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Short-Duration Insurance Contracts (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Reconciliation of Property and Casualty Unpaid Claims and Claim Expense

The following table is a summary reconciliation of the beginning and ending Property & Casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net Property & Casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.

($ in millions)						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Property & Casualty
Beginning gross reserves						$	415.8					$	378.4					$	388.7					$	362.4
Less: reinsurance recoverables						104.3						109.8						100.8						110.3
Net reserves, beginning of period(1)						311.5						268.6						287.9						252.1
Incurred claims and claim expenses:
Claims occurring in the current period						149.2						120.3						430.0						372.8
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)						—						2.0						—						8.0
Total claims and claim expenses incurred						149.2						122.3						430.0						380.8
Claims and claim expense payments for claims occurring during:
Current period						115.9						102.8						246.7						221.1
Prior periods						30.9						29.7						157.3						153.4
Total claims and claim expense payments						146.8						132.5						404.0						374.5
Net reserves, end of period(1)						313.9						258.4						313.9						258.4
Plus: reinsurance recoverables						105.4						109.0						105.4						109.0
Ending gross reserves						$	419.3					$	367.4					$	419.3					$	367.4

(1)Reserves net of expected reinsurance recoverables.

(2)Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

The following table is a summary reconciliation of the beginning and ending Group Benefits unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance). The total net Group Benefits insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.

($ in millions)						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Group Benefits
Beginning gross reserves						$	121.9					$	130.2					$	121.6					$	125.4
Less: reinsurance recoverables						28.2						29.6						27.9						28.6
Net reserves, beginning of period(1)						93.7						100.6						93.7						96.8
Incurred claims and claim expenses:
Claims occurring in the current period						20.0						20.7						61.0						65.6
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)						(7.6)						(9.7)						(15.5)						(11.7)
Total claims and claim expenses incurred						12.4						11.0						45.5						53.9
Claims and claim expense payments for claims occurring during:
Current period						12.2						10.4						25.3						26.2
Prior periods						4.3						5.4						24.3						28.7
Total claims and claim expense payments						16.5						15.8						49.6						54.9
Net reserves, end of period(1)						89.6						95.8						89.6						95.8
Plus: reinsurance recoverables						27.5						28.0						27.5						28.0
Ending gross reserves						$	117.1					$	123.8					$	117.1					$	123.8

(1) Reserves net of expected reinsurance recoverables.

(2) Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

Schedule of Reconciliation of Net Incurred and Paid Claims Development To Liability for Claims and Claim Adjustment Expenses

($ in millions)						As of September 30, 2023						As of December 31, 2022
Ending gross reserves
Property & Casualty						$	419.3					$	388.7
Group Benefits						117.1						121.6
Total short-duration insurance contracts						536.4						510.3
Other than short-duration(1)						50.2						53.7
Total unpaid claims and claims expenses						$	586.6					$	564.0

(1) This line includes Life & Retirement, Supplemental, and other certain group benefit reserves.

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- Definition

Schedule of Reconciliation of Net Incurred and Paid Claims Development To Liability for Claims and Claim Adjustment Expenses

+ References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

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