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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Composition of Investment Portfolio by Major Security Type
The composition of the investment portfolio by major security type and our outstanding debt was:
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2022
Fixed maturities:
U.S. government obligations$19,528.8 $0 $0 $19,528.8 $20,399.6 
State and local government obligations0 2,144.2 0 2,144.2 2,236.9 
Foreign government obligations0 17.4 0 17.4 18.3 
Corporate debt securities0 11,280.0 0 11,280.0 11,590.2 
Subtotal19,528.8 13,441.6 0 32,970.4 34,245.0 
Asset-backed securities:
Residential mortgage-backed0 951.1 0 951.1 962.3 
Commercial mortgage-backed0 6,918.5 0 6,918.5 7,296.4 
Other asset-backed0 5,255.9 0 5,255.9 5,359.9 
Subtotal asset-backed securities0 13,125.5 0 13,125.5 13,618.6 
Redeemable preferred stocks:
Financials0 61.2 0 61.2 62.6 
Utilities0 7.2 0 7.2 7.5 
Industrials10.3 141.8 0 152.1 149.0 
Subtotal redeemable preferred stocks10.3 210.2 0 220.5 219.1 
Total fixed maturities19,539.1 26,777.3 0 46,316.4 48,082.7 
Short-term investments512.9 17.0 0 529.9 529.9 
    Total available-for-sale securities20,052.0 26,794.3 0 46,846.3 48,612.6 
Equity securities:
Nonredeemable preferred stocks:
Financials92.2 1,237.3 61.4 1,390.9 1,425.4 
Utilities0 78.1 0 78.1 80.0 
Industrials0 24.6 33.9 58.5 40.1 
Subtotal nonredeemable preferred stocks92.2 1,340.0 95.3 1,527.5 1,545.5 
Common equities:
Common stocks4,743.2 49.3 0 4,792.5 1,261.6 
Other risk investments0 0 20.1 20.1 20.1 
Subtotal common equities4,743.2 49.3 20.1 4,812.6 1,281.7 
    Total equity securities4,835.4 1,389.3 115.4 6,340.1 2,827.2 
Total portfolio$24,887.4 $28,183.6 $115.4 $53,186.4 $51,439.8 
Debt$0 $6,692.6 $0 $6,692.6 $6,385.6 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
March 31, 2021
Fixed maturities:
U.S. government obligations$16,073.4 $0 $0 $16,073.4 $16,002.7 
State and local government obligations0 2,624.1 0 2,624.1 2,574.8 
Corporate debt securities0 10,436.2 0 10,436.2 10,095.2 
Subtotal16,073.4 13,060.3 0 29,133.7 28,672.7 
Asset-backed securities:
Residential mortgage-backed0 553.2 0 553.2 548.3 
Commercial mortgage-backed0 5,892.0 0 5,892.0 5,868.3 
Other asset-backed0 3,323.4 0 3,323.4 3,293.5 
Subtotal asset-backed securities0 9,768.6 0 9,768.6 9,710.1 
Redeemable preferred stocks:
Financials0 50.6 0 50.6 51.0 
Utilities0 11.4 0 11.4 10.0 
Industrials10.6 116.9 0 127.5 120.2 
Subtotal redeemable preferred stocks10.6 178.9 0 189.5 181.2 
Total fixed maturities16,084.0 23,007.8 0 39,091.8 38,564.0 
Short-term investments2,227.8 15.3 0 2,243.1 2,243.1 
    Total available-for-sale securities18,311.8 23,023.1 0 41,334.9 40,807.1 
Equity securities:
Nonredeemable preferred stocks:
Financials113.8 1,274.7 10.0 1,398.5 1,348.9 
Utilities0 41.9 0 41.9 39.9 
Industrials0 25.2 16.6 41.8 40.1 
Subtotal nonredeemable preferred stocks113.8 1,341.8 26.6 1,482.2 1,428.9 
Common equities:
Common stocks4,555.3 0 25.0 4,580.3 1,226.3 
Other risk investments0 0 3.2 3.2 3.2 
Subtotal common equities4,555.3 0 28.2 4,583.5 1,229.5 
    Total equity securities4,669.1 1,341.8 54.8 6,065.7 2,658.4 
Total portfolio$22,980.9 $24,364.9 $54.8 $47,400.6 $43,465.5 
Debt$0 $6,195.2 $0 $6,195.2 $5,396.8 
 Fair Value 
(millions)Level 1Level 2Level 3TotalCost
December 31, 2021
Fixed maturities:
U.S. government obligations$18,488.2 $0 $0 $18,488.2 $18,586.1 
State and local government obligations0 2,185.3 0 2,185.3 2,162.6 
Foreign government obligations0 17.9 0 17.9 17.9 
Corporate debt securities0 10,692.1 0 10,692.1 10,526.2 
Subtotal18,488.2 12,895.3 0 31,383.5 31,292.8 
Asset-backed securities:
Residential mortgage-backed0 790.0 0 790.0 787.7 
Commercial mortgage-backed0 6,535.6 0 6,535.6 6,561.0 
Other asset-backed0 4,982.3 0 4,982.3 4,981.8 
