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Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s Debt:
|  | December 31,
|  | 2022 |  | 2023
Senior bank debt |  | $ | 349.9 |  |  | $ | 349.9 |
Senior notes |  | 1,095.2 |  |  | 1,096.9 |
Junior subordinated notes |  | 751.6 |  |  | 751.8 |
Junior convertible securities |  | 338.6 |  |  | 338.9 |
Debt |  | $ | 2,535.3 |  |  | $ | 2,537.5 |
Schedule of Principal Terms of Senior and Junior Subordinated Notes | As of December 31, 2023, the Company had senior notes outstanding, the respective principal terms and effective interest rates of which are presented below:
|  | 2024 Senior Notes |  | 2025 Senior Notes |  | 2030 Senior Notes
Issue date |  | February 2014 |  | February 2015 |  | June 2020
Maturity date |  | February 2024 |  | August 2025 |  | June 2030
Par value (in millions) |  | $ | 400.0 |  |  | $ | 350.0 |  |  | $ | 350.0 |
Stated coupon |  | 4.25 | % |  | 3.50 | % |  | 3.30 | %
Coupon frequency |  | Semi-annually |  | Semi-annually |  | Semi-annually
Potential call date |  | Any time |  | Any time |  | Any time
Call price |  | As defined |  | As defined |  | As defined
Effective interest rate |  | 4.44 | % |  | 3.67 | % |  | 3.39 | %
As of December 31, 2023, the Company had junior subordinated notes outstanding, the respective principal terms and effective interest rates of which are presented below:
|  | 2059 Junior Subordinated Notes |  | 2060 Junior Subordinated Notes |  | 2061 Junior Subordinated Notes
Issue date |  | March 2019 |  | September 2020 |  | July 2021
Maturity date |  | March 2059 |  | September 2060 |  | September 2061
Par value (in millions) |  | $ | 300.0 |  |  | $ | 275.0 |  |  | $ | 200.0 |
Stated coupon |  | 5.875 | % |  | 4.75 | % |  | 4.20 | %
Coupon frequency |  | Quarterly |  | Quarterly |  | Quarterly
Potential call date |  | March 2024 |  | September 2025 |  | September 2026
Call price |  | As defined |  | As defined |  | As defined
Listing |  | NYSE |  | NYSE |  | NYSE
Effective interest rate |  | 5.91 | % |  | 4.78 | % |  | 4.23 | %
Schedule of Convertible Securities | The following table presents interest expense recorded in connection with the junior convertible securities:
|  | For the Years Ended December 31,
|  | 2021 |  | 2022 |  | 2023
Contractual interest expense |  | $ | 22.2 |  |  | $ | 18.3 |  |  | $ | 17.6 |
Amortization of debt issuance costs |  | 0.4 |  |  | 0.2 |  |  | 0.2 |
Amortization of debt discount |  | 3.1 |  |  | — |  |  | — |
Total |  | $ | 25.7 |  |  | $ | 18.5 |  |  | $ | 17.8 |
Effective interest rate |  | 5.99 | % |  | 5.21 | % |  | 5.21 | %

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