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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2017
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 1 |  | Level 2 |  | Level 3 |  | Total |  | Cost |
December 31, 2017 |  |  |  |  |
Fixed maturities: |  |  |  |  |
U.S. government obligations | $ | 6,645.9 |  | $ | 0 |  | $ | 0 |  | $ | 6,645.9 |  | $ | 6,688.8 |
State and local government obligations | 0 |  | 2,297.1 |  | 0 |  | 2,297.1 |  | 2,285.6 |
Foreign government obligations | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Corporate debt securities | 0 |  | 4,997.7 |  | 0 |  | 4,997.7 |  | 4,997.2 |
Subtotal | 6,645.9 |  | 7,294.8 |  | 0 |  | 13,940.7 |  | 13,971.6 |
Asset-backed securities: |  |  |  |  |
Residential mortgage-backed | 0 |  | 836.7 |  | 0 |  | 836.7 |  | 828.8 |
Commercial mortgage-backed | 0 |  | 2,758.6 |  | 0 |  | 2,758.6 |  | 2,760.1 |
Other asset-backed | 0 |  | 2,454.7 |  | 0 |  | 2,454.7 |  | 2,454.5 |
Subtotal asset-backed securities | 0 |  | 6,050.0 |  | 0 |  | 6,050.0 |  | 6,043.4 |
Redeemable preferred stocks: |  |  |  |  |
Financials | 0 |  | 64.1 |  | 0 |  | 64.1 |  | 61.3 |
Utilities | 0 |  | 11.4 |  | 0 |  | 11.4 |  | 10.1 |
Industrials | 0 |  | 135.5 |  | 0 |  | 135.5 |  | 123.5 |
Subtotal redeemable preferred stocks | 0 |  | 211.0 |  | 0 |  | 211.0 |  | 194.9 |
Total fixed maturities | 6,645.9 |  | 13,555.8 |  | 0 |  | 20,201.7 |  | 20,209.9 |
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks: |  |  |  |  |
Financials | 80.6 |  | 718.2 |  | 0 |  | 798.8 |  | 693.6 |
Industrials | 0 |  | 0 |  | 5.0 |  | 5.0 |  | 5.0 |
Subtotal nonredeemable preferred stocks | 80.6 |  | 718.2 |  | 5.0 |  | 803.8 |  | 698.6 |
Common equities: |  |  |  |  |
Common stocks | 3,399.5 |  | 0 |  | 0 |  | 3,399.5 |  | 1,498.7 |
Other risk investments | 0 |  | 0 |  | 0.3 |  | 0.3 |  | 0.3 |
Subtotal common equities | 3,399.5 |  | 0 |  | 0.3 |  | 3,399.8 |  | 1,499.0 |
Total fixed maturities and equity securities | 10,126.0 |  | 14,274.0 |  | 5.3 |  | 24,405.3 |  | 22,407.5 |
Short-term investments | 1,824.4 |  | 1,045.0 |  | 0 |  | 2,869.4 |  | 2,869.4 |
Total portfolio | $ | 11,950.4 |  | $ | 15,319.0 |  | $ | 5.3 |  | $ | 27,274.7 |  | $ | 25,276.9 |
Debt | $ | 0 |  | $ | 3,606.5 |  | $ | 37.1 |  | $ | 3,643.6 |  | $ | 3,306.3 |
| Fair Value |
(millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Cost |
December 31, 2016 |  |  |  |  |
Fixed maturities: |  |  |  |  |
U.S. government obligations | $ | 2,870.1 |  | $ | 0 |  | $ | 0 |  | $ | 2,870.1 |  | $ | 2,899.2 |
State and local government obligations | 0 |  | 2,502.6 |  | 0 |  | 2,502.6 |  | 2,509.5 |
Foreign government obligations | 24.5 |  | 0 |  | 0 |  | 24.5 |  | 24.5 |
Corporate debt securities | 0 |  | 4,550.9 |  | 0 |  | 4,550.9 |  | 4,557.8 |
Subtotal | 2,894.6 |  | 7,053.5 |  | 0 |  | 9,948.1 |  | 9,991.0 |
Asset-backed securities: |  |  |  |  |
Residential mortgage-backed | 0 |  | 1,499.3 |  | 0 |  | 1,499.3 |  | 1,489.7 |
Commercial mortgage-backed | 0 |  | 2,253.1 |  | 0.3 |  | 2,253.4 |  | 2,266.9 |
Other asset-backed | 0 |  | 2,351.1 |  | 0 |  | 2,351.1 |  | 2,350.7 |
Subtotal asset-backed securities | 0 |  | 6,103.5 |  | 0.3 |  | 6,103.8 |  | 6,107.3 |
Redeemable preferred stocks: |  |  |  |  |
Financials | 0 |  | 59.5 |  | 0 |  | 59.5 |  | 59.8 |
Utilities | 0 |  | 30.9 |  | 0 |  | 30.9 |  | 30.5 |
Industrials | 0 |  | 101.5 |  | 0 |  | 101.5 |  | 98.5 |
Subtotal redeemable preferred stocks | 0 |  | 191.9 |  | 0 |  | 191.9 |  | 188.8 |
Total fixed maturities | 2,894.6 |  | 13,348.9 |  | 0.3 |  | 16,243.8 |  | 16,287.1 |
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks: |  |  |  |  |
Financials | 138.1 |  | 715.4 |  | 0 |  | 853.5 |  | 734.2 |
Industrials | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Subtotal nonredeemable preferred stocks | 138.1 |  | 715.4 |  | 0 |  | 853.5 |  | 734.2 |
Common equities: |  |  |  |  |
Common stocks | 2,812.0 |  | 0 |  | 0 |  | 2,812.0 |  | 1,437.1 |
Other risk investments | 0 |  | 0 |  | 0.4 |  | 0.4 |  | 0.4 |
Subtotal common equities | 2,812.0 |  | 0 |  | 0.4 |  | 2,812.4 |  | 1,437.5 |
