10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-15259

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

Bermuda	98-0214719
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
110 Pitts Bay Road Pembroke HM08 Bermuda	P.O. Box HM 1282 Hamilton HM FX Bermuda
(Address of principal executive offices)	(Mailing address)

(441) 296-5858

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Security	Name of Each Exchange on Which Registered
Common Stock, par value of $1.00 per share	NASDAQ Global Select Market
Guarantee of Argo Group US, Inc.  6.500% Senior Notes due 2042	NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x Accelerated filer   ¨ Non-accelerated filer  ¨ Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

Indicate the number of shares outstanding (net of treasury shares) of each of the issuer’s classes of common shares as of November 4, 2015.

Title	Outstanding
Common Shares, par value $1.00 per share	27,875,463

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

INDEX

		Page
PART I. Financial Information		3
Item 1.	Consolidated Financial Statements (unaudited)	3
	Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014	3
	Consolidated Statements of Income for three and nine months ended September 30, 2015 and 2014	4
	Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2015 and 2014	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	48
PART II. Other Information		48
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49
	Signatures	51

PART I.  FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

CONSOLIDATED BALANCE SHEETS

(in millions, except number of shares and per share amounts)

	September 30,			December 31,
	2015			2014 *
	(Unaudited)
Assets
Investments:
Fixed maturities, at fair value:
Available-for-sale (cost: 2015 - $2,841.7; 2014 - $2,817.2)	$	2,822.2		$	2,840.7
Equity securities, at fair value (cost: 2015 - $358.5; 2014 - $307.3)		466.0			486.3
Other investments (cost: 2015 - $488.1; 2014 - $488.9)		500.0			495.1
Short-term investments, at fair value (cost: 2015 - $345.0; 2014 - $275.8)		344.8			275.8
Total investments		4,133.0			4,097.9
Cash		96.2			81.0
Accrued investment income		21.0			22.1
Premiums receivable		437.4			353.6
Reinsurance recoverables		1,067.3			997.2
Goodwill		152.2			152.2
Intangible assets, net of accumulated amortization		74.4			78.6
Current income taxes receivable, net		17.1			14.9
Deferred acquisition costs, net		141.4			124.6
Ceded unearned premiums		262.5			207.6
Other assets		225.0			226.6
Total assets	$	6,627.5		$	6,356.3
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	3,104.1		$	3,042.4
Unearned premiums		932.7			817.2
Accrued underwriting expenses		131.8			143.1
Ceded reinsurance payable, net		286.4			178.8
Funds held		80.5			55.0
Senior unsecured fixed rate notes		143.8			143.8
Other indebtedness		57.4			62.0
Junior subordinated debentures		172.7			172.7
Deferred tax liabilities, net		33.4			53.0
Other liabilities		43.2			41.6
Total liabilities		4,986.0			4,709.6
Commitments and contingencies (Note 14)
Shareholders' equity:
Common shares - $1.00 par, 500,000,000 shares authorized; 37,056,534 and    34,318,224 shares issued at September 30, 2015 and December 31, 2014,    respectively		37.1			34.3
Additional paid-in capital		961.8			836.3
Treasury shares (9,181,544 and 8,606,489 shares at September 30, 2015    and December 31, 2014, respectively)		(331.1	)		(301.4	)
Retained earnings		950.2			969.4
Accumulated other comprehensive income, net of taxes		23.5			108.1
Total shareholders' equity		1,641.5			1,646.7
Total liabilities and shareholders' equity	$	6,627.5		$	6,356.3

* Derived from audited consolidated financial statements.

See accompany notes.

3

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except number of shares and per share amount)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Premiums and other revenue:
Earned premiums	$	346.0		$	337.6		$	1,026.6		$	999.4
Net investment income		21.3			20.8			63.9			64.7
Fee and other income (expense), net		1.0			1.6			(0.1	)		0.1
Net realized investment and other gains		3.7			12.9			25.0			42.5
Total revenue		372.0			372.9			1,115.4			1,106.7
Expenses:
Losses and loss adjustment expenses		200.0			191.9			574.3			559.5
Underwriting, acquisition and insurance expenses		132.8			133.8			401.9			399.3
Interest expense		4.8			4.9			14.3			15.0
Foreign currency exchange gain		(1.8	)		(6.0	)		(8.4	)		(2.8	)
Total expenses		335.8			324.6			982.1			971.0
Income before income taxes		36.2			48.3			133.3			135.7
Provision for income taxes		0.9			3.6			11.3			12.2
Net income	$	35.3		$	44.7		$	122.0		$	123.5
Net income per common share:
Basic	$	1.27		$	1.57		$	4.36		$	4.28
Diluted	$	1.24		$	1.54		$	4.28		$	4.21
Dividend declared per common share	$	0.20		$	0.16		$	0.60		$	0.46
Weighted average common shares:
Basic		27,916,586			28,552,240			27,997,638			28,824,182
Diluted		28,474,504			29,080,608			28,540,094			29,337,175

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Net realized investment and other gains before other-than-    temporary impairment losses	$	7.1		$	13.1		$	30.3		$	44.1
Other-than-temporary impairment losses recognized in earnings:
Other-than-temporary impairment losses on fixed maturities		—			—			(0.9	)		(1.2	)
Other-than-temporary impairment losses on equity securities		(3.4	)		(0.2	)		(4.4	)		(0.4	)
Impairment losses recognized in earnings		(3.4	)		(0.2	)		(5.3	)		(1.6	)
Net realized investment and other gains	$	3.7		$	12.9		$	25.0		$	42.5

See accompanying notes.

4

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in millions)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Net income	$	35.3		$	44.7		$	122.0		$	123.5
Other comprehensive loss:
Foreign currency translation adjustments		(4.0	)		(2.3	)		(6.6	)		(1.9	)
Unrealized (losses) gains on securities:
(Losses) gains arising during the year		(69.7	)		(38.8	)		(104.3	)		16.1
Reclassification adjustment for losses (gains) included in net income		0.1			(5.8	)		(6.9	)		(22.0	)
Other comprehensive loss before tax		(73.6	)		(46.9	)		(117.8	)		(7.8	)
Income tax (benefit) provision related to other comprehensive loss:
Unrealized (losses) gains on securities:
(Losses) gains arising during the year		(18.3	)		(4.9	)		(28.6	)		10.7
Reclassification adjustment for losses (gains) included in net income		(1.7	)		(4.1	)		(4.6	)		(7.2	)
Income tax (benefit) provision related to other comprehensive loss		(20.0	)		(9.0	)		(33.2	)		3.5
Other comprehensive loss, net of tax		(53.6	)		(37.9	)		(84.6	)		(11.3	)
Comprehensive (loss) income	$	(18.3	)	$	6.8		$	37.4		$	112.2

See accompanying notes.

5

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

	For the Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	122.0		$	123.5
Adjustments to reconcile net income to net cash provided by    operating activities:
Amortization and depreciation		30.7			27.8
Share-based payments expense		20.8			13.3
Excess tax benefit from share-based payment arrangements		(0.6	)		(0.1	)
Deferred income tax provision, net		13.8			22.9
Net realized investment and other gains		(25.0	)		(42.5	)
Loss on disposals of fixed assets, net		0.2			—
Change in:
Accrued investment income		1.1			3.5
Receivables		(162.2	)		214.1
Deferred acquisition costs		(17.6	)		(13.0	)
Ceded unearned premiums		(58.5	)		(31.2	)
Reserves for losses and loss adjustment expenses		75.9			(167.7	)
Unearned premiums		123.0			87.6
Ceded reinsurance payable and funds held		134.3			(159.5	)
Income taxes		(2.3	)		(35.3	)
Accrued underwriting expenses		(19.7	)		4.1
Other, net		(0.1	)		24.2
Cash provided by operating activities		235.8			71.7
Cash flows from investing activities:
Sales of fixed maturity investments		609.8			884.6
Maturities and mandatory calls of fixed maturity investments		637.4			243.6
Sales of equity securities		61.6			61.8
Sales of other investments		57.4			29.7
Purchases of fixed maturity investments		(1,303.4	)		(1,197.3	)
Purchases of equity securities		(97.9	)		(17.7	)
Purchases of other investments		(67.2	)		(49.8	)
Change in foreign regulatory deposits and voluntary pools		7.5			22.5
Change in short-term investments		(69.9	)		(16.5	)
Settlements of foreign currency exchange forward contracts		(6.7	)		0.6
Purchases of fixed assets		(22.0	)		(26.7	)
Other, net		17.4			(21.5	)
Cash used by investing activities		(176.0	)		(86.7	)
Cash flows from financing activities:
Payment on note payable		—			(0.1	)
Redemption of trust preferred securities, net		—			(18.0	)
Activity under stock incentive plans		1.5			3.3
Repurchase of Company's common shares		(29.7	)		(40.9	)
Excess tax expense from share-based payment arrangements		0.6			0.1
Payment of cash dividends to common shareholders		(17.1	)		(13.4	)
Cash used by financing activities		(44.7	)		(69.0	)
Effect of exchange rate changes on cash		0.1			(0.3	)
Change in cash		15.2			(84.3	)
Cash, beginning of period		81.0			157.4
Cash, end of period	$	96.2		$	73.1

See accompanying notes.

6

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The preparation of interim 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 financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 27, 2015.

The interim financial information as of, and for the three and nine months ended, September 30, 2015 and 2014 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain amounts in prior years’ financial statements have been reclassified to conform to the current presentation.

10% Stock Dividend

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

2. Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized and requires additional disclosures sufficient to describe the nature, amount, timing and uncertainty of revenue and cash flows for these transactions. This ASU is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as early as annual reporting periods beginning after December 15, 2016. We will adopt this ASU on January 1, 2018. Companies may use either a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. While insurance contracts are excluded from this ASU, fee income related to our brokerage operations and management of the third-party capital for our underwriting Syndicate at Lloyd’s will be subject to this updated guidance. We continue to evaluate what impact this ASU will have on our financial results and disclosures and which adoption method to apply, but no not anticipate such impact being material based on the limited revenue streams subject to the ASU.

In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether entities should be consolidated if they are deemed variable interest entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

7

In May 2015, the FASB issued ASU 2015-09, “Insurance (Topic 944), Disclosures about Short-Duration Contracts.” ASU 2015-09 requires additional disclosures about short-duration contracts for products in effect for typically a year or less. The disclosures will focus on the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-09 on our consolidated financial statements.

3. Investments

Composition of Invested Assets

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investments were as follows:

September 30, 2015
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	167.8	$	1.4	$	0.3	$	168.9
Non-U.S. Governments		87.4		0.4		1.8		86.0
Obligations of states and political subdivisions		473.6		19.4		0.5		492.5
Credit-Financial		491.4		8.2		2.5		497.1
Credit-Industrial		493.0		6.7		6.8		492.9
Credit-Utility		148.8		2.1		7.4		143.5
Structured securities:
CMO/MBS-agency (1)		132.8		6.0		0.2		138.6
CMO/MBS-non agency		11.7		0.7		—		12.4
CMBS (2)		165.5		0.9		0.7		165.7
ABS (3)		127.8		0.5		0.3		128.0
CLO (4)		136.0		0.4		0.8		135.6
Foreign denominated:
Governments		171.4		1.0		20.1		152.3
Credit		126.0		1.3		18.3		109.0
ABS/CMBS		24.9		0.1		2.9		22.1
CLO		83.6		1.2		7.2		77.6
Total fixed maturities		2,841.7		50.3		69.8		2,822.2
Equity securities		358.5		129.7		22.2		466.0
Other investments		488.1		12.6		0.7		500.0
Short-term investments		345.0		—		0.2		344.8
Total investments	$	4,033.3	$	192.6	$	92.9	$	4,133.0

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

8

December 31, 2014
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	184.0	$	1.3	$	0.3	$	185.0
Non-U.S. Governments		79.9		0.6		0.6		79.9
Obligations of states and political subdivisions		468.1		22.9		0.3		490.7
Credit-Financial		508.1		12.3		2.3		518.1
Credit-Industrial		493.7		9.4		3.5		499.6
Credit-Utility		142.7		3.2		3.9		142.0
Structured securities:
CMO/MBS-agency (1)		168.0		8.0		0.7		175.3
CMO/MBS-non agency		13.2		0.8		—		14.0
CMBS (2)		178.6		1.6		0.2		180.0
ABS (3)		142.7		0.4		0.5		142.6
CLO (4)		78.7		0.2		0.5		78.4
Foreign denominated:
Governments		148.4		1.2		9.4		140.2
Credit		136.7		1.8		12.5		126.0
ABS/CMBS		29.5		0.2		2.5		27.2
CLO		44.9		0.7		3.9		41.7
Total fixed maturities		2,817.2		64.6		41.1		2,840.7
Equity securities		307.3		184.1		5.1		486.3
Other investments		488.9		7.5		1.3		495.1
Short-term investments		275.8		—		—		275.8
Total investments	$	3,889.2	$	256.2	$	47.5	$	4,097.9

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

Included in “Total investments” in our Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 is $78.2 million and $75.2 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party 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, 2015, by contractual maturity, were as follows:

(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	219.8	$	208.4
Due after one year through five years		1,295.9		1,285.8
Due after five years through ten years		480.4		481.0
Thereafter		163.3		167.0
Structured securities		682.3		680.0
Total	$	2,841.7	$	2,822.2

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

9

Other Invested Assets

Details regarding the carrying value and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows:

September 30, 2015
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	141.3	$	—
Private equity		143.7		71.6
Long only funds		195.1		—
Other investments		19.9		—
Total other invested assets	$	500.0	$	71.6

December 31, 2014
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	153.2	$	—
Private equity		123.6		72.9
Long only funds		200.7		—
Other investments		17.6		—
Total other invested assets	$	495.1	$	72.9

The following describes each investment type:

· Hedge funds: Hedge funds include funds that primarily buy and sell stocks including short sales, multi-strategy credit, relative value credit and distressed credit.

· Private equity:  Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.

· Long only funds: These funds include a fund that primarily owns international stocks, a fund that owns high yield fixed income securities and a fund that primarily owns investment-grade corporate and sovereign fixed income securities.

· Other investments: Other investments include our participation in pools, foreign exchange currency forward contracts to manage exposure on losses related to global catastrophic events, our Canadian dollar investment portfolio, certain Euro and other non-U.S. dollar denominated investments and to minimize negative impacts to our investment portfolio returns.

10

Unrealized Losses and Other-Than-Temporary Impairments

An aging of unrealized losses on our investments in fixed maturities, equity securities, other investments and short-term investments is presented below:

September 30, 2015	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 (2)	$	33.6		$	0.3	$	0.4	$	—	$	34.0		$	0.3
Non-U.S. Governments		32.9			1.5		3.1		0.3		36.0			1.8
Obligations of states and political    subdivisions		27.2			0.2		8.5		0.3		35.7			0.5
Credit-Financial		197.9			2.2		19.1		0.3		217.0			2.5
Credit-Industrial		218.4			5.2		30.6		1.6		249.0			6.8
Credit-Utility		75.0			3.9		13.3		3.5		88.3			7.4
Structured securities:
CMO/MBS-agency (1)		7.9			—		8.2		0.2		16.1			0.2
CMBS (2)		54.9			0.7		4.5		—		59.4			0.7
ABS (1)		27.5			—		12.1		0.3		39.6			0.3
CLO		95.2			0.7		8.9		0.1		104.1			0.8
Foreign denominated:
Governments (2)		136.3			20.1		0.3		—		136.6			20.1
Credit		104.2			18.3		—		—		104.2			18.3
ABS/CMBS		21.8			2.9		—		—		21.8			2.9
CLO		75.6			7.2		—		—		75.6			7.2
Total fixed maturities		1,108.4			63.2		109.0		6.6		1,217.4			69.8
Equity securities		136.0			22.2		—		—		136.0			22.2
Other investments		(0.4	)		0.7		—		—		(0.4	)		0.7
Short-term investments		20.5			0.2		—		—		20.5			0.2
Total	$	1,264.5		$	86.3	$	109.0	$	6.6	$	1,373.5		$	92.9

⁽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.

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December 31, 2014	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	$	55.0		$	0.2	$	15.7	$	0.1	$	70.7		$	0.3
Non-U.S. Governments		36.5			0.4		5.2		0.2		41.7			0.6
Obligations of states and political    subdivisions		10.4			0.1		16.6		0.2		27.0			0.3
Credit-Financial		195.7			2.2		11.1		0.1		206.8			2.3
Credit-Industrial		240.8			3.3		12.2		0.2		253.0			3.5
Credit-Utility		63.1			3.8		1.9		0.1		65.0			3.9
Structured securities:
CMO/MBS-agency		10.1			0.1		19.2		0.6		29.3			0.7
CMBS		49.3			0.1		6.0		0.1		55.3			0.2
ABS		68.8			0.2		8.1		0.3		76.9			0.5
CLO		60.4			0.5		—		—		60.4			0.5
Foreign denominated:
Governments		123.7			9.3		11.2		0.1		134.9			9.4
Credit		122.3			12.3		0.9		0.2		123.2			12.5
ABS/CMBS		26.8			2.5		—		—		26.8			2.5
CLO		41.7			3.9		—		—		41.7			3.9
Total fixed maturities		1,104.6			38.9		108.1		2.2		1,212.7			41.1
Equity securities		53.6			5.1		—		—		53.6			5.1
Other investments		(0.9	)		1.3		—		—		(0.9	)		1.3
Short-term investments		—			—		—		—		—			—
Total	$	1,157.3		$	45.3	$	108.1	$	2.2	$	1,265.4		$	47.5

We regularly evaluate our investments for other-than-temporary 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 structured securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Loss frequency is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. For equity securities and other investments, the length of time and the amount of decline in fair value are the principal factors in determining other-than-temporary impairment. We also recognize other-than-temporary losses on fixed maturity securities that we intend to sell.

We hold a total of 6,805 securities, of which 2,909 were in an unrealized loss position for less than one year and 193 were in an unrealized loss position for a period one year or greater as of September 30, 2015. 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. In considering whether an investment is other-than-temporarily impaired or not, we also considered that we do not intend to sell the investments and it is unlikely that we will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. In situations where we did not recognize other-than-temporary losses on investments in our equity portfolio, we have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation, have the ability and intent to hold these investments until a recovery of the cost basis. We do not consider these investments to be other-than-temporarily impaired at September 30, 2015.

There was no recognized other-than-temporary loss on our fixed maturities portfolio for the three months ended September 30, 2015 and September 30, 2014. We recognized other-than-temporary losses on our fixed maturities portfolio of $0.9 million and $1.2 million for the nine months ended September 30, 2015 and 2014, respectively. We recognized other-than-temporary losses on our equity portfolio of $3.4 million and $4.4 million for the three and nine months ended September 30, 2015, respectively. We recognized other-than-temporary losses on our equity portfolio of $0.2 million and $0.4 million for the three and nine months ended September 30, 2014, respectively.

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Realized Gains and Losses

The following table presents our gross realized investment and other gains (losses):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Realized gains
Fixed maturities	$	2.9		$	4.5		$	10.5		$	15.2
Equity securities		9.8			0.7			22.6			16.1
Other investments		14.6			13.6			44.9			36.5
Short-term investments		—			—			1.1			0.1
Other assets		—			2.0			—			2.0
Gain on sale of real estate holdings		—			—			0.4			—
Gross realized investment gains		27.3			20.8			79.5			69.9
Realized losses
Fixed maturities		(4.1	)		(1.1	)		(13.1	)		(8.7	)
Equity securities		(2.5	)		(0.1	)		(3.6	)		(0.2	)
Other investments		(13.4	)		(6.5	)		(30.9	)		(12.6	)
Short-term investments		(0.1	)		—			(1.5	)		(0.3	)
Other assets		(0.1	)		—			(0.1	)		(4.0	)
Other-than-temporary impairment losses on fixed    maturities		—			—			(0.9	)		(1.2	)
Other-than-temporary impairment losses on equity    securities		(3.4	)		(0.2	)		(4.4	)		(0.4	)
Gross realized investment and other losses		(23.6	)		(7.9	)		(54.5	)		(27.4	)
Net realized investment and other gains	$	3.7		$	12.9		$	25.0		$	42.5

The cost of securities sold is based on the specific identification method.

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows:

(in millions)	Fixed Maturities			Equity Maturities			Other Investments		Short Term			Real Estate Holdings and Other			Tax Effects			Total
Three Months Ended September 30, 2015
Realized before impairments	$	(1.2	)	$	7.3		$	1.2	$	(0.1	)	$	(0.1	)	$	(2.1	)	$	5.0
Realized - impairments		—			(3.4	)		—		—			—			1.2			(2.2	)
Change in unrealized		(22.6	)		(46.7	)		—		(0.2	)		—			20.1			(49.4	)
Three Months Ended September 30, 2014
Realized before impairments	$	3.4		$	0.6		$	7.1	$	—		$	2.0		$	(5.3	)	$	7.8
Realized - impairments		—			(0.2	)		—		—			—			0.4			0.2
Change in unrealized		(33.9	)		(10.7	)		—		—			—			9.0			(35.6	)
Nine Months Ended September 30, 2015
Realized before impairments	$	(2.6	)	$	19.0		$	14.0	$	(0.4	)	$	0.3		$	(10.5	)	$	19.8
Realized - impairments		(0.9	)		(4.4	)		—		—			—			1.8			(3.5	)
Change in unrealized		(40.9	)		(71.5	)		1.5		(0.2	)		—			33.3			(77.8	)
Nine Months Ended September 30, 2014
Realized before impairments	$	6.5		$	15.9		$	23.9	$	(0.2	)	$	(2.0	)	$	(13.4	)	$	30.7
Realized - impairments		(1.2	)		(0.4	)		—		—			—			0.5			(1.1	)
Change in unrealized		(12.0	)		5.0			1.1		—			—			(3.5	)		(9.4	)

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We entered into foreign currency exchange forward contracts to manage currency exposure on losses related to certain global catastrophe events. We did not renew this program in the third quarter of 2015 as the currency exposure has become immaterial. These currency forward contracts were carried at fair value in our Consolidated Balance Sheets in “Other investments” at September 30, 2014. The realized and unrealized gains and losses on these contracts are included in “Net realized investment and other gains” in our Consolidated Statements of Income. The notional amount of these currency forward contracts was $25.6 million at September 30, 2014. The fair value of these currency forward contracts was a loss of $2.0 million at September 30, 2014. For the three and ninemonths ended September 30, 2015, we recognized $0.0 million and $0.5 million in realized gains and $0.3 million and $2.3 million in realized losses, respectively, from these currency forward contracts. For the three and nine months ended September 30, 2014, we recognized $0.1 million and $3.9 million in realized gains and  $2.2 million and $4.1 million inrealized losses, respectively, from these currency forward contracts.

We enter into foreign currency exchange forward contracts to manage currency exposure on our Canadian dollar (“CAD”) investment portfolio, certain Euro and other non-U.S. dollar denominated investments, and to minimize negative impacts to our investment portfolio returns. The currency forward contracts are carried at fair value in our Consolidated Balance Sheets in “Other investments.” The realized and unrealized gains and losses are included in “Net realized investment and other gains” in our Consolidated Statements of Income. The notional amount of the Canadian dollar forward contracts was CAD 160.7 million (USD $119.9 million) and CAD 132.0 million (USD $118.3 million) as of September 30, 2015 and 2014, respectively. The notional amount of the remaining forward contracts was not material as of September 30, 2015 and 2014. The fair value of the currency forward contracts was a gain of $5.1 million and a loss of $0.4 million as of September 30, 2015 and 2014, respectively. For the three and nine months ended September 30, 2015, we recognized $8.6 million and $26.4 million in realized gains and $3.9 million and $13.4 million in realized losses, respectively, from the currency forward contracts. For both the three and nine months ended September 30, 2014, we recognized $5.7 million and $2.6 million in realized gains and realized losses, respectively.

Regulatory Deposits, Pledged Securities and Letters of Credit

At September 30, 2015, the amortized cost and fair value of investments on deposit with U.S., Canadian and various other agencies for regulatory purposes were $185.9 million and $192.3 million, respectively. At December 31, 2014, the amortized cost and fair value of investments on deposit with U.S., Canadian and various other agencies for regulatory purposes were $186.6 million and $194.2 million, respectively.

At September 30, 2015, investments with an amortized cost of $34.6 million and fair value of $34.8 million were pledged as collateral in support of irrevocable letters of credit (“LOCs”) in the amount of $28.2 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves. At December 31, 2014, investments with an amortized cost of $55.0 million and fair value of $55.3 million were pledged as collateral in support of irrevocable LOCs in the amount of $43.6 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves.

Our Corporate member’s capital supporting our Lloyd’s business was $211.9 million and $217.9 million at September 30, 2015 and December 31, 2014, respectively.

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 transfer 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 judgments 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

14

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 review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of September 30, 2015. 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 using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.

● CMO/MBS agency, CMO/MBS non-agency, CMBS, ABS and CLO securities are reported at fair value using 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.

Equity Securities Level 1: Equity securities are principally reported at fair value using 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 3: We own certain equity securities that are reported at fair value using 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 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 using Level 2 inputs based upon values obtained from Lloyd’s. Foreign currency future contracts are valued by our counterparty using market driven foreign currency exchange rates and are considered Level 2 investments.

Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate bonds reported at fair value using 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.

Transfers Between Level 1 and Level 2 Securities: There were no transfers between Level 1 and Level 2 securities during the three months ended September 30, 2015.

15

Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:

			Fair Value Measurements at Reporting Date Using
(in millions)	September 30, 2015		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	168.9	$	110.4	$	58.5	$	—
Non-U.S. Governments		86.0		—		86.0		—
Obligations of states and political subdivisions		492.5		—		492.5		—
Credit-Financial		497.1		—		497.1		—
Credit-Industrial		492.9		—		492.9		—
Credit-Utility		143.5		—		143.5		—
Structured securities:
CMO/MBS-agency		138.6		—		138.6		—
CMO/MBS-non agency		12.4		—		12.4		—
CMBS		165.7		—		165.7		—
ABS		128.0		—		128.0		—
CLO		135.6		—		135.6		—
Foreign denominated:
Governments		152.3		—		152.3		—
Credit		109.0		—		109.0		—
ABS/CMBS		22.1		—		22.1		—
CLO		77.6		—		77.6		—
Total fixed maturities		2,822.2		110.4		2,711.8		—
Equity securities		466.0		465.2		—		0.8
Other investments		91.2		—		91.2		—
Short-term investments		344.8		323.8		21.0		—
	$	3,724.2	$	899.4	$	2,824.0	$	0.8

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

^(b) Significant other observable inputs

^(c) Significant unobservable inputs

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			Fair Value Measurements at Reporting Date Using
(in millions)	December 31, 2014		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	185.0	$	99.2	$	85.8	$	—
Non-U.S. Governments		79.9		—		79.9		—
Obligations of states and political subdivisions		490.7		—		490.7		—
Credit-Financial		518.1		—		518.1		—
Credit-Industrial		499.6		—		499.6		—
Credit-Utility		142.0		—		142.0		—
Structured securities:
CMO/MBS-agency		175.3		—		175.3		—
CMO/MBS-non agency		14.0		—		14.0		—
CMBS		180.0		—		180.0		—
ABS		142.6		—		142.6		—
CLO		78.4		—		78.4		—
Foreign denominated:
Governments		140.2		—		140.2		—
Credit		126.0		—		126.0		—
ABS/CMBS		27.2		—		27.2		—
CLO		41.7		—		41.7		—
Total fixed maturities		2,840.7		99.2		2,741.5		—
Equity securities		486.3		485.4		—		0.9
Other investments		97.3		—		97.3		—
Short-term investments		275.8		273.9		1.9		—
	$	3,700.1	$	858.5	$	2,840.7	$	0.9

^(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 equal “Total investments” on our Consolidated Balance Sheets as they exclude certain other investments that are accounted for under the equity-method of accounting.

A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:

Fair Value Measurements Using Observable Inputs (Level 3)

(in millions)	Equity Securities			Total
Beginning balance, January 1, 2015	$	0.9		$	0.9
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—
Included in other comprehensive income (loss)		—			—
Purchases, issuances, sales, and settlements
Purchases		—			—
Issuances		—			—
Sales		(0.1	)		(0.1	)
Settlements		—			—
Ending balance, September 30, 2015	$	0.8		$	0.8
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at September 30, 2015	$	—		$	—

17

(in millions)	Equity Securities			Other Assets			Total
Beginning balance, January 1, 2014	$	1.3		$	2.6		$	3.9
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—			—
Included in other comprehensive income (loss)		0.1			—			0.1
Purchases, issuances, sales, and settlements
Purchases		—			—			—
Issuances		—			—			—
Sales		(0.5	)		—			(0.5	)
Settlements		—			(2.6	)		(2.6	)
Ending balance, December 31, 2014	$	0.9		$	—		$	0.9
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at December 31, 2014	$	—		$	—		$	—

At September 30, 2015 and December 31, 2014, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis or any financial liabilities on a recurring basis.

4. Reserves for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):

	For the Nine Months Ended September 30,
(in millions)	2015			2014
Net reserves beginning of the year	$	2,137.1		$	2,107.6
Add:
Losses and LAE incurred during current calendar    year, net of reinsurance:
Current accident year		589.6			585.9
Prior accident years		(15.3	)		(26.4	)
Losses and LAE incurred during calendar year, net    of reinsurance		574.3			559.5
Deduct:
Losses and LAE payments made during current    calendar year, net of reinsurance:
Current accident year		105.2			115.3
Prior accident years		435.5			435.5
Losses and LAE payments made during current    calendar year, net of reinsurance:		540.7			550.8
Change in participation interest (1)		(1.2	)		24.7
Foreign exchange adjustments		(27.7	)		(4.9	)
Net reserves - end of period		2,141.8			2,136.1
Add:
Reinsurance recoverables on unpaid losses and LAE,    end of period		962.3			926.5
Gross reserves - end of period	$	3,104.1		$	3,062.6

⁽¹⁾ Amount represents (decreases) increases in reserves due to change in syndicate participation

Reserves for losses and LAE represent the estimated indemnity cost and related adjustment expenses necessary to investigate and settle claims. Such estimates are based upon individual case estimates for reported claims, estimates from ceding companies for reinsurance assumed and actuarial estimates for losses that have been incurred but not yet reported to the insurer. Any change in probable ultimate liabilities is reflected in current operating results.

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Impacting losses and LAE for the nine months ended September 30, 2015 was $15.3 million in favorable prior years’ loss reserve development comprised of the following: $25.1 million of net favorable development in the Excess and Surplus Lines segment primarily the result of favorable developmentin the general and products liability lines and commercial automobile, partially offset by unfavorable development in property lines; $10.4 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability and workers compensation due to increases in claim severity, partially offset by favorable development in auto liability and short tail lines; $5.8million of net favorable development in the International Specialty segment primarily driven by favorable development in Argo Insurance Bermuda and Argo Re, partially offset by unfavorable development in the Brazil unit; $2.8 million of net favorable development in the Syndicate 1200 segment primarily driven by favorable development in property, general liability and marine & energy, partially offset by unfavorable development in otherliability classes and aerospace; and $8.0 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines and asbestos and environmental liability, offset in part by favorable development in run-off reinsurance claims.

Impacting losses and LAE for the nine months ended September 30, 2014 was $26.4 million in favorable prior years’ loss reserve development comprised of the following: $34.6 million of net favorable development in the Excess and Surplus Lines segment primarily caused by favorable development in the general and products liability lines, partially offset by unfavorable development in commercial automobile and property lines; $5.2 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability lines due to increases in claim severity, as well as unfavorable development in auto liability lines, partially offset by favorable development in workers compensation and short-tail lines; $0.1 million of net favorable development in the International Specialty segment; $15.8 million of net favorable development in the Syndicate 1200 segment primarily driven by favorable development in various property classes, as well as favorable development in professional indemnity and aerospace, partially offset by unfavorable development in general liability; and $18.9 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines driven by increasing medical costs on older claims, as well as unfavorable development in asbestos liability on assumed business.

In the opinion of management, our reserves represent the best estimate of our ultimate liabilities, based on currently known facts, current law, current technology and assumptions considered reasonable where facts are not known. Due to the significant uncertainties and related management judgments, there can be no assurance that future loss development, favorable or unfavorable, will not occur.

5. Debt

Revolving Credit Facility

On March 7, 2014, each of Argo Group, Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (the “Borrowers”) entered into a $175 million credit agreement (“Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $175.0 million revolving credit facility with a maturity date of March 7, 2018 unless extended in accordance with the terms of the Credit Agreement. Borrowings under the Credit Agreement may be used for general corporate purposes, including working capital and permitted acquisitions, and each of the Borrowers has agreed to be jointly and severally liable for the obligations of the other Borrowers under the Credit Agreement.

The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Borrowers might be required immediately to repay all amounts outstanding under the Credit Agreement. Lenders holding at least a majority of the loans and commitments under the Credit Agreement may elect to accelerate the maturity of the loans and/or terminate the commitments under the Credit Agreement upon the occurrence and during the continuation of an event of default.

Included in the Credit Agreement is a provision that allows up to $17.5 million of the revolving credit facility to be used for LOCs, subject to availability. As of September 30, 2015 and December 31, 2014, there were no borrowings outstanding and $0.2 million in LOCs against the Credit Facility.

Junior Subordinated Debentures

On July 16, 2014, Argo Group US, Inc. purchased the outstanding PXRE Capital Trust V $20,000,000 Junior Subordinated Debt Securities (“Capital Trust V”) at a discount equal to 90.0% of the principal amount plus accrued and unpaid interest through the date of purchase for a total price of $18.2 million, resulting in the recognition of a $2.0 million pre-tax realized gain. The Capital Trust V was redeemed on April 29, 2015.

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6. Disclosures about Fair Value of Financial Instruments

Cash. The carrying amount approximates fair value.

Investment securities and short-term investments. See Note 3, “Investments,” for additional information.

Premiums receivable and reinsurance recoverables on paid losses. The carrying value of current receivables approximates fair value. At September 30, 2015 and December 31, 2014, the carrying values of premiums receivable over 90 days were $12.2 million and $12.4 million, respectively. Included in “Reinsurance recoverables” in our Consolidated Balance Sheets at September 30, 2015 and December 31, 2014, are amounts that are due from trade capital providers associated with the operations of Syndicate 1200. Upon settlement, the receivable is offset against the liability also reflected in our accompanying Consolidated Balance Sheets. At September 30, 2015 and December 31, 2014, the payable was in excess of the receivable. Of our reinsurance recoverables on paid losses, excluding amounts attributable to Syndicate 1200’s trade capital providers, at September 30, 2015 and December 31, 2014, the carrying values over 90 days were $9.1 million and $9.9 million, respectively. Our methodology for establishing our allowances for doubtful accounts includes specifically identifying all potential uncollectible balances regardless of aging. At September 30, 2015 and December 31, 2014, the allowance for doubtful accounts for premiums receivable was $3.7 million and $5.2 million, respectively, and the allowance for doubtful accounts for reinsurance recoverables on paid losses was $2.4 million and $1.8 million, respectively. Premiums receivable over 90 days were secured by collateral in the amount of $0.3 million and $0.3 million at September 30, 2015 and December 31, 2014, respectively. Reinsurance recoverables on paid losses over 90 days were secured by collateral in the amount of $0.6 million and $0.4 at September 30, 2015 and December 31, 2014, respectively.

Debt. At September 30, 2015 and December 31, 2014, the fair value of our Junior subordinated debentures, Senior unsecured fixed rate notes and Other indebtedness was estimated using appropriate market indices or quoted prices from external sources based on current market conditions.

A summary of our financial instruments whose carrying value did not equal fair value is shown below:

	September 30, 2015				December 31, 2014
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Junior subordinated debentures	$	172.7	$	153.0	$	172.7	$	155.5
Senior unsecured fixed rate notes		143.8		144.6		143.8		132.3
Other indebtedness:
Floating rate loan stock		56.8		50.3		61.3		55.2
Note payable		0.6		0.6		0.7		0.6
	$	373.9	$	348.5	$	378.5	$	343.6

7. Shareholders’ Equity

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

On August 4, 2015, our Board of Directors declared a quarterly cash dividend in the amount of $0.20 on each share of common stock outstanding. On September 15, 2015, we paid $5.6 million to our shareholders of record on September 1, 2015.

On August 5, 2014, our Board of Directors declared a quarterly cash dividend in the amount of $0.16 on each share of common stock outstanding, on a post-stock dividend basis. On September 15, 2014, we paid $4.7 million to our shareholders of record on September 1, 2014.

On November 5, 2013, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous Repurchase Authorizations. As of September 30, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $63.1 million.

For the three and nine months ended September 30, 2015, we repurchased a total of 85,959 common shares and 575,055, respectively, for $4.8 million and $29.7 million, respectively. A summary of activity from January 1, 2015 through September 30, 2015 follows.

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A summary of common shares repurchased for the nine months ended September 30, 2015 is shown below:

Repurchase Type	Date Trading Plan Initiated	2015 Purchase Period	Number of Shares Repurchased		Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
10b5-1 Trading Plan	12/15/2014	01/05/2015-02/12/2015		117,482	$	53.50	$	6.3	2013
10b5-1 Trading Plan	03/16/2015	03/18/2015-05/06/2015		150,050	$	49.56		7.4	2013
Open Market	N/A	01/01/2015-09/30/2015		307,523	$	51.83		16.0	2013
Total				575,055	$	51.58	$	29.7

8. Accumulated Other Comprehensive Income (Loss)

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the nine months ended September 30, 2015 and 2014 is presented below:

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2015	$	(15.6	)	$	130.7		$	(7.0	)	$	108.1
Other comprehensive loss before    reclassifications		(6.6	)		(75.7	)		—			(82.3	)
Amounts reclassified from accumulated other    comprehensive loss		—			(2.3	)		—			(2.3	)
Net current-period other comprehensive loss		(6.6	)		(78.0	)		—			(84.6	)
Balance at September 30, 2015	$	(22.2	)	$	52.7		$	(7.0	)	$	23.5

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2014	$	(11.5	)	$	163.9		$	(4.6	)	$	147.8
Other comprehensive income before    reclassifications		(1.9	)		5.4			—			3.5
Amounts reclassified from accumulated other    comprehensive income		—			(14.8	)		—			(14.8	)
Net current-period other comprehensive income		(1.9	)		(9.4	)		—			(11.3	)
Balance at September 30, 2014	$	(13.4	)	$	154.5		$	(4.6	)	$	136.5

The following tables illustrate the amounts reclassified from accumulated other comprehensive (loss) income shown in the above tables that have been included in our Consolidated Statements of Income:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(in millions)	2015		2014			2015			2014
Unrealized gains and losses on securities:
Net realized investment losses	$	0.1	$	(5.8	)	$	(6.9	)	$	(22.0	)
Benefit for income taxes		1.7		4.1			4.6			7.2
Net of taxes	$	1.8	$	(1.7	)	$	(2.3	)	$	(14.8	)

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9. Net Income Per Common Share

The following table presents the calculation of net income per common share on a basic and diluted basis (all balances have been adjusted to reflect the 10% stock dividend):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2015		2014		2015		2014
Net income	$	35.3	$	44.7	$	122.0	$	123.5
Weighted average common shares outstanding - basic		27,916,586		28,552,240		27,997,638		28,824,182
Effect of dilutive securities:
Equity compensation awards		557,918		528,368		542,456		512,993
Weighted average common shares outstanding - diluted		28,474,504		29,080,608		28,540,094		29,337,175
Net income per common share:
Basic	$	1.27	$	1.57	$	4.36	$	4.28
Diluted	$	1.24	$	1.54	$	4.28	$	4.21

Excluded from the weighted average common shares outstanding calculation at September 30, 2015, and 2014 are 9,181,544 shares and 8,440,355 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. For the three and nine months ended September 30, 2015, there were no equity compensation awards with an anti-dilutive effect. For the three and nine months ended September 30, 2014, equity compensation awards to purchase 1,879 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expired or will expire at varying times from 2014 through 2016.

10. Supplemental Cash Flow Information

Income taxes paid. We paid income taxes of $ 10.8 million and $23.8 million during the nine months ended September 30, 2015 and 2014, respectively.

Income taxes recovered. During the nine months ended September 30, 2015, $11.5 million of income taxes was recovered. No income taxes were recovered during the nine months ended September 30, 2014.

Interest paid was as follows:

	For the Nine Months Ended September 30,
(in millions)	2015		2014
Senior unsecured fixed rate notes	$	7.0	$	7.0
Junior subordinated debentures		5.3		5.8
Other indebtedness		2.0		2.3
Total interest paid	$	14.3	$	15.1

11. Share-based Compensation

The fair value method of accounting is used for equity-based compensation plans. Under the fair value method, compensation cost is measured based on the fair value of the award at the measurement date and recognized over the requisite service period. We use the Black-Scholes model to estimate the fair values on the measurement date for share options and share appreciation rights (“SARs”). The Black-Scholes model uses several assumptions to value a share award. The volatility assumption is based on the historical change in our stock price over the previous five years preceding the measurement date. The risk-free rate of return assumption is based on the five-year U.S. Treasury constant maturity rate on the measurement date. The expected award life is based upon the average holding period over the history of the incentive plan. The expected dividend yield is based on our history and expected dividend payouts.

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The following table summarizes the assumptions we used for the nine months ended September 30, 2015 and 2014:

	For the Nine Months Ended September 30,
	2015		2014
Risk-free rate of return		1.44%		1.77%
Expected dividend yields		1.52%		1.49%
Expected award life (years)		4.64	4.67
Expected volatility		20.81%		22.84%

All outstanding awards were adjusted to reflect the 10% stock dividend, resulting in a 10% increase to the number of awards outstanding and a 9.09% reduction in the exercise price.

Argo Group’s Long-Term Incentive Plans

In November 2007, our shareholders approved the 2007 Long-Term Incentive Plan (the “2007 Plan”), which provides for an aggregate of 4.5 million shares of our common stock that may be issued to executives, non-employee directors, and other key employees. As of May 2014, 1.46 million shares remained available for grant under the 2007 Plan. In May 2014, our shareholders approved the 2014 Long-Term Incentive Plan (the “2014 Plan”), which provides for an additional 2.8 million shares of our common stock to be available for issuance to executives, non-employee directors and other key employees. The share awards may be in the form of share options, SARs, restricted shares, restricted share awards, restricted share units awards, performance awards, other share-based awards and other cash-based awards. Shares issued under this plan may be shares that are authorized and unissued or shares that we reacquired, including shares purchased on the open market. Share options and SARs will count as one share for the purposes of the limits under the incentive plans; restricted shares, restricted share units, performance units, performance shares or other share-based incentive awards which settle in common shares will count as 2.75 shares for purpose of the limits under the 2014 Plan.

Share options may be in the form of incentive share options, non-qualified share options and restorative options. Share options are required to have an exercise price that is not less than the market value on the date of grant. We are prohibited from repricing the options. The term of the share options cannot exceed seven years from the grant date.

A summary of restricted share activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2015		313,716		$	31.38
Granted		297,873		$	39.21
Vested and issued		(119,295	)	$	26.83
Expired or forfeited		(8,938	)	$	41.76
Outstanding at September 30, 2015		483,356		$	37.14

The restricted shares vest over two to four years. Expense recognized under this plan for the restricted shares was $1.4 million and $4.4 million for the three and nine months ended September 30, 2015, respectively, as compared to $0.8 million and $2.2 million for the three and nine months ended September 30, 2014, respectively. Compensation expense for all share-based compensation awards is included in “Underwriting, acquisition and insurance expense” in the accompanying Consolidated Statements of Income. As of September 30, 2015, there was $13.9 million of total unrecognized compensation cost related to restricted share compensation arrangements granted by Argo Group.

A summary of stock-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		1,313,726		$	28.57
Granted		243,305		$	39.43
Exercised		(165,036	)	$	24.15
Expired or forfeited		(7,231	)	$	31.68
Outstanding at September 30, 2015		1,384,764		$	30.14

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The stock-settled SARs vest over a one to four year period. Upon exercise of the stock-settled SARs, the employee is entitled to receive shares of our common stock equal to the appreciation of the stock as compared to the exercise price. Expense recognized for the stock-settled SARs was $0.3 million and $1.3 for the three and nine months ended September 30, 2015, respectively, as compared to $0.3 million and $1.6 million for the three and nine months ended September 30, 2014, respectively. As of September 30, 2015, there was $3.3 million of total unrecognized compensation cost related to stock-settled SARs outstanding.

A summary of cash-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		2,001,451		$	32.76
Granted		913,157		$	47.48
Exercised		(366,527	)	$	29.19
Expired or forfeited		(216,354	)	$	39.40
Outstanding at September 30, 2015		2,331,727		$	38.46

The cash-settled SARs vest over a one to four year period. Upon exercise of the cash-settled SARs, the employee is entitled to receive cash payment for the appreciation in the value of our common stock over the exercise price. We account for the cash-settled SARs as liability awards, which require the awards to be revalued at each reporting period. Expense recognized for the cash-settled SARs was $2.8 million and $14.1 million for the three and nine months ended September 30, 2015, respectively, as compared to $1.2 million and $9.2 million for the three and nine months ended September 30, 2014, respectively. As of September 30, 2015, there was $13.2 million of total unrecognized compensation cost related to cash-settled SARs outstanding.

12. Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Commissions	$	56.5		$	59.8		$	182.4		$	178.0
General expenses		69.6			69.0			222.2			211.9
Premium taxes, boards and bureaus		7.5			7.2			8.1			19.5
		133.6			136.0			412.7			409.4
Net deferral of policy acquisition costs		(0.8	)		(2.2	)		(10.8	)		(10.1	)
Total underwriting, acquisition and insurance expenses	$	132.8		$	133.8		$	401.9		$	399.3

Included in general expenses for the three months ended September 30, 2015 and 2014 was $5.5 million and $2.2 million, respectively, and $20.8 million and $13.3 million for the nine months ended September 30, 2015 and 2014, respectively, of expense for our total equity compensation.

13. Income Taxes

We are incorporated under the laws of Bermuda and, under current Bermuda law, are not obligated to pay any taxes in Bermuda based upon income or capital gains. We have received an undertaking from the Supervisor of Insurance in Bermuda pursuant to the provisions of the Exempted Undertakings Tax Protection Act, 2011, which exempts us from any Bermuda taxes computed on profits, income or any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, at least until the year 2035.

We do not consider ourselves to be engaged in a trade or business in the United States or the United Kingdom and, accordingly, do not expect to be subject to direct United States or United Kingdom income taxation.

We have subsidiaries based in the United Kingdom that are subject to the tax laws of that country. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Six of the United Kingdom subsidiaries are deemed to be engaged in business in the United States, and therefore, are subject to United States corporate tax in respect of a proportion of their United States underwriting business only. Relief is available against the United Kingdom tax liabilities in respect of overseas taxes paid that arise from the underwriting business. Corporate income tax losses incurred in the United Kingdom can be carried forward, for application against future income, indefinitely. Our United Kingdom subsidiaries file separate United Kingdom income tax returns.

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We have subsidiaries based in the United States that are subject to United States tax laws. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Our United States subsidiaries file a consolidated United States federal income tax return.

We also have operations in Belgium, Switzerland, Brazil, France, Malta, Spain and Ireland, which also are subject to income taxes imposed by the jurisdiction in which they operate. We have operations in the United Arab Emirates, which are not subject to income tax under the laws of that country.

Our income tax provision includes the following components:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Current tax provision	$	(11.3	)	$	(15.0	)	$	(2.5	)	$	(10.7	)
Deferred tax (benefit) provision related to:
Future tax deductions		14.1			19.7			16.7			52.9
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

Our expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. For the three and nine months ended September 30, 2015 and 2014, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:

	For the Three Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	24.6				0.0	%	$	27.5				0.0	%
United States		10.5				19.6	%		13.5				16.2	%
United Kingdom		1.9				-58.5	%		9.2				15.4	%
Belgium		—		(1)		31.4	%		(0.1	)			-7.9	%
Brazil		(0.7	)			0.0	%		(1.2	)			0.0	%
United Arab Emirates		0.1				0.0	%		—				0.0	%
Ireland		—		(1)		0.0	%		—				0.0	%
Malta		(0.3	)			0.0	%		(0.8	)			0.0	%
Switzerland		0.1				-20.0	%		0.2				4.8	%
Pre-tax income	$	36.2						$	48.3
	For the Nine Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	68.8				0.0	%		74.3				0.0	%
United States		59.1				22.4	%		49.2				20.9	%
United Kingdom		9.1				-21.4	%		11.1				17.1	%
Belgium		(0.1	)			-50.5	%		(0.1	)			-32.4	%
Brazil		(3.7	)			0.0	%		3.9				0.0	%
United Arab Emirates		0.2				0.0	%		(0.9	)			0.0	%
Ireland		(0.1	)			0.0	%		—				0.0	%
Malta		—		(1)		0.0	%		(1.8	)			0.0	%
Switzerland		—		(1)		-21.3	%		—		(1)		24.2	%
Pre-tax income	$	133.3						$	135.7

⁽¹⁾ Pre-tax income for the respective year was less than $0.1 million.

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A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income tax provision at expected rate	$	3.7		$	6.1		$	21.1		$	20.6
Tax effect of:
Tax-exempt interest		(1.2	)		(1.1	)		(3.1	)		(3.4	)
Dividends received deduction		(0.6	)		(0.5	)		(1.8	)		(1.7	)
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Other permanent adjustments, net		0.1			(0.1	)		0.3			(1.0	)
Adjustment for prior year tax return		(0.6	)		(1.1	)		(0.6	)		(1.1	)
Adjustment for annualized rate		0.8			0.8			0.6			(0.9	)
United States state tax (benefit) expense		—			—			(2.5	)		—
Capital loss carryforward from prior merger		—			—			—			29.8
Other foreign adjustments		0.1			—			0.2			—
Prior period adjustments to deferred		—			0.8			—			(0.3	)
Prior year foreign taxes recovered		—			—			(1.2	)		—
Foreign exchange adjustments		0.5			(0.2	)		0.9			(0.1	)
Foreign withholding taxes		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2
Income tax (benefit) provision - Foreign	$	(1.2	)	$	1.5		$	(2.0	)	$	2.0
Income tax provision - United States, Federal		2.1			2.1			16.8			9.8
Income tax (benefit) provision  - United States, state		—			—			(3.8	)		0.1
Foreign withholding tax - United States		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

We recognize potential accrued interest and penalties within our global operations in “Interest expense” and “Underwriting, acquisition and insurance expenses,” respectively, in our Consolidated Statements of Income.

Our net deferred tax assets (liabilities) are supported by taxes paid in previous periods, reversal of taxable temporary differences and recognition of future income. Management regularly evaluates the recoverability of the deferred tax assets and makes any necessary adjustments to them based upon any changes in management’s expectations of future taxable income. Realization of deferred tax assets is dependent upon our generation of sufficient taxable income in the future to recover tax benefits that cannot be recovered from taxes paid in the carryback period, which is generally two years for net operating losses and three years for capital losses for our United States operations. At September 30, 2015, we had a total net deferred tax liability of $10.8 million prior to any valuation allowance. Management has concluded that a valuation allowance is required for a portion of the tax effected net operating loss carryforward of $17.1 million generated from a prior merger and for the tax effected net operating loss carryforward of $1.0 million from ARIS. Of the net operating carryforwards from a prior merger, $15.6 million will expire if not used by December 31, 2025 and $1.5 million will expire if not used by December 31, 2027. Of the ARIS loss carryforward, $0.2 million will expire if not used by December 31, 2027, $0.4 million will expire if not used by December 31, 2028 and $0.4 million will expire if not used by December 31, 2029. The valuation allowances have been established as Internal Revenue Code Section 382 limits the application of net operating loss and net capital loss carryforwards following an ownership change. The loss carryforwards available per year are $2.8 million as required by Internal Revenue Code Section 382. Further, due to cumulative losses since inception, management has concluded that a valuation allowance is required for the full amount of the tax effected net operating losses generated by our Brazil and Malta entities. Accordingly, a valuation allowance of $22.6 million is required as of September 30, 2015 of which $15.1 million relates to the prior merger and ARIS loss carryforwards, $5.5 million relates to Brazil operations, and $2.0 million relates to Malta operations. For the nine months ended September 30, 2015, the valuation allowance was reduced by $0.7 million pertaining to the prior merger and ARIS loss carryforwards, decreased by $2.1 million pertaining to our Brazil operations and decreased by $0.1 million pertaining to our Malta operations.

We had no material unrecognized tax benefits as of September 30, 2015 and 2014. Our United States subsidiaries are no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2011. Our United Kingdom subsidiaries are no longer subject to United Kingdom income tax examinations by Her Majesty’s Revenue and Customs for years before 2012.

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14. Commitments and Contingencies

Argo Group’s subsidiaries are parties to legal actions incidental to their business. Based on the opinion of counsel, management believes that the resolution of these matters will not materially affect our financial condition or results of operations.

We have contractual commitments to invest up to $71.6 million related to our limited partnership investments at September 30, 2015. These commitments will be funded as required by the partnership agreements and range in duration from one to thirteen years.

15. Segment Information

We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have four ongoing reporting segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Additionally, we have a Run-off Lines segment for certain products that we no longer underwrite.

We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate reporting segments.

In evaluating the operating performance of our segments, we focus on core underwriting and investing results before the consideration of realized gains or losses from the sales of investments. Realized investment gains are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the investment function and are not under the control of the individual business segments. Identifiable assets by segment are those assets used in the operation of each segment.

Revenue and income (loss) before income taxes for each segment were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015			2014
Revenue:
Earned premiums
Excess and Surplus Lines	$	135.7	$	121.2	$	389.9		$	363.9
Commercial Specialty		73.3		72.7		217.6			215.5
International Specialty		37.6		38.0		113.2			112.6
Syndicate 1200		99.1		104.4		305.5			305.9
Run-off Lines		0.3		1.3		0.4			1.5
Total earned premiums		346.0		337.6		1,026.6			999.4
Net investment income
Excess and Surplus Lines		8.8		8.9		26.3			27.2
Commercial Specialty		4.6		4.5		13.8			13.8
International Specialty		2.9		2.3		8.8			6.1
Syndicate 1200		2.3		2.1		6.9			7.9
Run-off Lines		2.1		2.4		6.2			7.2
Corporate and Other		0.6		0.6		1.9			2.5
Total net investment income		21.3		20.8		63.9			64.7
Fee and other income (expense), net		1.0		1.6		(0.1	)		0.1
Net realized investment and other gains		3.7		12.9		25.0			42.5
Total revenue	$	372.0	$	372.9	$	1,115.4		$	1,106.7

27

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income (loss) before income taxes
Excess and Surplus Lines	$	26.5		$	27.6		$	75.4		$	75.9
Commercial Specialty		12.4			8.0			20.8			9.2
International Specialty		3.5			4.0			21.4			16.4
Syndicate 1200		6.9			8.8			28.0			34.7
Run-off Lines		(7.1	)		(8.3	)		(7.0	)		(17.6	)
Total segment income before taxes		42.2			40.1			138.6			118.6
Corporate and Other		(9.7	)		(4.7	)		(30.3	)		(25.4	)
Net realized investment and other gains		3.7			12.9			25.0			42.5
Total income before income taxes	$	36.2		$	48.3		$	133.3		$	135.7

The table below presents earned premiums by geographic location for the three and nine months ended September 30, 2015 and 2014. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015		2014
Bermuda	$	26.8	$	27.0	$	76.8	$	75.7
Brazil		10.3		11.0		34.7		35.4
Malta		0.5		0.5		1.4		1.6
United Kingdom		99.1		104.4		305.5		305.9
United States		209.3		194.7		608.2		580.8
Total earned premiums	$	346.0	$	337.6	$	1,026.6	$	999.4

The following table represents identifiable assets:

	September 30,		December 31,
(in millions)	2015		2014
Excess and Surplus Lines	$	2,461.4	$	2,350.7
Commercial Specialty		1,387.9		1,358.5
International Specialty		801.0		776.8
Syndicate 1200		1,353.1		1,258.5
Run-off Lines		557.7		552.8
Corporate and Other		66.4		59.0
Total	$	6,627.5	$	6,356.3

Included in total assets at September 30, 2015 and December 31, 2014 are $396.3 million and $315.4 million, respectively, in assets associated with trade capital providers.

16. Information Provided in Connection with Outstanding Debt of Subsidiaries

The following tables present condensed consolidating financial information at September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014, for Argo Group (the “Parent Guarantor”) and Argo Group US (the “Subsidiary Issuer”). The Subsidiary Issuer is an indirect wholly-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor’s investment accounts and earnings.

The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Subsidiary Issuer is presented on a consolidated basis and consists principally of the net assets, results of operations and cash flows of operating insurance company subsidiaries.

28

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	6.4		$	2,830.2	$	1,296.4		$	—		$	4,133.0
Cash		—			84.8		11.4			—			96.2
Accrued investment income		—			15.9		5.1			—			21.0
Premiums receivable		—			166.7		270.7			—			437.4
Reinsurance recoverables		—			1,195.4		(128.1	)		—			1,067.3
Goodwill and other intangible assets, net		—			130.0		96.6			—			226.6
Current income taxes receivable, net		—			12.3		4.8			—			17.1
Deferred acquisition costs, net		—			61.8		79.6			—			141.4
Ceded unearned premiums		—			119.8		142.7			—			262.5
Other assets		9.7			155.3		66.4			(6.4	)		225.0
Due (to) from affiliates		(52.5	)		1.5		(1.5	)		52.5			—
Intercompany note receivable		—			41.7		(41.7	)		—			—
Investments in subsidiaries		1,722.3			—		—			(1,722.3	)		—
Total assets	$	1,685.9			4,815.4		1,802.4		$	(1,676.2	)	$	6,627.5
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—			2,177.9		926.2		$	—		$	3,104.1
Unearned premiums		—			506.9		425.8			—			932.7
Funds held and ceded reinsurance payable, net		—			695.5		(328.6	)		—			366.9
Long-term debt		28.3			288.7		56.9			—			373.9
Deferred tax liabilities, net		—			24.0		9.4			—			33.4
Accrued underwriting expenses and other liabilities		16.1			98.4		60.5			—			175.0
Total liabilities		44.4			3,791.4		1,150.2			—			4,986.0
Total shareholders' equity		1,641.5			1,024.0		652.2			(1,676.2	)		1,641.5
Total liabilities and shareholders' equity	$	1,685.9		$	4,815.4	$	1,802.4		$	(1,676.2	)	$	6,627.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

29

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2014

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)		Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	0.7	$	2,841.5		$	1,255.7		$	—		$	4,097.9
Cash		—		49.3			31.7			—			81.0
Accrued investment income		—		17.8			4.3			—			22.1
Premiums receivable		—		154.6			199.0			—			353.6
Reinsurance recoverables		—		1,173.6			(176.4	)		—			997.2
Goodwill and other intangible assets, net		—		131.7			99.1			—			230.8
Current income taxes receivable, net		—		10.1			4.8			—			14.9
Deferred acquisition costs, net		—		58.0			66.6			—			124.6
Ceded unearned premiums		—		98.5			109.1			—			207.6
Other assets		9.6		174.1			67.9			(25.0	)		226.6
Due from (to) affiliates		2.9		(19.8	)		19.8			(2.9	)		—
Intercompany note receivable		—		72.0			(72.0	)		—			—
Investments in subsidiaries		1,698.0		—			—			(1,698.0	)		—
Total assets	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—	$	2,136.4		$	906.0		$	—		$	3,042.4
Unearned premiums		—		448.9			368.3			—			817.2
Funds held and ceded reinsurance payable, net		—		675.1			(441.3	)		—			233.8
Long-term debt		49.0		288.7			61.4			(20.6	)		378.5
Deferred tax liabilities, net		—		41.2			11.8			—			53.0
Accrued underwriting expenses and other liabilities		15.5		104.2			65.0			—			184.7
Total liabilities		64.5		3,694.5			971.2			(20.6	)		4,709.6
Total shareholders' equity		1,646.7		1,066.9			638.4			(1,705.3	)		1,646.7
Total liabilities and shareholders' equity	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

30

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	122.1	$	223.9		$	—		$	346.0
Net investment income		(0.2	)		14.1		7.6			(0.2	)		21.3
Fee and other income (expense), net		—			—		1.0			—			1.0
Net realized investment and other gains		—			1.4		2.3			—			3.7
Total revenue		(0.2	)		137.6		234.8			(0.2	)		372.0
Expenses:
Losses and loss adjustment expenses		—			75.4		124.6			—			200.0
Underwriting, acquisition and insurance    expenses		4.9			48.0		79.9			—			132.8
Interest expense		0.5			3.8		0.7			(0.2	)		4.8
Foreign currency exchange gain		—			0.1		(1.9	)		—			(1.8	)
Total expenses		5.4			127.3		203.3			(0.2	)		335.8
Income before income taxes		(5.6	)		10.3		31.5			—			36.2
Provision for income taxes		—			2.1		(1.2	)		—			0.9
Net income before equity in earnings of    subsidiaries		(5.6	)		8.2		32.7			—			35.3
Equity in undistributed earnings of    subsidiaries		40.9			—		—			(40.9	)		—
Net income	$	35.3		$	8.2	$	32.7		$	(40.9	)	$	35.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

31

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	114.2	$	223.4		$	—		$	337.6
Net investment income		(0.1	)		13.6		7.3			—			20.8
Fee and other income (expense), net		—			1.5		0.1			—			1.6
Net realized investment and other gains		—			9.2		3.7			—			12.9
Total revenue		(0.1	)		138.5		234.5			—			372.9
Expenses:
Losses and loss adjustment expenses		—			69.9		122.0			—			191.9
Underwriting, acquisition and insurance    expenses		2.3			51.6		79.9			—			133.8
Interest expense		0.7			3.8		0.6			(0.2	)		4.9
Foreign currency exchange gain		—			0.3		(6.3	)		—			(6.0	)
Total expenses		3.0			125.6		196.2			(0.2	)		324.6
Income before income taxes		(3.1	)		12.9		38.3			0.2			48.3
Provision for income taxes		—			2.1		1.5			—			3.6
Net income before equity in earnings of    subsidiaries		(3.1	)		10.8		36.8			0.2			44.7
Equity in undistributed earnings of    subsidiaries		47.9			—		—			(47.9	)		—
Net income	$	44.8		$	10.8	$	36.8		$	(47.7	)	$	44.7

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

32

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	376.0		$	650.6		$	—		$	1,026.6
Net investment income		(0.7	)		42.6			22.2			(0.2	)		63.9
Fee and other income (expense), net		—			(2.4	)		2.3			—			(0.1	)
Net realized investment and other gains		2.0			24.7			0.3			(2.0	)		25.0
Total revenue		1.3			440.9			675.4			(2.2	)		1,115.4
Expenses:
Losses and loss adjustment expenses		—			220.0			354.3			—			574.3
Underwriting, acquisition and insurance    expenses		14.4			149.5			238.0			—			401.9
Interest expense		1.2			11.4			1.9			(0.2	)		14.3
Foreign currency exchange gain		—			1.0			(9.4	)		—			(8.4	)
Total expenses		15.6			381.9			584.8			(0.2	)		982.1
Income before income taxes		(14.3	)		59.0			90.6			(2.0	)		133.3
Provision for income taxes		—			13.3			(2.0	)		—			11.3
Net income before equity in earnings of    subsidiaries		(14.3	)		45.7			92.6			(2.0	)		122.0
Equity in undistributed earnings of    subsidiaries		136.3			—			—			(136.3	)		—
Net income	$	122.0		$	45.7		$	92.6		$	(138.3	)	$	122.0

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

33

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	343.7		$	655.7		$	—		$	999.4
Net investment income		(0.3	)		42.4			22.6			—			64.7
Fee and other (expense) income, net		—			(1.5	)		1.6			—			0.1
Net realized investment and other gains		—			34.6			7.9			—			42.5
Total revenue		(0.3	)		419.2			687.8			—			1,106.7
Expenses:
Losses and loss adjustment expenses		—			211.2			348.3			—			559.5
Underwriting, acquisition and insurance    expenses		12.5			147.9			238.9			—			399.3
Interest expense		1.8			11.4			2.1			(0.3	)		15.0
Foreign currency exchange gain		—			0.1			(2.9	)		—			(2.8	)
Total expenses		14.3			370.6			586.4			(0.3	)		971.0
Income before income taxes		(14.6	)		48.6			101.4			0.3			135.7
Provision for income taxes		—			10.2			2.0			—			12.2
Net income before equity in earnings of    subsidiaries		(14.6	)		38.4			99.4			0.3			123.5
Equity in undistributed earnings of    subsidiaries		138.1			—			—			(138.1	)		—
Net income	$	123.5		$	38.4		$	99.4		$	(137.8	)	$	123.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

34

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)		Total
Net cash flows from operating activities	$	12.6		$	130.6		$	92.6		$	—	$	235.8
Cash flows from investing activities:
Proceeds from sales of investments		—			524.5			204.3			—		728.8
Maturities and mandatory calls of fixed    maturity investments		—			509.5			127.9			—		637.4
Purchases of investments		—			(1,073.2	)		(395.3	)		—		(1,468.5	)
Change in short-term investments and    foreign regulatory deposits		1.3			(34.5	)		(29.2	)		—		(62.4	)
Settlements of foreign currency exchange    forward contracts		1.5			—			(8.2	)		—		(6.7	)
Issuance of intercompany note, net		—			15.0			(15.0	)		—		—
Purchases of fixed assets and other, net		0.2			(7.3	)		2.5			—		(4.6	)
Cash used by investing activities		3.0			(66.0	)		(113.0	)		—		(176.0	)
Cash flows from financing activities:
Borrowings under intercompany note, net		—			—			—			—		—
Activity under stock incentive plans		1.5			—			—			—		1.5
Repurchase of Company's common shares		—			(29.7	)		—			—		(29.7	)
Excess tax expense from share-based    payment arrangements		—			0.6			—			—		0.6
Payment of cash dividend to common    shareholders		(17.1	)		—			—			—		(17.1	)
Cash used by financing activities		(15.6	)		(29.1	)		—			—		(44.7	)
Effect of exchange rate changes on cash		—			—			0.1			—		0.1
Change in cash		—			35.5			(20.3	)		—		15.2
Cash, beginning of the period		—			49.3			31.7			—		81.0
Cash, end of period	$	—		$	84.8		$	11.4		$	—	$	96.2

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

35

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)  

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Net cash flows (used by) from operating activities	$	(16.5	)	$	11.8		$	70.0		$	6.4		$	71.7
Cash flows from investing activities:
Proceeds from sales of investments		—			609.2			366.9			—			976.1
Maturities and mandatory calls of fixed    maturity investments		—			148.0			95.6			—			243.6
Purchases of investments		—			(773.1	)		(491.7	)		—			(1,264.8	)
Change in short-term investments and    foreign regulatory deposits		0.1			(12.5	)		18.4			—			6.0
Settlements of foreign currency exchange    forward contracts		(0.5	)		—			1.1			—			0.6
Issuance of intercompany note, net		—			14.5			(48.5	)		34.0			—
Purchases of fixed assets and other, net		(7.0	)		(20.1	)		(14.7	)		(6.4	)		(48.2	)
Cash (used) provided by investing activities		(7.4	)		(34.0	)		(72.9	)		27.6			(86.7	)
Cash flows from financing activities:
Borrowings under intercompany note, net		34.0			—			—			(34.0	)		—
Activity under stock incentive plans		3.3			—			—			—			3.3
Redemption of trust preferred securities, net		—			—			—			(18.0	)		(18.0	)
Payment on note payable		—			(0.1	)		—			—			(0.1	)
Repurchase of Company's common shares		—			(41	)		—			—			(40.9	)
Excess tax expense from share-based    payment arrangements		—			0.1			—			—			0.1
Payment of cash dividend to common    shareholders		(13.4	)		—			—			—			(13.4	)
Cash provided (used) by financing activities		23.9			(40.9	)		—			(52.0	)		(69.0	)
Effect of exchange rate changes on cash		—			-			(0.3	)		—			(0.3	)
Change in cash		—			(63.1	)		(3.2	)		(18.0	)		(84.3	)
Cash, beginning of period		—			132.1			25.3			—			157.4
Cash, end of period	$	—		$	69.0		$	22.1		$	(18.0	)	$	73.1

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

36

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2015 compared with the three and nine months ended September 30, 2014, and also a discussion of our financial condition as of September 30, 2015. This discussion and analysis should be read in conjunction with the attached unaudited interim Consolidated Financial Statements and notes thereto and Argo Group’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015, including the audited Consolidated Financial Statements and notes thereto.

Forward Looking Statements

Management’s Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk and the accompanying Consolidated Financial Statements (including the notes thereto) may contain “forward looking statements,” which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward looking statements are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially as a result of significant risks and uncertainties, including non-receipt of expected payments, capital markets and their effect on investment income and fair value of the investment portfolio, development of claims and the effect on loss reserves, accuracy in estimating loss reserves, changes in the demand for our products, effect of general economic conditions, adverse government legislation and regulations, government investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments and changes in asset valuations. For a more detailed discussion of risks and uncertainties, see our public filings made with the SEC. We undertake no obligation to publicly update any forward-looking statements.

Generally, it is our policy to communicate events that may have a material adverse impact on our operations or financial position, including property and casualty catastrophe events and material losses in the investment portfolio, in a timely manner through a public announcement. It is also our policy not to make public announcements regarding events that are believed to have no material adverse impact on our results of operations or financial position based on management’s current estimates and available information, other than through regularly scheduled calls, press releases or filings.

Consolidated Results of Operations

For the three and nine months ended September 30, 2015, we reported net income of $35.3 million and $122.0 million, or $1.24 and $4.28 per diluted share, respectively.  For the three and nine months ended September 30, 2014, we reported net income of $44.7 million and $123.5 million, or $1.54 and $4.21 per diluted share, respectively.  

The following is a comparison of selected data from our operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Gross written premiums	$	531.4		$	497.2		$	1,565.9		$	1,480.4
Earned premiums	$	346.0		$	337.6		$	1,026.6		$	999.4
Net investment income		21.3			20.8			63.9			64.7
Fee and other income (expense), net		1.0			1.6			(0.1	)		0.1
Net realized investment and other gains		3.7			12.9			25.0			42.5
Total revenue	$	372.0		$	372.9		$	1,115.4		$	1,106.7
Income before income taxes		36.2		$	48.3			133.3		$	135.7
Provision for income taxes		0.9			3.6			11.3			12.2
Net income	$	35.3		$	44.7		$	122.0		$	123.5
Loss ratio		57.8	%		56.8	%		55.9	%		56.0	%
Expense ratio		38.4	%		39.6	%		39.1	%		40.0	%
Combined ratio		96.2	%		96.4	%		95.0	%		96.0	%

The increase in consolidated gross written premiums was primarily attributable to growth in our segments, excluding International Specialty, resulting from our introduction of new products and increased renewals. Partially offsetting these increases were slight declines in gross written premiums in the International Specialty segment.  All of our segments have been impacted by increased competition for both new and renewal business and pressure on rates.  The increase in earned premiums was attributable to the growth in gross written premiums, partially offset by declines in the Syndicate 1200 segment due to a reduction in our participation interest.

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Consolidated net investment income increased for the three months ended September 30, 2015 as compared to the same period of 2014 due tothe increase in our total invested assets balances as we continue to generate positive operating cash flows.Consolidated net investment income decreased for the nine months ended September 30, 2015 as compared to the same period of 2014 due primarily to the continued reinvestment at market yields below the portfolio’s book yield and an increased focus on total portfolio returns relative to current income.

Consolidated net realized investment and other gains for the three months ended September 30, 2015 primarily consisted of $7.3 million of gains recognized from our equity portfolio.  Additionally we recognized $1.2 million in realized gains on our other invested assets portfolio, including our investments accounted for under the equity method. Our other invested asset portfolio was adversely impacted by foreign currency rate changes.  Additionally, for the three months ended September 30, 2015 we recognized $3.4 million of other-than-temporary impairment losses on certain investment securities.  Consolidated net realized investment and other gains for the three months ended September 30, 2014 primarily consisted of $3.4 million from our fixed maturity portfolio, $7.1 million from our other invested assets portfolio and a $2.0 million gain resulting from the extinguishment of one of our junior subordinated debentures.  Consolidated net realized investment and other gains for the nine months ended September 30, 2015 included $19.0 million from our equity portfolio and $14.0 million from our other invested assets portfolio, partially offset by a $2.6 million realized loss on our fixed maturity portfolio and $5.3 million in other-than-temporary impairment losses.  Consolidated net realized investment and other gains for the nine months ended September 30, 2014 included $15.9 million from our equity portfolio, $23.9 million from our other invested assets portfolio and $6.5 million from our fixed maturity portfolio, partially offset by $1.6 million in other-than-temporary impairment losses.  

We have purchased foreign currency future forward contracts to manage currency exposure on prior catastrophe events.  The open contracts have a term of 90 days to match the anticipated payment pattern of the associated losses, and may be renewed at the end of each term.  We do not apply hedge accounting to these contracts; as a result, all gains (losses) were recognized in net realized investment gains (losses).  For the three months ended September 30, 2015, we recognized $0.5 million in foreign currency exchange gains related to the loss reserves recorded for these events which were offset by $0.3 million in realized losses from the currency forward contracts. For the nine months ended September 30, 2015, we recognized foreign currency exchange gains of $1.7 million related to the loss reserves recorded for these events which were offset by $1.8 million in realized losses from the currency forward contracts.  

Consolidated losses and loss adjustment expenses were $200.0 million and $191.9 million for the three months ended September 30,2015 and 2014, respectively.  Included in losses and loss adjustment expenses for the three months ended September 30, 2015 was $14.3 million in catastrophe losses including $9.0 million from the Tianjin explosion and $4.8 million from storms losses.  Partially offsetting these catastrophe losses was $6.6 million of net favorable development on prior accident year loss reserves, primarily attributable to favorable development in the general liability lines, partially offset by net unfavorable development on the workers compensation lines.   Included in losses and loss adjustment expenses for the three months ended September 30, 2014 was $7.6 million in large losses for the current accident year.  Also included in losses and loss adjustment expenses was $6.6 million in catastrophe losses resulting from various storm activity.  Partially offsetting these current accident year losses was $3.1 million of net favorable development on prior accident year loss reserves, primarily attributable to favorable development in the general liability lines partially offset by unfavorable development in the commercial multi-peril and run-off workers compensation lines.  

Consolidated losses and loss adjustment expenses were $574.3 million and $559.5 million for the nine months ended September 30, 2015 and 2014, respectively.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 and 2014 was $19.6 million and $15.0 million, respectively, in catastrophe losses.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $15.3 million in net favorable loss reserve development on prior accident years compared to $26.4 million in net favorable loss reserve development on prior accident years for the same period in 2014.

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The following table summarizes the above referenced loss reserve development with respect to prior year loss reserves by line of business for the nine months ended September 30, 2015.

(in millions)	2014 Net Reserves		Net Reserve Development (Favorable)/ Unfavorable			Percentof 2014 Net Reserves
General liability	$	913.0	$	(26.4	)		-2.9	%
Workers compensation		327.9		13.1			4.0	%
Syndicate 1200 property		99.2		(3.0	)		-3.0	%
Syndicate 1200 liability		202.4		0.2			0.1	%
Commercial multi-peril		164.6		10.6			6.4	%
Commercial auto liability		158.3		(5.1	)		-3.2	%
Reinsurance - nonproportional assumed property		79.7		(3.1	)		-3.9	%
Syndicate 1200 specialty		18.7		(1.2	)		-6.4	%
All other lines		173.3		(0.4	)		-0.2	%
Total	$	2,137.1	$	(15.3	)		-0.7	%

In determining appropriate reserve levels for the nine months ended September 30, 2015, we maintained the same general processes and disciplines that were used to set reserves at prior reporting dates.  No significant changes in methodologies were made to estimate the reserves since the last reporting date; however, at each reporting date we reassess the actuarial estimate of the reserve for losses and loss adjustment expenses and record our best estimate.  Consistent with prior reserve valuations, as claims data becomes more mature for prior accident years, actuarial estimates were refined to weigh certain actuarial methods more heavily in order to respond to any emerging trends in the paid and reported loss data.  While prior accident years’ net reserves for losses and loss adjustment expenses for some lines of business have developed favorably in recent years, this does not imply that more recent accident years’ reserves will also develop favorably; pricing, reinsurance costs, legal environment, general economic conditions including changes in inflation and many other factors impact management’s ultimate loss estimates.

When determining reserve levels, we recognize that there are several factors that present challenges and uncertainties to the estimation of net loss reserves.  Examples of these uncertainties include changes to the reinsurance structure and potential increases in inflation.  Our net retained losses vary by product and they have generally increased over time.  To properly recognize these uncertainties, actuarial reviews have given significant consideration to the paid and incurred Bornhuetter-Ferguson (“BF”) methodologies.  Compared with other actuarial methodologies, the paid and incurred BF methods assign smaller weight to actual reported loss experience, with the greatest weight assigned to an expected or planned loss ratio.  The expected or planned loss ratio has typically been determined using various assumptions pertaining to prospective loss frequency and loss severity.  In setting reserves at September 30, 2015, we continued to consider the paid and incurred BF methods for recent years.

Our loss reserve estimates gradually blend in the results from development and frequency/severity methodologies over time.  For general liability estimates, our own loss experience is not deemed fully credible for several years after the end of an accident year.  We rely primarily on the BF methods during that period.  For property business, our loss reserve estimates also blend in the results from development and frequency/severity methodologies over time.  For property lines, in contrast to general liability estimates, where loss reporting and claims closing patterns settle more quickly, we give greater weight to development methods starting at the end of the accident year.

Consolidated gross reserves for losses and loss adjustment expenses were $3,104.1 million (including $94.2 million of reserves attributable to Syndicate 1200 segment's trade capital providers) and $3,062.6 million (including $74.6 million of reserves attributable to Syndicate 1200 segment’s trade capital providers) as of September 30, 2015 and 2014, respectively.  Management has recorded its best estimate of loss reserves at each date based on current known facts and circumstances.  Due to the significant uncertainties inherent in the estimation of loss reserves, there can be no assurance that future loss development, favorable or unfavorable, will not occur.

Consolidated underwriting, insurance and acquisition expenses were $132.8 million and $401.9 million for the three and nine months ended September 30, 2015, respectively, compared to $133.8 million and $399.3 million for the same periods in 2014.  The decline in the consolidated expense ratio for 2015 as compared to 2014 was primarily attributable to a reduction in the accrual for premium taxes and other assessments due to a change in accounting estimate, coupled with the increase in earned premiums without a corresponding increase in fixed costs.

Consolidated interest expense was comparable at $4.8 million and $4.9 million for the three months ended September 30, 2015 and 2014, respectively.  Consolidated interest expense was $14.3 million and $15.0 million for the nine months ended September 30, 2015

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and 2014, respectively.  The decline in consolidated interest expense was the result of extinguishment in July 2014 of a junior subordinated debenture.

Consolidated foreign currency exchange gain was $1.8 million and $8.4 million for the three and nine months ended September 30, 2015, respectively, compared to $6.0 million and $2.8 million for the same periods ended 2014.  The changes in the foreign currency exchange gains were due to fluctuations of the United States Dollar, on a weighted average basis, against the currencies in which we transact our business. For the three months ended September 30, 2015, the United States Dollar strengthened against all major currencies, excluding the Euro and the Japanese Yen. For the nine months ended September 30, 2015, the United States Dollar appreciated against all major currencies, except the British Pound, which was essentially flat.  

The consolidated provision for income taxes was $0.9 million and $11.3 million for the three and nine months ended September 30, 2015, respectively, compared to $3.6 million and $12.2 million for the same periods ended 2014.  The income tax provision represents the income tax expense associated with our operations based on the tax laws of the jurisdictions in which we operate.  Therefore, the provision for income taxes represents taxes on net income for our United States, Ireland, Belgium, Brazil, Switzerland and United Kingdom operations.  The decline in the tax expense for 2015 as compared to 2014 was primarily due to reduced income tax expense for our United Kingdom operations.

Segment Results

We are primarily engaged in writing property and casualty insurance and reinsurance. We have four ongoing reporting segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Additionally, we have a Run-off Lines segment for products that we no longer underwrite.

We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and regulatory environment, in determining how to aggregate reporting segments.

In evaluating the operating performance of our segments, we focus on core underwriting and investing results before consideration of realized gains or losses from the sales of investments. Intersegment transactions are allocated to the segment that initiated the transaction. Realized investment gains and losses are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the corporate investment function and are not under the control of the individual business segments. Although this measure of profit (loss) does not replace net income (loss) computed in accordance with GAAP as a measure of profitability, management uses this measure of profit (loss) to focus our reporting segments on generating operating income.

Since we generally manage and monitor the investment portfolio on an aggregate basis, the overall performance of the investment portfolio and related net investment income is discussed above on a consolidated basis under consolidated net investment income rather than within or by segment.

Excess and Surplus Lines

The following table summarizes the results of operations for the Excess and Surplus Lines segment:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Gross written premiums	$	162.4		$	146.5		$	521.2		$	462.3
Earned premiums		135.7			121.2			389.9		$	363.9
Losses and loss adjustment expenses		74.3			58.6			211.5			187.8
Underwriting, acquisition and insurance expenses		42.2			42.3			124.8			122.6
Underwriting income		19.2			20.3			53.6			53.5
Net investment income		8.8			8.9			26.3			27.2
Interest expense		(1.5	)		(1.6	)		(4.5	)		(4.8	)
Income before income taxes	$	26.5		$	27.6		$	75.4		$	75.9
Loss ratio		54.8	%		48.4	%		54.3	%		51.6	%
Expense ratio		31.1	%		35.0	%		32.0	%		33.7	%
Combined ratio		85.9	%		83.4	%		86.3	%		85.3	%

The increase in gross written and earned premiums for the three months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to increased underwriting activity in all operating units, with the exception of contracts, which continued to be adversely impacted by the current rate environment.  The increase in gross written and earned premiums for the nine

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months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to growth in the casualty, management liability and errors and omissions units.  Partially offsetting these increases were reduced writings in the transportation, contract and property units.  The Excess and Surplus lines segment has been impacted by increased competition and declining rates.  

Included in losses and loss adjustment expenses for the three months ended September 30, 2015 was $2.7 million in catastrophe losses resulting from storm activity in the United States.  Offsetting these losses was $10.1 million of net favorable loss reserve development on prior accident years primarily within the general and products liability lines.  Included in losses and loss adjustment expenses for the three months ended September 30, 2014 was $0.5 million in catastrophe losses resulting from storm activity in the United States.  Offsetting these catastrophe losses was $12.9 million of net favorable loss reserve development on prior accident years primarily within the general and products liability lines of business, partially offset by unfavorable development in commercial automobile lines.  

Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $4.7 million in catastrophe losses resulting from spring storm activity.  Offsetting these losses was $25.1 million of net favorable loss reserve development on prior accident years primarily within the general and products liability and commercial automobile lines, partially offset by unfavorable development in the property lines.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2014 was $2.9 million in catastrophe losses resulting from storm activity in the United States coupled with $4.0 million in current accident year large property losses.  Offsetting these current accident year losses was $34.6 million of net favorable loss reserve development on prior accident years primarily within the general and products liability lines of business, partially offset by unfavorable development in commercial automobile and property lines.  

The decline in the expense ratio for the three months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to a decline in acquisition expenses due to increased ceding commissions received.  Non-acquisition expenses were comparable between periods.  The decline in the expense ratio for the nine months ended September 30, 2015 as compared to the same period ended 2014 was primarily attributable to a decline in acquisition expenses due to increased ceding commissions received, coupled with non-acquisition expenses growing at a slower rate than earned premiums.

Commercial Specialty

The following table summarizes the results of operations for the Commercial Specialty segment:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Gross written premiums	$	147.8		$	138.7		$	347.3		$	328.2
Earned premiums	$	73.3		$	72.7		$	217.6		$	215.5
Losses and loss adjustment expenses		40.9			43.8			136.5			139.2
Underwriting, acquisition and insurance expenses		24.3			25.9			69.7			76.8
Underwriting income (loss)		8.1			3.0			11.4			(0.5	)
Net investment income		4.6			4.5			13.8			13.8
Interest expense		(0.8	)		(0.8	)		(2.4	)		(2.4	)
Fee and other income (expense), net		0.5			1.3			(2.0	)		(1.7	)
Income before income taxes	$	12.4		$	8.0		$	20.8		$	9.2
Loss ratio		55.9	%		60.3	%		62.8	%		64.7	%
Expense ratio		33.1	%		35.6	%		32.0	%		35.6	%
Combined ratio		89.0	%		95.9	%		94.8	%		100.3	%

The increase in gross written and earned premiums for the three months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to growth in our public entity, commercial programs and surety units, partially offset by declines in our grocery, retail and mining units. The increase in gross written and earned premiums for the nine months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to growth in our commercial programs and surety units, partially offset by declines in our grocery, retail and mining units.  Gross written premiums were negatively impacted by decreasing rates and increasing competition coupled with adverse economic conditions in the energy and mining sectors.

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Included in the loss ratio for the three months ended September 30, 2015 was $1.2 million of net favorable development on prior accident year reserves primarily attributable to favorable development in the general liability, short-tail and auto liability lines, partially offset by unfavorable development in the workers compensation lines.  Also included in loss expense for the three months ended September 30, 2015 was $0.4 million of catastrophe losses resulting from storm activity in the United States.  Included in losses and loss adjustment expenses for the three months ended September 30, 2014 was $0.3 million of net unfavorable development on prior accident year reserves primarily attributable to unfavorable development in the general liability lines, partially offset by favorable development in the short-tail lines.  Also included in loss expense for the three months ended September 30, 2014 was $1.0 million of catastrophe losses resulting from storms in the United States.  

Included in the loss ratio for the nine months ended September 30, 2015 was $10.4 million of net unfavorable development on prior accident year reserves primarily attributable to unfavorable development in the general liability and workers compensation lines, partially offset by favorable development in the short-tail and auto liability lines.  Also included in loss expense for the nine months ended September 30, 2015 was $1.8 million of catastrophe losses resulting from spring storms. Included in losses and loss adjustment expenses for the nine months ended September 30, 2014 was $5.2 million of net unfavorable development on prior accident year reserves primarily attributable to unfavorable development in the general liability and auto liability lines, partially offset by favorable development in the short-tail and workers compensation lines.  Also included in loss expense for the nine months ended September 30, 2014 was $5.0 million of catastrophe losses resulting from storms in the United States.  

The decline in the expense ratio for the three months ended September 30, 2015 as compared to the same period ended 2014 was primarily attributable to an increase in fronting fees received due to growth in the state funds and other fronting programs, coupled with non-acquisition expenses remaining flat. The decline in the expense ratio for the nine months ended September 30, 2015 as compared to the same period ended 2014 was primarily attributable to an increase in fronting fees received due to growth in the state funds and other fronting programs coupled with a decline in the accrual for premiums taxes and other assessments due to a change in accounting estimate.  Non-acquisition expenses for the nine months ended September 30, 2015 were comparable with the same period ended 2014.

Fee and other income (expense), net declined for the three and nine months ended September 30, 2015 as compared to the same periods in 2014 due to reduced revenues resulting from the sale of certain programs, coupled with a decline in new business due to increased competition.  

International Specialty

The following table summarizes the results of operations for the International Specialty segment:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Gross written premiums	$	63.2		$	64.0		$	233.5		$	244.6
Earned premiums	$	37.6		$	38.0		$	113.2		$	112.6
Losses and loss adjustment expenses		23.1			22.2			57.6			59.2
Underwriting, acquisition and insurance expenses		13.1			13.3			40.7			40.8
Underwriting income		1.4			2.5			14.9			12.6
Net investment income		2.9			2.3			8.8			6.1
Interest expense		(0.8	)		(0.8	)		(2.3	)		(2.3	)
Income before income taxes	$	3.5		$	4.0		$	21.4		$	16.4
Loss ratio		61.5	%		58.3	%		50.9	%		52.5	%
Expense ratio		35.0	%		34.8	%		35.9	%		36.3	%
Combined ratio		96.5	%		93.1	%		86.8	%		88.8	%

Gross written premiums declined for the three and nine months ended September 30, 2015 as compared to the same periods in 2014 due to reductions in the professional liability lines, partially offset by increases in the short tail property reinsurance and the casualty lines.  Additionally, gross written premiums for our Brazil operations declined primarily due to the deterioration of the Brazilian currency.  The lines written by the International Specialty segment continue to be highly competitive.  The decline in earned premiums for the three months ended September 30, 2015 as compared to the same period in 2014 was due to reduced premium writing in the quarter.  The increase in earned premiums for the nine months ended September 30, 2015 as compared to the same period in 2014 was primarily due to a reduction in our ceding percentages, coupled with a change in business mix.

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Included in losses and loss adjustment expenses for the three months ended September 30, 2015 was $7.1 million of catastrophe losses as a result of $5.5 million from the Tianjin explosion, $1.1 million from storms in the United States, and $0.5 million from other small events.  Partially offsetting these 2015 accident year losses was $2.1 million in net favorable development on prior accident year loss reserves driven by casualty and professional lines partially offset by unfavorable development in short tail property reinsurance.  Included in losses and loss adjustment expenses for the three months ended September 30, 2014 was $5.1 million of catastrophe losses as a result of $2.0 million from the European and Canadian hailstorms, $2.0 million from Typhoon Rammasun and $1.1 million from Hurricane Odile.  Partially offsetting these catastrophe losses was $0.5 million in net favorable development on prior accident year loss reserves.  

Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $5.8 million of net favorable development on prior accident year loss reserves primarily in our short tail property reinsurance, professional liability and casualty lines, compared to $0.1 million of favorable development for the same period ended 2014.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $8.1 million in catastrophe losses as discussed above, as compared to $7.1 million for the same period ended 2014 from the various storms as detailed above.  

The increase in the expense ratio for the three months ended September 30, 2015 as compared to 2014 was primarily attributable to slightly reduced ceding commissions received, coupled with a slight increase in fixed expenses.  The decline in the expense ratio for the nine months ended September 30, 2015 as compared to the same period ended 2014 was primarily attributable to a slight increase in earned premiums, while expenses remained constant.

Syndicate 1200

The following table summarizes the results of operations for the Syndicate 1200 segment:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Gross written premiums	$	157.7		$	146.7		$	463.5		$	443.8
Earned premiums	$	99.1		$	104.4		$	305.5		$	305.9
Losses and loss adjustment expenses		54.6			56.7			160.7			154.4
Underwriting, acquisition and insurance expenses		40.4			40.5			124.2			124.1
Underwriting income		4.1			7.2			20.6			27.4
Net investment income		2.3			2.1			6.9			7.9
Interest expense		(0.6	)		(0.8	)		(1.9	)		(2.4	)
Fee and other income, net		1.1			0.3			2.4			1.8
Income before income taxes	$	6.9		$	8.8		$	28.0		$	34.7
Loss ratio		55.1	%		54.3	%		52.6	%		50.5	%
Expense ratio		40.8	%		38.8	%		40.7	%		40.6	%
Combined ratio		95.9	%		93.1	%		93.3	%		91.1	%

For 2015, we reduced our participation percentage to 68%, down from 75% for 2014.  The increase in gross written premiums for the three months ended September 30, 2015 as compared to the same period in 2014 was primarily attributable to increases all divisions, excluding marine and energy, as we continued to establish new products and expand profitable lines.  Additionally, operations in China and Singapore contributed $3.9 million in gross written premiums for the three months ended September 30, 2015, compared to $0.8 million for the same period ended 2014 as these offices began writing premiums in the latter part of 2014.  For the nine months ended September 30, 2015, the increase in gross written premiums was attributable to increases in liability, specialty, aerospace and Asia divisions, partially offset by declines in the property and marine and energy divisions.  Operations in China and Singapore contributed $11.0 million in gross written premiums for the nine months ended September 30, 2015.  Earned premiums reflect the impact of the decline in our participation during 2015.  The Syndicate 1200 segment has been adversely impacted by increased competition in 2015.

Losses and loss adjustment expenses are reported net of losses ceded to the trade capital providers.  Included in losses and loss adjustment expenses for the three months ended September 30, 2015 was $4.0 million of catastrophe losses as a result of $3.5 million from the Tianjin explosion and $0.5 million from other small events.  For the three months ended September 30, 2014, the Syndicate 1200 segment reported no catastrophe losses.  Included in losses and loss adjustment expenses for the three months ended September 30, 2015 was $0.3 million of net favorable loss reserve development on prior accident years compared to $0.6 million for the same period ended 2014.  Included in losses and loss adjustment expenses for the three months ended September 30, 2014 were current accident year losses of $7.6 million resulting from a large general liability loss and three large aviation losses, compared to no significant current accident year large losses for the same period ended 2015.  

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Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $5.0 million of catastrophe losses as a result of $3.5 million from the Tianjin explosion, $1.0 million from storm activity in the United States and $0.5 million from other small events.  For the nine months ended September 30, 2014, the Syndicate 1200 segment reported no catastrophe losses.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2015 was $2.8 million of net favorable loss reserve development on prior accident years primarily attributable to favorable development in the property and specialty lines, partially offset by unfavorable development in the liability and aerospace lines.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2014 were current accident year losses of $16.5 million as a result of large losses from logging, aviation, satellite and offshore energy losses, compared to no significant current accident year large losses for the same period ended 2015.  Included in losses and loss adjustment expenses for the nine months ended September 30, 2014 was $15.8 million net favorable loss reserve development on prior accident years primarily attributable to favorable development in the property, professional indemnity and aerospace lines, partially offset by unfavorable development in the general liability line.

The increase in the expense ratio for the three months ended September 30, 2015 as compared to the same period in 2014 was primarily due to increased commission and broker expenses resulting from current market conditions.  The expense ratios for the nine months ended September 30, 2015 and 2014 were comparable, as a decline in fixed expenses offset the increased commission and broker expenses.

Fee income, net represents fees and profit commission derived from the management of third party capital for our underwriting syndicate at Lloyd’s.  The increase in net fee and other income for the three and nine months ended September 30, 2015 as compared to the same periods in 2014 was primarily due to increased management fees due to the reduction in our participation, increased profit commission due to increased profitability, coupled with reduced Lloyd’s expenses.

Run-off Lines

The following table summarizes the results of operations for the Run-off Lines segment:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Earned premiums	$	0.3		$	1.3		$	0.4		$	1.5
Losses and loss adjustment expenses		7.1			10.6			8.0			18.9
Underwriting, acquisition and insurance expenses		1.4			1.0			4.0			6.1
Underwriting loss		(8.2	)		(10.3	)		(11.6	)		(23.5	)
Net investment income		2.1			2.4			6.2			7.2
Fee and other income (expense), net		(0.6	)		—			(0.5	)		—
Interest expense		(0.4	)		(0.4	)		(1.1	)		(1.3	)
Loss before income taxes	$	(7.1	)	$	(8.3	)	$	(7.0	)	$	(17.6	)

Earned premiums for the three and nine months ended September 30, 2015 and 2014 were primarily attributable to adjustments resulting from final audits, reinstatement premiums and other adjustments on policies previously underwritten.

Losses and loss adjustment expenses for the three months ended September 30, 2015 was the result of net unfavorable loss reserve development on prior accident years due to $3.2 million unfavorable development in the primary asbestos book driven by increasing defense costs, $2.8 million of unfavorable development in the run-off workers compensation lines due to increasing medical costs on older claims and the discount unwind and $1.4 million of unfavorable development in other assumed business partially offset by net favorable reserve development in our run-off reinsurance lines.  Losses and loss adjustment expenses for the three months ended September 30, 2014 included $10.6 million of net unfavorable loss reserve development on prior accident years consisting of $6.0 million from our asbestos and environmental exposure and $4.6 million in our run-off workers compensation lines.  

Losses and loss adjustment expenses for the nine months ended September 30, 2015 was the result of net unfavorable prior accident year loss reserve development in our run-off workers compensation and asbestos liability lines partially offset by net favorable reserve development in our run-off reinsurance lines.  Losses and loss adjustment expenses for nine months ended September 30, 2014 included $18.9 million of net unfavorable loss reserve development on prior accident years consisting of $9.0 million from our asbestos and environmental exposure and $9.9 million in our run-off workers compensation lines.  

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The following table represents a reconciliation of total gross and net reserves for the Run-off Lines. Amounts in the net column are reduced by reinsurance recoverable.

	Nine Months Ended September 30,
	2015						2014
(in millions)	Gross			Net			Gross			Net
Asbestos and environmental:
Loss reserves, beginning of period	$	53.9		$	50.4		$	57.5		$	53.3
Incurred losses		4.7			4.3			10.6			8.8
Losses paid		(9.0	)		(7.5	)		(14.4	)		(12.6	)
Loss reserves - asbestos and environmental, end of period		49.6			47.2			53.7			49.5
Risk management reserves		259.5			162.3			262.5			173.4
Run-off reinsurance reserves		3.4			3.4			4.4			4.4
Other run-off lines		3.9			3.6			3.3			3.1
Total loss reserves - Run-off Lines	$	316.4		$	216.5		$	323.9		$	230.4

Underwriting, acquisition and insurance expenses for the Run-off Lines segment consists primarily of administrative expenses.Underwriting expense for the three and nine months ended September 30, 2014 was favorably impacted by a $1.1 million recovery of a policyholder dividend in the run-off Risk Management lines.The decline in underwriting expense for the nine months ended September 30, 2015 as compared to the same period of 2014 was due to a $2.4 million decline in the accrual for premium taxes and other assessments due to a change in accounting estimate.

Liquidity and Capital Resources

The primary sources of our cash flows are premiums, reinsurance recoveries, proceeds from sales and redemptions of investments and investment income. The primary cash outflows are claim payments, loss adjustment expenses, reinsurance costs and operating expenses. Additional cash outflow occurs through payments of underwriting and acquisition costs such as commissions, taxes, payroll and general overhead expenses. Management believes that cash receipts from premiums, proceeds from investment sales and redemptions and investment income are sufficient to cover cash outflows in the foreseeable future. Should the need for additional cash arise, we believe we have access to additional sources of liquidity.

Cash provided by operating activities can fluctuate due to a timing difference in the collection of premiums and reinsurance recoveries and the payment of losses and expenses. For the nine months ended September 30, 2015, net cash provided by operating activities was $235.8 million compared to net cash provided by operating activities of $71.7 million for the nine months ended September 30, 2014. The increase in cash flows from operating activities from 2015 to 2014 was driven by the timing of reinsurance payments primarily concentrated in the Syndicate 1200 segment, partially offset by the first quarter 2014 partial settlement of a whole account quota share contract covering the Syndicate 1200 segment loss reserves for the 2009 and prior years of account.

For the nine months ended September 30, 2015, net cash used by investing activities was $176.0 million compared to net cash used by investing activities of $86.7 million for the nine months ended September 30, 2014. The increase in cash flows used from investing activities in 2015 from 2014 was mainly the result of purchases of fixed maturities, equity securities and short-term investments, partially offset by the inflow of cash from maturities and sales of fixed maturity investments. As of September 30, 2015, $344.8 million of the investment portfolio was invested in short-term investments. Included in purchases of fixed assets for the nine months ended September 30, 2015 was $42.6 million associated with the acquisition of real estate holdings, which were purchased on our behalf by a third-party intermediary using funds held in escrow from the fourth quarter 2014 sale of the Torrance, California real estate holdings, as previously disclosed in our December 31, 2014 Form 10-K.

For the nine months ended September 30, 2015 and 2014, net cash used by financing activities was $44.7 million and $69.0 million, respectively. During the nine months ended September 30, 2015 and 2014, we repurchased approximately 575,055 and 882,010 shares of our common stock for a total cost of $29.7 million and $42.2 million, respectively. We paid cash dividends to our shareholders totaling $17.1 million and $13.4 million during the nine months ended September 30, 2015 and 2014, respectively.

On March 7, 2014, each of Argo Group, Argo Group US, Inc., Argo International Holdings Limited, and Argo Underwriting Agency Limited (the “Borrowers”) entered into a $175 million credit agreement (“Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $175.0 million revolving credit facility with a maturity date of March 7, 2018 unless extended in accordance with the terms of the Credit Agreement. Borrowings under the Credit Agreement may be used for general corporate purposes, including working capital and permitted acquisitions, and each of the Borrowers has agreed to be jointly and severally liable for the obligations of the other Borrowers under the Credit Agreement.

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The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Borrowers could be required to repay all amounts outstanding under the Credit Agreement. Lenders holding at least a majority of the loans and commitments under the Credit Agreement may elect to accelerate the maturity of the loans and/or terminate the commitments under the Credit Agreement upon the occurrence and during the continuation of an event of default. No defaults or events of defaults have occurred as of the date of this filing.

Included in the Credit Agreement is a provision that allows up to $17.5 million of the revolving credit facility to be used for letters of credit (“LOCs”), subject to availability. As of September 30, 2015, there were no borrowings outstanding and $0.2 million in LOCs against the Credit Facility.

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. Shareholders received cash in lieu of fractional shares.

On November 5, 2013, our Board authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous repurchase authorizations. These shares are being held as treasury shares in accordance with the provisions of the Bermuda Companies Act 1981. As of September 30, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $63.1 million.

Refer to Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” in Argo Group’s Annual Report on Form 10-K for the year ended December 31, 2014 that Argo Group filed with the SEC on February 27, 2015 for further discussion on Argo Group’s liquidity.

Recent Accounting Standards and Critical Accounting Estimates

New Accounting Standards

The discussion of the adoption and pending adoption of recently issued accounting policies is included in Note 2, “Recently Issued Accounting Standards,” in the Notes to the Consolidated Financial Statements, included in Part I, Item 1 - “Consolidated Financial Statements (unaudited).”

Critical Accounting Estimates

Refer to “Critical Accounting Estimates” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 that we filed with the SEC on February 27, 2015 for information on accounting policies that we consider critical in preparing our consolidated financial statements. These policies include significant estimates made by management using information available at the time the estimates were made. However, these estimates could change materially if different information or assumptions were used.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

We believe that we are principally exposed to three types of market risk: interest rate risk, credit risk and foreign currency risk.

Interest Rate Risk

Our fixed investment portfolio is exposed to interest rate risk. Fluctuations in interest rates have a direct impact on the fair valuation of these securities. As interest rates rise, the fair value of our fixed maturity portfolio generally falls, and the converse is generally also true. We manage interest rate risk through an asset liability strategy that involves the selection of investments with appropriate characteristics, such as duration, yield, currency and liquidity that are tailored to the anticipated cash outflow characteristics of our liabilities. A significant portion of the investment portfolio matures each quarter, allowing for reinvestment at current market rates.

Credit Risk

Credit risk is a major factor of our overall enterprise risk, and we have established policies and procedures to evaluate our exposure to credit risk, particularly with respect to our investment holdings and our receivable balances. In particular, we are exposed to credit risk on losses recoverable from reinsurers and receivables from insureds. Downturns in one sector or market can adversely impact other sectors and may result in higher credit exposure. We do not currently use credit default swaps to mitigate our credit exposure from either investments or counterparties.

We have exposure to credit risk primarily as a holder of fixed maturity investments, short-term investments and other investments, which arises from the uncertainty associated with a financial instrument obligor’s ability to make timely principal and/or interest payments. Our risk management strategy and investment policy attempts to mitigate this risk by primarily investing in debt

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instruments of high credit quality issuers, limiting credit concentrations and diversifying issuers, and frequently monitoring the credit quality of issuers and counterparties.

We also have credit exposure related to receivables from reinsurers and insureds, and control this risk by limiting our exposure to any one counterparty and evaluating the financial strength of our reinsurance counterparties, including generally requiring minimum credit ratings. In certain cases, we also receive collateral from our customers and reinsurance counterparties, which reduces our credit exposure in certain instances.

As shown on the accompanying table, our fixed maturities portfolio is diversified among different types of investments. The securities are principally rated by one or more Nationally Recognized Statistical Rating Organizations (i.e., Standard & Poor’s, Moody’s Investors Services, Inc., and Fitch Ratings, Ltd). If a security has two ratings, the lower rating is used, and if a security has three ratings, the middle rating is used in the preparation of this table. At September 30, 2015, our fixed maturities portfolio had a weighted average rating of A+, with 69.7% ($2.0 billion fair value) rated A or better and 30.4% ($859.1 million fair value) rated AAA. Our portfolio included 11.3% ($319.5 million fair value) of less than investment grade (BB+ or lower) fixed maturities at September 30, 2015.

	Fair Value
(in millions)	AAA		AA		A		Other		Total
USD denominated:
U.S. Governments	$	168.3	$	—	$	—	$	0.6	$	168.9
Non-U.S. Governments		33.3		15.9		2.9		33.9		86.0
Obligations of states and political subdivisions		110.6		275.7		80.8		25.4		492.5
Credit-Financial		4.2		51.0		276.2		165.7		497.1
Credit-Industrial		1.9		12.5		98.5		380.0		492.9
Credit-Utility		—		12.5		24.3		106.7		143.5
Structured securities:
CMO/MBS-agency		138.6		—		—		—		138.6
CMO/MBS-non agency		—		7.8		0.6		4.0		12.4
CMBS		92.4		34.5		12.1		26.7		165.7
ABS		121.4		0.4		—		6.2		128.0
CLO		63.4		16.2		30.6		25.4		135.6
Foreign denominated:
Governments		96.1		33.7		1.9		20.6		152.3
Credit		3.7		27.2		60.5		17.6		109.0
ABS/CMBS		21.4		—		0.7		—		22.1
CLO		3.8		11.9		18.2		43.7		77.6
Total fixed maturities	$	859.1	$	499.3	$	607.3	$	856.5	$	2,822.2

We also hold a diversified investment portfolio of common stocks in various industries and market segments, ranging from small market capitalization stocks to large capitalization companies. Marketable equity securities are carried on our Consolidated Balance Sheets at fair value, and are subject to the risk of potential loss in fair value resulting from adverse changes in prices. At September 30, 2015, the fair value of our equity securities portfolio was $ 466.0 million.

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Foreign Currency Risk

We have exposure to foreign currency risk in both our insurance contracts and invested assets, and to a lesser extent in a portion of our debt. Some of our insurance contracts provide that ultimate losses may be payable in various foreign currencies. Foreign currency exchange rate risk exists where we do not have cash or securities denominated in the currency for which we will ultimately pay the claims. Thus, we attempt to manage our foreign currency risk by seeking to match our liabilities under insurance and reinsurance polices that are payable in foreign currencies with cash and investments that are denominated in such currencies. In certain instances, we use foreign exchange forward contracts to mitigate this risk. Due to the extended time frame for settling the claims plus the fluctuation in currency exchange rates, the potential exists for us to realize gains and/or losses related to foreign exchange rates. In addition, we may experience foreign currency gains or losses related to exchange rate fluctuations in operating expenses as certain operating costs are payable in currencies other than the U.S. Dollar. For the three and nine months ended September 30, 2015, we recorded realized gains of $ 1.8 million and $ 8.4 million, respectively, from movements in foreign currency rates on our insurance operations. In addition, we recorded realized losses of $ 3.5 million and $ 11.7 million from movements on foreign currency rates in our investment portfolio and realized gains of $ 4.4 million and realized losses of $ 11.4 million from our currency forward contracts for the three and nine months ended September 30, 2015, respectively. We had unrealized losses at September 30, 2015 of $ 41.3 million in movements on foreign currency rates in our investment portfolio, which are recorded in “Other comprehensive income, net of taxes” in our Consolidated Balance Sheets. These losses are principally related to the strengthening of the U.S. Dollar versus other foreign currencies.

