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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Financial Information with Respect to Reporting Segments | Summarized below is financial information with respect to the Company’s reporting segments.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Core Commercial |  | $ | 576.6 |  |  | $ | 557.1 |  |  | $ | 1,727.6 |  |  | $ | 1,658.2 |
Specialty |  |  | 353.7 |  |  |  | 340.9 |  |  |  | 1,049.0 |  |  |  | 1,011.6 |
Personal Lines |  |  | 644.9 |  |  |  | 620.5 |  |  |  | 1,908.5 |  |  |  | 1,815.1 |
Other |  |  | 2.5 |  |  |  | 4.2 |  |  |  | 9.4 |  |  |  | 11.6 |
Total |  |  | 1,577.7 |  |  |  | 1,522.7 |  |  |  | 4,694.5 |  |  |  | 4,496.5 |
Net realized and unrealized investment losses |  |  | (12.4 | ) |  |  | (6.1 | ) |  |  | (41.4 | ) |  |  | (31.8 | )
Total revenues |  | $ | 1,565.3 |  |  | $ | 1,516.6 |  |  | $ | 4,653.1 |  |  | $ | 4,464.7 |
Operating income (loss) before interest expense and income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Core Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income |  | $ | 14.6 |  |  | $ | 5.3 |  |  | $ | 88.3 |  |  | $ | 1.0 |
Net investment income |  |  | 42.1 |  |  |  | 38.4 |  |  |  | 124.3 |  |  |  | 114.2 |
Other expense |  |  | (0.8 | ) |  |  | (0.6 | ) |  |  | (2.0 | ) |  |  | (0.8 | )
Core Commercial operating income |  |  | 55.9 |  |  |  | 43.1 |  |  |  | 210.6 |  |  |  | 114.4 |
Specialty: |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income |  |  | 52.6 |  |  |  | 52.7 |  |  |  | 113.5 |  |  |  | 119.5 |
Net investment income |  |  | 20.9 |  |  |  | 18.0 |  |  |  | 61.7 |  |  |  | 53.6 |
Other expense |  |  | (0.5 | ) |  |  | (0.4 | ) |  |  | (0.8 | ) |  |  | (0.1 | )
Specialty operating income |  |  | 73.0 |  |  |  | 70.3 |  |  |  | 174.4 |  |  |  | 173.0 |
Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |
Underwriting loss |  |  | (6.7 | ) |  |  | (127.3 | ) |  |  | (74.4 | ) |  |  | (422.4 | )
Net investment income |  |  | 26.3 |  |  |  | 24.3 |  |  |  | 77.9 |  |  |  | 73.3 |
Other income |  |  | 2.1 |  |  |  | 2.6 |  |  |  | 6.7 |  |  |  | 8.0 |
Personal Lines operating income (loss) |  |  | 21.7 |  |  |  | (100.4 | ) |  |  | 10.2 |  |  |  | (341.1 | )
Other: |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Net investment income |  |  | 2.5 |  |  |  | 3.5 |  |  |  | 8.0 |  |  |  | 9.4 |
Other expense |  |  | (2.5 | ) |  |  | (2.8 | ) |  |  | (7.5 | ) |  |  | (8.2 | )
Other operating income |  |  | — |  |  |  | 0.7 |  |  |  | 0.5 |  |  |  | 1.2 |
Operating income (loss) before interest expense and income taxes |  |  | 150.6 |  |  |  | 13.7 |  |  |  | 395.7 |  |  |  | (52.5 | )
Interest on debt |  |  | (8.5 | ) |  |  | (8.5 | ) |  |  | (25.6 | ) |  |  | (25.6 | )
Operating income (loss) before income taxes |  |  | 142.1 |  |  |  | 5.2 |  |  |  | 370.1 |  |  |  | (78.1 | )
Non-operating items: |  |  |  |  |  |  |  |  |  |  |  |
Net realized and unrealized investment losses |  |  | (12.4 | ) |  |  | (6.1 | ) |  |  | (41.4 | ) |  |  | (31.8 | )
Other non-operating |  |  | — |  |  |  | — |  |  |  | (2.4 | ) |  |  | 0.8 |
Income (loss) from continuing operations before income taxes |  | $ | 129.7 |  |  | $ | (0.9 | ) |  | $ | 326.3 |  |  | $ | (109.1 | )
Identifiable Assets by Business Segment | The following table provides identifiable assets for the Company’s segments and discontinued operations:
(in millions) |  | September 30, 2024 |  |  | December 31, 2023 |
Property and Casualty |  | $ | 15,277.9 |  |  | $ | 14,526.0 |
Assets of discontinued businesses |  |  | 89.1 |  |  |  | 86.6 |
Total |  | $ | 15,367.0 |  |  | $ | 14,612.6 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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