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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
The valuation of assets measured at fair value in the Company’s Condensed Consolidated Balance Sheet at June 30, 2018 is summarized below.
 
 
Fair Value Measurements
 
 
(Dollars in Millions)
 
Quoted Prices
in Active Markets
for Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Measured at Net Asset Value
 
Total Fair Value
Fixed Maturities:
 
 
 
 
 
 
 
 
 
 
U.S. Government and Government Agencies and Authorities
 
$
108.7

 
$
540.7

 
$
—

 
$
—

 
$
649.4

States and Political Subdivisions
 
—

 
1,532.4

 
—

 
—

 
1,532.4

Foreign Governments
 
—

 
4.3

 
—

 
—

 
4.3

Corporate Securities:
 
 
 
 
 
 
 
 
 

Bonds and Notes
 
—

 
2,453.9

 
385.5

 
—

 
2,839.4

Collateralized Loan Obligations
 
—

 
133.3

 
95.9

 
—

 
229.2

Other Mortgage- and Asset-backed
 
—

 
5.6

 
—

 
—

 
5.6

Total Investments in Fixed Maturities
 
108.7

 
4,670.2

 
481.4

 
—

 
5,260.3

Equity Securities at Fair Value:
 
 
 
 
 
 
 
 
 
 
Preferred Stocks:
 
 
 
 
 
 
 
 
 
 
Finance, Insurance and Real Estate
 
—

 
44.7

 
—

 
—

 
44.7

Other Industries
 
—

 
11.8

 
—

 
—

 
11.8

Common Stocks:
 
 
 
 
 
 
 
 
 
 
Finance, Insurance and Real Estate
 
1.9

 
—

 
—

 
—

 
1.9

Other Industries
 
12.2

 
0.6

 
—

 
—

 
12.8

Other Equity Interests:
 
 
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
214.6

 
—

 
—

 
—

 
214.6

Limited Liability Companies and Limited Partnerships
 
—

 
—

 
—

 
229.1

 
229.1

Total Investments in Equity Securities at Fair Value
 
228.7

 
57.1

 
—

 
229.1

 
514.9

Total
 
$
337.4

 
$
4,727.3

 
$
481.4

 
$
229.1

 
$
5,775.2


At June 30, 2018, the Company had unfunded commitments to invest an additional $143.2 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests if funded.
Note 11 - Fair Value Measurements (continued)
The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2017 is summarized below.
 
 
Fair Value Measurements
 
 
(Dollars in Millions)
 
Quoted Prices
in Active Markets
for Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Measured at Net Asset Value
 
Total Fair Value
Fixed Maturities:
 
 
 
 
 
 
 
 
 
 
U.S. Government and Government Agencies and Authorities
 
$
115.8

 
$
440.3

 
$
—

 
$
—

 
$
556.1

States and Political Subdivisions
 
—

 
1,701.8

 
—

 
—

 
1,701.8

Foreign Governments
 
—

 
3.2

 
—

 
—

 
3.2

Corporate Securities:
 
 
 
 
 
 
 
 
 
 
Bonds and Notes
 
—

 
2,579.1

 
401.5

 
—

 
2,980.6

Redeemable Preferred Stocks
 
—

 
—

 
0.1

 
—

 
0.1

Collateralized Loan Obligations
 
—

 
46.6

 
93.2

 
—

 
139.8

Other Mortgage- and Asset-backed
 
—

 
1.1

 
—

 
—

 
1.1

Total Investments in Fixed Maturities
 
115.8

 
4,772.1

 
494.8

 
—

 
5,382.7

Equity Securities at Fair Value:
 
 
 
 
 
 
 

 
 
Preferred Stocks:
 
 
 
 
 
 
 
 
 
 
Finance, Insurance and Real Estate
 
—

 
55.7

 
—

 
—

 
55.7

Other Industries
 
—

 
12.3

 
10.8

 
—

 
23.1

Common Stocks:
 
 
 
 
 
 
 
 
 
 
Finance, Insurance and Real Estate
 
7.0

 
0.1

 
—

 
—

 
7.1

Other Industries
 
0.7

 
0.4

 
16.6

 
—

 
17.7

Other Equity Interests:
 
 
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
219.5

 
—

 
—

 
—

 
219.5

Limited Liability Companies and Limited Partnerships
 
—

 
—

 
34.4

 
168.5

 
202.9

Total Investments in Equity Securities at Fair Value
 
227.2

 
68.5

 
61.8

 
168.5

 
526.0

Fair Value Option Investments:
 
 
 
 
 
 
 
 
 
 
Limited Liability Companies and Limited Partnership Hedge Funds
 
—

 
—

 
—

 
77.5

 
77.5

Other Investments:
 
 
 
 
 