Item 4.  Controls and Procedures

Argo Group, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report.  In designing and evaluating these disclosure controls and procedures, Argo Group and its management recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating and implementing possible controls and procedures.  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective at the reasonable assurance level to ensure that information required to be disclosed by Argo Group in the reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There were no changes in the internal control over financial reporting made during the quarter ended September 30, 2015 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  We review our disclosure controls and procedures, which may include internal controls over financial reporting, on an ongoing basis.  From time to time, management makes changes to enhance the effectiveness of these controls and ensure that they continue to meet the needs of our business activities over time.

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Our subsidiaries are parties to legal actions incidental to their business.  Based on the opinion of counsel, management believes that the resolution of these matters will not materially affect our financial condition or results of operations.

Item 1A.  Risk Factors

See “Risk Factors” in the Argo Group Annual Report on Form 10-K for the year ended December 31, 2014 for a detailed discussion of the additional risk factors affecting us.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchase of Equity Securities

On November 5, 2013, our Board authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous Repurchase Authorizations.

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From January 1, 2015 through September30, 2015, we have repurchased a total 575,055shares of our common shares for a total cost of $ 29.7million.  Since the inception of the repurchase authorizations through September30, 2015, we have repurchased 9,181,544 shares of our common stock at an average price of $36.06 for a total cost of $331.1million.  These shares are being held as treasury shares in accordance with the provisions of the Bermuda Companies Act 1981.  As of September30, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $63.1 million.

The following table provides information with respect to shares of our common stock that were repurchased or surrendered during the three months ended September 30, 2015:

Period	Total Number of Shares Purchased (a)		Average Price Paid per Share (b)		Total Number of Shares Purchased as Part of Publically Announced Plan or Program (c)		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (d)
July 1 through July 31, 2015		—	$	—		—	$	67,890,294
August 1 through August 31, 2015		52,975	$	55.40		52,834	$	64,963,518
September 1 through September 30, 2015		33,125	$	55.06		33,125	$	63,139,540
Total		86,100				85,959

Employees are allowed to surrender shares to settle the tax liability incurred upon the vesting or exercise of shares under our various employees equity compensation plans.  For the three months ended September 30, 2015, we received 141 shares of our common stock, with an average price paid per share of $57.69 that were surrendered by employees in payment for the minimum required withholding taxes. In the above table, these shares are included in columns (a) and (b), but excluded from columns (c) and (d). These shares do not reduce the number of shares that may yet be purchased under the repurchase plan.

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

Item 6.  Exhibits

A list of exhibits required to be filed as part of this report is set forth in the Exhibit Index of this Form 10-Q, which immediately precedes such exhibits, and is incorporated herein by reference.

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EXHIBIT INDEX

Exhibit Number	Description
12.1	Statements of Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Dividends
31.1	Rule 13a – 14(a)/15d – 14(a) Certification of the Chief Executive Officer
31.2	Rule 13a – 14(a)/15d – 14(a) Certification of the Chief Financial Officer
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
November 6, 2015	By	/s/ Mark E. Watson III
		Mark E. Watson III
		President and Chief Executive Officer
November 6, 2015	By	/s/ Jay S. Bullock
		Jay S. Bullock
		Executive Vice President and Chief Financial Officer

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EX-12.1

Exhibit 12.1

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(in millions, except ratios)

	Nine Months Ended September 30,				For the Years Ended December 31,
	2015		2014		2014		2013		2012		2011			2010
Earnings:
Income (loss) before provision for income    taxes	$	133.3	$	135.7	$	216.0	$	179.7	$	66.7	$	(61.9	)	$	121.9
Add:
Fixed charges		17.9		18.5		24.8		25.1		28.4		26.7			26.6
Total earnings	$	151.2	$	154.2	$	240.8	$	204.8	$	95.1	$	(35.2	)	$	148.5
Fixed charges:
Interest expense	$	14.3	$	15.0	$	19.9	$	20.2	$	23.7	$	22.1		$	22.9
Rental interest factor		3.6		3.5		4.9		4.9		4.7		4.6			3.7
Total fixed charges	$	17.9	$	18.5	$	24.8	$	25.1	$	28.4	$	26.7		$	26.6
Ratio of earnings to fixed charges	8.4:1		8.3:1		9.7:1		8.2:1		3.3:1		(a)			5.6:1

(a) The coverage deficiency for the year ended December 31, 2011 is $61.9 million.

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a)

Certification of the Chief Executive Officer

I, Mark E. Watson III, President and Chief Executive Officer of Argo Group International Holdings, Ltd., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Argo Group International Holdings, Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2015	/s/ Mark E. Watson III
	Mark E. Watson III
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a)

Certification of the Chief Financial Officer

I, Jay S. Bullock, Executive Vice President and Chief Financial Officer of Argo Group International Holdings, Ltd., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Argo Group International Holdings, Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2015	/s/ Jay S. Bullock
	Jay S. Bullock
	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Argo Group International Holdings, Ltd. (the “Company”) for the quarterly period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Mark E. Watson III, as President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

* * *

Certified this 6th day of November 2015.	/s/ Mark E. Watson III
	Mark E. Watson III
	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Argo Group International Holdings, Ltd. (the “Company”) for the quarterly period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Jay S. Bullock, as Executive Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002 that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

* * *

Certified this 6th day of November 2015.	/s/ Jay S. Bullock
	Jay S. Bullock
	Executive Vice President and Chief Financial Officer

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Investments - Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity (Detail) $ in Millions	Sep. 30, 2015 USD ($)
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 219.8
Amortized Cost, Due after one year through five years	1,295.9
Amortized Cost, Due after five years through ten years	480.4
Amortized Cost, Thereafter	163.3
Amortized Cost, Structured securities	682.3
Amortized Cost, Total	2,841.7
Fair Value, Due in one year or less	208.4
Fair Value, Due after one year through five years	1,285.8
Fair Value, Due after five years through ten years	481.0
Fair Value, Thereafter	167.0
Fair Value, Structured securities	680.0
Fair Value, Total	$ 2,822.2

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Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance			$ 108.1	[1]	$ 147.8
Other comprehensive (loss) income before reclassifications			(82.3)		3.5
Amounts reclassified from accumulated other comprehensive loss			(2.3)		(14.8)
Other comprehensive (loss) income, net of tax	$ (53.6)	$ (37.9)	(84.6)		(11.3)
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance	23.5	136.5	23.5		136.5
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance			(15.6)		(11.5)
Other comprehensive (loss) income before reclassifications			(6.6)		(1.9)
Amounts reclassified from accumulated other comprehensive loss			0.0		0.0
Other comprehensive (loss) income, net of tax			(6.6)		(1.9)
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance	(22.2)	(13.4)	(22.2)		(13.4)
Unrealized Holding Gains on Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance			130.7		163.9
Other comprehensive (loss) income before reclassifications			(75.7)		5.4
Amounts reclassified from accumulated other comprehensive loss			(2.3)		(14.8)
Other comprehensive (loss) income, net of tax			(78.0)		(9.4)
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance	52.7	154.5	52.7		154.5
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance			(7.0)		(4.6)
Other comprehensive (loss) income before reclassifications			0.0		0.0
Amounts reclassified from accumulated other comprehensive loss			0.0		0.0
Other comprehensive (loss) income, net of tax			0.0		0.0
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance	$ (7.0)	$ (4.6)	$ (7.0)		$ (4.6)

[1] Derived from audited consolidated financial statements.

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Reserves for Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	$ 15.3	$ 26.4
Excess and Surplus Lines [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	25.1	34.6
Commercial Specialty [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	10.4	5.2
International Specialty [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	5.8
International Specialty [Member] | Brazil [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years		0.1
Syndicate 1200 Segment [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	2.8	15.8
Run Off Lines [Member]
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items]
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years	$ 8.0	$ 18.9

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Income Taxes - Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 36.2	$ 48.3	$ 133.3		$ 135.7
Switzerland [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	0.1	0.2	0.0	[1]	0.0	[1]
Maximum [Member] | Switzerland [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 0.1	$ 0.1	$ 0.1		$ 0.1

[1] Pre-tax income for the respective year was less than $0.1 million.

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Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unrealized gains and losses on securities:
Net realized investment losses	$ 0.1	$ (5.8)	$ (6.9)	$ (22.0)
Benefit for income taxes	1.7	4.1	4.6	7.2
Net of taxes			(2.3)	(14.8)
Unrealized Holding Gains on Securities
Unrealized gains and losses on securities:
Net of taxes			(2.3)	(14.8)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Holding Gains on Securities
Unrealized gains and losses on securities:
Net realized investment losses	0.1	(5.8)	(6.9)	(22.0)
Benefit for income taxes	1.7	4.1	4.6	7.2
Net of taxes	$ 1.8	$ (1.7)	$ (2.3)	$ (14.8)

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Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014		Sep. 30, 2014	Dec. 31, 2013
Assets
Investments		$ 4,133.0	$ 4,097.9	[1]
Cash		96.2	81.0	[1]	$ 73.1	$ 157.4
Accrued investment income		21.0	22.1	[1]
Premiums receivable		437.4	353.6	[1]
Reinsurance recoverables		1,067.3	997.2	[1]
Goodwill and other intangible assets, net		226.6	230.8
Current income taxes receivable, net		17.1	14.9	[1]
Deferred acquisition costs, net		141.4	124.6	[1]
Ceded unearned premiums		262.5	207.6	[1]
Other assets		225.0	226.6	[1]
Due from (to) affiliates		0.0	0.0
Intercompany note receivable		0.0	0.0
Investments in subsidiaries		0.0	0.0
Total assets		6,627.5	6,356.3	[1]
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses		3,104.1	3,042.4	[1]	3,062.6
Unearned premiums		932.7	817.2	[1]
Funds held and ceded reinsurance payable, net		366.9	233.8
Long-term debt		373.9	378.5
Deferred tax liabilities, net		33.4	53.0	[1]
Accrued underwriting expenses and other liabilities		175.0	184.7
Total liabilities		4,986.0	4,709.6	[1]
Total shareholders' equity		1,641.5	1,646.7	[1]
Total liabilities and shareholders' equity		6,627.5	6,356.3	[1]
Argo Group International Holdings, Ltd (Parent Guarantor) [Member]
Assets
Investments		6.4	0.7
Cash		0.0	0.0		0.0	0.0
Accrued investment income		0.0	0.0
Premiums receivable		0.0	0.0
Reinsurance recoverables		0.0	0.0
Goodwill and other intangible assets, net		0.0	0.0
Current income taxes receivable, net		0.0	0.0
Deferred acquisition costs, net		0.0	0.0
Ceded unearned premiums		0.0	0.0
Other assets		9.7	9.6
Due from (to) affiliates		(52.5)	2.9
Intercompany note receivable		0.0	0.0
Investments in subsidiaries		1,722.3	1,698.0
Total assets		1,685.9	1,711.2
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses		0.0	0.0
Unearned premiums		0.0	0.0
Funds held and ceded reinsurance payable, net		0.0	0.0
Long-term debt		28.3	49.0
Deferred tax liabilities, net		0.0	0.0
Accrued underwriting expenses and other liabilities		16.1	15.5
Total liabilities		44.4	64.5
Total shareholders' equity		1,641.5	1,646.7
Total liabilities and shareholders' equity		1,685.9	1,711.2
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member]
Assets
Investments		2,830.2	2,841.5
Cash		84.8	49.3		69.0	132.1
Accrued investment income		15.9	17.8
Premiums receivable		166.7	154.6
Reinsurance recoverables		1,195.4	1,173.6
Goodwill and other intangible assets, net		130.0	131.7
Current income taxes receivable, net		12.3	10.1
Deferred acquisition costs, net		61.8	58.0
Ceded unearned premiums		119.8	98.5
Other assets		155.3	174.1
Due from (to) affiliates		1.5	(19.8)
Intercompany note receivable		41.7	72.0
Investments in subsidiaries		0.0	0.0
Total assets		4,815.4	4,761.4
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses		2,177.9	2,136.4
Unearned premiums		506.9	448.9
Funds held and ceded reinsurance payable, net		695.5	675.1
Long-term debt		288.7	288.7
Deferred tax liabilities, net		24.0	41.2
Accrued underwriting expenses and other liabilities		98.4	104.2
Total liabilities		3,791.4	3,694.5
Total shareholders' equity		1,024.0	1,066.9
Total liabilities and shareholders' equity		4,815.4	4,761.4
Other Subsidiaries and Eliminations [Member]
Assets
Investments	[2]	1,296.4	1,255.7
Cash	[2]	11.4	31.7		22.1	25.3
Accrued investment income	[2]	5.1	4.3
Premiums receivable	[2]	270.7	199.0
Reinsurance recoverables	[2]	(128.1)	(176.4)
Goodwill and other intangible assets, net	[2]	96.6	99.1
Current income taxes receivable, net	[2]	4.8	4.8
Deferred acquisition costs, net	[2]	79.6	66.6
Ceded unearned premiums	[2]	142.7	109.1
Other assets	[2]	66.4	67.9
Due from (to) affiliates	[2]	(1.5)	19.8
Intercompany note receivable	[2]	(41.7)	(72.0)
Investments in subsidiaries	[2]	0.0	0.0
Total assets	[2]	1,802.4	1,609.6
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	[2]	926.2	906.0
Unearned premiums	[2]	425.8	368.3
Funds held and ceded reinsurance payable, net	[2]	(328.6)	(441.3)
Long-term debt	[2]	56.9	61.4
Deferred tax liabilities, net	[2]	9.4	11.8
Accrued underwriting expenses and other liabilities	[2]	60.5	65.0
Total liabilities	[2]	1,150.2	971.2
Total shareholders' equity	[2]	652.2	638.4
Total liabilities and shareholders' equity	[2]	1,802.4	1,609.6
Consolidating Adjustments [Member]
Assets
Investments	[3]	0.0	0.0
Cash	[3]	0.0	0.0		$ (18.0)	$ 0.0
Accrued investment income	[3]	0.0	0.0
Premiums receivable	[3]	0.0	0.0
Reinsurance recoverables	[3]	0.0	0.0
Goodwill and other intangible assets, net	[3]	0.0	0.0
Current income taxes receivable, net	[3]	0.0	0.0
Deferred acquisition costs, net	[3]	0.0	0.0
Ceded unearned premiums	[3]	0.0	0.0
Other assets	[3]	(6.4)	(25.0)
Due from (to) affiliates	[3]	52.5	(2.9)
Intercompany note receivable	[3]	0.0	0.0
Investments in subsidiaries	[3]	(1,722.3)	(1,698.0)
Total assets	[3]	(1,676.2)	(1,725.9)
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	[3]	0.0	0.0
Unearned premiums	[3]	0.0	0.0
Funds held and ceded reinsurance payable, net	[3]	0.0	0.0
Long-term debt	[3]	0.0	(20.6)
Deferred tax liabilities, net	[3]	0.0	0.0
Accrued underwriting expenses and other liabilities	[3]	0.0	0.0
Total liabilities	[3]	0.0	(20.6)
Total shareholders' equity	[3]	(1,676.2)	(1,705.3)
Total liabilities and shareholders' equity	[3]	$ (1,676.2)	$ (1,725.9)

[1] Derived from audited consolidated financial statements.

[2] Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

[3] Includes all Argo Group parent company eliminations.

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Investments - Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3 (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0.9	$ 3.9
Transfers into Level 3	0.0	0.0
Transfers out of Level 3	0.0	0.0
Included in net income (loss)	0.0	0.0
Included in other comprehensive income (loss)	0.0	0.1
Purchases	0.0	0.0
Issuances	0.0	0.0
Sales	(0.1)	(0.5)
Settlements	0.0	(2.6)
Ending balance	0.8	0.9
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period	0.0	0.0
Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	0.9	1.3
Transfers into Level 3	0.0	0.0
Transfers out of Level 3	0.0	0.0
Included in net income (loss)	0.0	0.0
Included in other comprehensive income (loss)	0.0	0.1
Purchases	0.0	0.0
Issuances	0.0	0.0
Sales	(0.1)	(0.5)
Settlements	0.0	0.0
Ending balance	0.8	0.9
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period	0.0	0.0
Other Assets [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0.0	2.6
Transfers into Level 3		0.0
Transfers out of Level 3		0.0
Included in net income (loss)		0.0
Included in other comprehensive income (loss)		0.0
Purchases		0.0
Issuances		0.0
Sales		0.0
Settlements		(2.6)
Ending balance		0.0
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period		$ 0.0

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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision includes the following components:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Current tax provision	$	(11.3	)	$	(15.0	)	$	(2.5	)	$	(10.7	)
Deferred tax (benefit) provision related to:
Future tax deductions		14.1			19.7			16.7			52.9
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates

For the three and nine months ended September 30, 2015 and 2014, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:

	For the Three Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	24.6				0.0	%	$	27.5				0.0	%
United States		10.5				19.6	%		13.5				16.2	%
United Kingdom		1.9				-58.5	%		9.2				15.4	%
Belgium		—		(1)		31.4	%		(0.1	)			-7.9	%
Brazil		(0.7	)			0.0	%		(1.2	)			0.0	%
United Arab Emirates		0.1				0.0	%		—				0.0	%
Ireland		—		(1)		0.0	%		—				0.0	%
Malta		(0.3	)			0.0	%		(0.8	)			0.0	%
Switzerland		0.1				-20.0	%		0.2				4.8	%
Pre-tax income	$	36.2						$	48.3
	For the Nine Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	68.8				0.0	%		74.3				0.0	%
United States		59.1				22.4	%		49.2				20.9	%
United Kingdom		9.1				-21.4	%		11.1				17.1	%
Belgium		(0.1	)			-50.5	%		(0.1	)			-32.4	%
Brazil		(3.7	)			0.0	%		3.9				0.0	%
United Arab Emirates		0.2				0.0	%		(0.9	)			0.0	%
Ireland		(0.1	)			0.0	%		—				0.0	%
Malta		—		(1)		0.0	%		(1.8	)			0.0	%
Switzerland		—		(1)		-21.3	%		—		(1)		24.2	%
Pre-tax income	$	133.3						$	135.7

⁽¹⁾ Pre-tax income for the respective year was less than $0.1 million.

Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income tax provision at expected rate	$	3.7		$	6.1		$	21.1		$	20.6
Tax effect of:
Tax-exempt interest		(1.2	)		(1.1	)		(3.1	)		(3.4	)
Dividends received deduction		(0.6	)		(0.5	)		(1.8	)		(1.7	)
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Other permanent adjustments, net		0.1			(0.1	)		0.3			(1.0	)
Adjustment for prior year tax return		(0.6	)		(1.1	)		(0.6	)		(1.1	)
Adjustment for annualized rate		0.8			0.8			0.6			(0.9	)
United States state tax (benefit) expense		—			—			(2.5	)		—
Capital loss carryforward from prior merger		—			—			—			29.8
Other foreign adjustments		0.1			—			0.2			—
Prior period adjustments to deferred		—			0.8			—			(0.3	)
Prior year foreign taxes recovered		—			—			(1.2	)		—
Foreign exchange adjustments		0.5			(0.2	)		0.9			(0.1	)
Foreign withholding taxes		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2
Income tax (benefit) provision - Foreign	$	(1.2	)	$	1.5		$	(2.0	)	$	2.0
Income tax provision - United States, Federal		2.1			2.1			16.8			9.8
Income tax (benefit) provision  - United States, state		—			—			(3.8	)		0.1
Foreign withholding tax - United States		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

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Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Premiums and other revenue:
Earned premiums		$ 346.0	$ 337.6	$ 1,026.6	$ 999.4
Net investment income		21.3	20.8	63.9	64.7
Fee and other income (expense), net		1.0	1.6	(0.1)	0.1
Net realized investment and other gains (loss)		3.7	12.9	25.0	42.5
Total revenue		372.0	372.9	1,115.4	1,106.7
Expenses:
Losses and loss adjustment expenses		200.0	191.9	574.3	559.5
Underwriting, acquisition and insurance expenses		132.8	133.8	401.9	399.3
Interest expense		4.8	4.9	14.3	15.0
Foreign currency exchange loss (gain)		(1.8)	(6.0)	(8.4)	(2.8)
Total expenses		335.8	324.6	982.1	971.0
Income before income taxes		36.2	48.3	133.3	135.7
Provision for income taxes		0.9	3.6	11.3	12.2
Net income (loss) before equity in earnings of subsidiaries		35.3	44.7	122.0	123.5
Equity in undistributed earnings of subsidiaries		0.0	0.0	0.0	0.0
Net income		35.3	44.7	122.0	123.5
Argo Group International Holdings, Ltd (Parent Guarantor) [Member]
Premiums and other revenue:
Earned premiums		0.0	0.0	0.0	0.0
Net investment income		(0.2)	(0.1)	(0.7)	(0.3)
Fee and other income (expense), net		0.0	0.0	0.0	0.0
Net realized investment and other gains (loss)		0.0	0.0	2.0	0.0
Total revenue		(0.2)	(0.1)	1.3	(0.3)
Expenses:
Losses and loss adjustment expenses		0.0	0.0	0.0	0.0
Underwriting, acquisition and insurance expenses		4.9	2.3	14.4	12.5
Interest expense		0.5	0.7	1.2	1.8
Foreign currency exchange loss (gain)		0.0	0.0	0.0	0.0
Total expenses		5.4	3.0	15.6	14.3
Income before income taxes		(5.6)	(3.1)	(14.3)	(14.6)
Provision for income taxes		0.0	0.0	0.0	0.0
Net income (loss) before equity in earnings of subsidiaries		(5.6)	(3.1)	(14.3)	(14.6)
Equity in undistributed earnings of subsidiaries		40.9	47.9	136.3	138.1
Net income		35.3	44.8	122.0	123.5
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member]
Premiums and other revenue:
Earned premiums		122.1	114.2	376.0	343.7
Net investment income		14.1	13.6	42.6	42.4
Fee and other income (expense), net		0.0	1.5	(2.4)	(1.5)
Net realized investment and other gains (loss)		1.4	9.2	24.7	34.6
Total revenue		137.6	138.5	440.9	419.2
Expenses:
Losses and loss adjustment expenses		75.4	69.9	220.0	211.2
Underwriting, acquisition and insurance expenses		48.0	51.6	149.5	147.9
Interest expense		3.8	3.8	11.4	11.4
Foreign currency exchange loss (gain)		0.1	0.3	1.0	0.1
Total expenses		127.3	125.6	381.9	370.6
Income before income taxes		10.3	12.9	59.0	48.6
Provision for income taxes		2.1	2.1	13.3	10.2
Net income (loss) before equity in earnings of subsidiaries		8.2	10.8	45.7	38.4
Equity in undistributed earnings of subsidiaries		0.0	0.0	0.0	0.0
Net income		8.2	10.8	45.7	38.4
Other Subsidiaries and Eliminations [Member]
Premiums and other revenue:
Earned premiums	[1]	223.9	223.4	650.6	655.7
Net investment income	[1]	7.6	7.3	22.2	22.6
Fee and other income (expense), net	[1]	1.0	0.1	2.3	1.6
Net realized investment and other gains (loss)	[1]	2.3	3.7	0.3	7.9
Total revenue	[1]	234.8	234.5	675.4	687.8
Expenses:
Losses and loss adjustment expenses	[1]	124.6	122.0	354.3	348.3
Underwriting, acquisition and insurance expenses	[1]	79.9	79.9	238.0	238.9
Interest expense	[1]	0.7	0.6	1.9	2.1
Foreign currency exchange loss (gain)	[1]	(1.9)	(6.3)	(9.4)	(2.9)
Total expenses	[1]	203.3	196.2	584.8	586.4
Income before income taxes	[1]	31.5	38.3	90.6	101.4
Provision for income taxes	[1]	(1.2)	1.5	(2.0)	2.0
Net income (loss) before equity in earnings of subsidiaries	[1]	32.7	36.8	92.6	99.4
Equity in undistributed earnings of subsidiaries	[1]	0.0	0.0	0.0	0.0
Net income	[1]	32.7	36.8	92.6	99.4
Consolidating Adjustments [Member]
Premiums and other revenue:
Earned premiums	[2]	0.0	0.0	0.0	0.0
Net investment income	[2]	(0.2)	0.0	(0.2)	0.0
Fee and other income (expense), net	[2]	0.0	0.0	0.0	0.0
Net realized investment and other gains (loss)	[2]	0.0	0.0	(2.0)	0.0
Total revenue	[2]	(0.2)	0.0	(2.2)	0.0
Expenses:
Losses and loss adjustment expenses	[2]	0.0	0.0	0.0	0.0
Underwriting, acquisition and insurance expenses	[2]	0.0	0.0	0.0	0.0
Interest expense	[2]	(0.2)	(0.2)	(0.2)	(0.3)
Foreign currency exchange loss (gain)	[2]	0.0	0.0	0.0	0.0
Total expenses	[2]	(0.2)	(0.2)	(0.2)	(0.3)
Income before income taxes	[2]	0.0	0.2	(2.0)	0.3
Provision for income taxes	[2]	0.0	0.0	0.0	0.0
Net income (loss) before equity in earnings of subsidiaries	[2]	0.0	0.2	(2.0)	0.3
Equity in undistributed earnings of subsidiaries	[2]	(40.9)	(47.9)	(136.3)	(138.1)
Net income	[2]	$ (40.9)	$ (47.7)	$ (138.3)	$ (137.8)

[1] Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

[2] Includes all Argo Group parent company eliminations.

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Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Disclosure - Commitments and Contingencies - Additional Information (Detail) [Line Items]
Contractual commitments related to its limited partnership investments	$ 71.6
Minimum [Member]
Disclosure - Commitments and Contingencies - Additional Information (Detail) [Line Items]
Contractual commitments period	1 year
Maximum [Member]
Disclosure - Commitments and Contingencies - Additional Information (Detail) [Line Items]
Contractual commitments period	13 years

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Net Income Per Common Share - Net Income Per Common Share on Basic and Diluted Basis (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 35.3	$ 44.7	$ 122.0	$ 123.5
Weighted average common shares outstanding - basic	27,916,586	28,552,240	27,997,638	28,824,182
Effect of dilutive securities:
Equity compensation awards	557,918	528,368	542,456	512,993
Weighted average common shares outstanding - diluted	28,474,504	29,080,608	28,540,094	29,337,175
Net income per common share - basic	$ 1.27	$ 1.57	$ 4.36	$ 4.28
Net income per common share - diluted	$ 1.24	$ 1.54	$ 4.28	$ 4.21

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Segment Information - Schedule of Earned Premiums by Geographic Location (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	$ 346.0	$ 337.6	$ 1,026.6	$ 999.4
Bermuda [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	26.8	27.0	76.8	75.7
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	10.3	11.0	34.7	35.4
Malta [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	0.5	0.5	1.4	1.6
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	99.1	104.4	305.5	305.9
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total earned premiums	$ 209.3	$ 194.7	$ 608.2	$ 580.8

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Segment Information - Identifiable Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 6,627.5	$ 6,356.3	[1]
Excess and Surplus Lines [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	2,461.4	2,350.7
Commercial Specialty [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	1,387.9	1,358.5
International Specialty [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	801.0	776.8
Syndicate 1200 [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	1,353.1	1,258.5
Run Off Lines [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	557.7	552.8
Corporate and Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 66.4	$ 59.0

[1] Derived from audited consolidated financial statements.

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Income Taxes - Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax provision at expected rate	$ 3.7	$ 6.1	$ 21.1	$ 20.6
Tax-exempt interest	(1.2)	(1.1)	(3.1)	(3.4)
Dividends received deduction	(0.6)	(0.5)	(1.8)	(1.7)
Valuation allowance change	(1.9)	(1.1)	(2.9)	(30.0)
Other permanent adjustments, net	0.1	(0.1)	0.3	(1.0)
Adjustment for prior year tax return	(0.6)	(1.1)	(0.6)	(1.1)
Adjustment for annualized rate	0.8	0.8	0.6	(0.9)
United States state tax (benefit) expense	0.0	0.0	(2.5)	0.0
Capital loss carryforward from prior merger	0.0	0.0	0.0	29.8
Other foreign adjustments	0.1	0.0	0.2	0.0
Prior period adjustments to deferred	0.0	0.8	0.0	(0.3)
Prior year foreign taxes recovered	0.0	0.0	(1.2)	0.0
Foreign exchange adjustments	0.5	(0.2)	0.9	(0.1)
Foreign withholding taxes	0.0	0.0	0.3	0.3
Income tax provision	0.9	3.6	11.3	12.2
Income tax (benefit) provision - Foreign	(1.2)	1.5	(2.0)	2.0
Income tax provision - United States, Federal	2.1	2.1	16.8	9.8
Income tax (benefit) provision - United States, state	0.0	0.0	(3.8)	0.1
Foreign withholding tax - United States	$ 0.0	$ 0.0	$ 0.3	$ 0.3

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Reserves for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Reserves for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):

	For the Nine Months Ended September 30,
(in millions)	2015			2014
Net reserves beginning of the year	$	2,137.1		$	2,107.6
Add:
Losses and LAE incurred during current calendar    year, net of reinsurance:
Current accident year		589.6			585.9
Prior accident years		(15.3	)		(26.4	)
Losses and LAE incurred during calendar year, net    of reinsurance		574.3			559.5
Deduct:
Losses and LAE payments made during current    calendar year, net of reinsurance:
Current accident year		105.2			115.3
Prior accident years		435.5			435.5
Losses and LAE payments made during current    calendar year, net of reinsurance:		540.7			550.8
Change in participation interest (1)		(1.2	)		24.7
Foreign exchange adjustments		(27.7	)		(4.9	)
Net reserves - end of period		2,141.8			2,136.1
Add:
Reinsurance recoverables on unpaid losses and LAE,    end of period		962.3			926.5
Gross reserves - end of period	$	3,104.1		$	3,062.6

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Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Premiums receivable	$ 437.4	$ 353.6	[1]
Reinsurance recoverables	1,067.3	997.2	[1]
Premiums receivable, allowance for doubtful accounts	3.7	5.2
Over 90 Days [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Premiums receivable	12.2	12.4
Reinsurance recoverables	9.1	9.9
Reinsurance recoverables, allowance for doubtful accounts	2.4	1.8
Premiums receivables, secured by collateral	0.3	0.3
Reinsurance recoverables, secured by collateral	$ 0.6	$ 0.4

[1] Derived from audited consolidated financial statements.

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Investments - Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments (Parenthetical) (Detail) $ in Millions	Sep. 30, 2015 USD ($)
Investments Debt And Equity Securities [Abstract]
Unrealized losses less than one year	$ 0.1
Unrealized losses one year or greater	$ 0.1

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Segment Information - Revenue and Income (Loss) Before Income Taxes for Each Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Earned premiums	$ 346.0	$ 337.6	$ 1,026.6	$ 999.4
Net investment income	21.3	20.8	63.9	64.7
Fee and other income (expense), net	1.0	1.6	(0.1)	0.1
Net realized investment and other gains	3.7	12.9	25.0	42.5
Total revenue	372.0	372.9	1,115.4	1,106.7
Income before income taxes	36.2	48.3	133.3	135.7
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net investment income	0.6	0.6	1.9	2.5
Income before income taxes	(9.7)	(4.7)	(30.3)	(25.4)
Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	42.2	40.1	138.6	118.6
Excess and Surplus Lines [Member]
Segment Reporting Information [Line Items]
Earned premiums	135.7	121.2	389.9	363.9
Net investment income	8.8	8.9	26.3	27.2
Excess and Surplus Lines [Member] | Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	26.5	27.6	75.4	75.9
Commercial Specialty [Member]
Segment Reporting Information [Line Items]
Earned premiums	73.3	72.7	217.6	215.5
Net investment income	4.6	4.5	13.8	13.8
Commercial Specialty [Member] | Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	12.4	8.0	20.8	9.2
International Specialty [Member]
Segment Reporting Information [Line Items]
Earned premiums	37.6	38.0	113.2	112.6
Net investment income	2.9	2.3	8.8	6.1
International Specialty [Member] | Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	3.5	4.0	21.4	16.4
Syndicate 1200 [Member]
Segment Reporting Information [Line Items]
Earned premiums	99.1	104.4	305.5	305.9
Net investment income	2.3	2.1	6.9	7.9
Syndicate 1200 [Member] | Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	6.9	8.8	28.0	34.7
Run Off Lines [Member]
Segment Reporting Information [Line Items]
Earned premiums	0.3	1.3	0.4	1.5
Net investment income	2.1	2.4	6.2	7.2
Run Off Lines [Member] | Operating Segments [Members]
Segment Reporting Information [Line Items]
Income before income taxes	$ (7.1)	$ (8.3)	$ (7.0)	$ (17.6)

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Investments - Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($) $ in Millions		Sep. 30, 2015		Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 4,033.3		$ 3,889.2
Gross Unrealized Gains		192.6		256.2
Gross Unrealized Losses		92.9		47.5
Fair Value		4,133.0		4,097.9
Fixed Maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,841.7		2,817.2
Gross Unrealized Gains		50.3		64.6
Gross Unrealized Losses		69.8		41.1
Fair Value		2,822.2		2,840.7
Fixed Maturities [Member] | CLO [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	[1]	136.0		78.7
Gross Unrealized Gains	[1]	0.4		0.2
Gross Unrealized Losses	[1]	0.8		0.5
Fair Value	[1]	135.6		78.4
Fixed Maturities [Member] | U.S. Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		167.8		184.0
Gross Unrealized Gains		1.4		1.3
Gross Unrealized Losses		0.3	[2]	0.3
Fair Value		168.9		185.0
Fixed Maturities [Member] | Non-U.S. Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		87.4		79.9
Gross Unrealized Gains		0.4		0.6
Gross Unrealized Losses		1.8		0.6
Fair Value		86.0		79.9
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		473.6		468.1
Gross Unrealized Gains		19.4		22.9
Gross Unrealized Losses		0.5		0.3
Fair Value		492.5		490.7
Fixed Maturities [Member] | Credit-Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		491.4		508.1
Gross Unrealized Gains		8.2		12.3
Gross Unrealized Losses		2.5		2.3
Fair Value		497.1		518.1
Fixed Maturities [Member] | Credit-Industrial [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		493.0		493.7
Gross Unrealized Gains		6.7		9.4
Gross Unrealized Losses		6.8		3.5
Fair Value		492.9		499.6
Fixed Maturities [Member] | Credit-Utility [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		148.8		142.7
Gross Unrealized Gains		2.1		3.2
Gross Unrealized Losses		7.4		3.9
Fair Value		143.5		142.0
Fixed Maturities [Member] | CMO/MBS-Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	[3]	132.8		168.0
Gross Unrealized Gains	[3]	6.0		8.0
Gross Unrealized Losses	[3]	0.2	[4]	0.7
Fair Value	[3]	138.6		175.3
Fixed Maturities [Member] | CMO/MBS-Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		11.7		13.2
Gross Unrealized Gains		0.7		0.8
Gross Unrealized Losses		0.0		0.0
Fair Value		12.4		14.0
Fixed Maturities [Member] | CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	[5]	165.5		178.6
Gross Unrealized Gains	[5]	0.9		1.6
Gross Unrealized Losses	[5]	0.7	[2]	0.2
Fair Value	[5]	165.7		180.0
Fixed Maturities [Member] | ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	[6]	127.8		142.7
Gross Unrealized Gains	[6]	0.5		0.4
Gross Unrealized Losses	[6]	0.3		0.5
Fair Value	[6]	128.0		142.6
Fixed Maturities [Member] | Foreign Denominated: Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		171.4		148.4
Gross Unrealized Gains		1.0		1.2
Gross Unrealized Losses		20.1	[2]	9.4
Fair Value		152.3		140.2
Fixed Maturities [Member] | Foreign Denominated: Credit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		126.0		136.7
Gross Unrealized Gains		1.3		1.8
Gross Unrealized Losses		18.3		12.5
Fair Value		109.0		126.0
Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		24.9		29.5
Gross Unrealized Gains		0.1		0.2
Gross Unrealized Losses		2.9		2.5
Fair Value		22.1		27.2
Fixed Maturities [Member] | Foreign denominated: CLO [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		83.6		44.9
Gross Unrealized Gains		1.2		0.7
Gross Unrealized Losses		7.2		3.9
Fair Value		77.6		41.7
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		358.5		307.3
Gross Unrealized Gains		129.7		184.1
Gross Unrealized Losses		22.2		5.1
Fair Value		466.0		486.3
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		488.1		488.9
Gross Unrealized Gains		12.6		7.5
Gross Unrealized Losses		0.7		1.3
Fair Value		500.0		495.1
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		345.0		275.8
Gross Unrealized Gains		0.0		0.0
Gross Unrealized Losses		0.2	[4]	0.0
Fair Value		$ 344.8		$ 275.8

[1] Collateralized loan obligations (“CLO”).

