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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, Fair Value of Fixed Maturity Security
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
 December 31, 2022
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$92.9 $— $0.2 $(6.7)$86.4 
States, municipalities and political subdivisions152.4 — 1.1 (16.0)137.5 
Foreign governments416.2 — 0.6 (20.5)396.3 
Asset-backed735.1 — 1.4 (40.2)696.3 
Commercial mortgage-backed458.6 — 0.2 (56.5)402.3 
Residential mortgage-backed492.7 — 0.4 (55.1)438.0 
U.S. corporate3,265.1 — 13.9 (317.9)2,961.1 
Foreign corporate1,307.8 — 3.4 (145.4)1,165.8 
Total fixed maturity securities$6,920.8 $— $21.2 $(658.3)$6,283.7 
 
 December 31, 2021
 Cost or
Amortized
Cost		Allowances for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed maturity securities:
U.S. government and government agencies and authorities$83.0 $— $2.1 $(0.1)$85.0 
States, municipalities and political subdivisions142.2 — 7.0 (0.7)148.5 
Foreign governments436.0 — 5.9 (4.2)437.7 
Asset-backed411.1 — 14.2 (2.3)423.0 
Commercial mortgage-backed466.7 — 10.3 (3.3)473.7 
Residential mortgage-backed578.4 — 25.2 (1.7)601.9 
U.S. corporate3,581.2 — 235.9 (14.0)3,803.1 
Foreign corporate1,205.3 — 46.0 (8.9)1,242.4 
Total fixed maturity securities$6,903.9 $— $346.6 $(35.2)$7,215.3 
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity The cost or amortized cost and fair value of fixed maturity securities as of December 31, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. 
December 31, 2022
Cost or
Amortized
Cost		Fair Value
Due in one year or less$164.8 $163.6 
Due after one year through five years1,771.7 1,697.8 
Due after five years through ten years2,243.0 2,016.8 
Due after ten years1,054.9 868.9 
Total5,234.4 4,747.1 
Asset-backed735.1 696.3 
Commercial mortgage-backed458.6 402.3 
Residential mortgage-backed492.7 438.0 
Total$6,920.8 $6,283.7 
The cost or amortized cost and fair value of available-for-sale fixed maturity securities in an unrealized loss position as of December 31, 2022, by contractual maturity, is shown below:
December 31, 2022
Cost or
Amortized
Cost, Net of Allowance		Fair Value
Due in one year or less$144.2 $142.9 
Due after one year through five years1,588.2 1,510.9 
Due after five years through ten years2,099.7 1,864.9 
Due after ten years963.2 770.1 
Total4,795.3 4,288.8 
Asset-backed636.9 596.7 
Commercial mortgage-backed456.5 400.0 
Residential mortgage-backed485.0 429.9 
Total$6,373.7 $5,715.4 
Categories of Net Investment Income
The following table shows the major categories of net investment income for the periods indicated:
 Years Ended December 31,
 202220212020
Fixed maturity securities$270.0 $232.8 $228.4 
Equity securities15.0 14.9 14.5 
Commercial mortgage loans on real estate14.9 8.9 8.2 
Short-term investments4.7 2.1 5.7 
Other investments48.6 61.0 16.6 
Cash and cash equivalents25.7 8.5 13.3 
Revenues from consolidated investment entities (1)— — 56.3 
Total investment income378.9 328.2 343.0 
Investment expenses(14.8)(13.8)(20.5)
Expenses from consolidated investment entities (1)— — (36.9)
Net investment income$364.1 $314.4 $285.6 
(1)The following table shows the revenues net of expenses from consolidated investment entities for the periods indicated.

Years Ended December 31,
202220212020
Investment income (loss) from direct investments in:
Real estate funds (1)$— $— $8.3 
CLO entities— — 8.0 
Investment management fees— — 3.1 
Net investment income from consolidated investment entities$— $— $19.4 
(1)The investment income from the real estate funds includes income (loss) attributable to non-controlling interest of $1.1 million for the year ended December 31, 2020.
Gain (Loss) on Securities The following table summarizes the proceeds from sales of available-for-sale fixed maturity securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales for the periods indicated:
 Years Ended December 31,
 202220212020
Fixed maturity securities:
Proceeds from sales$2,468.8 $1,361.8 $515.4 
Gross realized gains $9.4 $31.9 $19.6 
Gross realized losses (73.2)(14.8)(6.8)
Net realized gains (losses) on investments from sales of fixed maturity securities$(63.8)$17.1 $12.8 
The following table sets forth the net realized gains (losses) on investments and fair value changes to equity securities, including impairments, recognized in the statement of operations for the periods indicated:
 Years Ended December 31,
 202220212020
Net realized (losses) gains on investments and fair value changes to equity securities related to sales and other:
Fixed maturity securities$(63.7)$17.2 $12.7 
Equity securities (1) (2)(112.2)108.3 21.6 
Commercial mortgage loans on real estate(0.7)0.5 (1.2)
Other investments1.5 2.0 10.7 
Consolidated investment entities (3)— — (32.3)
Total net realized (losses) gains on investments and fair value changes to equity securities related to sales and other (175.1)128.0 11.5 
Net realized (losses) gains related to impairments:
Fixed maturity securities (4)(1.6)1.2 (2.6)
Other investments (1)(3.0)(1.0)(17.1)
Total net realized (losses) gains related to impairments(4.6)0.2 (19.7)
Total net realized (losses) gains on investments and fair value changes to equity securities$(179.7)$128.2 $(8.2)

(1)Upward adjustments of $19.5 million, $24.3 million and $10.5 million and impairments of $3.0 million, $1.0 million, and $17.1 million were realized on equity investments accounted for under the measurement alternative for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)The years ended December 31, 2022 and 2021 included $92.5 million in realized and unrealized losses and $85.4 million of unrealized gains, respectively, from four equity positions that went public during 2021. The total fair value of these equity securities as of December 31, 2022 and 2021 was $9.6 million and $133.7 million, respectively, included in equity securities in the consolidated balance sheet. Prior to going public, these equity positions were accounted for under the equity measurement alternative guidance and reported within other investments in the consolidated balance sheet and the fair value was $48.1 million as of December 31, 2020.
(3)Consists of net realized losses from the change in fair value of the Company’s direct investment in CLOs prior to sale of the CLO asset management platform in 2020.
(4)Includes credit losses of $1.2 million on fixed maturity securities available for sale for the year ended December 31, 2020. Specific securities, for which the reserve was established, were sold during the year ended December 31, 2021, resulting in the elimination of the $1.2 million allowance for credit losses.
Fair Value Changes to Equity Securities
The following table sets forth the portion of fair value changes to equity securities held for the periods indicated:
Years Ended December 31,
202220212020
Net (losses) gains recognized on equity securities$(112.2)$108.3 $21.6 
Less: Net realized gains (losses) related to sales of equity securities20.5 (4.1)6.6 
Total fair value changes to equity securities held $(132.7)$112.4 $15.0 
Equity Securities without Readily Determinable Fair Value The following table summarizes information related to these investments:
December 31, 2022December 31, 2021
Initial cost$81.7 $74.4 
Cumulative upward adjustments50.8 42.7 
Cumulative downward adjustments (including impairments)(5.0)(15.4)
Carrying value$127.5 $101.7 
Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities, as of December 31, 2022 and 2021 were as follows:
 December 31, 2022
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$58.5 $(2.9)$24.6 $(3.8)$83.1 $(6.7)
States, municipalities and political subdivisions77.4 (7.8)34.5 (8.2)111.9 (16.0)
Foreign governments268.5 (12.1)92.7 (8.4)361.2 (20.5)
Asset-backed378.2 (22.0)218.5 (18.2)596.7 (40.2)
Commercial mortgage-backed290.7 (33.2)109.3 (23.3)400.0 (56.5)
Residential mortgage-backed371.3 (31.7)58.6 (23.4)429.9 (55.1)
U.S. corporate2,266.6 (206.3)370.3 (111.6)2,636.9 (317.9)
Foreign corporate843.9 (79.0)251.8 (66.4)1,095.7 (145.4)
Total fixed maturity securities$4,555.1 $(395.0)$1,160.3 $(263.3)$5,715.4 $(658.3)
 December 31, 2021
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$31.5 $(0.1)$— $— $31.5 $(0.1)
States, municipalities and political subdivisions48.1 (0.7)— — 48.1 (0.7)
Foreign governments216.0 (4.1)4.0 (0.1)220.0 (4.2)
Asset-backed257.7 (2.1)9.8 (0.2)267.5 (2.3)
Commercial mortgage-backed274.8 (2.9)2.0 (0.4)276.8 (3.3)
Residential mortgage-backed94.0 (1.5)10.0 (0.2)104.0 (1.7)
U.S. corporate687.8 (13.1)15.2 (0.9)703.0 (14.0)
Foreign corporate394.0 (8.6)6.7 (0.3)400.7 (8.9)
Total fixed maturity securities$2,003.9 $(33.1)$47.7 $(2.1)$2,051.6 $(35.2)
Credit Quality Indicators for Commercial Mortgage Loans
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at December 31, 2022 and 2021, respectively.
December 31, 2022
Origination Year
20222021202020192018PriorTotal% of Total
Loan to value ratios (1):
70% and less$44.0 $45.1 $— $— $— $76.0 $165.1 55.5 %
71% to 80%32.7 75.7 2.7 — 4.6 — 115.7 38.9 %
81% to 95%— 14.7 — — — — 14.7 5.0 %
Greater than 95%— — — — — 1.9 1.9 0.6 %
Total$76.7 $135.5 $2.7 $— $4.6 $77.9 $297.4 100.0 %
December 31, 2022
Origination Year
20222021202020192018PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$24.2 $11.7 $— $— $— $50.8 $86.7 29.2 %
1.5 to 2.026.8 11.6 — — 4.6 6.6 49.6 16.7 %
1.0 to 1.525.7 63.0 — — — 13.7 102.4 34.4 %
Less than 1.0— 49.2 2.7 — — 6.8 58.7 19.7 %
Total$76.7 $135.5 $2.7 $— $4.6 $77.9 $297.4 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
 
December 31, 2021
Origination Year
20212020201920182017PriorTotal% of Total
Loan to value ratios (1):
70% and less$71.7 $5.6 $— $— $4.0 $99.8 $181.1 70.3 %
71% to 80%61.8 — — 4.7 — 1.0 67.5 26.2 %
81% to 95%— — — — — 1.1 1.1 0.4 %
Greater than 95%— — — — 5.8 2.1 7.9 3.1 %
Total$133.5 $5.6 $— $4.7 $9.8 $104.0 $257.6 100.0 %
December 31, 2021
Origination Year
20212020201920182017PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$59.3 $5.6 $— $— $— $70.5 $135.4 52.6 %
1.5 to 2.034.1 — — 4.7 4.0 17.5 60.3 23.4 %
1.0 to 1.540.1 — — — — 9.9 50.0 19.4 %
Less than 1.0— — — — 5.8 6.1 11.9 4.6 %
Total$133.5 $5.6 $— $4.7 $9.8 $104.0 $257.6 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.