 
 
 
 
 
Trading Securities
 
6.7

 
—

 
—

 
—

 
6.7

Other Liabilities:
 
 
 
 
 
 
 
 
 
 
Derivative Instrument Classified as Cash Flow Hedge
 
—

 
(0.8
)
 
—

 
—

 
(0.8
)
Total
 
$
349.7

 
$
4,839.8

 
$
556.6

 
$
246.0

 
$
5,992.1
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at June 30, 2018.
(Dollars in Millions)
 
Unobservable Input
 
Total Fair Value
 
Range of Unobservable Inputs
 
Weighted-average Yield
Investment-grade
 
Market Yield
 
$
117.4

 
2.9
%
-
8.9
%
 
4.6
%
Non-investment-grade:
 
 
 
 
 
 
 
 
 
 
Senior Debt
 
Market Yield
 
148.3

 
4.8

-
19.5

 
9.9

Junior Debt
 
Market Yield
 
103.4

 
10.3

-
24.8

 
12.7

Collateralized Loan Obligations
 
Market Yield
 
95.9

 
4.0

-
10.4

 
8.1

Other
 
Various
 
16.4

 
 
 
 
 
 
Total Level 3 Fixed Maturity Investments in Corporate Securities
 
 
 
$
481.4

 
 
 
 
 
 
Note 11 - Fair Value Measurements (continued)
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments in corporate securities classified as Level 3 at December 31, 2017.
(Dollars in Millions)
 
Unobservable Input
 
Total Fair Value
 
Range of Unobservable Inputs
 
Weighted-average Yield
Investment-grade
 
Market Yield
 
$
96.2

 
3.0
%
-
6.7
%
 
3.8
%
Non-investment-grade:
 
 
 
 
 
 
 
 
 
 
Senior Debt
 
Market Yield
 
138.1

 
4.5

-
15.7

 
10.0

Junior Debt
 
Market Yield
 
154.1

 
9.6

-
24.3

 
12.9

Collateralized Loan Obligations
 
Market Yield
 
93.2

 
4.3

-
10.6

 
7.8

Other Debt
 
Various
 
13.2

 
 
 
 
 
 
Total Level 3 Fixed Maturity Investments in Corporate Securities
 
 
 
$
494.8

 
 
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the six months ended June 30, 2018 is presented below.
 
 
Fixed Maturities
 
Equity Securities
 
 
(Dollars in Millions)
 
Corporate
Bonds
and Notes
 
Redeemable
Preferred
Stocks
 
Collateralized Loan Obligations
 
Preferred
and 
Common
Stocks
 
Other
Equity
Interests
 
Total
Balance at Beginning of Period
 
401.5

 
0.1

 
93.2

 
27.4

 
34.4

 
556.6

Total Gains (Losses):
 
 
 
 
 
 
 
 
 
 
 
 
Included in Condensed Consolidated Statement of Income
 
1.4

 
(0.1
)
 
1.9

 
—

 
—

 
3.2

Included in Other Comprehensive Income (Loss)
 
0.1

 
—

 
(2.0
)
 
—

 
—

 
(1.9
)
Purchases
 
93.7

 
—

 
37.6

 
—

 
—

 
131.3

Settlements
 
(65.6
)
 
—

 
(34.8
)
 
—

 
—

 
(100.4
)
Sales
 
(40.9
)
 
—

 
—

 
—

 
—

 
(40.9
)
Transfers into Level 3
 
0.3

 
—

 
—

 
—

 
—

 
0.3

Transfers out of Level 3
 
(5.0
)
 
—

 
—

 
(27.4
)
 
(34.4
)
 
(66.8
)
Balance at End of Period
 
$
385.5

 
$
—

 
$
95.9

 
$
—

 
$
—

 
$
481.4

Note 11 - Fair Value Measurements (continued)
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended June 30, 2018 is presented below.
 
 
Fixed Maturities
 
(Dollars in Millions)
 
Corporate
Bonds
and Notes
 
Collateralized Loan Obligations
 
Total
Balance at Beginning of Period
 
391.3

 
128.1

 
$
519.4

Total Gains (Losses):
 
 
 
 
 
 
Included in Condensed Consolidated Statement of Income
 
(0.4
)
 
1.4

 
1.0

Included in Other Comprehensive Income (Loss)
 
1.7

 
(1.5
)
 
0.2

Purchases
 
67.9

 
(11.3
)
 
56.6

Settlements
 
(47.5
)
 
(20.8
)
 
(68.3
)
Sales
 
(27.5
)
 
—

 
(27.5
)
Transfers into Level 3
 
—

 
—

 
—

Transfers out of Level 3
 
—

 
—

 
—

Balance at End of Period
 
$
385.5

 
$
95.9

 
$
481.4

The Company’s policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between levels 1 and 2 for the six and three months ended June 30, 2018. Transfers out of Level 3 were $66.8 million for the six months ended June 30, 2018, of which $61.8 million was transferred into Equity Securities at Modified Cost due to the adoption of ASU 2016-01 and $5.0 million was transferred into Level 2 due to changes in the availability of market observable inputs. There were no transfers out of Level 3 for the three months ended June 30, 2018.
Note 11 - Fair Value Measurements (continued)
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the six months ended June 30, 2017 is presented below.
 
