Retirement and Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of changes in projected benefit obligations and fair value of plan assets and funded status of plan assets

The following tables set forth the obligations and funded status, assumptions, plan assets and cash flows associated with the Plans as of December 31, 2015 and 2014:



	Pension Benefits December 31,
Millions	2015			2014
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	119.7		$	102.9
Service cost	.9			.6
Interest cost	4.6			4.7
Settlement loss ⁽¹⁾	(1.8		)	—
Special termination benefits expense	—			.3
Assumption changes	(3.5		)	17.5
Actuarial loss	.9			1.1
Benefits and expenses paid with plan assets	(13.7		)	(5.2		)
Benefits paid directly by OneBeacon	(2.2		)	(2.2		)
Remeasurement due to plan termination ⁽²⁾	4.6			—
Projected benefit obligation at end of year	$	109.5		$	119.7
Change in plan assets:
Fair value of plan assets at beginning of year	$	146.0		$	142.8
Actual return on plan assets	7.5			8.4
Benefits and expenses paid	(13.7		)	(5.2		)
Fair value of plan assets at end of year	$	139.8		$	146.0
Funded status at end of year	$	30.3		$	26.3

⁽¹⁾During the fourth quarter of 2015, OneBeacon triggered settlement accounting for the Qualified Plan as the total lump sum payments exceeded the service plus interest costs, resulting in a $1.8 adverse effect on accumulated other comprehensive income.

⁽²⁾ As noted in the paragraph preceding this table, the projected benefit obligation was valued on a plan termination basis as of December 31, 2015.

Schedule of amounts recorded in financial statements

Amounts recognized in the financial statements as of December 31, 2015 and 2014 consist of:



	December 31,
Millions	2015			2014
Net assets of the Qualified Plan recorded in other assets	$	55.8		$	53.4
Net liabilities of the Non-qualified Plan recorded in other liabilities	(25.5		)	(27.1		)
Net amount accrued in the financial statements	$	30.3		$	26.3

Information for the Non-qualified Plan, which has accumulated benefit obligations in excess of plan assets

Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets, was as follows:



	December 31,
Millions	2015		2014
Projected benefit obligation	$	25.5	$	27.1
Accumulated benefit obligation	$	25.5	$	27.1
Fair value of plan assets	$	—	$	—

Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets

Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets, was as follows:



	December 31,
Millions	2015			2014
Projected benefit obligation	$	84.0	⁽¹⁾	$	92.6
Accumulated benefit obligation	$	84.0	⁽¹⁾	$	92.6
Fair value of plan net assets	$	139.8		$	146.0

⁽¹⁾ Measured on a plan termination basis

Schedule of amounts recognized in accumulated other comprehensive income (loss) on a pre-tax basis and before noncontrolling interest

The amounts recognized in accumulated other comprehensive income (loss) on a pre-tax basis and before non-controlling interest for the years ended December 31, 2015 and 2014 were as follows:



	December 31,
Millions	2015			2014
Accumulated other comprehensive (loss) income beginning balance	$	(8.0	)	$	10.5
Increase (decrease) in accumulated other comprehensive income (loss):
Amortization of net actuarial gains recognized during the year	1.3			.3
Net actuarial losses occurring during the year ⁽¹⁾	(1.3		)	(18.8		)
Accumulated other comprehensive loss ending balance	$	(8.0	)	$	(8.0	)


⁽¹⁾	Net actuarial gains (losses) resulted from investment returns and demographic experience different than assumed. The 2015 amount reflects the valuation of the Qualified Plan on a termination basis.

Schedule of components of net periodic benefit cost (income)

The components of net periodic benefit (income) cost for the years ended December 31, 2015, 2014 and 2013 were as follows:



	Year Ended December 31,
Millions	2015			2014			2013
Service cost	$	.9		$	.6		$	.8
Interest cost	4.6			4.7			4.2
Expected return on plan assets	(8.7		)	(8.5		)	(7.1		)
Amortization of unrecognized loss	1.3			.3			.9
Net periodic pension income before settlements, curtailments and special termination benefits	(1.9		)	(2.9		)	(1.2		)
Special termination benefits expense⁽¹⁾	—			.3			.3
Total net periodic benefit income	$	(1.9	)	$	(2.6	)	$	(.9	)


⁽¹⁾	Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force.

Schedule of fair value of the Plan assets and their related inputs

The fair value of the Qualified Plan’s assets and their related inputs as of December 31, 2015 and 2014 by asset category were as follows:



	December 31, 2015								December 31, 2014
Millions	Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Fixed maturity investments	$	132.4	$	132.4	$	—	$	—	$	24.2	$	—	$	24.2	$	—
Common equity securities	—		—		—		—		101.0		101.0		—		—
Convertible fixed maturity investments	—		—		—		—		12.8		—		12.8		—
Cash and short-term investments	7.0		7.0		—		—		5.2		4.8		.4		—
Total	$	139.4	$	139.4	$	—	$	—	$	143.2	$	105.8	$	37.4	$	—

There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2015 and 2014.

The Qualified Plan’s asset allocations as of December 31, 2015 and 2014, by asset category were as follows:



	Plan Assets at December 31,
Asset Category	2015		2014
Fixed maturity investments	95.0	%	16.9	%
Common equity securities	—		70.6
Convertible fixed maturity investments	—		8.9
Cash and short-term investments	5.0		3.6
Total	100.0	%	100.0	%

Schedule of expected future benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:



Millions	Expected Benefit Payments
2016	$	86.8
2017	2.1
2018	2.1
2019	2.0
2020	2.0
2021-2025	8.9

⁽¹⁾ Primarily reflects the anticipated payout related to annuity purchases and lump sum payments resulting from the termination of the Qualified Plan