0
Credit		88.6		0.0		88.6		0.0

Total fixed maturities		3,215.5		214.9		2,999.9		0.7
Equity securities		403.6		352.2		49.0		2.4
Other investments		99.9		0.0		99.9		0.0
Short-term investments		296.4		260.7		35.7		0.0
Other assets		9.0		0.0		0.0		9.0

	$	4,024.4	$	827.8	$	3,184.5	$	12.1

^(a)	Quoted prices in active markets for identical assets

^(b)	Significant other observable inputs

^(c)	Significant unobservable inputs

The fair value measurements in the tables above do not agree to “Total investments” on the Consolidated Balance Sheets as they exclude certain other investments that are accounted for under the equity-method of accounting and include reinsurance contracts that are classified as Other assets.

A reconciliation of the beginning and ending balances for the investments categorized as Level 3 at September 30, 2012 and December 31, 2011 are as follows:

Fair Value Measurements Using Unobservable Inputs (Level 3)


(in millions)	Credit Financial			Equity Securities			Other Assets			Total
Beginning balance, January 1, 2012	$	0.7		$	2.4		$	9.0		$	12.1
Transfers into Level 3		0.0			0.0			0.0			0.0
Transfers out of Level 3		0.0			0.0			0.0			0.0
Total gains or losses (realized/unrealized):
Included in net income		0.1			0.0			0.0			0.1
Included in other comprehensive income		0.0			0.0			0.0			0.0
Purchases, issuances, sales, and settlements
Purchases		0.0			0.0			0.0			0.0
Issuances		0.0			0.0			0.0			0.0
Sales		(0.8	)		(0.6	)		(2.6	)		(4.0	)
Settlements		0.0			0.0			0.0			0.0

Ending balance, September 30, 2012	$	(0.0	)	$	1.8		$	6.4		$	8.2

Amount of total gains or losses for the period included in net income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2012	$	0.0		$	0.0		$	0.0		$	0.0

Fair Value Measurements Using Unobservable Inputs (Level 3)


(in millions)	Credit Financial		Equity Securities			Other Assets		Total
Beginning balance, January 1, 2011	$	0.7	$	21.0		$	0.0	$	21.7
Transfers into Level 3		0.0		0.0			0.0		0.0
Transfers out of Level 3		0.0		0.0			0.0		0.0
Total gains or losses (realized/unrealized):
Included in net loss		0.0		20.5			0.0		20.5
Included in other comprehensive income		0.0		(15.5	)		0.0		(15.5	)
Purchases, issuances, sales, and settlements
Purchases		0.0		0.0			9.0		9.0
Issuances		0.0		0.0			0.0		0.0
Sales		0.0		(23.6	)		0.0		(23.6	)
Settlements		0.0		0.0			0.0		0.0

Ending balance, December 31, 2011	$	0.7	$	2.4		$	9.0	$	12.1

Amount of total gains or losses for the period included in net loss attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2011	$	0.0	$	0.0		$	0.0	$	0.0

The equity securities activity during 2011 was primarily related to the sale of one security.

At September 30, 2012, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis.