Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Hierarchy for Assets and Liabilities

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities

within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.


	June 30, 2023
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	67.4	$	—		$	67.4		$	—
States, municipalities and political subdivisions	128.9		—			128.9			—
Foreign governments	445.2		—			445.2			—
Asset-backed	811.9		—			733.1			78.8
Commercial mortgage-backed	350.4		—			350.4			—
Residential mortgage-backed	464.4		—			464.4			—
U.S. corporate	3,047.5		—			3,011.7			35.8
Foreign corporate	1,302.1		—			1,294.4			7.7
Equity securities:
Mutual funds	33.1		33.1			—			—
Common stocks	19.4		18.7			0.7			—
Non-redeemable preferred stocks	207.1		—			207.1			—
Short-term investments	230.8		170.2		(2)	60.6		(3)	—
Other investments	66.9		66.7		(1)	—			0.2		(4)
Cash equivalents	755.7		735.2		(2)	20.5		(3)	—

Other assets	2.9		—			2.9		(4)	—
Assets held in separate accounts	10.6		8.0		(1)	2.6		(3)	—
Total financial assets	$	7,944.3	$	1,031.9		$	6,789.9		$	122.5

Financial Liabilities
Other liabilities	$	66.7	$	66.7	(1)	$	—		$	—
Liabilities related to separate accounts	10.6		8.0		(1)	2.6		(3)	—
Total financial liabilities	$	77.3	$	74.7		$	2.6		$	—


	December 31, 2022
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	86.4	$	—		$	86.4		$	—
States, municipalities and political subdivisions	137.5		—			137.5			—
Foreign governments	396.3		—			396.3			—
Asset-backed	696.3		—			635.9			60.4
Commercial mortgage-backed	402.3		—			402.3			—
Residential mortgage-backed	438.0		—			438.0			—
U.S. corporate	2,961.1		—			2,932.3			28.8
Foreign corporate	1,165.8		—			1,158.4			7.4
Equity securities:
Mutual funds	32.7		32.7			—			—
Common stocks	23.9		23.2			0.7			—
Non-redeemable preferred stocks	224.7		—			224.7			—
Short-term investments	119.9		72.2		(2)	47.7		(3)	—
Other investments	60.3		60.1		(1)	—			0.2		(4)
Cash equivalents	789.1		647.3		(2)	141.8		(3)	—


Assets held in separate accounts	10.1		4.8		(1)	5.3		(3)	—
Total financial assets	$	7,544.4	$	840.3		$	6,607.3		$	96.8

Financial Liabilities
Other liabilities	$	75.3	$	60.1	(1)	$	0.2	(4)	$	15.0	(5)
Liabilities related to separate accounts	10.1		4.8		(1)	5.3		(3)	—
Total financial liabilities	$	85.4	$	64.9		$	5.5		$	15.0

(1)Primarily includes mutual funds and related obligations.

(2)Primarily includes money market funds.

(3)Primarily includes fixed maturity securities and related obligations.

(4)Primarily includes derivatives.

(5)Includes contingent consideration liabilities.

Carrying Value and Fair Value of the Financial Instruments that are Not recognized or are Not Carried at Fair Value

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:


	June 30, 2023
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	302.7	$	285.6	$	—	$	—	$	285.6
Other investments	6.4		6.4		1.5		—		4.9
Other assets	16.0		16.0		—		—		16.0
Total financial assets	$	325.1	$	308.0	$	1.5	$	—	$	306.5
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	7.5	$	7.8	$	—	$	—	$	7.8
Funds withheld under reinsurance	376.2		376.2		376.2		—		—
Debt	2,129.4		1,926.5		—		1,926.5		—
Total financial liabilities	$	2,513.1	$	2,310.5	$	376.2	$	1,926.5	$	7.8

	December 31, 2022
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	295.6	$	278.2	$	—	$	—	$	278.2
Other investments	6.7		6.7		1.6		—		5.1
Other assets	12.7		12.7		—		—		12.7
Total financial assets	$	315.0	$	297.6	$	1.6	$	—	$	296.0
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.0	$	8.4	$	—	$	—	$	8.4
Funds withheld under reinsurance	366.6		366.6		366.6		—		—
Debt	2,129.9		1,932.7		—		1,932.7		—
Total financial liabilities	$	2,504.5	$	2,307.7	$	366.6	$	1,932.7	$	8.4

(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the tables above.