[2] Unrealized losses one year or greater are less than $0.1 million.

[3] Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

[4] Unrealized losses less than one year are less than $0.1 million.

[5] Commercial mortgage-backed securities (“CMBS”).

[6] Asset-backed securities (“ABS”).

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Shareholders Equity - Additional Information (Detail) - USD ($)						3 Months Ended		9 Months Ended
	Sep. 15, 2015	Aug. 04, 2015	Feb. 17, 2015	Sep. 15, 2014	Aug. 05, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 05, 2013
Class Of Stock [Line Items]
Stock dividend declared			10.00%			10.00%		10.00%
Dividends declaration date			Feb. 17, 2015
Additional stock issued as dividend			2,554,506
Dividends payable date			Mar. 16, 2015
Dividend payable, date of record	Sep. 01, 2015		Mar. 02, 2015	Sep. 01, 2014
Dividend declared per common share		$ 0.20			$ 0.16	$ 0.20	$ 0.16	$ 0.60	$ 0.46
Cash dividends paid - common shares, total	$ 5,600,000			$ 4,700,000
Common shares repurchased on open market								575,055
2013 Repurchase Authorization [Member]
Class Of Stock [Line Items]
Total number of shares authorized for purchase, Value						$ 63,100,000		$ 63,100,000		$ 150,000,000
Common shares repurchased on open market						85,959		575,055
Common shares repurchased on open market, total cost						$ 4,800,000		$ 29,700,000

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Underwriting, Acquisition and Insurance Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Underwriting Acquisition And Insurance Expenses [Abstract]
Share-based payments expense	$ 5.5	$ 2.2	$ 20.8	$ 13.3

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Share-based Compensation - Fair Value Assumptions (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free rate of return	1.44%	1.77%
Expected dividend yields	1.52%	1.49%
Expected award life (years)	4 years 7 months 21 days	4 years 8 months 1 day
Expected volatility	20.81%	22.84%

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Reserves for Losses and Loss Adjustment Expenses - Reinsurance Recoverables (Detail) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014		Sep. 30, 2014
Liability for Claims and Claims Adjustment Expense [Abstract]
Net reserves beginning of the year		$ 2,137.1	$ 2,107.6
Losses and LAE incurred during current calendar year, net of reinsurance:
Current accident year		589.6	585.9
Prior accident years		(15.3)	(26.4)
Losses and LAE incurred during calendar year, net of reinsurance		574.3	559.5
Current accident year		105.2	115.3
Prior accident years		435.5	435.5
Losses and LAE payments made during current calendar year, net of reinsurance:		540.7	550.8
Change in participation interest	[1]	(1.2)	24.7
Foreign exchange adjustments		(27.7)	(4.9)
Net reserves - end of period		2,141.8	2,136.1
Reinsurance recoverables on unpaid losses and LAE, end of period				$ (962.3)			$ (926.5)
Reserves for losses and loss adjustment expenses				3,104.1	$ 3,042.4	[2]	3,062.6
Net reserves - end of period		$ 2,137.1	$ 2,107.6	$ 2,141.8	$ 2,137.1		$ 2,136.1

[1] Amount represents (decreases) increases in reserves due to change in syndicate participation

[2] Derived from audited consolidated financial statements.

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Investments

9 Months Ended

Sep. 30, 2015

Investments Debt And Equity Securities [Abstract]

Investments

3. Investments

Composition of Invested Assets

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investments were as follows:

September 30, 2015
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	167.8	$	1.4	$	0.3	$	168.9
Non-U.S. Governments		87.4		0.4		1.8		86.0
Obligations of states and political subdivisions		473.6		19.4		0.5		492.5
Credit-Financial		491.4		8.2		2.5		497.1
Credit-Industrial		493.0		6.7		6.8		492.9
Credit-Utility		148.8		2.1		7.4		143.5
Structured securities:
CMO/MBS-agency (1)		132.8		6.0		0.2		138.6
CMO/MBS-non agency		11.7		0.7		—		12.4
CMBS (2)		165.5		0.9		0.7		165.7
ABS (3)		127.8		0.5		0.3		128.0
CLO (4)		136.0		0.4		0.8		135.6
Foreign denominated:
Governments		171.4		1.0		20.1		152.3
Credit		126.0		1.3		18.3		109.0
ABS/CMBS		24.9		0.1		2.9		22.1
CLO		83.6		1.2		7.2		77.6
Total fixed maturities		2,841.7		50.3		69.8		2,822.2
Equity securities		358.5		129.7		22.2		466.0
Other investments		488.1		12.6		0.7		500.0
Short-term investments		345.0		—		0.2		344.8
Total investments	$	4,033.3	$	192.6	$	92.9	$	4,133.0

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

December 31, 2014
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	184.0	$	1.3	$	0.3	$	185.0
Non-U.S. Governments		79.9		0.6		0.6		79.9
Obligations of states and political subdivisions		468.1		22.9		0.3		490.7
Credit-Financial		508.1		12.3		2.3		518.1
Credit-Industrial		493.7		9.4		3.5		499.6
Credit-Utility		142.7		3.2		3.9		142.0
Structured securities:
CMO/MBS-agency (1)		168.0		8.0		0.7		175.3
CMO/MBS-non agency		13.2		0.8		—		14.0
CMBS (2)		178.6		1.6		0.2		180.0
ABS (3)		142.7		0.4		0.5		142.6
CLO (4)		78.7		0.2		0.5		78.4
Foreign denominated:
Governments		148.4		1.2		9.4		140.2
Credit		136.7		1.8		12.5		126.0
ABS/CMBS		29.5		0.2		2.5		27.2
CLO		44.9		0.7		3.9		41.7
Total fixed maturities		2,817.2		64.6		41.1		2,840.7
Equity securities		307.3		184.1		5.1		486.3
Other investments		488.9		7.5		1.3		495.1
Short-term investments		275.8		—		—		275.8
Total investments	$	3,889.2	$	256.2	$	47.5	$	4,097.9

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

Included in “Total investments” in our Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 is $78.2 million and $75.2 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party 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, 2015, by contractual maturity, were as follows:

(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	219.8	$	208.4
Due after one year through five years		1,295.9		1,285.8
Due after five years through ten years		480.4		481.0
Thereafter		163.3		167.0
Structured securities		682.3		680.0
Total	$	2,841.7	$	2,822.2

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

Other Invested Assets

Details regarding the carrying value and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows:

September 30, 2015
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	141.3	$	—
Private equity		143.7		71.6
Long only funds		195.1		—
Other investments		19.9		—
Total other invested assets	$	500.0	$	71.6

December 31, 2014
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	153.2	$	—
Private equity		123.6		72.9
Long only funds		200.7		—
Other investments		17.6		—
Total other invested assets	$	495.1	$	72.9

The following describes each investment type:

· Hedge funds: Hedge funds include funds that primarily buy and sell stocks including short sales, multi-strategy credit, relative value credit and distressed credit.

· Private equity:  Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.

· Long only funds: These funds include a fund that primarily owns international stocks, a fund that owns high yield fixed income securities and a fund that primarily owns investment-grade corporate and sovereign fixed income securities.

· Other investments: Other investments include our participation in pools, foreign exchange currency forward contracts to manage exposure on losses related to global catastrophic events, our Canadian dollar investment portfolio, certain Euro and other non-U.S. dollar denominated investments and to minimize negative impacts to our investment portfolio returns.

Unrealized Losses and Other-Than-Temporary Impairments

An aging of unrealized losses on our investments in fixed maturities, equity securities, other investments and short-term investments is presented below:

September 30, 2015	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 (2)	$	33.6		$	0.3	$	0.4	$	—	$	34.0		$	0.3
Non-U.S. Governments		32.9			1.5		3.1		0.3		36.0			1.8
Obligations of states and political    subdivisions		27.2			0.2		8.5		0.3		35.7			0.5
Credit-Financial		197.9			2.2		19.1		0.3		217.0			2.5
Credit-Industrial		218.4			5.2		30.6		1.6		249.0			6.8
Credit-Utility		75.0			3.9		13.3		3.5		88.3			7.4
Structured securities:
CMO/MBS-agency (1)		7.9			—		8.2		0.2		16.1			0.2
CMBS (2)		54.9			0.7		4.5		—		59.4			0.7
ABS (1)		27.5			—		12.1		0.3		39.6			0.3
CLO		95.2			0.7		8.9		0.1		104.1			0.8
Foreign denominated:
Governments (2)		136.3			20.1		0.3		—		136.6			20.1
Credit		104.2			18.3		—		—		104.2			18.3
ABS/CMBS		21.8			2.9		—		—		21.8			2.9
CLO		75.6			7.2		—		—		75.6			7.2
Total fixed maturities		1,108.4			63.2		109.0		6.6		1,217.4			69.8
Equity securities		136.0			22.2		—		—		136.0			22.2
Other investments		(0.4	)		0.7		—		—		(0.4	)		0.7
Short-term investments		20.5			0.2		—		—		20.5			0.2
Total	$	1,264.5		$	86.3	$	109.0	$	6.6	$	1,373.5		$	92.9

⁽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, 2014	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	$	55.0		$	0.2	$	15.7	$	0.1	$	70.7		$	0.3
Non-U.S. Governments		36.5			0.4		5.2		0.2		41.7			0.6
Obligations of states and political    subdivisions		10.4			0.1		16.6		0.2		27.0			0.3
Credit-Financial		195.7			2.2		11.1		0.1		206.8			2.3
Credit-Industrial		240.8			3.3		12.2		0.2		253.0			3.5
Credit-Utility		63.1			3.8		1.9		0.1		65.0			3.9
Structured securities:
CMO/MBS-agency		10.1			0.1		19.2		0.6		29.3			0.7
CMBS		49.3			0.1		6.0		0.1		55.3			0.2
ABS		68.8			0.2		8.1		0.3		76.9			0.5
CLO		60.4			0.5		—		—		60.4			0.5
Foreign denominated:
Governments		123.7			9.3		11.2		0.1		134.9			9.4
Credit		122.3			12.3		0.9		0.2		123.2			12.5
ABS/CMBS		26.8			2.5		—		—		26.8			2.5
CLO		41.7			3.9		—		—		41.7			3.9
Total fixed maturities		1,104.6			38.9		108.1		2.2		1,212.7			41.1
Equity securities		53.6			5.1		—		—		53.6			5.1
Other investments		(0.9	)		1.3		—		—		(0.9	)		1.3
Short-term investments		—			—		—		—		—			—
Total	$	1,157.3		$	45.3	$	108.1	$	2.2	$	1,265.4		$	47.5

We regularly evaluate our investments for other-than-temporary 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 structured securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Loss frequency is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. For equity securities and other investments, the length of time and the amount of decline in fair value are the principal factors in determining other-than-temporary impairment. We also recognize other-than-temporary losses on fixed maturity securities that we intend to sell.

We hold a total of 6,805 securities, of which 2,909 were in an unrealized loss position for less than one year and 193 were in an unrealized loss position for a period one year or greater as of September 30, 2015. 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. In considering whether an investment is other-than-temporarily impaired or not, we also considered that we do not intend to sell the investments and it is unlikely that we will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. In situations where we did not recognize other-than-temporary losses on investments in our equity portfolio, we have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation, have the ability and intent to hold these investments until a recovery of the cost basis. We do not consider these investments to be other-than-temporarily impaired at September 30, 2015.

There was no recognized other-than-temporary loss on our fixed maturities portfolio for the three months ended September 30, 2015 and September 30, 2014. We recognized other-than-temporary losses on our fixed maturities portfolio of $0.9 million and $1.2 million for the nine months ended September 30, 2015 and 2014, respectively. We recognized other-than-temporary losses on our equity portfolio of $3.4 million and $4.4 million for the three and nine months ended September 30, 2015, respectively. We recognized other-than-temporary losses on our equity portfolio of $0.2 million and $0.4 million for the three and nine months ended September 30, 2014, respectively.

Realized Gains and Losses

The following table presents our gross realized investment and other gains (losses):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Realized gains
Fixed maturities	$	2.9		$	4.5		$	10.5		$	15.2
Equity securities		9.8			0.7			22.6			16.1
Other investments		14.6			13.6			44.9			36.5
Short-term investments		—			—			1.1			0.1
Other assets		—			2.0			—			2.0
Gain on sale of real estate holdings		—			—			0.4			—
Gross realized investment gains		27.3			20.8			79.5			69.9
Realized losses
Fixed maturities		(4.1	)		(1.1	)		(13.1	)		(8.7	)
Equity securities		(2.5	)		(0.1	)		(3.6	)		(0.2	)
Other investments		(13.4	)		(6.5	)		(30.9	)		(12.6	)
Short-term investments		(0.1	)		—			(1.5	)		(0.3	)
Other assets		(0.1	)		—			(0.1	)		(4.0	)
Other-than-temporary impairment losses on fixed    maturities		—			—			(0.9	)		(1.2	)
Other-than-temporary impairment losses on equity    securities		(3.4	)		(0.2	)		(4.4	)		(0.4	)
Gross realized investment and other losses		(23.6	)		(7.9	)		(54.5	)		(27.4	)
Net realized investment and other gains	$	3.7		$	12.9		$	25.0		$	42.5

The cost of securities sold is based on the specific identification method.

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows:

(in millions)	Fixed Maturities			Equity Maturities			Other Investments		Short Term			Real Estate Holdings and Other			Tax Effects			Total
Three Months Ended September 30, 2015
Realized before impairments	$	(1.2	)	$	7.3		$	1.2	$	(0.1	)	$	(0.1	)	$	(2.1	)	$	5.0
Realized - impairments		—			(3.4	)		—		—			—			1.2			(2.2	)
Change in unrealized		(22.6	)		(46.7	)		—		(0.2	)		—			20.1			(49.4	)
Three Months Ended September 30, 2014
Realized before impairments	$	3.4		$	0.6		$	7.1	$	—		$	2.0		$	(5.3	)	$	7.8
Realized - impairments		—			(0.2	)		—		—			—			0.4			0.2
Change in unrealized		(33.9	)		(10.7	)		—		—			—			9.0			(35.6	)
Nine Months Ended September 30, 2015
Realized before impairments	$	(2.6	)	$	19.0		$	14.0	$	(0.4	)	$	0.3		$	(10.5	)	$	19.8
Realized - impairments		(0.9	)		(4.4	)		—		—			—			1.8			(3.5	)
Change in unrealized		(40.9	)		(71.5	)		1.5		(0.2	)		—			33.3			(77.8	)
Nine Months Ended September 30, 2014
Realized before impairments	$	6.5		$	15.9		$	23.9	$	(0.2	)	$	(2.0	)	$	(13.4	)	$	30.7
Realized - impairments		(1.2	)		(0.4	)		—		—			—			0.5			(1.1	)
Change in unrealized		(12.0	)		5.0			1.1		—			—			(3.5	)		(9.4	)

We entered into foreign currency exchange forward contracts to manage currency exposure on losses related to certain global catastrophe events. We did not renew this program in the third quarter of 2015 as the currency exposure has become immaterial. These currency forward contracts were carried at fair value in our Consolidated Balance Sheets in “Other investments” at September 30, 2014. The realized and unrealized gains and losses on these contracts are included in “Net realized investment and other gains” in our Consolidated Statements of Income. The notional amount of these currency forward contracts was $25.6 million at September 30, 2014. The fair value of these currency forward contracts was a loss of $2.0 million at September 30, 2014. For the three and nine months ended September 30, 2015, we recognized $0.0 million and $0.5 million in realized gains and $0.3 million and $2.3 million in realized losses, respectively, from these currency forward contracts. For the three and nine months ended September 30, 2014, we recognized $0.1 million and $3.9 million in realized gains and  $2.2 million and $4.1 million in realized losses, respectively, from these currency forward contracts.

We enter into foreign currency exchange forward contracts to manage currency exposure on our Canadian dollar (“CAD”) investment portfolio, certain Euro and other non-U.S. dollar denominated investments, and to minimize negative impacts to our investment portfolio returns. The currency forward contracts are carried at fair value in our Consolidated Balance Sheets in “Other investments.” The realized and unrealized gains and losses are included in “Net realized investment and other gains” in our Consolidated Statements of Income. The notional amount of the Canadian dollar forward contracts was CAD 160.7 million (USD $119.9 million) and CAD 132.0 million (USD $118.3 million) as of September 30, 2015 and 2014, respectively. The notional amount of the remaining forward contracts was not material as of September 30, 2015 and 2014. The fair value of the currency forward contracts was a gain of $5.1 million and a loss of $0.4 million as of September 30, 2015 and 2014, respectively. For the three and nine months ended September 30, 2015, we recognized $8.6 million and $26.4 million in realized gains and $3.9 million and $13.4 million in realized losses, respectively, from the currency forward contracts. For both the three and nine months ended September 30, 2014, we recognized $5.7 million and $2.6 million in realized gains and realized losses, respectively.

Regulatory Deposits, Pledged Securities and Letters of Credit

At September 30, 2015, the amortized cost and fair value of investments on deposit with U.S., Canadian and various other agencies for regulatory purposes were $185.9 million and $192.3 million, respectively. At December 31, 2014, the amortized cost and fair value of investments on deposit with U.S., Canadian and various other agencies for regulatory purposes were $186.6 million and $194.2 million, respectively.

At September 30, 2015, investments with an amortized cost of $34.6 million and fair value of $34.8 million were pledged as collateral in support of irrevocable letters of credit (“LOCs”) in the amount of $28.2 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves. At December 31, 2014, investments with an amortized cost of $55.0 million and fair value of $55.3 million were pledged as collateral in support of irrevocable LOCs in the amount of $43.6 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves.

Our Corporate member’s capital supporting our Lloyd’s business was $211.9 million and $217.9 million at September 30, 2015 and December 31, 2014, respectively.

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 transfer 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 judgments 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 review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of September 30, 2015. 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 using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.

● CMO/MBS agency, CMO/MBS non-agency, CMBS, ABS and CLO securities are reported at fair value using 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.

Equity Securities Level 1: Equity securities are principally reported at fair value using 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 3: We own certain equity securities that are reported at fair value using 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 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 using Level 2 inputs based upon values obtained from Lloyd’s. Foreign currency future contracts are valued by our counterparty using market driven foreign currency exchange rates and are considered Level 2 investments.

Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate bonds reported at fair value using 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.

Transfers Between Level 1 and Level 2 Securities: There were no transfers between Level 1 and Level 2 securities during the three months ended September 30, 2015.

Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:

			Fair Value Measurements at Reporting Date Using
(in millions)	September 30, 2015		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	168.9	$	110.4	$	58.5	$	—
Non-U.S. Governments		86.0		—		86.0		—
Obligations of states and political subdivisions		492.5		—		492.5		—
Credit-Financial		497.1		—		497.1		—
Credit-Industrial		492.9		—		492.9		—
Credit-Utility		143.5		—		143.5		—
Structured securities:
CMO/MBS-agency		138.6		—		138.6		—
CMO/MBS-non agency		12.4		—		12.4		—
CMBS		165.7		—		165.7		—
ABS		128.0		—		128.0		—
CLO		135.6		—		135.6		—
Foreign denominated:
Governments		152.3		—		152.3		—
Credit		109.0		—		109.0		—
ABS/CMBS		22.1		—		22.1		—
CLO		77.6		—		77.6		—
Total fixed maturities		2,822.2		110.4		2,711.8		—
Equity securities		466.0		465.2		—		0.8
Other investments		91.2		—		91.2		—
Short-term investments		344.8		323.8		21.0		—
	$	3,724.2	$	899.4	$	2,824.0	$	0.8

^(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, 2014		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	185.0	$	99.2	$	85.8	$	—
Non-U.S. Governments		79.9		—		79.9		—
Obligations of states and political subdivisions		490.7		—		490.7		—
Credit-Financial		518.1		—		518.1		—
Credit-Industrial		499.6		—		499.6		—
Credit-Utility		142.0		—		142.0		—
Structured securities:
CMO/MBS-agency		175.3		—		175.3		—
CMO/MBS-non agency		14.0		—		14.0		—
CMBS		180.0		—		180.0		—
ABS		142.6		—		142.6		—
CLO		78.4		—		78.4		—
Foreign denominated:
Governments		140.2		—		140.2		—
Credit		126.0		—		126.0		—
ABS/CMBS		27.2		—		27.2		—
CLO		41.7		—		41.7		—
Total fixed maturities		2,840.7		99.2		2,741.5		—
Equity securities		486.3		485.4		—		0.9
Other investments		97.3		—		97.3		—
Short-term investments		275.8		273.9		1.9		—
	$	3,700.1	$	858.5	$	2,840.7	$	0.9

^(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 equal “Total investments” on our Consolidated Balance Sheets as they exclude certain other investments that are accounted for under the equity-method of accounting.

A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:

Fair Value Measurements Using Observable Inputs (Level 3)

(in millions)	Equity Securities			Total
Beginning balance, January 1, 2015	$	0.9		$	0.9
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—
Included in other comprehensive income (loss)		—			—
Purchases, issuances, sales, and settlements
Purchases		—			—
Issuances		—			—
Sales		(0.1	)		(0.1	)
Settlements		—			—
Ending balance, September 30, 2015	$	0.8		$	0.8
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at September 30, 2015	$	—		$	—

(in millions)	Equity Securities			Other Assets			Total
Beginning balance, January 1, 2014	$	1.3		$	2.6		$	3.9
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—			—
Included in other comprehensive income (loss)		0.1			—			0.1
Purchases, issuances, sales, and settlements
Purchases		—			—			—
Issuances		—			—			—
Sales		(0.5	)		—			(0.5	)
Settlements		—			(2.6	)		(2.6	)
Ending balance, December 31, 2014	$	0.9		$	—		$	0.9
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at December 31, 2014	$	—		$	—		$	—

At September 30, 2015 and December 31, 2014, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis or any financial liabilities on a recurring basis.

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Share-Based Compensation - 2014 Long-Term Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 30, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				5 years	5 years
Restricted Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, compensation expense		$ 1.4	$ 0.8	$ 4.4	$ 2.2
Employee service share-based compensation, unrecognized compensation costs on non-vested awards		13.9		$ 13.9
Restricted Share [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				2 years
Restricted Share [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				4 years
Stock-Settled SARs Activity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, compensation expense		0.3	0.3	$ 1.3	1.6
Employee service share-based compensation, unrecognized compensation costs on non-vested awards		3.3		$ 3.3
Stock-Settled SARs Activity [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				1 year
Stock-Settled SARs Activity [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				4 years
Cash-Settled SARs Activity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, compensation expense		2.8	$ 1.2	$ 14.1	$ 9.2
Employee service share-based compensation, unrecognized compensation costs on non-vested awards		$ 13.2		$ 13.2
Cash-Settled SARs Activity [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				1 year
Cash-Settled SARs Activity [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period, years				4 years
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized						4,500,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant	1,460,000
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, additional number of shares authorized	2,800,000
Count of restricted shares, settle in common shares				2.75

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Investments - Schedule of Company's Gross Realized Investment Gains (Losses) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Investments [Line Items]
Gross realized investment gains and other	$ 27.3	$ 20.8	$ 79.5	$ 69.9
Gross realized investment and other losses	(23.6)	(7.9)	(54.5)	(27.4)
Net realized investment and other gains	3.7	12.9	25.0	42.5
Fixed Maturities [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	2.9	4.5	10.5	15.2
Gross realized investment and other losses	(4.1)	(1.1)	(13.1)	(8.7)
Equity Securities [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	9.8	0.7	22.6	16.1
Gross realized investment and other losses	(2.5)	(0.1)	(3.6)	(0.2)
Other Investments [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	14.6	13.6	44.9	36.5
Gross realized investment and other losses	(13.4)	(6.5)	(30.9)	(12.6)
Short-Term Investments [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	0.0	0.0	1.1	0.1
Gross realized investment and other losses	(0.1)	0.0	(1.5)	(0.3)
Other Assets [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	0.0	2.0	0.0	2.0
Gross realized investment and other losses	(0.1)	0.0	(0.1)	(4.0)
Real Estate Holdings [Member]
Schedule Of Investments [Line Items]
Gross realized investment gains and other	0.0	0.0	0.4	0.0
Other-Than-Temporary Impairment Losses on Fixed Maturities [Member]
Schedule Of Investments [Line Items]
Gross realized investment and other losses	0.0	0.0	(0.9)	(1.2)
Other-Than-Temporary Impairment Losses on Equity Securities [Member]
Schedule Of Investments [Line Items]
Gross realized investment and other losses	$ (3.4)	$ (0.2)	$ (4.4)	$ (0.4)

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Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Net Income Per Common Share on Basic and Diluted Basis

The following table presents the calculation of net income per common share on a basic and diluted basis (all balances have been adjusted to reflect the 10% stock dividend):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2015		2014		2015		2014
Net income	$	35.3	$	44.7	$	122.0	$	123.5
Weighted average common shares outstanding - basic		27,916,586		28,552,240		27,997,638		28,824,182
Effect of dilutive securities:
Equity compensation awards		557,918		528,368		542,456		512,993
Weighted average common shares outstanding - diluted		28,474,504		29,080,608		28,540,094		29,337,175
Net income per common share:
Basic	$	1.27	$	1.57	$	4.36	$	4.28
Diluted	$	1.24	$	1.54	$	4.28	$	4.21

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss)

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the nine months ended September 30, 2015 and 2014 is presented below:

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2015	$	(15.6	)	$	130.7		$	(7.0	)	$	108.1
Other comprehensive loss before    reclassifications		(6.6	)		(75.7	)		—			(82.3	)
Amounts reclassified from accumulated other    comprehensive loss		—			(2.3	)		—			(2.3	)
Net current-period other comprehensive loss		(6.6	)		(78.0	)		—			(84.6	)
Balance at September 30, 2015	$	(22.2	)	$	52.7		$	(7.0	)	$	23.5

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2014	$	(11.5	)	$	163.9		$	(4.6	)	$	147.8
Other comprehensive income before    reclassifications		(1.9	)		5.4			—			3.5
Amounts reclassified from accumulated other    comprehensive income		—			(14.8	)		—			(14.8	)
Net current-period other comprehensive income		(1.9	)		(9.4	)		—			(11.3	)
Balance at September 30, 2014	$	(13.4	)	$	154.5		$	(4.6	)	$	136.5

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

The following tables illustrate the amounts reclassified from accumulated other comprehensive (loss) income shown in the above tables that have been included in our Consolidated Statements of Income:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(in millions)	2015		2014			2015			2014
Unrealized gains and losses on securities:
Net realized investment losses	$	0.1	$	(5.8	)	$	(6.9	)	$	(22.0	)
Benefit for income taxes		1.7		4.1			4.6			7.2
Net of taxes	$	1.8	$	(1.7	)	$	(2.3	)	$	(14.8	)

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Net Income Per Common Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Feb. 17, 2015	Dec. 31, 2014	[1]
Earnings Per Share [Abstract]
Stock dividend declared	10.00%		10.00%		10.00%
Treasury shares, shares	9,181,544	8,440,355	9,181,544	8,440,355		8,606,489
Antidilutive securities excluded from computation of diluted net income per share, shares	0	1,879	0	1,879

[1] Derived from audited consolidated financial statements.

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Investments - Schedule of Realized Gains (Losses) and Changes in Unrealized of Appreciation(Depreciation) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Investments [Line Items]
Realized before impairments	$ 5.0	$ 7.8	$ 19.8	$ 30.7
Realized - impairments	(2.2)	0.2	(3.5)	(1.1)
Change in unrealized	(49.4)	(35.6)	(77.8)	(9.4)
Realized before impairments, Tax Effects	(2.1)	(5.3)	(10.5)	(13.4)
Realized - impairments, Tax Effects	1.2	0.4	1.8	0.5
Change in unrealized, Tax Effects	20.1	9.0	33.3	(3.5)
Fixed Maturities [Member]
Schedule Of Investments [Line Items]
Realized before impairments	(1.2)	3.4	(2.6)	6.5
Realized - impairments	0.0	0.0	(0.9)	(1.2)
Change in unrealized	(22.6)	(33.9)	(40.9)	(12.0)
Equity Securities [Member]
Schedule Of Investments [Line Items]
Realized before impairments	7.3	0.6	19.0	15.9
Realized - impairments	(3.4)	(0.2)	(4.4)	(0.4)
Change in unrealized	(46.7)	(10.7)	(71.5)	5.0
Other Investments [Member]
Schedule Of Investments [Line Items]
Realized before impairments	1.2	7.1	14.0	23.9
Realized - impairments	0.0	0.0	0.0	0.0
Change in unrealized	0.0	0.0	1.5	1.1
Short-Term Investments [Member]
Schedule Of Investments [Line Items]
Realized before impairments	(0.1)	0.0	(0.4)	(0.2)
Realized - impairments	0.0	0.0	0.0	0.0
Change in unrealized	(0.2)	0.0	(0.2)	0.0
Real Estate Holdings and Other [Member]
Schedule Of Investments [Line Items]
Realized before impairments	(0.1)	2.0	0.3	(2.0)
Realized - impairments	0.0	0.0	0.0	0.0
Change in unrealized	$ 0.0	$ 0.0	$ 0.0	$ 0.0

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Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of Interest Paid

Interest paid was as follows:

	For the Nine Months Ended September 30,
(in millions)	2015		2014
Senior unsecured fixed rate notes	$	7.0	$	7.0
Junior subordinated debentures		5.3		5.8
Other indebtedness		2.0		2.3
Total interest paid	$	14.3	$	15.1

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Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Fair Value Assumptions

The following table summarizes the assumptions we used for the nine months ended September 30, 2015 and 2014:

	For the Nine Months Ended September 30,
	2015		2014
Risk-free rate of return		1.44%		1.77%
Expected dividend yields		1.52%		1.49%
Expected award life (years)		4.64	4.67
Expected volatility		20.81%		22.84%

Summary of Restricted Share Activity

A summary of restricted share activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2015		313,716		$	31.38
Granted		297,873		$	39.21
Vested and issued		(119,295	)	$	26.83
Expired or forfeited		(8,938	)	$	41.76
Outstanding at September 30, 2015		483,356		$	37.14

Summary of Stock-Settled SARs Activity

A summary of stock-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		1,313,726		$	28.57
Granted		243,305		$	39.43
Exercised		(165,036	)	$	24.15
Expired or forfeited		(7,231	)	$	31.68
Outstanding at September 30, 2015		1,384,764		$	30.14

Summary of Cash-Settled SARs Activity

A summary of cash-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		2,001,451		$	32.76
Granted		913,157		$	47.48
Exercised		(366,527	)	$	29.19
Expired or forfeited		(216,354	)	$	39.40
Outstanding at September 30, 2015		2,331,727		$	38.46

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Recently Issued Accounting Pronouncements

9 Months Ended

Sep. 30, 2015

Accounting Changes And Error Corrections [Abstract]

Recently Issued Accounting Pronouncements

2. Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized and requires additional disclosures sufficient to describe the nature, amount, timing and uncertainty of revenue and cash flows for these transactions. This ASU is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as early as annual reporting periods beginning after December 15, 2016. We will adopt this ASU on January 1, 2018. Companies may use either a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. While insurance contracts are excluded from this ASU, fee income related to our brokerage operations and management of the third-party capital for our underwriting Syndicate at Lloyd’s will be subject to this updated guidance. We continue to evaluate what impact this ASU will have on our financial results and disclosures and which adoption method to apply, but no not anticipate such impact being material based on the limited revenue streams subject to the ASU.

In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether entities should be consolidated if they are deemed variable interest entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We are currently in the process of evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements.

In May 2015, the FASB issued ASU 2015-09, “Insurance (Topic 944), Disclosures about Short-Duration Contracts.” ASU 2015-09 requires additional disclosures about short-duration contracts for products in effect for typically a year or less. The disclosures will focus on the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-09 on our consolidated financial statements.

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Underwriting, Acquisition and Insurance Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Underwriting Acquisition And Insurance Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Commissions	$	56.5		$	59.8		$	182.4		$	178.0
General expenses		69.6			69.0			222.2			211.9
Premium taxes, boards and bureaus		7.5			7.2			8.1			19.5
		133.6			136.0			412.7			409.4
Net deferral of policy acquisition costs		(0.8	)		(2.2	)		(10.8	)		(10.1	)
Total underwriting, acquisition and insurance expenses	$	132.8		$	133.8		$	401.9		$	399.3

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Investments - Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Investments [Line Items]
Carrying Value	$ 4,133.0	$ 4,097.9	[1]
Hedge funds [Member]
Schedule Of Investments [Line Items]
Carrying Value	141.3	153.2
Unfunded Commitments	0.0	0.0
Private equity [Member]
Schedule Of Investments [Line Items]
Carrying Value	143.7	123.6
Unfunded Commitments	71.6	72.9
Long only funds [Member]
Schedule Of Investments [Line Items]
Carrying Value	195.1	200.7
Unfunded Commitments	0.0	0.0
Other Investments [Member]
Schedule Of Investments [Line Items]
Carrying Value	19.9	17.6
Unfunded Commitments	0.0	0.0
Other invested assets [Member]
Schedule Of Investments [Line Items]
Carrying Value	500.0	495.1
Unfunded Commitments	$ 71.6	$ 72.9

[1] Derived from audited consolidated financial statements.