Subtotal asset-backed securities0 12,307.9 0 12,307.9 12,330.5 
Redeemable preferred stocks:
Financials0 50.9 0 50.9 50.7 
Utilities0 0 0 0 0 
Industrials10.7 120.1 0 130.8 120.2 
Subtotal redeemable preferred stocks10.7 171.0 0 181.7 170.9 
Total fixed maturities18,498.9 25,374.2 0 43,873.1 43,794.2 
Short-term investments942.4 0.2 0 942.6 942.6 
    Total available-for-sale securities19,441.3 25,374.4 0 44,815.7 44,736.8 
Equity securities:
Nonredeemable preferred stocks:
Financials115.3 1,305.7 76.4 1,497.4 1,451.7 
Utilities0 82.9 0 82.9 80.0 
Industrials0 25.2 34.4 59.6 40.1 
Subtotal nonredeemable preferred stocks115.3 1,413.8 110.8 1,639.9 1,571.8 
Common equities:
Common stocks4,991.6 50.0 0 5,041.6 1,247.2 
Other risk investments0 0 16.9 16.9 16.9 
Subtotal common equities4,991.6 50.0 16.9 5,058.5 1,264.1 
    Total equity securities5,106.9 1,463.8 127.7 6,698.4 2,835.9 
Total portfolio$24,548.2 $26,838.2 $127.7 $51,514.1 $47,572.7 
Debt$0 $5,857.4 $0 $5,857.4 $4,898.8 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide a summary of changes in fair value associated with Level 3 assets for the three months ended March 31, 2022 and 2021:
Level 3 Fair Value
(millions)Fair Value at Dec. 31, 2021Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales		Change in
Valuation		Net
Transfers
In (Out)		Fair Value at March 31, 2022
Equity securities:
Nonredeemable preferred stocks:
Financials
$76.4 $0 $0 $(15.0)$(17.2)$17.2 $0 $61.4 
Industrials
34.4 (0.5)0 0 0 0 0 33.9 
Common equities:
Other risk investments16.9 3.2 0 0 0 0 0 20.1 
Total Level 3 securities$127.7 $2.7 $0 $(15.0)$(17.2)$17.2 $0 $115.4 
Level 3 Fair Value
(millions)Fair Value at Dec. 31, 2020Calls/
Maturities/
Paydowns/Other		PurchasesSalesNet Realized
(Gain)/Loss
on Sales		Change in
Valuation		Net
Transfers
In (Out)		Fair Value at March 31, 2021
Equity securities:
Nonredeemable preferred stocks:
Financials
$10.0 $0 $0 $0 $0 $0 $0 $10.0 
Industrials
16.7 0 0 0 0 (0.1)0 16.6 
Common equities:
Common stocks25.0 0 0 0 0 0 0 25.0 
Other risk investments3.1 0.1 0 0 0 0 0 3.2 
Total Level 3 securities
$54.8 $0.1 $0 $0 $0 $(0.1)$0 $54.8 
Fair Value Measurement Inputs and Valuation Techniques
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at March 31, 2022 and 2021, and December 31, 2021:
Quantitative Information about Level 3 Fair Value Measurements
($ in millions)Fair Value at March 31, 2022Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Equity securities:
Nonredeemable preferred stocks$95.3 Market comparablesWeighted average market capitalization price change %
(27.9)% to (12.7)%
(20.1)%
Subtotal Level 3 securities95.3 
  Pricing exemption securities20.1 
Total Level 3 securities$115.4 


Quantitative Information about Level 3 Fair Value Measurements
($ in millions)Fair Value at March 31, 2021Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Equity securities:
Nonredeemable preferred stocks$26.6 Market comparablesWeighted average market capitalization price change %
6.1% to 9.4%
8.2 %
Common stocks25.0 Market comparablesWeighted average market capitalization price change %
2.7% to 56.4%
9.0 %
Subtotal Level 3 securities51.6 
Pricing exemption securities3.2 
Total Level 3 securities$54.8 
Note: The table was updated to agree with the current year presentation and to reflect the purchase of a nonredeemable preferred stock security in the second quarter 2020 that was subject to an automatic conversion to common stock during third quarter 2020.



Quantitative Information about Level 3 Fair Value Measurements
($ in millions)Fair Value at Dec. 31, 2021Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Equity securities:
Nonredeemable preferred stocks$110.8 Market comparablesWeighted average market capitalization price change %
(20.2)% to (2.3)%
(7.7)%
Subtotal Level 3 securities110.8 
Pricing exemption securities16.9 
Total Level 3 securities$127.7