 
Fixed Maturities
 
Equity Securities
 
 
(Dollars in Millions)
 
Corporate
Bonds
and Notes
 
States and Political Sub- divisions
 
Redeemable
Preferred
Stocks
 
Collateralized Loan Obligations
 
Preferred
and 
Common
Stocks
 
Other
Equity
Interests
 
Total
Balance at Beginning of Period
 
403.2

 
3.8

 
0.6

 
103.5

 
29.7

 
40.9

 
$
581.7

Total Gains (Losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in Condensed Consolidated Statement of Income
 
(3.9
)
 
(1.2
)
 
0.1

 
0.9

 
1.3

 
3.4

 
0.6

Included in Other Comprehensive Income (Loss)
 
2.8

 
—

 
(0.1
)
 
1.7

 
(1.5
)
 
(6.7
)
 
(3.8
)
Purchases
 
80.0

 
—

 
—

 
16.4

 
3.2

 
1.4

 
101.0

Settlements
 
(44.3
)
 
(2.6
)
 
(0.5
)
 
(12.5
)
 
—

 
—

 
(59.9
)
Sales
 
(28.3
)
 
—

 
—

 
(6.7
)
 
(6.4
)
 
(6.8
)
 
(48.2
)
Transfers into Level 3
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
 
(13.4
)
 
—

 
—

 
(7.9
)
 
(3.5
)
 
—

 
(24.8
)
Balance at End of Period
 
$
396.1

 
$
—

 
$
0.1

 
$
95.4

 
$
22.8

 
$
32.2

 
$
546.6

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended June 30, 2017 is presented below.
 
 
Fixed Maturities
 
Equity Securities
 
 
(Dollars in Millions)
 
Corporate
Bonds
and Notes
 
States and Political Sub- divisions
 
Redeemable
Preferred
Stocks
 
Collateralized Loan Obligations
 
Preferred
and 
Common
Stocks
 
Other
Equity
Interests
 
Total
Balance at Beginning of Period
 
391.2

 
2.6

 
0.2

 
95.8

 
29.1

 
32.4

 
$
551.3

Total Gains (Losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in Condensed Consolidated Statement of Income
 
(0.6
)
 
—

 
0.1

 
0.7

 
1.5

 
3.4

 
5.1

Included in Other Comprehensive Income (Loss)
 
1.4

 
—

 
(0.2
)
 
(0.2
)
 
(2.2
)
 
(0.1
)
 
(1.3
)
Purchases
 
50.2

 
—

 
—

 
7.2

 
2.9

 
0.6

 
60.9

Settlements
 
(29.3
)
 
(2.6
)
 
—

 
(5.2
)
 
—

 
—

 
(37.1
)
Sales
 
(6.3
)
 
—

 
—

 
(2.9
)
 
(5.0
)
 
(4.1
)
 
(18.3
)
Transfers into Level 3
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
 
(10.5
)
 
—

 
—

 
—

 
(3.5
)
 
—

 
(14.0
)
Balance at End of Period
 
$
396.1

 
$
—

 
$
0.1

 
$
95.4

 
$
22.8

 
$
32.2

 
$
546.6

Note 11 - Fair Value Measurements (continued)
There were no transfers between levels 1 and 2 for the six and three months ended June 30, 2017.
Fair Value, by Balance Sheet Grouping [Table Text Block]
Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value.
 
 
June 30, 2018
 
December 31, 2017
(Dollars in Millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Financial Assets:
 
 
 
 
 
 
 
 
Loans to Policyholders
 
$
296.5

 
$
533.7

 
$
298.6

 
$
560.3

Short-term Investments
 
169.0

 
169.0

 
235.5

 
235.5

Financial Liabilities:
 
 
 
 
 
 
 
 
Debt
 
$
951.8

 
$
963.7

 
$
592.3

 
$
614.6

Collateralized Borrowings (Included in Other Liabilities)
 
10.0

 
10.0

 
—

 
—

The fair value measurement for loans to policyholders are categorized as Level 3 within the fair value hierarchy. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The fair value of Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Collateralized Borrowings consist of short-term advances from the FHLB of Chicago, and the inputs used in the valuation are considered Level 2 measurements.