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Shareholders Equity - Schedule of Repurchase of Shares (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares shares
Equity Class Of Treasury Stock [Line Items]
Common shares repurchased on open market | shares	575,055
Average Price of Shares Repurchased	$ 51.58
Total Cost (in millions) | $	$ 29.7
10b5-1 Trading Plan Initiated In 2014 [Member]
Equity Class Of Treasury Stock [Line Items]
Date Trading Plan Initiated	Dec. 15, 2014
Trading Plan Purchase Period Start Date	01/05/2015
Common shares repurchased on open market | shares	117,482
Average Price of Shares Repurchased	$ 53.50
Total Cost (in millions) | $	$ 6.3
Repurchase Authorization Year	2013
Trading Plan Purchase Period End Date	02/12/2015
10b5-1 Trading Plan Initiated In 2015 [Member]
Equity Class Of Treasury Stock [Line Items]
Date Trading Plan Initiated	Mar. 16, 2015
Trading Plan Purchase Period Start Date	03/18/2015
Common shares repurchased on open market | shares	150,050
Average Price of Shares Repurchased	$ 49.56
Total Cost (in millions) | $	$ 7.4
Repurchase Authorization Year	2013
Trading Plan Purchase Period End Date	05/06/2015
Open Market [Member]
Equity Class Of Treasury Stock [Line Items]
Trading Plan Purchase Period Start Date	01/01/2015
Common shares repurchased on open market | shares	307,523
Average Price of Shares Repurchased	$ 51.83
Total Cost (in millions) | $	$ 16.0
Repurchase Authorization Year	2013
Trading Plan Purchase Period End Date	09/30/2015

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Income Taxes - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Taxes Disclosure [Line Items]
Net operating losses carryback period	2 years
Capital losses carryback period	3 years
Total net deferred tax liabilities	$ 10,800,000
Net operating loss carryforward	17,100,000
Valuation allowance	22,600,000
Loss carryforwards per year	2,800,000
Unrecognized tax benefits	0	$ 0
ARIS [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforward	1,000,000
Malta [Member]
Income Taxes Disclosure [Line Items]
Valuation allowance	2,000,000
Decreased valuation allowance	100,000
Brazil [Member]
Income Taxes Disclosure [Line Items]
Valuation allowance	5,500,000
Increased valuation allowance	2,100,000
PXRE Reinsurance Company [Member]
Income Taxes Disclosure [Line Items]
Valuation allowance	15,100,000
Reduced valuation allowance	700,000
December 31, 2025 [Member]
Income Taxes Disclosure [Line Items]
Loss carryforwards, amounts expiring if not utilized	15,600,000
December 31, 2027 [Member]
Income Taxes Disclosure [Line Items]
Loss carryforwards, amounts expiring if not utilized	1,500,000
December 31, 2027 [Member] | ARIS [Member]
Income Taxes Disclosure [Line Items]
Loss carryforwards, amounts expiring if not utilized	200,000
December 31, 2028 [Member] | ARIS [Member]
Income Taxes Disclosure [Line Items]
Loss carryforwards, amounts expiring if not utilized	400,000
December 31, 2029 [Member] | ARIS [Member]
Income Taxes Disclosure [Line Items]
Loss carryforwards, amounts expiring if not utilized	$ 400,000

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	[1]
Assets
Available-for-sale (cost: 2015 - $2,841.7; 2014 - $2,817.2)	$ 2,822.2	$ 2,840.7
Equity securities, at fair value (cost: 2015 - $358.5; 2014 - $307.3)	466.0	486.3
Other investments (cost: 2015 - $488.1; 2014 - $488.9)	500.0	495.1
Short-term investments, at fair value (cost: 2015 - $345.0; 2014 - $275.8)	344.8	275.8
Total investments	4,133.0	4,097.9
Cash	96.2	81.0
Accrued investment income	21.0	22.1
Premiums receivable	437.4	353.6
Reinsurance recoverables	1,067.3	997.2
Goodwill	152.2	152.2
Intangible assets, net of accumulated amortization	74.4	78.6
Current income taxes receivable, net	17.1	14.9
Deferred acquisition costs, net	141.4	124.6
Ceded unearned premiums	262.5	207.6
Other assets	225.0	226.6
Total assets	6,627.5	6,356.3
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	3,104.1	3,042.4
Unearned premiums	932.7	817.2
Accrued underwriting expenses	131.8	143.1
Ceded reinsurance payable, net	286.4	178.8
Funds held	80.5	55.0
Senior unsecured fixed rate notes	143.8	143.8
Other indebtedness	57.4	62.0
Junior subordinated debentures	172.7	172.7
Deferred tax liabilities, net	33.4	53.0
Other liabilities	43.2	41.6
Total liabilities	$ 4,986.0	$ 4,709.6
Commitments and contingencies (Note 14)
Shareholders' equity:
Common shares - $1.00 par, 500,000,000 shares authorized; 37,056,534 and 34,318,224 shares issued at September 30, 2015 and December 31, 2014, respectively	$ 37.1	$ 34.3
Additional paid-in capital	961.8	836.3
Treasury shares (9,181,544 and 8,606,489 shares at September 30, 2015 and December 31, 2014, respectively)	(331.1)	(301.4)
Retained earnings	950.2	969.4
Accumulated other comprehensive income, net of taxes	23.5	108.1
Total shareholders' equity	1,641.5	1,646.7
Total liabilities and shareholders' equity	$ 6,627.5	$ 6,356.3

[1] Derived from audited consolidated financial statements.

XML

Investments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		$ 4,133.0	$ 4,097.9
Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		3,724.2	3,700.1
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	899.4	858.5
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	2,824.0	2,840.7
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.8	0.9
Fixed Maturities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		2,822.2	2,840.7
Fixed Maturities [Member] | CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[4]	135.6	78.4
Fixed Maturities [Member] | U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		168.9	185.0
Fixed Maturities [Member] | Non-U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		86.0	79.9
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		492.5	490.7
Fixed Maturities [Member] | Credit-Financial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		497.1	518.1
Fixed Maturities [Member] | Credit-Industrial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		492.9	499.6
Fixed Maturities [Member] | Credit-Utility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		143.5	142.0
Fixed Maturities [Member] | CMO/MBS-Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[5]	138.6	175.3
Fixed Maturities [Member] | CMO/MBS-Non Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		12.4	14.0
Fixed Maturities [Member] | CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[6]	165.7	180.0
Fixed Maturities [Member] | ABS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[7]	128.0	142.6
Fixed Maturities [Member] | Foreign Denominated: Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		152.3	140.2
Fixed Maturities [Member] | Foreign Denominated: Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		109.0	126.0
Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		22.1	27.2
Fixed Maturities [Member] | Foreign denominated: CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		77.6	41.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		2,822.2	2,840.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		135.6	78.4
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		168.9	185.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Non-U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		86.0	79.9
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		492.5	490.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Credit-Financial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		497.1	518.1
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Credit-Industrial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		492.9	499.6
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Credit-Utility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		143.5	142.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | CMO/MBS-Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		138.6	175.3
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | CMO/MBS-Non Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		12.4	14.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		165.7	180.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | ABS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		128.0	142.6
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Denominated: Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		152.3	140.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Denominated: Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		109.0	126.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Foreign denominated: ABS/CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		22.1	27.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Foreign denominated: CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		77.6	41.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	110.4	99.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	110.4	99.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non-U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Credit-Financial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Credit-Industrial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Credit-Utility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CMO/MBS-Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CMO/MBS-Non Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ABS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Denominated: Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Denominated: Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign denominated: ABS/CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign denominated: CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	2,711.8	2,741.5
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	135.6	78.4
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	58.5	85.8
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Non-U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	86.0	79.9
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	492.5	490.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit-Financial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	497.1	518.1
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit-Industrial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	492.9	499.6
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit-Utility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	143.5	142.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMO/MBS-Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	138.6	175.3
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMO/MBS-Non Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	12.4	14.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	165.7	180.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ABS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	128.0	142.6
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Denominated: Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	152.3	140.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Denominated: Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	109.0	126.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign denominated: ABS/CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	22.1	27.2
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign denominated: CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	77.6	41.7
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Non-U.S. Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit-Financial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit-Industrial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit-Utility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMO/MBS-Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMO/MBS-Non Agency [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ABS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Denominated: Governments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Denominated: Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign denominated: ABS/CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Fixed Maturities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign denominated: CLO [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		466.0	486.3
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		466.0	486.3
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	465.2	485.4
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	0.0	0.0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.8	0.9
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		500.0	495.1
Other Investments [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		91.2	97.3
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	0.0	0.0
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	91.2	97.3
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	0.0	0.0
Short-Term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		344.8	275.8
Short-Term Investments [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		344.8	275.8
Short-Term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[1]	323.8	273.9
Short-Term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[2]	21.0	1.9
Short-Term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	[3]	$ 0.0	$ 0.0

[1] Quoted prices in active markets for identical assets

[2] Significant other observable inputs

[3] Significant unobservable inputs

[4] Collateralized loan obligations (“CLO”).

[5] Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

[6] Commercial mortgage-backed securities (“CMBS”).

[7] Asset-backed securities (“ABS”).

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 122.0		$ 123.5
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	30.7		27.8
Share-based payments expense	20.8		13.3
Excess tax benefit from share-based payment arrangements	(0.6)		(0.1)
Deferred income tax provision, net	13.8		22.9
Net realized investment and other gains	(25.0)		(42.5)
Loss on disposals of fixed assets, net	0.2		0.0
Change in:
Accrued investment income	1.1		3.5
Receivables	(162.2)		214.1
Deferred acquisition costs	(17.6)		(13.0)
Ceded unearned premiums	(58.5)		(31.2)
Reserves for losses and loss adjustment expenses	75.9		(167.7)
Unearned premiums	123.0		87.6
Ceded reinsurance payable and funds held	134.3		(159.5)
Income taxes	(2.3)		(35.3)
Accrued underwriting expenses	(19.7)		4.1
Other, net	(0.1)		24.2
Cash provided by operating activities	235.8		71.7
Cash flows from investing activities:
Sales of fixed maturity investments	609.8		884.6
Maturities and mandatory calls of fixed maturity investments	637.4		243.6
Sales of equity securities	61.6		61.8
Sales of other investments	57.4		29.7
Purchases of fixed maturity investments	(1,303.4)		(1,197.3)
Purchases of equity securities	(97.9)		(17.7)
Purchases of other investments	(67.2)		(49.8)
Change in foreign regulatory deposits and voluntary pools	7.5		22.5
Change in short-term investments	(69.9)		(16.5)
Settlements of foreign currency exchange forward contracts	(6.7)		0.6
Purchases of fixed assets	(22.0)		(26.7)
Other, net	17.4		(21.5)
Cash used by investing activities	(176.0)		(86.7)
Cash flows from financing activities:
Payment on note payable	0.0		(0.1)
Redemption of trust preferred securities, net	0.0		(18.0)
Activity under stock incentive plans	1.5		3.3
Repurchase of Company's common shares	(29.7)		(40.9)
Excess tax expense from share-based payment arrangements	0.6		0.1
Payment of cash dividends to common shareholders	(17.1)		(13.4)
Cash used by financing activities	(44.7)		(69.0)
Effect of exchange rate changes on cash	0.1		(0.3)
Change in cash	15.2		(84.3)
Cash, beginning of period	81.0	[1]	157.4
Cash, end of period	$ 96.2		$ 73.1

[1] Derived from audited consolidated financial statements.

XML

Supplemental Cash Flow Information - Schedule of Interest Paid (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow [Line Items]
Total interest paid	$ 14.3	$ 15.1
Senior Unsecured Fixed Rate Notes [Member]
Supplemental Cash Flow [Line Items]
Total interest paid	7.0	7.0
Junior Subordinated Debentures [Member]
Supplemental Cash Flow [Line Items]
Total interest paid	5.3	5.8
Other Indebtedness [Member]
Supplemental Cash Flow [Line Items]
Total interest paid	$ 2.0	$ 2.3

XML

Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	6.4		$	2,830.2	$	1,296.4		$	—		$	4,133.0
Cash		—			84.8		11.4			—			96.2
Accrued investment income		—			15.9		5.1			—			21.0
Premiums receivable		—			166.7		270.7			—			437.4
Reinsurance recoverables		—			1,195.4		(128.1	)		—			1,067.3
Goodwill and other intangible assets, net		—			130.0		96.6			—			226.6
Current income taxes receivable, net		—			12.3		4.8			—			17.1
Deferred acquisition costs, net		—			61.8		79.6			—			141.4
Ceded unearned premiums		—			119.8		142.7			—			262.5
Other assets		9.7			155.3		66.4			(6.4	)		225.0
Due (to) from affiliates		(52.5	)		1.5		(1.5	)		52.5			—
Intercompany note receivable		—			41.7		(41.7	)		—			—
Investments in subsidiaries		1,722.3			—		—			(1,722.3	)		—
Total assets	$	1,685.9			4,815.4		1,802.4		$	(1,676.2	)	$	6,627.5
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—			2,177.9		926.2		$	—		$	3,104.1
Unearned premiums		—			506.9		425.8			—			932.7
Funds held and ceded reinsurance payable, net		—			695.5		(328.6	)		—			366.9
Long-term debt		28.3			288.7		56.9			—			373.9
Deferred tax liabilities, net		—			24.0		9.4			—			33.4
Accrued underwriting expenses and other liabilities		16.1			98.4		60.5			—			175.0
Total liabilities		44.4			3,791.4		1,150.2			—			4,986.0
Total shareholders' equity		1,641.5			1,024.0		652.2			(1,676.2	)		1,641.5
Total liabilities and shareholders' equity	$	1,685.9		$	4,815.4	$	1,802.4		$	(1,676.2	)	$	6,627.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2014

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)		Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	0.7	$	2,841.5		$	1,255.7		$	—		$	4,097.9
Cash		—		49.3			31.7			—			81.0
Accrued investment income		—		17.8			4.3			—			22.1
Premiums receivable		—		154.6			199.0			—			353.6
Reinsurance recoverables		—		1,173.6			(176.4	)		—			997.2
Goodwill and other intangible assets, net		—		131.7			99.1			—			230.8
Current income taxes receivable, net		—		10.1			4.8			—			14.9
Deferred acquisition costs, net		—		58.0			66.6			—			124.6
Ceded unearned premiums		—		98.5			109.1			—			207.6
Other assets		9.6		174.1			67.9			(25.0	)		226.6
Due from (to) affiliates		2.9		(19.8	)		19.8			(2.9	)		—
Intercompany note receivable		—		72.0			(72.0	)		—			—
Investments in subsidiaries		1,698.0		—			—			(1,698.0	)		—
Total assets	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—	$	2,136.4		$	906.0		$	—		$	3,042.4
Unearned premiums		—		448.9			368.3			—			817.2
Funds held and ceded reinsurance payable, net		—		675.1			(441.3	)		—			233.8
Long-term debt		49.0		288.7			61.4			(20.6	)		378.5
Deferred tax liabilities, net		—		41.2			11.8			—			53.0
Accrued underwriting expenses and other liabilities		15.5		104.2			65.0			—			184.7
Total liabilities		64.5		3,694.5			971.2			(20.6	)		4,709.6
Total shareholders' equity		1,646.7		1,066.9			638.4			(1,705.3	)		1,646.7
Total liabilities and shareholders' equity	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

Condensed Consolidating Statement of Income

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	122.1	$	223.9		$	—		$	346.0
Net investment income		(0.2	)		14.1		7.6			(0.2	)		21.3
Fee and other income (expense), net		—			—		1.0			—			1.0
Net realized investment and other gains		—			1.4		2.3			—			3.7
Total revenue		(0.2	)		137.6		234.8			(0.2	)		372.0
Expenses:
Losses and loss adjustment expenses		—			75.4		124.6			—			200.0
Underwriting, acquisition and insurance    expenses		4.9			48.0		79.9			—			132.8
Interest expense		0.5			3.8		0.7			(0.2	)		4.8
Foreign currency exchange gain		—			0.1		(1.9	)		—			(1.8	)
Total expenses		5.4			127.3		203.3			(0.2	)		335.8
Income before income taxes		(5.6	)		10.3		31.5			—			36.2
Provision for income taxes		—			2.1		(1.2	)		—			0.9
Net income before equity in earnings of    subsidiaries		(5.6	)		8.2		32.7			—			35.3
Equity in undistributed earnings of    subsidiaries		40.9			—		—			(40.9	)		—
Net income	$	35.3		$	8.2	$	32.7		$	(40.9	)	$	35.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	114.2	$	223.4		$	—		$	337.6
Net investment income		(0.1	)		13.6		7.3			—			20.8
Fee and other income (expense), net		—			1.5		0.1			—			1.6
Net realized investment and other gains		—			9.2		3.7			—			12.9
Total revenue		(0.1	)		138.5		234.5			—			372.9
Expenses:
Losses and loss adjustment expenses		—			69.9		122.0			—			191.9
Underwriting, acquisition and insurance    expenses		2.3			51.6		79.9			—			133.8
Interest expense		0.7			3.8		0.6			(0.2	)		4.9
Foreign currency exchange gain		—			0.3		(6.3	)		—			(6.0	)
Total expenses		3.0			125.6		196.2			(0.2	)		324.6
Income before income taxes		(3.1	)		12.9		38.3			0.2			48.3
Provision for income taxes		—			2.1		1.5			—			3.6
Net income before equity in earnings of    subsidiaries		(3.1	)		10.8		36.8			0.2			44.7
Equity in undistributed earnings of    subsidiaries		47.9			—		—			(47.9	)		—
Net income	$	44.8		$	10.8	$	36.8		$	(47.7	)	$	44.7

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	376.0		$	650.6		$	—		$	1,026.6
Net investment income		(0.7	)		42.6			22.2			(0.2	)		63.9
Fee and other income (expense), net		—			(2.4	)		2.3			—			(0.1	)
Net realized investment and other gains		2.0			24.7			0.3			(2.0	)		25.0
Total revenue		1.3			440.9			675.4			(2.2	)		1,115.4
Expenses:
Losses and loss adjustment expenses		—			220.0			354.3			—			574.3
Underwriting, acquisition and insurance    expenses		14.4			149.5			238.0			—			401.9
Interest expense		1.2			11.4			1.9			(0.2	)		14.3
Foreign currency exchange gain		—			1.0			(9.4	)		—			(8.4	)
Total expenses		15.6			381.9			584.8			(0.2	)		982.1
Income before income taxes		(14.3	)		59.0			90.6			(2.0	)		133.3
Provision for income taxes		—			13.3			(2.0	)		—			11.3
Net income before equity in earnings of    subsidiaries		(14.3	)		45.7			92.6			(2.0	)		122.0
Equity in undistributed earnings of    subsidiaries		136.3			—			—			(136.3	)		—
Net income	$	122.0		$	45.7		$	92.6		$	(138.3	)	$	122.0

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	343.7		$	655.7		$	—		$	999.4
Net investment income		(0.3	)		42.4			22.6			—			64.7
Fee and other (expense) income, net		—			(1.5	)		1.6			—			0.1
Net realized investment and other gains		—			34.6			7.9			—			42.5
Total revenue		(0.3	)		419.2			687.8			—			1,106.7
Expenses:
Losses and loss adjustment expenses		—			211.2			348.3			—			559.5
Underwriting, acquisition and insurance    expenses		12.5			147.9			238.9			—			399.3
Interest expense		1.8			11.4			2.1			(0.3	)		15.0
Foreign currency exchange gain		—			0.1			(2.9	)		—			(2.8	)
Total expenses		14.3			370.6			586.4			(0.3	)		971.0
Income before income taxes		(14.6	)		48.6			101.4			0.3			135.7
Provision for income taxes		—			10.2			2.0			—			12.2
Net income before equity in earnings of    subsidiaries		(14.6	)		38.4			99.4			0.3			123.5
Equity in undistributed earnings of    subsidiaries		138.1			—			—			(138.1	)		—
Net income	$	123.5		$	38.4		$	99.4		$	(137.8	)	$	123.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)		Total
Net cash flows from operating activities	$	16.5		$	130.6		$	88.7		$	—	$	235.8
Cash flows from investing activities:
Proceeds from sales of investments		—			524.5			204.3			—		728.8
Maturities and mandatory calls of fixed    maturity investments		—			509.5			127.9			—		637.4
Purchases of investments		—			(1,073.2	)		(395.3	)		—		(1,468.5	)
Change in short-term investments and    foreign regulatory deposits		1.3			(34.5	)		(29.2	)		—		(62.4	)
Settlements of foreign currency exchange    forward contracts		1.5			—			(8.2	)		—		(6.7	)
Issuance of intercompany note, net		—			15.0			(15.0	)		—		—
Purchases of fixed assets and other, net		(3.8	)		(7.3	)		6.5			—		(4.6	)
Cash used by investing activities		(1.0	)		(66.0	)		(109.0	)		—		(176.0	)
Cash flows from financing activities:
Borrowings under intercompany note, net		—			—			—			—		—
Activity under stock incentive plans		1.6			—			(0.1	)		—		1.5
Repurchase of Company's common shares		—			(29.7	)		—			—		(29.7	)
Excess tax expense from share-based    payment arrangements		—			0.6			—			—		0.6
Payment of cash dividend to common    shareholders		(17.1	)		—			—			—		(17.1	)
Cash used by financing activities		(15.5	)		(29.1	)		(0.1	)		—		(44.7	)
Effect of exchange rate changes on cash		—			—			0.1			—		0.1
Change in cash		—			35.5			(20.3	)		—		15.2
Cash, beginning of the period		—			49.3			31.7			—		81.0
Cash, end of period	$	—		$	84.8		$	11.4		$	—	$	96.2

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)  

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Net cash flows (used by) from operating activities	$	(16.5	)	$	11.8		$	70.0		$	6.4		$	71.7
Cash flows from investing activities:
Proceeds from sales of investments		—			609.2			366.9			—			976.1
Maturities and mandatory calls of fixed    maturity investments		—			148.0			95.6			—			243.6
Purchases of investments		—			(773.1	)		(491.7	)		—			(1,264.8	)
Change in short-term investments and    foreign regulatory deposits		0.1			(12.5	)		18.4			—			6.0
Settlements of foreign currency exchange    forward contracts		(0.5	)		—			1.1			—			0.6
Issuance of intercompany note, net		—			14.5			(48.5	)		34.0			—
Purchases of fixed assets and other, net		(7.0	)		(20.1	)		(14.7	)		(6.4	)		(48.2	)
Cash (used) provided by investing activities		(7.4	)		(34.0	)		(72.9	)		27.6			(86.7	)
Cash flows from financing activities:
Borrowings under intercompany note, net		34.0			—			—			(34.0	)		—
Activity under stock incentive plans		3.3			—			—			—			3.3
Redemption of trust preferred securities, net		—			—			—			(18.0	)		(18.0	)
Payment on note payable		—			(0.1	)		—			—			(0.1	)
Repurchase of Company's common shares		—			(41	)		—			—			(40.9	)
Excess tax expense from share-based    payment arrangements		—			0.1			—			—			0.1
Payment of cash dividend to common    shareholders		(13.4	)		—			—			—			(13.4	)
Cash provided (used) by financing activities		23.9			(40.9	)		—			(52.0	)		(69.0	)
Effect of exchange rate changes on cash		—			-			(0.3	)		—			(0.3	)
Change in cash		—			(63.1	)		(3.2	)		(18.0	)		(84.3	)
Cash, beginning of period		—			132.1			25.3			—			157.4
Cash, end of period	$	—		$	69.0		$	22.1		$	(18.0	)	$	73.1

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

XML

Share-based Compensation - Summary of Cash-Settled SARs Activity (Detail) - Cash-Settled SARs Activity [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at January 1, 2015 | shares	2,001,451
Granted, Shares | shares	913,157
Exercised, Shares | shares	(366,527)
Expired or forfeited, Shares | shares	(216,354)
Shares, Outstanding at September 30, 2015 | shares	2,331,727
Weighted-Average Exercise Price, Outstanding at January 1, 2015	$ 32.76
Granted, Weighted-Average Exercise Price	47.48
Exercised, Weighted-Average Exercise Price	29.19
Expired or forfeited, Weighted-Average Exercise Price	39.40
Weighted-Average Exercise Price, Outstanding at September 30, 2015	$ 38.46

XML

Information Provided in Connection with Outstanding Debt of Subsidiaries

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Information Provided in Connection with Outstanding Debt of Subsidiaries

16. Information Provided in Connection with Outstanding Debt of Subsidiaries

The following tables present condensed consolidating financial information at September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014, for Argo Group (the “Parent Guarantor”) and Argo Group US (the “Subsidiary Issuer”). The Subsidiary Issuer is an indirect wholly-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor’s investment accounts and earnings.

The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Subsidiary Issuer is presented on a consolidated basis and consists principally of the net assets, results of operations and cash flows of operating insurance company subsidiaries.

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	6.4		$	2,830.2	$	1,296.4		$	—		$	4,133.0
Cash		—			84.8		11.4			—			96.2
Accrued investment income		—			15.9		5.1			—			21.0
Premiums receivable		—			166.7		270.7			—			437.4
Reinsurance recoverables		—			1,195.4		(128.1	)		—			1,067.3
Goodwill and other intangible assets, net		—			130.0		96.6			—			226.6
Current income taxes receivable, net		—			12.3		4.8			—			17.1
Deferred acquisition costs, net		—			61.8		79.6			—			141.4
Ceded unearned premiums		—			119.8		142.7			—			262.5
Other assets		9.7			155.3		66.4			(6.4	)		225.0
Due (to) from affiliates		(52.5	)		1.5		(1.5	)		52.5			—
Intercompany note receivable		—			41.7		(41.7	)		—			—
Investments in subsidiaries		1,722.3			—		—			(1,722.3	)		—
Total assets	$	1,685.9			4,815.4		1,802.4		$	(1,676.2	)	$	6,627.5
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—			2,177.9		926.2		$	—		$	3,104.1
Unearned premiums		—			506.9		425.8			—			932.7
Funds held and ceded reinsurance payable, net		—			695.5		(328.6	)		—			366.9
Long-term debt		28.3			288.7		56.9			—			373.9
Deferred tax liabilities, net		—			24.0		9.4			—			33.4
Accrued underwriting expenses and other liabilities		16.1			98.4		60.5			—			175.0
Total liabilities		44.4			3,791.4		1,150.2			—			4,986.0
Total shareholders' equity		1,641.5			1,024.0		652.2			(1,676.2	)		1,641.5
Total liabilities and shareholders' equity	$	1,685.9		$	4,815.4	$	1,802.4		$	(1,676.2	)	$	6,627.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2014

(in millions)

	Argo Group International Holdings, Ltd (ParentGuarantor)		Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Assets
Investments	$	0.7	$	2,841.5		$	1,255.7		$	—		$	4,097.9
Cash		—		49.3			31.7			—			81.0
Accrued investment income		—		17.8			4.3			—			22.1
Premiums receivable		—		154.6			199.0			—			353.6
Reinsurance recoverables		—		1,173.6			(176.4	)		—			997.2
Goodwill and other intangible assets, net		—		131.7			99.1			—			230.8
Current income taxes receivable, net		—		10.1			4.8			—			14.9
Deferred acquisition costs, net		—		58.0			66.6			—			124.6
Ceded unearned premiums		—		98.5			109.1			—			207.6
Other assets		9.6		174.1			67.9			(25.0	)		226.6
Due from (to) affiliates		2.9		(19.8	)		19.8			(2.9	)		—
Intercompany note receivable		—		72.0			(72.0	)		—			—
Investments in subsidiaries		1,698.0		—			—			(1,698.0	)		—
Total assets	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses	$	—	$	2,136.4		$	906.0		$	—		$	3,042.4
Unearned premiums		—		448.9			368.3			—			817.2
Funds held and ceded reinsurance payable, net		—		675.1			(441.3	)		—			233.8
Long-term debt		49.0		288.7			61.4			(20.6	)		378.5
Deferred tax liabilities, net		—		41.2			11.8			—			53.0
Accrued underwriting expenses and other liabilities		15.5		104.2			65.0			—			184.7
Total liabilities		64.5		3,694.5			971.2			(20.6	)		4,709.6
Total shareholders' equity		1,646.7		1,066.9			638.4			(1,705.3	)		1,646.7
Total liabilities and shareholders' equity	$	1,711.2	$	4,761.4		$	1,609.6		$	(1,725.9	)	$	6,356.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	122.1	$	223.9		$	—		$	346.0
Net investment income		(0.2	)		14.1		7.6			(0.2	)		21.3
Fee and other income (expense), net		—			—		1.0			—			1.0
Net realized investment and other gains		—			1.4		2.3			—			3.7
Total revenue		(0.2	)		137.6		234.8			(0.2	)		372.0
Expenses:
Losses and loss adjustment expenses		—			75.4		124.6			—			200.0
Underwriting, acquisition and insurance    expenses		4.9			48.0		79.9			—			132.8
Interest expense		0.5			3.8		0.7			(0.2	)		4.8
Foreign currency exchange gain		—			0.1		(1.9	)		—			(1.8	)
Total expenses		5.4			127.3		203.3			(0.2	)		335.8
Income before income taxes		(5.6	)		10.3		31.5			—			36.2
Provision for income taxes		—			2.1		(1.2	)		—			0.9
Net income before equity in earnings of    subsidiaries		(5.6	)		8.2		32.7			—			35.3
Equity in undistributed earnings of    subsidiaries		40.9			—		—			(40.9	)		—
Net income	$	35.3		$	8.2	$	32.7		$	(40.9	)	$	35.3

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)		Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	114.2	$	223.4		$	—		$	337.6
Net investment income		(0.1	)		13.6		7.3			—			20.8
Fee and other income (expense), net		—			1.5		0.1			—			1.6
Net realized investment and other gains		—			9.2		3.7			—			12.9
Total revenue		(0.1	)		138.5		234.5			—			372.9
Expenses:
Losses and loss adjustment expenses		—			69.9		122.0			—			191.9
Underwriting, acquisition and insurance    expenses		2.3			51.6		79.9			—			133.8
Interest expense		0.7			3.8		0.6			(0.2	)		4.9
Foreign currency exchange gain		—			0.3		(6.3	)		—			(6.0	)
Total expenses		3.0			125.6		196.2			(0.2	)		324.6
Income before income taxes		(3.1	)		12.9		38.3			0.2			48.3
Provision for income taxes		—			2.1		1.5			—			3.6
Net income before equity in earnings of    subsidiaries		(3.1	)		10.8		36.8			0.2			44.7
Equity in undistributed earnings of    subsidiaries		47.9			—		—			(47.9	)		—
Net income	$	44.8		$	10.8	$	36.8		$	(47.7	)	$	44.7

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	376.0		$	650.6		$	—		$	1,026.6
Net investment income		(0.7	)		42.6			22.2			(0.2	)		63.9
Fee and other income (expense), net		—			(2.4	)		2.3			—			(0.1	)
Net realized investment and other gains		2.0			24.7			0.3			(2.0	)		25.0
Total revenue		1.3			440.9			675.4			(2.2	)		1,115.4
Expenses:
Losses and loss adjustment expenses		—			220.0			354.3			—			574.3
Underwriting, acquisition and insurance    expenses		14.4			149.5			238.0			—			401.9
Interest expense		1.2			11.4			1.9			(0.2	)		14.3
Foreign currency exchange gain		—			1.0			(9.4	)		—			(8.4	)
Total expenses		15.6			381.9			584.8			(0.2	)		982.1
Income before income taxes		(14.3	)		59.0			90.6			(2.0	)		133.3
Provision for income taxes		—			13.3			(2.0	)		—			11.3
Net income before equity in earnings of    subsidiaries		(14.3	)		45.7			92.6			(2.0	)		122.0
Equity in undistributed earnings of    subsidiaries		136.3			—			—			(136.3	)		—
Net income	$	122.0		$	45.7		$	92.6		$	(138.3	)	$	122.0

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Premiums and other revenue:
Earned premiums	$	—		$	343.7		$	655.7		$	—		$	999.4
Net investment income		(0.3	)		42.4			22.6			—			64.7
Fee and other (expense) income, net		—			(1.5	)		1.6			—			0.1
Net realized investment and other gains		—			34.6			7.9			—			42.5
Total revenue		(0.3	)		419.2			687.8			—			1,106.7
Expenses:
Losses and loss adjustment expenses		—			211.2			348.3			—			559.5
Underwriting, acquisition and insurance    expenses		12.5			147.9			238.9			—			399.3
Interest expense		1.8			11.4			2.1			(0.3	)		15.0
Foreign currency exchange gain		—			0.1			(2.9	)		—			(2.8	)
Total expenses		14.3			370.6			586.4			(0.3	)		971.0
Income before income taxes		(14.6	)		48.6			101.4			0.3			135.7
Provision for income taxes		—			10.2			2.0			—			12.2
Net income before equity in earnings of    subsidiaries		(14.6	)		38.4			99.4			0.3			123.5
Equity in undistributed earnings of    subsidiaries		138.1			—			—			(138.1	)		—
Net income	$	123.5		$	38.4		$	99.4		$	(137.8	)	$	123.5

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions)

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)		Total
Net cash flows from operating activities	$	16.5		$	130.6		$	88.7		$	—	$	235.8
Cash flows from investing activities:
Proceeds from sales of investments		—			524.5			204.3			—		728.8
Maturities and mandatory calls of fixed    maturity investments		—			509.5			127.9			—		637.4
Purchases of investments		—			(1,073.2	)		(395.3	)		—		(1,468.5	)
Change in short-term investments and    foreign regulatory deposits		1.3			(34.5	)		(29.2	)		—		(62.4	)
Settlements of foreign currency exchange    forward contracts		1.5			—			(8.2	)		—		(6.7	)
Issuance of intercompany note, net		—			15.0			(15.0	)		—		—
Purchases of fixed assets and other, net		(3.8	)		(7.3	)		6.5			—		(4.6	)
Cash used by investing activities		(1.0	)		(66.0	)		(109.0	)		—		(176.0	)
Cash flows from financing activities:
Borrowings under intercompany note, net		—			—			—			—		—
Activity under stock incentive plans		1.6			—			(0.1	)		—		1.5
Repurchase of Company's common shares		—			(29.7	)		—			—		(29.7	)
Excess tax expense from share-based    payment arrangements		—			0.6			—			—		0.6
Payment of cash dividend to common    shareholders		(17.1	)		—			—			—		(17.1	)
Cash used by financing activities		(15.5	)		(29.1	)		(0.1	)		—		(44.7	)
Effect of exchange rate changes on cash		—			—			0.1			—		0.1
Change in cash		—			35.5			(20.3	)		—		15.2
Cash, beginning of the period		—			49.3			31.7			—		81.0
Cash, end of period	$	—		$	84.8		$	11.4		$	—	$	96.2

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)  

	Argo Group International Holdings, Ltd (Parent Guarantor)			Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer)			Other Subsidiaries and Eliminations (1)			Consolidating Adjustments (2)			Total
Net cash flows (used by) from operating activities	$	(16.5	)	$	11.8		$	70.0		$	6.4		$	71.7
Cash flows from investing activities:
Proceeds from sales of investments		—			609.2			366.9			—			976.1
Maturities and mandatory calls of fixed    maturity investments		—			148.0			95.6			—			243.6
Purchases of investments		—			(773.1	)		(491.7	)		—			(1,264.8	)
Change in short-term investments and    foreign regulatory deposits		0.1			(12.5	)		18.4			—			6.0
Settlements of foreign currency exchange    forward contracts		(0.5	)		—			1.1			—			0.6
Issuance of intercompany note, net		—			14.5			(48.5	)		34.0			—
Purchases of fixed assets and other, net		(7.0	)		(20.1	)		(14.7	)		(6.4	)		(48.2	)
Cash (used) provided by investing activities		(7.4	)		(34.0	)		(72.9	)		27.6			(86.7	)
Cash flows from financing activities:
Borrowings under intercompany note, net		34.0			—			—			(34.0	)		—
Activity under stock incentive plans		3.3			—			—			—			3.3
Redemption of trust preferred securities, net		—			—			—			(18.0	)		(18.0	)
Payment on note payable		—			(0.1	)		—			—			(0.1	)
Repurchase of Company's common shares		—			(41	)		—			—			(40.9	)
Excess tax expense from share-based    payment arrangements		—			0.1			—			—			0.1
Payment of cash dividend to common    shareholders		(13.4	)		—			—			—			(13.4	)
Cash provided (used) by financing activities		23.9			(40.9	)		—			(52.0	)		(69.0	)
Effect of exchange rate changes on cash		—			-			(0.3	)		—			(0.3	)
Change in cash		—			(63.1	)		(3.2	)		(18.0	)		(84.3	)
Cash, beginning of period		—			132.1			25.3			—			157.4
Cash, end of period	$	—		$	69.0		$	22.1		$	(18.0	)	$	73.1

⁽¹⁾ Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

⁽²⁾ Includes all Argo Group parent company eliminations.

XML

Basis of Presentation - Additional Information (Detail) - shares	Sep. 15, 2015	Feb. 17, 2015	Sep. 15, 2014	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Stock dividend declared		10.00%		10.00%
Additional stock issued as dividend		2,554,506
Dividends declaration date		Feb. 17, 2015
Dividends payable date		Mar. 16, 2015
Dividend payable, date of record	Sep. 01, 2015	Mar. 02, 2015	Sep. 01, 2014

XML

Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments Debt And Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investments were as follows:

September 30, 2015
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	167.8	$	1.4	$	0.3	$	168.9
Non-U.S. Governments		87.4		0.4		1.8		86.0
Obligations of states and political subdivisions		473.6		19.4		0.5		492.5
Credit-Financial		491.4		8.2		2.5		497.1
Credit-Industrial		493.0		6.7		6.8		492.9
Credit-Utility		148.8		2.1		7.4		143.5
Structured securities:
CMO/MBS-agency (1)		132.8		6.0		0.2		138.6
CMO/MBS-non agency		11.7		0.7		—		12.4
CMBS (2)		165.5		0.9		0.7		165.7
ABS (3)		127.8		0.5		0.3		128.0
CLO (4)		136.0		0.4		0.8		135.6
Foreign denominated:
Governments		171.4		1.0		20.1		152.3
Credit		126.0		1.3		18.3		109.0
ABS/CMBS		24.9		0.1		2.9		22.1
CLO		83.6		1.2		7.2		77.6
Total fixed maturities		2,841.7		50.3		69.8		2,822.2
Equity securities		358.5		129.7		22.2		466.0
Other investments		488.1		12.6		0.7		500.0
Short-term investments		345.0		—		0.2		344.8
Total investments	$	4,033.3	$	192.6	$	92.9	$	4,133.0

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

December 31, 2014
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed maturities
USD denominated:
U.S. Governments	$	184.0	$	1.3	$	0.3	$	185.0
Non-U.S. Governments		79.9		0.6		0.6		79.9
Obligations of states and political subdivisions		468.1		22.9		0.3		490.7
Credit-Financial		508.1		12.3		2.3		518.1
Credit-Industrial		493.7		9.4		3.5		499.6
Credit-Utility		142.7		3.2		3.9		142.0
Structured securities:
CMO/MBS-agency (1)		168.0		8.0		0.7		175.3
CMO/MBS-non agency		13.2		0.8		—		14.0
CMBS (2)		178.6		1.6		0.2		180.0
ABS (3)		142.7		0.4		0.5		142.6
CLO (4)		78.7		0.2		0.5		78.4
Foreign denominated:
Governments		148.4		1.2		9.4		140.2
Credit		136.7		1.8		12.5		126.0
ABS/CMBS		29.5		0.2		2.5		27.2
CLO		44.9		0.7		3.9		41.7
Total fixed maturities		2,817.2		64.6		41.1		2,840.7
Equity securities		307.3		184.1		5.1		486.3
Other investments		488.9		7.5		1.3		495.1
Short-term investments		275.8		—		—		275.8
Total investments	$	3,889.2	$	256.2	$	47.5	$	4,097.9

⁽¹⁾ Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

⁽²⁾ Commercial mortgage-backed securities (“CMBS”).

