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v3.23.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | Earned Premiums by product line for the six and three months ended June 30, 2023 and 2022 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | $ | 1,554.5 |  |  | $ | 1,807.5 |  |  | $ | 766.6 |  |  | $ | 905.8 |
Commercial Automobile |  | 322.0 |  |  | 257.8 |  |  | 165.7 |  |  | 137.9 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Preferred Automobile |  | 153.9 |  |  | 190.0 |  |  | 75.7 |  |  | 94.0 |
Homeowners |  | 102.2 |  |  | 99.0 |  |  | 50.0 |  |  | 47.7 |
Other Personal Lines |  | 13.7 |  |  | 16.5 |  |  | 6.7 |  |  | 8.2 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Life |  | 167.0 |  |  | 169.5 |  |  | 84.8 |  |  | 86.8 |
Accident and Health |  | 11.7 |  |  | 90.9 |  |  | 5.8 |  |  | 45.1 |
Property |  | 22.8 |  |  | 26.4 |  |  | 11.6 |  |  | 12.1 |
Total Earned Premiums |  | $ | 2,347.8 |  |  | $ | 2,657.6 |  |  | $ | 1,166.9 |  |  | $ | 1,337.6 |
Reconciliation of Revenue from Segments to Consolidated | Segment Revenues, including a reconciliation to Total Revenues, for the six and three months ended June 30, 2023 and 2022 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Segment Revenues: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | $ | 1,876.5 |  |  | $ | 2,065.3 |  |  | $ | 932.3 |  |  | $ | 1,043.7 |
Net Investment Income |  | 83.0 |  |  | 68.9 |  |  | 44.5 |  |  | 34.0 |
Change in Value of Alternative Energy Partnership Investments |  | 0.8 |  |  | (10.9) |  |  | 0.4 |  |  | (2.5) |
Other Income |  | 1.6 |  |  | 2.7 |  |  | 0.7 |  |  | 1.0 |
Total Specialty Property & Casualty Insurance |  | 1,961.9 |  |  | 2,126.0 |  |  | 977.9 |  |  | 1,076.2 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 269.8 |  |  | 305.5 |  |  | 132.4 |  |  | 149.9 |
Net Investment Income |  | 23.6 |  |  | 24.4 |  |  | 13.1 |  |  | 11.9 |
Change in Value of Alternative Energy Partnership Investments |  | 0.3 |  |  | (5.0) |  |  | 0.2 |  |  | (1.1) |
Total Preferred Property & Casualty Insurance |  | 293.7 |  |  | 324.9 |  |  | 145.7 |  |  | 160.7 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 201.5 |  |  | 286.8 |  |  | 102.2 |  |  | 144.0 |
Net Investment Income |  | 96.9 |  |  | 111.3 |  |  | 47.1 |  |  | 61.9 |
Change in Value of Alternative Energy Partnership Investments |  | 0.4 |  |  | (5.7) |  |  | 0.2 |  |  | (1.3) |
Other (Loss) Income |  | (0.3) |  |  | (0.8) |  |  | 0.1 |  |  | (0.8) |
Total Life & Health Insurance |  | 298.5 |  |  | 391.6 |  |  | 149.6 |  |  | 203.8 |
Total Segment Revenues |  | 2,554.1 |  |  | 2,842.5 |  |  | 1,273.2 |  |  | 1,440.7 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | 4.1 |  |  | (68.7) |  |  | 2.4 |  |  | (40.5) |
Net Realized Investment (Losses) Gains |  | (8.0) |  |  | 12.5 |  |  | (14.4) |  |  | 11.0 |
Net Impairment Gains (Losses) Recognized in Earnings |  | 1.2 |  |  | (13.8) |  |  | (0.9) |  |  | (4.9) |
Other |  | 6.2 |  |  | 15.3 |  |  | 2.5 |  |  | 11.4 |