Total fixed maturities and equity securities | 5,844.7 |  | 14,064.3 |  | 0.7 |  | 19,909.7 |  | 18,458.8 |
Short-term investments | 3,009.3 |  | 563.6 |  | 0 |  | 3,572.9 |  | 3,572.9 |
Total portfolio | $ | 8,854.0 |  | $ | 14,627.9 |  | $ | 0.7 |  | $ | 23,482.6 |  | $ | 22,031.7 |
Debt | $ | 0 |  | $ | 3,188.5 |  | $ | 127.3 |  | $ | 3,315.8 |  | $ | 3,148.2 |
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, 2017 and 2016:
| Level 3 Fair Value
(millions) | Fair Value at Dec. 31, 2016 |  | Calls/ Maturities/ Paydowns |  | Purchases |  | Sales |  | Net Realized (Gain)/Loss on Sales |  | Change in Valuation |  | Net Transfers In (Out) |  | Fair Value at Dec. 31, 2017 |
Fixed maturities: |  |  |  |  |  |  |  |
Asset-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed | $ | 0.3 |  | $ | (0.3 | ) | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Total fixed maturities | 0.3 |  | (0.3 | ) | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks: |  |  |  |  |  |  |  |
Industrials | 0 |  | 0 |  | 5.0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 5.0 |
Common equities: |  |  |  |  |  |  |  |
Other risk investments | 0.4 |  | (0.1 | ) | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0.3 |
Total Level 3 securities | $ | 0.7 |  | $ | (0.4 | ) | $ | 5.0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 5.3 |
| Level 3 Fair Value
(millions) | Fair Value at Dec. 31, 2015 |  | Calls/ Maturities/ Paydowns |  | Purchases |  | Sales |  | Net Realized (Gain)/Loss on Sales |  | Change in Valuation |  | Net Transfers In (Out) |  | Fair Value at Dec. 31, 2016 |
Fixed maturities: |  |  |  |  |  |  |  |
Asset-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed | $ | 9.9 |  | $ | (9.6 | ) | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0.3 |
Total fixed maturities | 9.9 |  | (9.6 | ) | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0.3 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks: |  |  |  |  |  |  |  |
Industrials | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Common equities: |  |  |  |  |  |  |  |
Other risk investments | 0.3 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0.1 |  | 0 |  | 0.4 |
Total Level 3 securities | $ | 10.2 |  | $ | (9.6 | ) | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0.1 |  | $ | 0 |  | $ | 0.7 |
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, 2017 |  | Valuation Technique | Unobservable Input | Unobservable Input Assumption |
Fixed maturities: |  |  |  |
Asset-backed securities: |  |  |  |
Commercial mortgage-backed | $ | 0 |  | NA | NA | NA |
Total fixed maturities | 0 |  |  |  |
Equity securities: |  |  |  |
Nonredeemable preferred stocks: |  |  |  |
Industrials 1 | 5.0 |  | Internal price | Unadjusted purchase price | 3.9 |
Subtotal Level 3 securities | 5.0 |  |  |  |
Third-party pricing exemption securities 2 | 0.3 |  |  |  |
Total Level 3 securities | $ | 5.3 |  |  |  |
1 The security was internally-priced since it is privately held and it was valued at December 31, 2017 using the purchase price. 2 The fair values for these securities were obtained from non-binding external sources where unobservable inputs are not reasonably available to us.
| Quantitative Information about Level 3 Fair Value Measurements
($ in millions) | Fair Value at Dec. 31, 2016 |  | Valuation Technique | Unobservable Input | Unobservable Input Assumption
Fixed maturities: |  |  |  |
Asset-backed securities: |  |  |  |
Commercial mortgage-backed | $ | 0.3 |  | External vendor | Prepayment rate 1 | 0
Total fixed maturities | 0.3 |  |  |  |
Equity securities: |  |  |  |
Nonredeemable preferred stocks: |  |  |  |
Industrials | 0 |  | NA | NA | NA
Subtotal Level 3 securities | 0.3 |  |  |  |
Third-party pricing exemption securities 2 | 0.4 |  |  |  |
Total Level 3 securities | $ | 0.7 |  |  |  |
1 Assumes that one security has 0% of the principal amount of the underlying loans that will be paid off prematurely in each year. 2 The fair values for these securities were obtained from non-binding external sources where unobservable inputs are not reasonably available to us.

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