⁽³⁾ Asset-backed securities (“ABS”).

⁽⁴⁾ Collateralized loan obligations (“CLO”).

Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity

The amortized cost and fair values of fixed maturity investments as of September 30, 2015, by contractual maturity, were as follows:

(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	219.8	$	208.4
Due after one year through five years		1,295.9		1,285.8
Due after five years through ten years		480.4		481.0
Thereafter		163.3		167.0
Structured securities		682.3		680.0
Total	$	2,841.7	$	2,822.2

Schedule Of Carrying Value And Unfunded Investment Commitments Of Other Invested Assets Portfolio

Details regarding the carrying value and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows:

September 30, 2015
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	141.3	$	—
Private equity		143.7		71.6
Long only funds		195.1		—
Other investments		19.9		—
Total other invested assets	$	500.0	$	71.6

December 31, 2014
(in millions)	Carrying Value		Unfunded Commitments
Investment Type
Hedge funds	$	153.2	$	—
Private equity		123.6		72.9
Long only funds		200.7		—
Other investments		17.6		—
Total other invested assets	$	495.1	$	72.9

Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments

An aging of unrealized losses on our investments in fixed maturities, equity securities, other investments and short-term investments is presented below:

September 30, 2015	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 (2)	$	33.6		$	0.3	$	0.4	$	—	$	34.0		$	0.3
Non-U.S. Governments		32.9			1.5		3.1		0.3		36.0			1.8
Obligations of states and political    subdivisions		27.2			0.2		8.5		0.3		35.7			0.5
Credit-Financial		197.9			2.2		19.1		0.3		217.0			2.5
Credit-Industrial		218.4			5.2		30.6		1.6		249.0			6.8
Credit-Utility		75.0			3.9		13.3		3.5		88.3			7.4
Structured securities:
CMO/MBS-agency (1)		7.9			—		8.2		0.2		16.1			0.2
CMBS (2)		54.9			0.7		4.5		—		59.4			0.7
ABS (1)		27.5			—		12.1		0.3		39.6			0.3
CLO		95.2			0.7		8.9		0.1		104.1			0.8
Foreign denominated:
Governments (2)		136.3			20.1		0.3		—		136.6			20.1
Credit		104.2			18.3		—		—		104.2			18.3
ABS/CMBS		21.8			2.9		—		—		21.8			2.9
CLO		75.6			7.2		—		—		75.6			7.2
Total fixed maturities		1,108.4			63.2		109.0		6.6		1,217.4			69.8
Equity securities		136.0			22.2		—		—		136.0			22.2
Other investments		(0.4	)		0.7		—		—		(0.4	)		0.7
Short-term investments		20.5			0.2		—		—		20.5			0.2
Total	$	1,264.5		$	86.3	$	109.0	$	6.6	$	1,373.5		$	92.9

⁽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, 2014	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	$	55.0		$	0.2	$	15.7	$	0.1	$	70.7		$	0.3
Non-U.S. Governments		36.5			0.4		5.2		0.2		41.7			0.6
Obligations of states and political    subdivisions		10.4			0.1		16.6		0.2		27.0			0.3
Credit-Financial		195.7			2.2		11.1		0.1		206.8			2.3
Credit-Industrial		240.8			3.3		12.2		0.2		253.0			3.5
Credit-Utility		63.1			3.8		1.9		0.1		65.0			3.9
Structured securities:
CMO/MBS-agency		10.1			0.1		19.2		0.6		29.3			0.7
CMBS		49.3			0.1		6.0		0.1		55.3			0.2
ABS		68.8			0.2		8.1		0.3		76.9			0.5
CLO		60.4			0.5		—		—		60.4			0.5
Foreign denominated:
Governments		123.7			9.3		11.2		0.1		134.9			9.4
Credit		122.3			12.3		0.9		0.2		123.2			12.5
ABS/CMBS		26.8			2.5		—		—		26.8			2.5
CLO		41.7			3.9		—		—		41.7			3.9
Total fixed maturities		1,104.6			38.9		108.1		2.2		1,212.7			41.1
Equity securities		53.6			5.1		—		—		53.6			5.1
Other investments		(0.9	)		1.3		—		—		(0.9	)		1.3
Short-term investments		—			—		—		—		—			—
Total	$	1,157.3		$	45.3	$	108.1	$	2.2	$	1,265.4		$	47.5

Schedule of Company's Gross Realized Investment Gains (Losses)

The following table presents our gross realized investment and other gains (losses):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Realized gains
Fixed maturities	$	2.9		$	4.5		$	10.5		$	15.2
Equity securities		9.8			0.7			22.6			16.1
Other investments		14.6			13.6			44.9			36.5
Short-term investments		—			—			1.1			0.1
Other assets		—			2.0			—			2.0
Gain on sale of real estate holdings		—			—			0.4			—
Gross realized investment gains		27.3			20.8			79.5			69.9
Realized losses
Fixed maturities		(4.1	)		(1.1	)		(13.1	)		(8.7	)
Equity securities		(2.5	)		(0.1	)		(3.6	)		(0.2	)
Other investments		(13.4	)		(6.5	)		(30.9	)		(12.6	)
Short-term investments		(0.1	)		—			(1.5	)		(0.3	)
Other assets		(0.1	)		—			(0.1	)		(4.0	)
Other-than-temporary impairment losses on fixed    maturities		—			—			(0.9	)		(1.2	)
Other-than-temporary impairment losses on equity    securities		(3.4	)		(0.2	)		(4.4	)		(0.4	)
Gross realized investment and other losses		(23.6	)		(7.9	)		(54.5	)		(27.4	)
Net realized investment and other gains	$	3.7		$	12.9		$	25.0		$	42.5

Schedule of Realized Gains (Losses) and Changes in Unrealized Appreciation (Depreciation)

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows:

(in millions)	Fixed Maturities			Equity Maturities			Other Investments		Short Term			Real Estate Holdings and Other			Tax Effects			Total
Three Months Ended September 30, 2015
Realized before impairments	$	(1.2	)	$	7.3		$	1.2	$	(0.1	)	$	(0.1	)	$	(2.1	)	$	5.0
Realized - impairments		—			(3.4	)		—		—			—			1.2			(2.2	)
Change in unrealized		(22.6	)		(46.7	)		—		(0.2	)		—			20.1			(49.4	)
Three Months Ended September 30, 2014
Realized before impairments	$	3.4		$	0.6		$	7.1	$	—		$	2.0		$	(5.3	)	$	7.8
Realized - impairments		—			(0.2	)		—		—			—			0.4			0.2
Change in unrealized		(33.9	)		(10.7	)		—		—			—			9.0			(35.6	)
Nine Months Ended September 30, 2015
Realized before impairments	$	(2.6	)	$	19.0		$	14.0	$	(0.4	)	$	0.3		$	(10.5	)	$	19.8
Realized - impairments		(0.9	)		(4.4	)		—		—			—			1.8			(3.5	)
Change in unrealized		(40.9	)		(71.5	)		1.5		(0.2	)		—			33.3			(77.8	)
Nine Months Ended September 30, 2014
Realized before impairments	$	6.5		$	15.9		$	23.9	$	(0.2	)	$	(2.0	)	$	(13.4	)	$	30.7
Realized - impairments		(1.2	)		(0.4	)		—		—			—			0.5			(1.1	)
Change in unrealized		(12.0	)		5.0			1.1		—			—			(3.5	)		(9.4	)

Financial Assets Measured at Fair Value on Recurring Basis

Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:

			Fair Value Measurements at Reporting Date Using
(in millions)	September 30, 2015		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	168.9	$	110.4	$	58.5	$	—
Non-U.S. Governments		86.0		—		86.0		—
Obligations of states and political subdivisions		492.5		—		492.5		—
Credit-Financial		497.1		—		497.1		—
Credit-Industrial		492.9		—		492.9		—
Credit-Utility		143.5		—		143.5		—
Structured securities:
CMO/MBS-agency		138.6		—		138.6		—
CMO/MBS-non agency		12.4		—		12.4		—
CMBS		165.7		—		165.7		—
ABS		128.0		—		128.0		—
CLO		135.6		—		135.6		—
Foreign denominated:
Governments		152.3		—		152.3		—
Credit		109.0		—		109.0		—
ABS/CMBS		22.1		—		22.1		—
CLO		77.6		—		77.6		—
Total fixed maturities		2,822.2		110.4		2,711.8		—
Equity securities		466.0		465.2		—		0.8
Other investments		91.2		—		91.2		—
Short-term investments		344.8		323.8		21.0		—
	$	3,724.2	$	899.4	$	2,824.0	$	0.8

^(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, 2014		Level 1 (a)		Level 2 (b)		Level 3 (c)
Fixed maturities
USD denominated:
U.S. Governments	$	185.0	$	99.2	$	85.8	$	—
Non-U.S. Governments		79.9		—		79.9		—
Obligations of states and political subdivisions		490.7		—		490.7		—
Credit-Financial		518.1		—		518.1		—
Credit-Industrial		499.6		—		499.6		—
Credit-Utility		142.0		—		142.0		—
Structured securities:
CMO/MBS-agency		175.3		—		175.3		—
CMO/MBS-non agency		14.0		—		14.0		—
CMBS		180.0		—		180.0		—
ABS		142.6		—		142.6		—
CLO		78.4		—		78.4		—
Foreign denominated:
Governments		140.2		—		140.2		—
Credit		126.0		—		126.0		—
ABS/CMBS		27.2		—		27.2		—
CLO		41.7		—		41.7		—
Total fixed maturities		2,840.7		99.2		2,741.5		—
Equity securities		486.3		485.4		—		0.9
Other investments		97.3		—		97.3		—
Short-term investments		275.8		273.9		1.9		—
	$	3,700.1	$	858.5	$	2,840.7	$	0.9

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

^(b) Significant other observable inputs

^(c) Significant unobservable inputs

Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3

A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:

Fair Value Measurements Using Observable Inputs (Level 3)

(in millions)	Equity Securities			Total
Beginning balance, January 1, 2015	$	0.9		$	0.9
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—
Included in other comprehensive income (loss)		—			—
Purchases, issuances, sales, and settlements
Purchases		—			—
Issuances		—			—
Sales		(0.1	)		(0.1	)
Settlements		—			—
Ending balance, September 30, 2015	$	0.8		$	0.8
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at September 30, 2015	$	—		$	—

(in millions)	Equity Securities			Other Assets			Total
Beginning balance, January 1, 2014	$	1.3		$	2.6		$	3.9
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Total gains or losses (realized/unrealized):
Included in net income (loss)		—			—			—
Included in other comprehensive income (loss)		0.1			—			0.1
Purchases, issuances, sales, and settlements
Purchases		—			—			—
Issuances		—			—			—
Sales		(0.5	)		—			(0.5	)
Settlements		—			(2.6	)		(2.6	)
Ending balance, December 31, 2014	$	0.9		$	—		$	0.9
Amount of total gains or losses for the year included in net income (loss)    attributable to the change in unrealized gains or losses relating to assets    still held at December 31, 2014	$	—		$	—		$	—

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Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Current tax provision	$ (11.3)	$ (15.0)	$ (2.5)	$ (10.7)
Future tax deductions	14.1	19.7	16.7	52.9
Valuation allowance change	(1.9)	(1.1)	(2.9)	(30.0)
Income tax provision	$ 0.9	$ 3.6	$ 11.3	$ 12.2

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Basis of Presentation

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The preparation of interim 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 financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 27, 2015.

The interim financial information as of, and for the three and nine months ended, September 30, 2015 and 2014 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain amounts in prior years’ financial statements have been reclassified to conform to the current presentation.

10% Stock Dividend

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	[1]
Statement Of Financial Position [Abstract]
Available-for-sale cost	$ 2,841.7	$ 2,817.2
Equity securities cost	358.5	307.3
Other investments cost	488.1	488.9
Short-term investments, Cost	$ 345.0	$ 275.8
Common shares, par value	$ 1.00	$ 1.00
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	37,056,534	34,318,224
Treasury shares, shares	9,181,544	8,606,489

[1] Derived from audited consolidated financial statements.

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Share-based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

11. Share-based Compensation

The fair value method of accounting is used for equity-based compensation plans. Under the fair value method, compensation cost is measured based on the fair value of the award at the measurement date and recognized over the requisite service period. We use the Black-Scholes model to estimate the fair values on the measurement date for share options and share appreciation rights (“SARs”). The Black-Scholes model uses several assumptions to value a share award. The volatility assumption is based on the historical change in our stock price over the previous five years preceding the measurement date. The risk-free rate of return assumption is based on the five-year U.S. Treasury constant maturity rate on the measurement date. The expected award life is based upon the average holding period over the history of the incentive plan. The expected dividend yield is based on our history and expected dividend payouts.

The following table summarizes the assumptions we used for the nine months ended September 30, 2015 and 2014:

	For the Nine Months Ended September 30,
	2015		2014
Risk-free rate of return		1.44%		1.77%
Expected dividend yields		1.52%		1.49%
Expected award life (years)		4.64	4.67
Expected volatility		20.81%		22.84%

All outstanding awards were adjusted to reflect the 10% stock dividend, resulting in a 10% increase to the number of awards outstanding and a 9.09% reduction in the exercise price.

Argo Group’s Long-Term Incentive Plans

In November 2007, our shareholders approved the 2007 Long-Term Incentive Plan (the “2007 Plan”), which provides for an aggregate of 4.5 million shares of our common stock that may be issued to executives, non-employee directors, and other key employees. As of May 2014, 1.46 million shares remained available for grant under the 2007 Plan. In May 2014, our shareholders approved the 2014 Long-Term Incentive Plan (the “2014 Plan”), which provides for an additional 2.8 million shares of our common stock to be available for issuance to executives, non-employee directors and other key employees. The share awards may be in the form of share options, SARs, restricted shares, restricted share awards, restricted share units awards, performance awards, other share-based awards and other cash-based awards. Shares issued under this plan may be shares that are authorized and unissued or shares that we reacquired, including shares purchased on the open market. Share options and SARs will count as one share for the purposes of the limits under the incentive plans; restricted shares, restricted share units, performance units, performance shares or other share-based incentive awards which settle in common shares will count as 2.75 shares for purpose of the limits under the 2014 Plan.

Share options may be in the form of incentive share options, non-qualified share options and restorative options. Share options are required to have an exercise price that is not less than the market value on the date of grant. We are prohibited from repricing the options. The term of the share options cannot exceed seven years from the grant date.

A summary of restricted share activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2015		313,716		$	31.38
Granted		297,873		$	39.21
Vested and issued		(119,295	)	$	26.83
Expired or forfeited		(8,938	)	$	41.76
Outstanding at September 30, 2015		483,356		$	37.14

The restricted shares vest over two to four years. Expense recognized under this plan for the restricted shares was $1.4 million and $4.4 million for the three and nine months ended September 30, 2015, respectively, as compared to $0.8 million and $2.2 million for the three and nine months ended September 30, 2014, respectively. Compensation expense for all share-based compensation awards is included in “Underwriting, acquisition and insurance expense” in the accompanying Consolidated Statements of Income. As of September 30, 2015, there was $13.9 million of total unrecognized compensation cost related to restricted share compensation arrangements granted by Argo Group.

A summary of stock-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		1,313,726		$	28.57
Granted		243,305		$	39.43
Exercised		(165,036	)	$	24.15
Expired or forfeited		(7,231	)	$	31.68
Outstanding at September 30, 2015		1,384,764		$	30.14

The stock-settled SARs vest over a one to four year period. Upon exercise of the stock-settled SARs, the employee is entitled to receive shares of our common stock equal to the appreciation of the stock as compared to the exercise price. Expense recognized for the stock-settled SARs was $0.3 million and $1.3 for the three and nine months ended September 30, 2015, respectively, as compared to $0.3 million and $1.6 million for the three and nine months ended September 30, 2014, respectively. As of September 30, 2015, there was $3.3 million of total unrecognized compensation cost related to stock-settled SARs outstanding.

A summary of cash-settled SARs activity as of September 30, 2015 and changes during the nine months then ended is as follows:

	Shares			Weighted-Average Exercise Price
Outstanding at January 1, 2015		2,001,451		$	32.76
Granted		913,157		$	47.48
Exercised		(366,527	)	$	29.19
Expired or forfeited		(216,354	)	$	39.40
Outstanding at September 30, 2015		2,331,727		$	38.46

The cash-settled SARs vest over a one to four year period. Upon exercise of the cash-settled SARs, the employee is entitled to receive cash payment for the appreciation in the value of our common stock over the exercise price. We account for the cash-settled SARs as liability awards, which require the awards to be revalued at each reporting period. Expense recognized for the cash-settled SARs was $2.8 million and $14.1 million for the three and nine months ended September 30, 2015, respectively, as compared to $1.2 million and $9.2 million for the three and nine months ended September 30, 2014, respectively. As of September 30, 2015, there was $13.2 million of total unrecognized compensation cost related to cash-settled SARs outstanding.

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	AGII
Entity Registrant Name	Argo Group International Holdings, Ltd.
Entity Central Index Key	0001091748
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		27,925,756

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Underwriting, Acquisition and Insurance Expenses

9 Months Ended

Sep. 30, 2015

Underwriting Acquisition And Insurance Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

12. Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Commissions	$	56.5		$	59.8		$	182.4		$	178.0
General expenses		69.6			69.0			222.2			211.9
Premium taxes, boards and bureaus		7.5			7.2			8.1			19.5
		133.6			136.0			412.7			409.4
Net deferral of policy acquisition costs		(0.8	)		(2.2	)		(10.8	)		(10.1	)
Total underwriting, acquisition and insurance expenses	$	132.8		$	133.8		$	401.9		$	399.3

Included in general expenses for the three months ended September 30, 2015 and 2014 was $5.5 million and $2.2 million, respectively, and $20.8 million and $13.3 million for the nine months ended September 30, 2015 and 2014, respectively, of expense for our total equity compensation.

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Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014
Condensed Financial Statements Captions [Line Items]
Net cash flows from operating activities		$ 235.8		$ 71.7
Cash flows from investing activities:
Proceeds from sales of investments		728.8		976.1
Maturities and mandatory calls of fixed maturity investments		637.4		243.6
Purchases of investments		(1,468.5)		(1,264.8)
Change in short-term investments and foreign regulatory deposits		(62.4)		6.0
Settlements of foreign currency exchange forward contracts		(6.7)		0.6
Issuance of intercompany note, net		0.0		0.0
Purchases of fixed assets		(22.0)		(26.7)
Purchases of fixed assets and other, net		(4.6)		(48.2)
Cash used by investing activities		(176.0)		(86.7)
Cash flows from financing activities:
Borrowings under intercompany note, net		0.0		0.0
Activity under stock incentive plans		1.5		3.3
Redemption of trust preferred securities, net		0.0		(18.0)
Payment on note payable		0.0		(0.1)
Repurchase of Company's common shares		(29.7)		(40.9)
Excess tax expense from share-based payment arrangements		0.6		0.1
Payment of cash dividends to common shareholders		(17.1)		(13.4)
Cash used by financing activities		(44.7)		(69.0)
Effect of exchange rate changes on cash		0.1		(0.3)
Change in cash		15.2		(84.3)
Cash, beginning of period		81.0	[1]	157.4
Cash, end of period		96.2		73.1
Argo Group International Holdings, Ltd (Parent Guarantor) [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows from operating activities		16.5		(16.5)
Cash flows from investing activities:
Proceeds from sales of investments		0.0		0.0
Maturities and mandatory calls of fixed maturity investments		0.0		0.0
Purchases of investments		0.0		0.0
Change in short-term investments and foreign regulatory deposits		1.3		0.1
Settlements of foreign currency exchange forward contracts		1.5		(0.5)
Issuance of intercompany note, net		0.0		0.0
Purchases of fixed assets and other, net		(3.8)		(7.0)
Cash used by investing activities		(1.0)		(7.4)
Cash flows from financing activities:
Borrowings under intercompany note, net		0.0		34.0
Activity under stock incentive plans		1.6		3.3
Redemption of trust preferred securities, net				0.0
Payment on note payable				0.0
Repurchase of Company's common shares		0.0		0.0
Excess tax expense from share-based payment arrangements		0.0		0.0
Payment of cash dividends to common shareholders		(17.1)		(13.4)
Cash used by financing activities		(15.5)		23.9
Effect of exchange rate changes on cash		0.0		0.0
Change in cash		0.0		0.0
Cash, beginning of period		0.0		0.0
Cash, end of period		0.0		0.0
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows from operating activities		130.6		11.8
Cash flows from investing activities:
Proceeds from sales of investments		524.5		609.2
Maturities and mandatory calls of fixed maturity investments		509.5		148.0
Purchases of investments		(1,073.2)		(773.1)
Change in short-term investments and foreign regulatory deposits		(34.5)		(12.5)
Settlements of foreign currency exchange forward contracts		0.0		0.0
Issuance of intercompany note, net		15.0		14.5
Purchases of fixed assets and other, net		(7.3)		(20.1)
Cash used by investing activities		(66.0)		(34.0)
Cash flows from financing activities:
Borrowings under intercompany note, net		0.0		0.0
Activity under stock incentive plans		0.0		0.0
Redemption of trust preferred securities, net				0.0
Payment on note payable				(0.1)
Repurchase of Company's common shares		(29.7)		(41.0)
Excess tax expense from share-based payment arrangements		0.6		0.1
Payment of cash dividends to common shareholders		0.0		0.0
Cash used by financing activities		(29.1)		(40.9)
Effect of exchange rate changes on cash		0.0		0.0
Change in cash		35.5		(63.1)
Cash, beginning of period		49.3		132.1
Cash, end of period		84.8		69.0
Other Subsidiaries and Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows from operating activities	[2]	88.7		70.0
Cash flows from investing activities:
Proceeds from sales of investments	[2]	204.3		366.9
Maturities and mandatory calls of fixed maturity investments	[2]	127.9		95.6
Purchases of investments	[2]	(395.3)		(491.7)
Change in short-term investments and foreign regulatory deposits	[2]	(29.2)		18.4
Settlements of foreign currency exchange forward contracts	[2]	(8.2)		1.1
Issuance of intercompany note, net	[2]	(15.0)		(48.5)
Purchases of fixed assets and other, net	[2]	6.5		(14.7)
Cash used by investing activities	[2]	(109.0)		(72.9)
Cash flows from financing activities:
Borrowings under intercompany note, net	[2]	0.0		0.0
Activity under stock incentive plans	[2]	(0.1)		0.0
Redemption of trust preferred securities, net	[2]			0.0
Payment on note payable	[2]			0.0
Repurchase of Company's common shares	[2]	0.0		0.0
Excess tax expense from share-based payment arrangements	[2]	0.0		0.0
Payment of cash dividends to common shareholders	[2]	0.0		0.0
Cash used by financing activities	[2]	(0.1)		0.0
Effect of exchange rate changes on cash	[2]	0.1		(0.3)
Change in cash	[2]	(20.3)		(3.2)
Cash, beginning of period	[2]	31.7		25.3
Cash, end of period	[2]	11.4		22.1
Consolidating Adjustments [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows from operating activities	[3]	0.0		6.4
Cash flows from investing activities:
Proceeds from sales of investments	[3]	0.0		0.0
Maturities and mandatory calls of fixed maturity investments	[3]	0.0		0.0
Purchases of investments	[3]	0.0		0.0
Change in short-term investments and foreign regulatory deposits	[3]	0.0		0.0
Settlements of foreign currency exchange forward contracts	[3]	0.0		0.0
Issuance of intercompany note, net	[3]	0.0		34.0
Purchases of fixed assets and other, net	[3]	0.0		(6.4)
Cash used by investing activities	[3]	0.0		27.6
Cash flows from financing activities:
Borrowings under intercompany note, net	[3]	0.0		(34.0)
Activity under stock incentive plans	[3]	0.0		0.0
Redemption of trust preferred securities, net	[3]			(18.0)
Payment on note payable	[3]			0.0
Repurchase of Company's common shares	[3]	0.0		0.0
Excess tax expense from share-based payment arrangements	[3]	0.0		0.0
Payment of cash dividends to common shareholders	[3]	0.0		0.0
Cash used by financing activities	[3]	0.0		(52.0)
Effect of exchange rate changes on cash	[3]	0.0		0.0
Change in cash	[3]	0.0		(18.0)
Cash, beginning of period	[3]	0.0		0.0
Cash, end of period	[3]	$ 0.0		$ (18.0)

[1] Derived from audited consolidated financial statements.

[2] Includes all other subsidiaries of Argo Group International Holdings, Ltd. and all intercompany eliminations.

[3] Includes all Argo Group parent company eliminations.

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Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Premiums and other revenue:
Earned premiums	$ 346.0	$ 337.6	$ 1,026.6	$ 999.4
Net investment income	21.3	20.8	63.9	64.7
Fee and other income (expense), net	1.0	1.6	(0.1)	0.1
Net realized investment and other gains	3.7	12.9	25.0	42.5
Total revenue	372.0	372.9	1,115.4	1,106.7
Expenses:
Losses and loss adjustment expenses	200.0	191.9	574.3	559.5
Underwriting, acquisition and insurance expenses	132.8	133.8	401.9	399.3
Interest expense	4.8	4.9	14.3	15.0
Foreign currency exchange loss (gain)	(1.8)	(6.0)	(8.4)	(2.8)
Total expenses	335.8	324.6	982.1	971.0
Income before income taxes	36.2	48.3	133.3	135.7
Provision for income taxes	0.9	3.6	11.3	12.2
Net income	$ 35.3	$ 44.7	$ 122.0	$ 123.5
Net income per common share:
Basic	$ 1.27	$ 1.57	$ 4.36	$ 4.28
Diluted	1.24	1.54	4.28	4.21
Dividend declared per common share	$ 0.20	$ 0.16	$ 0.60	$ 0.46
Weighted average common shares:
Basic	27,916,586	28,552,240	27,997,638	28,824,182
Diluted	28,474,504	29,080,608	28,540,094	29,337,175
Net realized investment and other gains before other-than- temporary impairment losses	$ 7.1	$ 13.1	$ 30.3	$ 44.1
Other-than-temporary impairment losses recognized in earnings:
Other-than-temporary impairment losses on fixed maturities	0.0	0.0	(0.9)	(1.2)
Other-than-temporary impairment losses on equity securities	(3.4)	(0.2)	(4.4)	(0.4)
Impairment losses recognized in earnings	(3.4)	(0.2)	(5.3)	(1.6)
Net realized investment and other gains	$ 3.7	$ 12.9	$ 25.0	$ 42.5

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Disclosures about Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Disclosures about Fair Value of Financial Instruments

6. Disclosures about Fair Value of Financial Instruments

Cash. The carrying amount approximates fair value.

Investment securities and short-term investments. See Note 3, “Investments,” for additional information.

Premiums receivable and reinsurance recoverables on paid losses. The carrying value of current receivables approximates fair value. At September 30, 2015 and December 31, 2014, the carrying values of premiums receivable over 90 days were $12.2 million and $12.4 million, respectively. Included in “Reinsurance recoverables” in our Consolidated Balance Sheets at September 30, 2015 and December 31, 2014, are amounts that are due from trade capital providers associated with the operations of Syndicate 1200. Upon settlement, the receivable is offset against the liability also reflected in our accompanying Consolidated Balance Sheets. At September 30, 2015 and December 31, 2014, the payable was in excess of the receivable. Of our reinsurance recoverables on paid losses, excluding amounts attributable to Syndicate 1200’s trade capital providers, at September 30, 2015 and December 31, 2014, the carrying values over 90 days were $9.1 million and $9.9 million, respectively. Our methodology for establishing our allowances for doubtful accounts includes specifically identifying all potential uncollectible balances regardless of aging. At September 30, 2015 and December 31, 2014, the allowance for doubtful accounts for premiums receivable was $3.7 million and $5.2 million, respectively, and the allowance for doubtful accounts for reinsurance recoverables on paid losses was $2.4 million and $1.8 million, respectively. Premiums receivable over 90 days were secured by collateral in the amount of $0.3 million and $0.3 million at September 30, 2015 and December 31, 2014, respectively. Reinsurance recoverables on paid losses over 90 days were secured by collateral in the amount of $0.6 million and $0.4 at September 30, 2015 and December 31, 2014, respectively.

Debt. At September 30, 2015 and December 31, 2014, the fair value of our Junior subordinated debentures, Senior unsecured fixed rate notes and Other indebtedness was estimated using appropriate market indices or quoted prices from external sources based on current market conditions.

A summary of our financial instruments whose carrying value did not equal fair value is shown below:

	September 30, 2015				December 31, 2014
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Junior subordinated debentures	$	172.7	$	153.0	$	172.7	$	155.5
Senior unsecured fixed rate notes		143.8		144.6		143.8		132.3
Other indebtedness:
Floating rate loan stock		56.8		50.3		61.3		55.2
Note payable		0.6		0.6		0.7		0.6
	$	373.9	$	348.5	$	378.5	$	343.6

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Debt

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt

5. Debt

Revolving Credit Facility

On March 7, 2014, each of Argo Group, Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (the “Borrowers”) entered into a $175 million credit agreement (“Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $175.0 million revolving credit facility with a maturity date of March 7, 2018 unless extended in accordance with the terms of the Credit Agreement. Borrowings under the Credit Agreement may be used for general corporate purposes, including working capital and permitted acquisitions, and each of the Borrowers has agreed to be jointly and severally liable for the obligations of the other Borrowers under the Credit Agreement.

The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Borrowers might be required immediately to repay all amounts outstanding under the Credit Agreement. Lenders holding at least a majority of the loans and commitments under the Credit Agreement may elect to accelerate the maturity of the loans and/or terminate the commitments under the Credit Agreement upon the occurrence and during the continuation of an event of default.

Included in the Credit Agreement is a provision that allows up to $17.5 million of the revolving credit facility to be used for LOCs, subject to availability. As of September 30, 2015 and December 31, 2014, there were no borrowings outstanding and $0.2 million in LOCs against the Credit Facility.

Junior Subordinated Debentures

On July 16, 2014, Argo Group US, Inc. purchased the outstanding PXRE Capital Trust V $20,000,000 Junior Subordinated Debt Securities (“Capital Trust V”) at a discount equal to 90.0% of the principal amount plus accrued and unpaid interest through the date of purchase for a total price of $18.2 million, resulting in the recognition of a $2.0 million pre-tax realized gain. The Capital Trust V was redeemed on April 29, 2015.

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Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The preparation of interim 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 financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 27, 2015.

The interim financial information as of, and for the three and nine months ended, September 30, 2015 and 2014 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain amounts in prior years’ financial statements have been reclassified to conform to the current presentation.

10% Stock Dividend

10% Stock Dividend

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

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Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

We are incorporated under the laws of Bermuda and, under current Bermuda law, are not obligated to pay any taxes in Bermuda based upon income or capital gains. We have received an undertaking from the Supervisor of Insurance in Bermuda pursuant to the provisions of the Exempted Undertakings Tax Protection Act, 2011, which exempts us from any Bermuda taxes computed on profits, income or any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, at least until the year 2035.

We do not consider ourselves to be engaged in a trade or business in the United States or the United Kingdom and, accordingly, do not expect to be subject to direct United States or United Kingdom income taxation.

We have subsidiaries based in the United Kingdom that are subject to the tax laws of that country. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Six of the United Kingdom subsidiaries are deemed to be engaged in business in the United States, and therefore, are subject to United States corporate tax in respect of a proportion of their United States underwriting business only. Relief is available against the United Kingdom tax liabilities in respect of overseas taxes paid that arise from the underwriting business. Corporate income tax losses incurred in the United Kingdom can be carried forward, for application against future income, indefinitely. Our United Kingdom subsidiaries file separate United Kingdom income tax returns.

We have subsidiaries based in the United States that are subject to United States tax laws. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Our United States subsidiaries file a consolidated United States federal income tax return.

We also have operations in Belgium, Switzerland, Brazil, France, Malta, Spain and Ireland, which also are subject to income taxes imposed by the jurisdiction in which they operate. We have operations in the United Arab Emirates, which are not subject to income tax under the laws of that country.

Our income tax provision includes the following components:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Current tax provision	$	(11.3	)	$	(15.0	)	$	(2.5	)	$	(10.7	)
Deferred tax (benefit) provision related to:
Future tax deductions		14.1			19.7			16.7			52.9
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

Our expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. For the three and nine months ended September 30, 2015 and 2014, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:

	For the Three Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	24.6				0.0	%	$	27.5				0.0	%
United States		10.5				19.6	%		13.5				16.2	%
United Kingdom		1.9				-58.5	%		9.2				15.4	%
Belgium		—		(1)		31.4	%		(0.1	)			-7.9	%
Brazil		(0.7	)			0.0	%		(1.2	)			0.0	%
United Arab Emirates		0.1				0.0	%		—				0.0	%
Ireland		—		(1)		0.0	%		—				0.0	%
Malta		(0.3	)			0.0	%		(0.8	)			0.0	%
Switzerland		0.1				-20.0	%		0.2				4.8	%
Pre-tax income	$	36.2						$	48.3
	For the Nine Months Ended September 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	68.8				0.0	%		74.3				0.0	%
United States		59.1				22.4	%		49.2				20.9	%
United Kingdom		9.1				-21.4	%		11.1				17.1	%
Belgium		(0.1	)			-50.5	%		(0.1	)			-32.4	%
Brazil		(3.7	)			0.0	%		3.9				0.0	%
United Arab Emirates		0.2				0.0	%		(0.9	)			0.0	%
Ireland		(0.1	)			0.0	%		—				0.0	%
Malta		—		(1)		0.0	%		(1.8	)			0.0	%
Switzerland		—		(1)		-21.3	%		—		(1)		24.2	%
Pre-tax income	$	133.3						$	135.7

⁽¹⁾ Pre-tax income for the respective year was less than $0.1 million.

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income tax provision at expected rate	$	3.7		$	6.1		$	21.1		$	20.6
Tax effect of:
Tax-exempt interest		(1.2	)		(1.1	)		(3.1	)		(3.4	)
Dividends received deduction		(0.6	)		(0.5	)		(1.8	)		(1.7	)
Valuation allowance change		(1.9	)		(1.1	)		(2.9	)		(30.0	)
Other permanent adjustments, net		0.1			(0.1	)		0.3			(1.0	)
Adjustment for prior year tax return		(0.6	)		(1.1	)		(0.6	)		(1.1	)
Adjustment for annualized rate		0.8			0.8			0.6			(0.9	)
United States state tax (benefit) expense		—			—			(2.5	)		—
Capital loss carryforward from prior merger		—			—			—			29.8
Other foreign adjustments		0.1			—			0.2			—
Prior period adjustments to deferred		—			0.8			—			(0.3	)
Prior year foreign taxes recovered		—			—			(1.2	)		—
Foreign exchange adjustments		0.5			(0.2	)		0.9			(0.1	)
Foreign withholding taxes		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2
Income tax (benefit) provision - Foreign	$	(1.2	)	$	1.5		$	(2.0	)	$	2.0
Income tax provision - United States, Federal		2.1			2.1			16.8			9.8
Income tax (benefit) provision  - United States, state		—			—			(3.8	)		0.1
Foreign withholding tax - United States		—			—			0.3			0.3
Income tax provision	$	0.9		$	3.6		$	11.3		$	12.2

We recognize potential accrued interest and penalties within our global operations in “Interest expense” and “Underwriting, acquisition and insurance expenses,” respectively, in our Consolidated Statements of Income.