Total Revenues |  | $ | 2,557.6 |  |  | $ | 2,787.8 |  |  | $ | 1,262.8 |  |  | $ | 1,417.7 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | , including a reconciliation to Loss before Income Taxes, for the six and three months ended June 30, 2023 and 2022 was:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Segment Operating (Loss) Income: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | (89.7) |  |  | $ | (111.2) |  |  | $ | (15.0) |  |  | $ | (51.0) |
Preferred Property & Casualty Insurance |  | (15.9) |  |  | (31.1) |  |  | (3.7) |  |  | (21.6) |
Life & Health Insurance |  | 24.9 |  |  | 35.9 |  |  | 10.1 |  |  | 23.9 |
Total Segment Operating Loss |  | (80.7) |  |  | (106.4) |  |  | (8.6) |  |  | (48.7) |
Corporate and Other Operating Loss From: |  |  |  |  |  |  |  |
Other |  | (28.2) |  |  | (15.6) |  |  | (15.3) |  |  | (1.6) |
Corporate and Other Operating Loss |  | (28.2) |  |  | (15.6) |  |  | (15.3) |  |  | (1.6) |
Adjusted Consolidated Operating Loss |  | (108.9) |  |  | (122.0) |  |  | (23.9) |  |  | (50.3) |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | 4.1 |  |  | (68.7) |  |  | 2.4 |  |  | (40.5) |
Net Realized Investment (Losses) Gains |  | (8.0) |  |  | 12.5 |  |  | (14.4) |  |  | 11.0 |
Impairment Gains (Losses) |  | 1.2 |  |  | (13.8) |  |  | (0.9) |  |  | (4.9) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (58.6) |  |  | (14.6) |  |  | (29.5) |  |  | (9.9) |
Loss from Early Extinguishment of Debt |  | — |  |  | (3.7) |  |  | — |  |  | — |
Goodwill Impairment Charge |  | (49.6) |  |  | — |  |  | (49.6) |  |  | — |
Loss before Income Taxes |  | $ | (219.8) |  |  | $ | (210.3) |  |  | $ | (115.9) |  |  | $ | (94.6) |
Note 5 - Business Segments (Continued)
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | , including a reconciliation to Net Loss, for the six and three months ended June 30, 2023 and 2022 was:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions and Net of Income Taxes) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Segment Net Operating (Loss) Income: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | (69.2) |  |  | $ | (83.6) |  |  | $ | (10.8) |  |  | $ | (38.9) |
Preferred Property & Casualty Insurance |  | (12.2) |  |  | (22.9) |  |  | (2.7) |  |  | (16.8) |
Life & Health Insurance |  | 22.1 |  |  | 31.8 |  |  | 8.9 |  |  | 20.2 |
Total Segment Net Operating Loss |  | (59.3) |  |  | (74.7) |  |  | (4.6) |  |  | (35.5) |
Corporate and Other Net Operating Loss From: |  |  |  |  |  |  |  |
Other |  | (22.8) |  |  | (14.1) |  |  | (12.3) |  |  | (1.7) |
Total Corporate and Other Net Operating Loss |  | (22.8) |  |  | (14.1) |  |  | (12.3) |  |  | (1.7) |
Adjusted Consolidated Net Operating Loss |  | (82.1) |  |  | (88.8) |  |  | (16.9) |  |  | (37.2) |
Net Income (Loss) From: |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  | 3.2 |  |  | (54.3) |  |  | 1.9 |  |  | (32.0) |
Net Realized Investment (Losses) Gains |  | (7.4) |  |  | 9.9 |  |  | (12.5) |  |  | 8.7 |
Impairment Gains (Losses) |  | 0.9 |  |  | (10.9) |  |  | (0.8) |  |  | (3.9) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (46.3) |  |  | (11.5) |  |  | (23.3) |  |  | (7.8) |
Loss from Early Extinguishment of Debt |  | — |  |  | (2.9) |  |  | — |  |  | — |
Goodwill Impairment Charge |  | (45.5) |  |  | — |  |  | (45.5) |  |  | — |
Net Loss |  | $ | (177.2) |  |  | $ | (158.5) |  |  | $ | (97.1) |  |  | $ | (72.2) |

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