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Property and Casualty Insurance Reserves | 9 Months Ended
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Sep. 30, 2014
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Property and Casualty Insurance Reserves | Note 3 - Property and Casualty Insurance Reserves Property and casualty insurance reserve activity for the nine months ended September 30, 2014 and 2013 was:
|  | Nine Months Ended
(Dollars in Millions) |  | Sep 30, 2014 |  | Sep 30, 2013
Property and Casualty Insurance Reserves: |  |  |  |
Gross of Reinsurance at Beginning of Year |  | $ | 843.5 |  |  | $ | 970.6 |
Less Reinsurance Recoverables at Beginning of Year |  | 63.4 |  |  | 66.2 |
Property and Casualty Insurance Reserves - Net of Reinsurance at Beginning of Year |  | 780.1 |  |  | 904.4 |
Incurred Losses and LAE Related to: |  |  |  |
Current Year: |  |  |  |
Continuing Operations |  | 756.9 |  |  | 811.1 |
Prior Years: |  |  |  |
Continuing Operations |  | (44.7 | ) |  | (43.2 | )
Discontinued Operations |  | (0.2 | ) |  | (4.5 | )
Total Incurred Losses and LAE Related to Prior Years |  | (44.9 | ) |  | (47.7 | )
Total Incurred Losses and LAE |  | 712.0 |  |  | 763.4 |
Paid Losses and LAE Related to: |  |  |  |
Current Year: |  |  |  |
Continuing Operations |  | 460.3 |  |  | 485.8 |
Prior Years: |  |  |  |
Continuing Operations |  | 302.6 |  |  | 354.4 |
Discontinued Operations |  | 6.5 |  |  | 9.8 |
Total Paid Losses and LAE Related to Prior Years |  | 309.1 |  |  | 364.2 |
Total Paid Losses and LAE |  | 769.4 |  |  | 850.0 |
Property and Casualty Insurance Reserves - Net of Reinsurance at End of Period |  | 722.7 |  |  | 817.8 |
Plus Reinsurance Recoverables at End of Period |  | 58.2 |  |  | 66.8 |
Property and Casualty Insurance Reserves - Gross of Reinsurance at End of Period |  | $ | 780.9 |  |  | $ | 884.6 |
Property and casualty insurance reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends are likely to differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Condensed Consolidated Statements of Income in the period of change. For the nine months ended September 30, 2014, the Company reduced its property and casualty insurance reserves by $44.9 million to recognize favorable development of losses and LAE from prior accident years. Personal lines insurance losses and LAE reserves developed favorably by $44.0 million, and commercial lines insurance losses and LAE reserves developed favorably by $0.9 million. Personal automobile insurance losses and LAE reserves developed favorably by $26.9 million, homeowners insurance losses and LAE reserves developed favorably by $13.3 million, and other personal lines losses and LAE reserves developed favorably by $3.8 million. The personal lines insurance losses and LAE reserves developed favorably due primarily to the emergence of more favorable loss patterns than expected for the three most recent accident years. Note 3 - Property and Casualty Insurance Reserves (continued) For the nine months ended September 30, 2013, the Company reduced its property and casualty insurance reserves by $47.7 million to recognize favorable development of losses and LAE from prior accident years. Personal lines insurance losses and LAE reserves developed favorably by $41.2 million, and commercial lines insurance losses and LAE reserves developed favorably by $6.5 million. The commercial lines insurance losses and LAE reserves included favorable development of $2.0 million from continuing operations and $4.5 million from discontinued operations. Personal automobile insurance losses and LAE reserves developed favorably by $22.6 million, homeowners insurance losses and LAE reserves developed favorably by $13.3 million, and other personal lines losses and LAE reserves developed favorably by $5.3 million. The personal lines insurance losses and LAE reserves developed favorably due primarily to the emergence of more favorable loss patterns than expected for the three most recent accident years. The Company cannot predict whether losses and LAE will develop favorably or unfavorably from the amounts reported in the Company’s Condensed Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s consolidated shareholders’ equity, but could have a material effect on the Company’s consolidated financial results for a given period.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14754-158437 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.13(a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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