Our net deferred tax assets (liabilities) are supported by taxes paid in previous periods, reversal of taxable temporary differences and recognition of future income. Management regularly evaluates the recoverability of the deferred tax assets and makes any necessary adjustments to them based upon any changes in management’s expectations of future taxable income. Realization of deferred tax assets is dependent upon our generation of sufficient taxable income in the future to recover tax benefits that cannot be recovered from taxes paid in the carryback period, which is generally two years for net operating losses and three years for capital losses for our United States operations. At September 30, 2015, we had a total net deferred tax liability of $10.8 million prior to any valuation allowance. Management has concluded that a valuation allowance is required for a portion of the tax effected net operating loss carryforward of $17.1 million generated from a prior merger and for the tax effected net operating loss carryforward of $1.0 million from ARIS. Of the net operating carryforwards from a prior merger, $15.6 million will expire if not used by December 31, 2025 and $1.5 million will expire if not used by December 31, 2027. Of the ARIS loss carryforward, $0.2 million will expire if not used by December 31, 2027, $0.4 million will expire if not used by December 31, 2028 and $0.4 million will expire if not used by December 31, 2029. The valuation allowances have been established as Internal Revenue Code Section 382 limits the application of net operating loss and net capital loss carryforwards following an ownership change. The loss carryforwards available per year are $2.8 million as required by Internal Revenue Code Section 382. Further, due to cumulative losses since inception, management has concluded that a valuation allowance is required for the full amount of the tax effected net operating losses generated by our Brazil and Malta entities. Accordingly, a valuation allowance of $22.6 million is required as of September 30, 2015 of which $15.1 million relates to the prior merger and ARIS loss carryforwards, $5.5 million relates to Brazil operations, and $2.0 million relates to Malta operations. For the nine months ended September 30, 2015, the valuation allowance was reduced by $0.7 million pertaining to the prior merger and ARIS loss carryforwards, decreased by $2.1 million pertaining to our Brazil operations and decreased by $0.1 million pertaining to our Malta operations.

We had no material unrecognized tax benefits as of September 30, 2015 and 2014. Our United States subsidiaries are no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2011. Our United Kingdom subsidiaries are no longer subject to United Kingdom income tax examinations by Her Majesty’s Revenue and Customs for years before 2012.

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Net Income Per Common Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Net Income Per Common Share

9. Net Income Per Common Share

The following table presents the calculation of net income per common share on a basic and diluted basis (all balances have been adjusted to reflect the 10% stock dividend):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2015		2014		2015		2014
Net income	$	35.3	$	44.7	$	122.0	$	123.5
Weighted average common shares outstanding - basic		27,916,586		28,552,240		27,997,638		28,824,182
Effect of dilutive securities:
Equity compensation awards		557,918		528,368		542,456		512,993
Weighted average common shares outstanding - diluted		28,474,504		29,080,608		28,540,094		29,337,175
Net income per common share:
Basic	$	1.27	$	1.57	$	4.36	$	4.28
Diluted	$	1.24	$	1.54	$	4.28	$	4.21

Excluded from the weighted average common shares outstanding calculation at September 30, 2015, and 2014 are 9,181,544 shares and 8,440,355 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. For the three and nine months ended September 30, 2015, there were no equity compensation awards with an anti-dilutive effect. For the three and nine months ended September 30, 2014, equity compensation awards to purchase 1,879 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expired or will expire at varying times from 2014 through 2016.

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Share-based Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Feb. 17, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting period, years	5 years	5 years
Stock dividend declared	10.00%		10.00%
Percentage increase in number of awards outstanding due to stock dividend	10.00%
Reduction in exercise price of awards outstanding due to stock dividend	9.09%

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Shareholders' Equity

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Shareholders' Equity

7. Shareholders’ Equity

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

On August 4, 2015, our Board of Directors declared a quarterly cash dividend in the amount of $0.20 on each share of common stock outstanding. On September 15, 2015, we paid $5.6 million to our shareholders of record on September 1, 2015.

On August 5, 2014, our Board of Directors declared a quarterly cash dividend in the amount of $0.16 on each share of common stock outstanding, on a post-stock dividend basis. On September 15, 2014, we paid $4.7 million to our shareholders of record on September 1, 2014.

On November 5, 2013, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous Repurchase Authorizations. As of September 30, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $63.1 million.

For the three and nine months ended September 30, 2015, we repurchased a total of 85,959 common shares and 575,055, respectively, for $4.8 million and $29.7 million, respectively. A summary of activity from January 1, 2015 through September 30, 2015 follows.

A summary of common shares repurchased for the nine months ended September 30, 2015 is shown below:

Repurchase Type	Date Trading Plan Initiated	2015 Purchase Period	Number of Shares Repurchased		Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
10b5-1 Trading Plan	12/15/2014	01/05/2015-02/12/2015		117,482	$	53.50	$	6.3	2013
10b5-1 Trading Plan	03/16/2015	03/18/2015-05/06/2015		150,050	$	49.56		7.4	2013
Open Market	N/A	01/01/2015-09/30/2015		307,523	$	51.83		16.0	2013
Total				575,055	$	51.58	$	29.7

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

8. Accumulated Other Comprehensive Income (Loss)

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the nine months ended September 30, 2015 and 2014 is presented below:

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2015	$	(15.6	)	$	130.7		$	(7.0	)	$	108.1
Other comprehensive loss before    reclassifications		(6.6	)		(75.7	)		—			(82.3	)
Amounts reclassified from accumulated other    comprehensive loss		—			(2.3	)		—			(2.3	)
Net current-period other comprehensive loss		(6.6	)		(78.0	)		—			(84.6	)
Balance at September 30, 2015	$	(22.2	)	$	52.7		$	(7.0	)	$	23.5

(in millions)	Foreign Currency Translation Adjustments			Unrealized Holding Gains on Securities			Defined Benefit Pension Plans			Total
Balance, January 1, 2014	$	(11.5	)	$	163.9		$	(4.6	)	$	147.8
Other comprehensive income before    reclassifications		(1.9	)		5.4			—			3.5
Amounts reclassified from accumulated other    comprehensive income		—			(14.8	)		—			(14.8	)
Net current-period other comprehensive income		(1.9	)		(9.4	)		—			(11.3	)
Balance at September 30, 2014	$	(13.4	)	$	154.5		$	(4.6	)	$	136.5

The following tables illustrate the amounts reclassified from accumulated other comprehensive (loss) income shown in the above tables that have been included in our Consolidated Statements of Income:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(in millions)	2015		2014			2015			2014
Unrealized gains and losses on securities:
Net realized investment losses	$	0.1	$	(5.8	)	$	(6.9	)	$	(22.0	)
Benefit for income taxes		1.7		4.1			4.6			7.2
Net of taxes	$	1.8	$	(1.7	)	$	(2.3	)	$	(14.8	)

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Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

10. Supplemental Cash Flow Information

Income taxes paid. We paid income taxes of $ 10.8 million and $23.8 million during the nine months ended September 30, 2015 and 2014, respectively.

Income taxes recovered. During the nine months ended September 30, 2015, $11.5 million of income taxes was recovered. No income taxes were recovered during the nine months ended September 30, 2014.

Interest paid was as follows:

	For the Nine Months Ended September 30,
(in millions)	2015		2014
Senior unsecured fixed rate notes	$	7.0	$	7.0
Junior subordinated debentures		5.3		5.8
Other indebtedness		2.0		2.3
Total interest paid	$	14.3	$	15.1

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Share-based Compensation - Summary of Stock-Settled SARs Activity (Detail) - Stock-Settled SARs Activity [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at January 1, 2015 | shares	1,313,726
Granted, Shares | shares	243,305
Exercised, Shares | shares	(165,036)
Expired or forfeited, Shares | shares	(7,231)
Shares, Outstanding at September 30, 2015 | shares	1,384,764
Weighted-Average Exercise Price, Outstanding at January 1, 2015	$ 28.57
Granted, Weighted-Average Exercise Price	39.43
Exercised, Weighted-Average Exercise Price	24.15
Expired or forfeited, Weighted-Average Exercise Price	31.68
Weighted-Average Exercise Price, Outstanding at September 30, 2015	$ 30.14

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Underwriting, Acquisition and Insurance Expenses - Underwriting, Acquisition and Insurance Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Underwriting Acquisition And Insurance Expenses [Abstract]
Commissions	$ 56.5	$ 59.8	$ 182.4	$ 178.0
General expenses	69.6	69.0	222.2	211.9
Premium taxes, boards and bureaus	7.5	7.2	8.1	19.5
Underwriting, acquisition and insurance expenses, total	133.6	136.0	412.7	409.4
Net deferral of policy acquisition costs	(0.8)	(2.2)	(10.8)	(10.1)
Total underwriting, acquisition and insurance expenses	$ 132.8	$ 133.8	$ 401.9	$ 399.3

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Share-based Compensation - Summary of Restricted Share Activity (Detail) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at January 1, 2015 | shares	313,716
Granted, Shares | shares	297,873
Vested and issued, Shares | shares	(119,295)
Expired or forfeited, Shares | shares	(8,938)
Shares, Outstanding at September 30, 2015 | shares	483,356
Weighted-Average Grant Date Fair Value, Outstanding at January 1, 2015	$ 31.38
Granted, Weighted-Average Grant Date Fair Value	39.21
Vested and issued, Weighted-Average Grant Date Fair Value	26.83
Expired or forfeited, Weighted-Average Grant Date Fair Value	41.76
Weighted-Average Grant Date Fair Value, Outstanding at September 30, 2015	$ 37.14

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Revenue and Income (Loss) Before Income Taxes for Each Segment

Revenue and income (loss) before income taxes for each segment were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015			2014
Revenue:
Earned premiums
Excess and Surplus Lines	$	135.7	$	121.2	$	389.9		$	363.9
Commercial Specialty		73.3		72.7		217.6			215.5
International Specialty		37.6		38.0		113.2			112.6
Syndicate 1200		99.1		104.4		305.5			305.9
Run-off Lines		0.3		1.3		0.4			1.5
Total earned premiums		346.0		337.6		1,026.6			999.4
Net investment income
Excess and Surplus Lines		8.8		8.9		26.3			27.2
Commercial Specialty		4.6		4.5		13.8			13.8
International Specialty		2.9		2.3		8.8			6.1
Syndicate 1200		2.3		2.1		6.9			7.9
Run-off Lines		2.1		2.4		6.2			7.2
Corporate and Other		0.6		0.6		1.9			2.5
Total net investment income		21.3		20.8		63.9			64.7
Fee and other income (expense), net		1.0		1.6		(0.1	)		0.1
Net realized investment and other gains		3.7		12.9		25.0			42.5
Total revenue	$	372.0	$	372.9	$	1,115.4		$	1,106.7

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income (loss) before income taxes
Excess and Surplus Lines	$	26.5		$	27.6		$	75.4		$	75.9
Commercial Specialty		12.4			8.0			20.8			9.2
International Specialty		3.5			4.0			21.4			16.4
Syndicate 1200		6.9			8.8			28.0			34.7
Run-off Lines		(7.1	)		(8.3	)		(7.0	)		(17.6	)
Total segment income before taxes		42.2			40.1			138.6			118.6
Corporate and Other		(9.7	)		(4.7	)		(30.3	)		(25.4	)
Net realized investment and other gains		3.7			12.9			25.0			42.5
Total income before income taxes	$	36.2		$	48.3		$	133.3		$	135.7

Schedule of Earned Premiums by Geographic Location

The table below presents earned premiums by geographic location for the three and nine months ended September 30, 2015 and 2014. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015		2014
Bermuda	$	26.8	$	27.0	$	76.8	$	75.7
Brazil		10.3		11.0		34.7		35.4
Malta		0.5		0.5		1.4		1.6
United Kingdom		99.1		104.4		305.5		305.9
United States		209.3		194.7		608.2		580.8
Total earned premiums	$	346.0	$	337.6	$	1,026.6	$	999.4

Identifiable Assets

The following table represents identifiable assets:

	September 30,		December 31,
(in millions)	2015		2014
Excess and Surplus Lines	$	2,461.4	$	2,350.7
Commercial Specialty		1,387.9		1,358.5
International Specialty		801.0		776.8
Syndicate 1200		1,353.1		1,258.5
Run-off Lines		557.7		552.8
Corporate and Other		66.4		59.0
Total	$	6,627.5	$	6,356.3

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Disclosures about Fair Value of Financial Instruments - Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	$ 373.9	$ 378.5
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	348.5	343.6
Junior Subordinated Debentures [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	172.7	172.7
Junior Subordinated Debentures [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	153.0	155.5
Senior Unsecured Fixed Rate Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	143.8	143.8
Senior Unsecured Fixed Rate Notes [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	144.6	132.3
Other Indebtedness [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	56.8	61.3
Other Indebtedness [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	50.3	55.2
Other Indebtedness [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	0.6	0.7
Other Indebtedness [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Instruments	$ 0.6	$ 0.6

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Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

15. Segment Information

We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have four ongoing reporting segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Additionally, we have a Run-off Lines segment for certain products that we no longer underwrite.

We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate reporting segments.

In evaluating the operating performance of our segments, we focus on core underwriting and investing results before the consideration of realized gains or losses from the sales of investments. Realized investment gains are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the investment function and are not under the control of the individual business segments. Identifiable assets by segment are those assets used in the operation of each segment.

Revenue and income (loss) before income taxes for each segment were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015			2014
Revenue:
Earned premiums
Excess and Surplus Lines	$	135.7	$	121.2	$	389.9		$	363.9
Commercial Specialty		73.3		72.7		217.6			215.5
International Specialty		37.6		38.0		113.2			112.6
Syndicate 1200		99.1		104.4		305.5			305.9
Run-off Lines		0.3		1.3		0.4			1.5
Total earned premiums		346.0		337.6		1,026.6			999.4
Net investment income
Excess and Surplus Lines		8.8		8.9		26.3			27.2
Commercial Specialty		4.6		4.5		13.8			13.8
International Specialty		2.9		2.3		8.8			6.1
Syndicate 1200		2.3		2.1		6.9			7.9
Run-off Lines		2.1		2.4		6.2			7.2
Corporate and Other		0.6		0.6		1.9			2.5
Total net investment income		21.3		20.8		63.9			64.7
Fee and other income (expense), net		1.0		1.6		(0.1	)		0.1
Net realized investment and other gains		3.7		12.9		25.0			42.5
Total revenue	$	372.0	$	372.9	$	1,115.4		$	1,106.7

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Income (loss) before income taxes
Excess and Surplus Lines	$	26.5		$	27.6		$	75.4		$	75.9
Commercial Specialty		12.4			8.0			20.8			9.2
International Specialty		3.5			4.0			21.4			16.4
Syndicate 1200		6.9			8.8			28.0			34.7
Run-off Lines		(7.1	)		(8.3	)		(7.0	)		(17.6	)
Total segment income before taxes		42.2			40.1			138.6			118.6
Corporate and Other		(9.7	)		(4.7	)		(30.3	)		(25.4	)
Net realized investment and other gains		3.7			12.9			25.0			42.5
Total income before income taxes	$	36.2		$	48.3		$	133.3		$	135.7

The table below presents earned premiums by geographic location for the three and nine months ended September 30, 2015 and 2014. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions)	2015		2014		2015		2014
Bermuda	$	26.8	$	27.0	$	76.8	$	75.7
Brazil		10.3		11.0		34.7		35.4
Malta		0.5		0.5		1.4		1.6
United Kingdom		99.1		104.4		305.5		305.9
United States		209.3		194.7		608.2		580.8
Total earned premiums	$	346.0	$	337.6	$	1,026.6	$	999.4

The following table represents identifiable assets:

	September 30,		December 31,
(in millions)	2015		2014
Excess and Surplus Lines	$	2,461.4	$	2,350.7
Commercial Specialty		1,387.9		1,358.5
International Specialty		801.0		776.8
Syndicate 1200		1,353.1		1,258.5
Run-off Lines		557.7		552.8
Corporate and Other		66.4		59.0
Total	$	6,627.5	$	6,356.3

Included in total assets at September 30, 2015 and December 31, 2014 are $396.3 million and $315.4 million, respectively, in assets associated with trade capital providers.

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Disclosures about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value

A summary of our financial instruments whose carrying value did not equal fair value is shown below:

	September 30, 2015				December 31, 2014
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Junior subordinated debentures	$	172.7	$	153.0	$	172.7	$	155.5
Senior unsecured fixed rate notes		143.8		144.6		143.8		132.3
Other indebtedness:
Floating rate loan stock		56.8		50.3		61.3		55.2
Note payable		0.6		0.6		0.7		0.6
	$	373.9	$	348.5	$	378.5	$	343.6

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Debt - Additional Information (Detail) - USD ($)		9 Months Ended
	Jul. 16, 2014	Sep. 30, 2015	Dec. 31, 2014		Mar. 07, 2014
Debt Instrument [Line Items]
Junior subordinated debentures		$ 172,700,000	$ 172,700,000	[1]
Junior subordinated debentures, Redemption Date	Apr. 29, 2015
Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Junior subordinated debentures	$ 20,000,000
Percentage of debt securities redeemed as compare to principal amount	90.00%
Redemption received on debt securities	$ 18,200,000
Recognition of pre-tax gain	$ 2,000,000
Credit Agreement [Member] | Revolving Credit Facility | J P Morgan Chase Bank
Debt Instrument [Line Items]
Letter of credit facility amount					$ 175,000,000
Revolving credit facility maturity date		Mar. 07, 2018
Credit Agreement [Member] | Letter Of Credit | J P Morgan Chase Bank
Debt Instrument [Line Items]
Letter of credit facility amount		$ 17,500,000
Letter of credit facility amount		$ 0	$ 200,000

[1] Derived from audited consolidated financial statements.

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Investments - Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments (Detail) - USD ($) $ in Millions		Sep. 30, 2015		Dec. 31, 2014
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		$ 1,264.5		$ 1,157.3
Unrealized Losses, Less Than One Year		86.3		45.3
Fair Value, One Year or Greater		109.0		108.1
Unrealized Losses, One Year or Greater		6.6		2.2
Fair Value, Total		1,373.5		1,265.4
Unrealized Losses, Total		92.9		47.5
Fixed Maturities [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		1,108.4		1,104.6
Unrealized Losses, Less Than One Year		63.2		38.9
Fair Value, One Year or Greater		109.0		108.1
Unrealized Losses, One Year or Greater		6.6		2.2
Fair Value, Total		1,217.4		1,212.7
Unrealized Losses, Total		69.8		41.1
Fixed Maturities [Member] | CLO [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		95.2		60.4
Unrealized Losses, Less Than One Year		0.7		0.5
Fair Value, One Year or Greater		8.9		0.0
Unrealized Losses, One Year or Greater		0.1		0.0
Fair Value, Total		104.1		60.4
Unrealized Losses, Total	[1]	0.8		0.5
Fixed Maturities [Member] | U.S. Governments [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		33.6	[2]	55.0
Unrealized Losses, Less Than One Year		0.3	[2]	0.2
Fair Value, One Year or Greater		0.4	[2]	15.7
Unrealized Losses, One Year or Greater		0.0	[2]	0.1
Fair Value, Total		34.0	[2]	70.7
Unrealized Losses, Total		0.3	[2]	0.3
Fixed Maturities [Member] | Non-U.S. Governments [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		32.9		36.5
Unrealized Losses, Less Than One Year		1.5		0.4
Fair Value, One Year or Greater		3.1		5.2
Unrealized Losses, One Year or Greater		0.3		0.2
Fair Value, Total		36.0		41.7
Unrealized Losses, Total		1.8		0.6
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		27.2		10.4
Unrealized Losses, Less Than One Year		0.2		0.1
Fair Value, One Year or Greater		8.5		16.6
Unrealized Losses, One Year or Greater		0.3		0.2
Fair Value, Total		35.7		27.0
Unrealized Losses, Total		0.5		0.3
Fixed Maturities [Member] | Credit-Financial [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		197.9		195.7
Unrealized Losses, Less Than One Year		2.2		2.2
Fair Value, One Year or Greater		19.1		11.1
Unrealized Losses, One Year or Greater		0.3		0.1
Fair Value, Total		217.0		206.8
Unrealized Losses, Total		2.5		2.3
Fixed Maturities [Member] | Credit-Industrial [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		218.4		240.8
Unrealized Losses, Less Than One Year		5.2		3.3
Fair Value, One Year or Greater		30.6		12.2
Unrealized Losses, One Year or Greater		1.6		0.2
Fair Value, Total		249.0		253.0
Unrealized Losses, Total		6.8		3.5
Fixed Maturities [Member] | Credit-Utility [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		75.0		63.1
Unrealized Losses, Less Than One Year		3.9		3.8
Fair Value, One Year or Greater		13.3		1.9
Unrealized Losses, One Year or Greater		3.5		0.1
Fair Value, Total		88.3		65.0
Unrealized Losses, Total		7.4		3.9
Fixed Maturities [Member] | CMO/MBS-Agency [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		7.9	[3]	10.1
Unrealized Losses, Less Than One Year		0.0	[3]	0.1
Fair Value, One Year or Greater		8.2	[3]	19.2
Unrealized Losses, One Year or Greater		0.2	[3]	0.6
Fair Value, Total		16.1	[3]	29.3
Unrealized Losses, Total	[4]	0.2	[3]	0.7
Fixed Maturities [Member] | CMBS [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		54.9	[2]	49.3
Unrealized Losses, Less Than One Year		0.7	[2]	0.1
Fair Value, One Year or Greater		4.5	[2]	6.0
Unrealized Losses, One Year or Greater		0.0	[2]	0.1
Fair Value, Total		59.4	[2]	55.3
Unrealized Losses, Total	[5]	0.7	[2]	0.2
Fixed Maturities [Member] | ABS [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		27.5		68.8
Unrealized Losses, Less Than One Year		0.0		0.2
Fair Value, One Year or Greater		12.1		8.1
Unrealized Losses, One Year or Greater		0.3		0.3
Fair Value, Total		39.6		76.9
Unrealized Losses, Total	[6]	0.3		0.5
Fixed Maturities [Member] | Foreign Denominated: Governments [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		136.3	[2]	123.7
Unrealized Losses, Less Than One Year		20.1	[2]	9.3
Fair Value, One Year or Greater		0.3	[2]	11.2
Unrealized Losses, One Year or Greater		0.0	[2]	0.1
Fair Value, Total		136.6	[2]	134.9
Unrealized Losses, Total		20.1	[2]	9.4
Fixed Maturities [Member] | Foreign Denominated: Credit [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		104.2		122.3
Unrealized Losses, Less Than One Year		18.3		12.3
Fair Value, One Year or Greater		0.0		0.9
Unrealized Losses, One Year or Greater		0.0		0.2
Fair Value, Total		104.2		123.2
Unrealized Losses, Total		18.3		12.5
Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		21.8		26.8
Unrealized Losses, Less Than One Year		2.9		2.5
Fair Value, One Year or Greater		0.0		0.0
Unrealized Losses, One Year or Greater		0.0		0.0
Fair Value, Total		21.8		26.8
Unrealized Losses, Total		2.9		2.5
Fixed Maturities [Member] | Foreign denominated: CLO [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		75.6		41.7
Unrealized Losses, Less Than One Year		7.2		3.9
Fair Value, One Year or Greater		0.0		0.0
Unrealized Losses, One Year or Greater		0.0		0.0
Fair Value, Total		75.6		41.7
Unrealized Losses, Total		7.2		3.9
Equity Securities [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		136.0		53.6
Unrealized Losses, Less Than One Year		22.2		5.1
Fair Value, One Year or Greater		0.0		0.0
Unrealized Losses, One Year or Greater		0.0		0.0
Fair Value, Total		136.0		53.6
Unrealized Losses, Total		22.2		5.1
Other Investments [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		(0.4)		(0.9)
Unrealized Losses, Less Than One Year		0.7		1.3
Fair Value, One Year or Greater		0.0		0.0
Unrealized Losses, One Year or Greater		0.0		0.0
Fair Value, Total		(0.4)		(0.9)
Unrealized Losses, Total		0.7		1.3
Short-Term Investments [Member]
Schedule Of Investments [Line Items]
Fair Value, Less Than One Year		20.5	[3]	0.0
Unrealized Losses, Less Than One Year		0.2	[3]	0.0
Fair Value, One Year or Greater		0.0	[3]	0.0
Unrealized Losses, One Year or Greater		0.0	[3]	0.0
Fair Value, Total		20.5	[3]	0.0
Unrealized Losses, Total		$ 0.2	[3]	$ 0.0

[1] Collateralized loan obligations (“CLO”).

[2] Unrealized losses one year or greater are less than $0.1 million.

[3] Unrealized losses less than one year are less than $0.1 million.

[4] Collateralized mortgage obligations/mortgage-backed securities (“CMO/MBS”).

[5] Commercial mortgage-backed securities (“CMBS”).

[6] Asset-backed securities (“ABS”).

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Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 35.3	$ 44.7	$ 122.0	$ 123.5
Other comprehensive loss:
Foreign currency translation adjustments	(4.0)	(2.3)	(6.6)	(1.9)
Unrealized (losses) gains on securities:
(Losses) gains arising during the year	(69.7)	(38.8)	(104.3)	16.1
Reclassification adjustment for losses (gains) included in net income	0.1	(5.8)	(6.9)	(22.0)
Other comprehensive loss before tax	(73.6)	(46.9)	(117.8)	(7.8)
Unrealized (losses) gains on securities:
(Losses) gains arising during the year	(18.3)	(4.9)	(28.6)	10.7
Reclassification adjustment for losses (gains) included in net income	(1.7)	(4.1)	(4.6)	(7.2)
Income tax (benefit) provision related to other comprehensive loss	(20.0)	(9.0)	(33.2)	3.5
Other comprehensive (loss) income, net of tax	(53.6)	(37.9)	(84.6)	(11.3)
Comprehensive (loss) income	$ (18.3)	$ 6.8	$ 37.4	$ 112.2

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Reserves for Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Reserves for Losses and Loss Adjustment Expenses

4. Reserves for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):

	For the Nine Months Ended September 30,
(in millions)	2015			2014
Net reserves beginning of the year	$	2,137.1		$	2,107.6
Add:
Losses and LAE incurred during current calendar    year, net of reinsurance:
Current accident year		589.6			585.9
Prior accident years		(15.3	)		(26.4	)
Losses and LAE incurred during calendar year, net    of reinsurance		574.3			559.5
Deduct:
Losses and LAE payments made during current    calendar year, net of reinsurance:
Current accident year		105.2			115.3
Prior accident years		435.5			435.5
Losses and LAE payments made during current    calendar year, net of reinsurance:		540.7			550.8
Change in participation interest (1)		(1.2	)		24.7
Foreign exchange adjustments		(27.7	)		(4.9	)
Net reserves - end of period		2,141.8			2,136.1
Add:
Reinsurance recoverables on unpaid losses and LAE,    end of period		962.3			926.5
Gross reserves - end of period	$	3,104.1		$	3,062.6

⁽¹⁾ Amount represents (decreases) increases in reserves due to change in syndicate participation

Reserves for losses and LAE represent the estimated indemnity cost and related adjustment expenses necessary to investigate and settle claims. Such estimates are based upon individual case estimates for reported claims, estimates from ceding companies for reinsurance assumed and actuarial estimates for losses that have been incurred but not yet reported to the insurer. Any change in probable ultimate liabilities is reflected in current operating results.

Impacting losses and LAE for the nine months ended September 30, 2015 was $15.3 million in favorable prior years’ loss reserve development comprised of the following: $25.1 million of net favorable development in the Excess and Surplus Lines segment primarily the result of favorable development in the general and products liability lines and commercial automobile, partially offset by unfavorable development in property lines; $10.4 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability and workers compensation due to increases in claim severity, partially offset by favorable development in auto liability and short tail lines; $5.8 million of net favorable development in the International Specialty segment primarily driven by favorable development in Argo Insurance Bermuda and Argo Re, partially offset by unfavorable development in the Brazil unit; $2.8 million of net favorable development in the Syndicate 1200 segment primarily driven by favorable development in property, general liability and marine & energy, partially offset by unfavorable development in other liability classes and aerospace; and $8.0 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines and asbestos and environmental liability, offset in part by favorable development in run-off reinsurance claims.

Impacting losses and LAE for the nine months ended September 30, 2014 was $26.4 million in favorable prior years’ loss reserve development comprised of the following: $34.6 million of net favorable development in the Excess and Surplus Lines segment primarily caused by favorable development in the general and products liability lines, partially offset by unfavorable development in commercial automobile and property lines; $5.2 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability lines due to increases in claim severity, as well as unfavorable development in auto liability lines, partially offset by favorable development in workers compensation and short-tail lines; $0.1 million of net favorable development in the International Specialty segment; $15.8 million of net favorable development in the Syndicate 1200 segment primarily driven by favorable development in various property classes, as well as favorable development in professional indemnity and aerospace, partially offset by unfavorable development in general liability; and $18.9 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines driven by increasing medical costs on older claims, as well as unfavorable development in asbestos liability on assumed business.

In the opinion of management, our reserves represent the best estimate of our ultimate liabilities, based on currently known facts, current law, current technology and assumptions considered reasonable where facts are not known. Due to the significant uncertainties and related management judgments, there can be no assurance that future loss development, favorable or unfavorable, will not occur.

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Supplemental Cash Flow Information - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Taxes Paid Net [Abstract]
Income taxes paid	$ 10,800,000	$ 23,800,000
Income taxes recovered	$ 11,500,000	$ 0

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Income Taxes - Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 36.2		$ 48.3	$ 133.3		$ 135.7
Bermuda [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 24.6		$ 27.5	$ 68.8		$ 74.3
Effective Tax Rate	0.00%		0.00%	0.00%		0.00%
United States [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 10.5		$ 13.5	$ 59.1		$ 49.2
Effective Tax Rate	19.60%		16.20%	22.40%		20.90%
United Kingdom [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 1.9		$ 9.2	$ 9.1		$ 11.1
Effective Tax Rate	(58.50%)		15.40%	(21.40%)		17.10%
Belgium [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 0.0	[1]	$ (0.1)	$ (0.1)		$ (0.1)
Effective Tax Rate	31.40%		(7.90%)	(50.50%)		(32.40%)
Brazil [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ (0.7)		$ (1.2)	$ (3.7)		$ 3.9
Effective Tax Rate	0.00%		0.00%	0.00%		0.00%
United Arab Emirates [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 0.1		$ 0.0	$ 0.2		$ (0.9)
Effective Tax Rate	0.00%		0.00%	0.00%		0.00%
Ireland [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 0.0	[1]	$ 0.0	$ (0.1)		$ 0.0
Effective Tax Rate	0.00%		0.00%	0.00%		0.00%
Malta [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ (0.3)		$ (0.8)	$ 0.0	[1]	$ (1.8)
Effective Tax Rate	0.00%		0.00%	0.00%		0.00%
Switzerland [Member]
Income Tax Examination [Line Items]
Pre-Tax Income (Loss)	$ 0.1		$ 0.2	$ 0.0	[1]	$ 0.0	[1]
Effective Tax Rate	(20.00%)		4.80%	(21.30%)		24.20%

[1] Pre-tax income for the respective year was less than $0.1 million.

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Schedule of Repurchase of Shares

A summary of common shares repurchased for the nine months ended September 30, 2015 is shown below:

Repurchase Type	Date Trading Plan Initiated	2015 Purchase Period	Number of Shares Repurchased		Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
10b5-1 Trading Plan	12/15/2014	01/05/2015-02/12/2015		117,482	$	53.50	$	6.3	2013
10b5-1 Trading Plan	03/16/2015	03/18/2015-05/06/2015		150,050	$	49.56		7.4	2013
Open Market	N/A	01/01/2015-09/30/2015		307,523	$	51.83		16.0	2013
Total				575,055	$	51.58	$	29.7

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Segment Information - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) Segment	Dec. 31, 2014 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	4
Assets associated with trade capital providers | $	$ 396.3	$ 315.4

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Investments - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) Security	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) Security	Sep. 30, 2014 USD ($)	Sep. 30, 2015 CAD Security	Dec. 31, 2014 USD ($)	Sep. 30, 2014 CAD
Schedule Of Investments [Line Items]
Fair value of investments, assets managed on behalf of the trade capital providers	$ 78,200,000		$ 78,200,000			$ 75,200,000
Number of securities in an unrealized loss position, total | Security	6,805		6,805		6,805
Number of securities in an unrealized loss position for less than one year | Security	2,909		2,909		2,909
Number of securities in an unrealized loss position for a period of one year or greater | Security	193		193		193
Fair value of the currency forward contracts		$ 2,000,000		$ 2,000,000
Realized gains from currency forward contracts	$ 0	100,000	$ 500,000	3,900,000
Realized losses from currency forward contracts	300,000	2,200,000	2,300,000	4,100,000
Amortized Cost	4,033,300,000		4,033,300,000			3,889,200,000
Fair Value	4,133,000,000		4,133,000,000			4,097,900,000
Reported loss expense reserve	28,200,000		28,200,000			43,600,000
Securities pledged to Lloyd's	211,900,000		211,900,000			217,900,000
Transfers between Level 1 and Level 2 securities	0		0
Transfers between Level 2 and Level 1 securities	0		0
Securities Pledged as Collateral [Member]
Schedule Of Investments [Line Items]
Pledged assets separately reported, securities pledged under letters of credit facilities, at amortized cost	34,600,000		34,600,000			55,000,000
Pledged assets separately reported, securities pledged under letters of credit facilities, at fair value	34,800,000		34,800,000			55,300,000
Currency Forward Contracts [Member]
Schedule Of Investments [Line Items]
Notional amount of the currency forward contracts		25,600,000		25,600,000
Currency Forward Contracts [Member] | C A D
Schedule Of Investments [Line Items]
Notional amount of the currency forward contracts	119,900,000	118,300,000	119,900,000	118,300,000	CAD 160,700,000		CAD 132,000,000
Realized gains from currency forward contracts	8,600,000	5,700,000	26,400,000	5,700,000
Realized losses from currency forward contracts	3,900,000	2,600,000	13,400,000	2,600,000
Gain (loss) from fair value of the currency forward contracts			5,100,000	(400,000)
Fixed Maturities [Member]
Schedule Of Investments [Line Items]
Other-than-temporary losses	0	0	900,000	1,200,000
Amortized Cost	2,841,700,000		2,841,700,000			2,817,200,000
Fair Value	2,822,200,000		2,822,200,000			2,840,700,000
Equity Securities [Member]
Schedule Of Investments [Line Items]
Other-than-temporary losses	3,400,000	$ 200,000	4,400,000	$ 400,000
Amortized Cost	358,500,000		358,500,000			307,300,000
Fair Value	466,000,000		466,000,000			486,300,000
Deposit with Various U.S. Canadian Insurance and Other Agencies [Member] | United States [Member]
Schedule Of Investments [Line Items]
Amortized Cost	185,900,000		185,900,000
Fair Value	$ 192,300,000		$ 192,300,000
Deposit with Various U.S. Insurance and Other Agencies [Member] | United States [Member]
Schedule Of Investments [Line Items]
Amortized Cost						186,600,000
Fair Value						$ 194,200,000

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Argo Group’s subsidiaries are parties to legal actions incidental to their business. Based on the opinion of counsel, management believes that the resolution of these matters will not materially affect our financial condition or results of operations.

We have contractual commitments to invest up to $71.6 million related to our limited partnership investments at September 30, 2015. These commitments will be funded as required by the partnership agreements and range in duration from one to thirteen years.