Disclosures about Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

As of December 31, 2022, the cost and estimated fair value of the investments in commercial mortgage loans were:

	December 31, 2022
(in millions)	Cost		Fair Value
Commercial Mortgage Loans	$	159.9	$	150.7

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

	December 31,
	2022				2021
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Junior subordinated debentures:
Trust preferred debentures	$	172.7	$	165.8	$	172.7	$	172.9
Subordinated debentures	85.9		88.1		85.5		91.9
Total junior subordinated debentures	258.6		253.9		258.2		264.8
Senior unsecured fixed rate notes	140.5		112.7		140.3		148.4
Floating rate loan stock (1)	54.7		52.5		57.0		57.1
	$	453.8	$	419.1	$	455.5	$	470.3

(1) Floating rate loan stock reclassified to liabilities held-for-sale. See Note 2, “Recent Acquisitions, Disposals & Other Transactions”.

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

			Fair Value Measurements at Reporting Date Using
(in millions)	December 31, 2022		Level 1 (1)		Level 2 (2)		Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures	$	165.8	$	—	$	165.8	$	—
Subordinated debentures	88.1		—		88.1		—
Total junior subordinated debentures	253.9		—		253.9		—
Senior unsecured fixed rate notes	112.7		112.7		—		—
Floating rate loan stock	52.5		—		52.5		—
	419.1		112.7		306.4		—

(1)Quoted prices in active markets for identical assets

(2)Significant other observable inputs

(3)Significant unobservable inputs

			Fair Value Measurements at Reporting Date Using
(in millions)	December 31, 2021		Level 1 (1)		Level 2 (2)		Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures	$	172.9	$	—	$	172.9	$	—
Subordinated debentures	91.9		—		91.9		—
Total junior subordinated debentures	264.8		—		264.8		—
Senior unsecured fixed rate notes	148.4		148.4		—		—
Floating rate loan stock	57.1		—		57.1		—
	470.3		148.4		321.9		—

(1)Quoted prices in active markets for identical assets

(2)Significant other observable inputs

(3)Significant unobservable inputs