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Fair Value (Tables)
 12 Months Ended
Dec. 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
December 31, 2022
Fixed maturities:
U.S. government obligations$25,167.4 $0 $0 $25,167.4 $26,770.7 
State and local government obligations0 1,977.1 0 1,977.1 2,180.0 
Foreign government obligations0 15.5 0 15.5 16.8 
Corporate debt securities0 9,412.7 0 9,412.7 10,125.8 
Subtotal25,167.4 11,405.3 0 36,572.7 39,093.3 
Asset-backed securities:
Residential mortgage-backed0 666.8 0 666.8 696.1 
Commercial mortgage-backed0 4,663.5 0 4,663.5 5,446.0 
Other asset-backed0 4,564.6 0 4,564.6 4,826.0 
Subtotal asset-backed securities0 9,894.9 0 9,894.9 10,968.1 
Redeemable preferred stocks:
Financials0 40.5 0 40.5 43.6 
Utilities0 9.1 0 9.1 10.5 
Industrials9.2 125.5 0 134.7 148.5 
Subtotal redeemable preferred stocks9.2 175.1 0 184.3 202.6 
Total fixed maturities25,176.6 21,475.3 0 46,651.9 50,264.0 
Short-term investments2,800.7 61.0 0 2,861.7 2,861.7 
    Total available-for-sale securities27,977.3 21,536.3 0 49,513.6 53,125.7 
Equity securities:
Nonredeemable preferred stocks:
Financials39.0 994.4 67.4 1,100.8 1,244.2 
Utilities0 71.2 0 71.2 79.9 
Industrials0 24.8 16.4 41.2 40.1 
Subtotal nonredeemable preferred stocks39.0 1,090.4 83.8 1,213.2 1,364.2 
Common equities:
Common stocks2,783.4 0 18.3 2,801.7 806.3 
Other risk investments0 0 19.8 19.8 19.8 
Subtotal common equities2,783.4 0 38.1 2,821.5 826.1 
    Total equity securities2,822.4 1,090.4 121.9 4,034.7 2,190.3 
Total portfolio$30,799.7 $22,626.7 $121.9 $53,548.3 $55,316.0 
Debt$0 $5,717.9 $0 $5,717.9 $6,388.3 
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 
Summary of Changes in Fair Value Associated With Level 3 Assets
The following tables provide a summary of changes in fair value associated with Level 3 assets for the years ended December 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)1
Fair Value at Dec. 31, 2022
Equity securities:
Nonredeemable preferred stocks:
Financials$76.4 $0 $2.5 $(15.0)$(17.2)$20.7 $0 $67.4 
Industrials
34.4 (0.5)0 0 0 (17.5)0 16.4 
Common equities:
Common stocks0 0 0 0 0 0 18.3 18.3 
Other risk investments16.9 2.9 0 0 0 0 0 19.8 
Total Level 3 securities
$127.7 $2.4 $2.5 $(15.0)$(17.2)$3.2 $18.3 $121.9 
1The security was transferred into Level 3 due to a lack of observable market level inputs.
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)1
Fair Value at Dec. 31, 2021
Equity securities:
Nonredeemable preferred stocks:
Financials
$10.0 $0 $60.2 $0 $0 $6.2 $0 $76.4 
Industrials
16.7 0 5.0 (5.0)(4.5)22.2 0 34.4 
Common equities:
Common stocks25.0 0 2.0 (6.0)(8.7)37.7 (50.0)0 
Other risk investments3.1 13.8 0 0 0 0 0 16.9 
Total Level 3 securities
$54.8 $13.8 $67.2 $(11.0)$(13.2)$66.1 $(50.0)$127.7 
1The security was transferred into Level 2 since the price was deemed to be an observable market sale price as the result of the then-recent sale of this security at a consistent price.
Summary of Quantitative Information about Level 3 Fair Value Measurements
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at December 31:
Quantitative Information about Level 3 Fair Value Measurements
($ in millions)Fair Value at Dec. 31, 2022Valuation TechniqueUnobservable InputRange of Input Values Increase (Decrease)Weighted Average Increase (Decrease)
Equity securities:
Nonredeemable preferred stocks$83.8 Market comparablesWeighted average market capitalization price change %
(0.6)% to 19.9%
10.5%
Common stocks18.3 Market comparablesWeighted average market capitalization price change %
(42.5)% to 59.1%
0.3%
Subtotal Level 3 securities102.1 
Pricing exemption securities19.8 
Total Level 3 securities$121.9 
Quantitative Information about Level 3 Fair Value Measurements
($ 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