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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities not Measured at Fair Value [Table Text Block] | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instrument assets and liabilities which are not measured at fair value in the accompanying Condensed Consolidated Balance Sheets are summarized as follows:
| March 31, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Amount
Assets (a) |  |  |  |  |  |  |  |  |
Asset-based loans, included in other assets | $ | — |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | 6.3 |  |  | $ | 6.3 |
Policy loans, included in funds withheld receivables | — |  |  | — |  |  | 8.3 |  |  | 8.3 |  |  | 8.3 |
Total financial assets | $ | — |  |  | $ | — |  |  | $ | 14.6 |  |  | $ | 14.6 |  |  | $ | 14.6 |
Liabilities (a) |  |  |  |  |  |  |  |  |
Investment contracts, included in contractholder funds and other insurance reserves | $ | — |  |  | $ | — |  |  | $ | 882.6 |  |  | $ | 882.6 |  |  | $ | 946.0 |
Total debt (b) | — |  |  | 5,867.8 |  |  | 10.1 |  |  | 5,877.9 |  |  | 5,623.9 |
Total financial liabilities | $ | — |  |  | $ | 5,867.8 |  |  | $ | 892.7 |  |  | $ | 6,760.5 |  |  | $ | 6,569.9 |
| September 30, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Amount
Assets (a) |  |  |  |  |  |  |  |  |
Asset-based loans, included in other assets | $ | — |  |  | $ | — |  |  | $ | 35.0 |  |  | $ | 35.0 |  |  | $ | 35.0 |
Policy loans, included in funds withheld receivables | — |  |  | — |  |  | 8.5 |  |  | 8.5 |  |  | 8.5 |
Total financial assets | $ | — |  |  | $ | — |  |  | $ | 43.5 |  |  | $ | 43.5 |  |  | $ | 43.5 |
Liabilities (a) |  |  |  |  |  |  |  |  |
Investment contracts, included in contractholder funds and other insurance reserves | $ | — |  |  | $ | — |  |  | $ | 922.9 |  |  | $ | 922.9 |  |  | $ | 988.3 |
Total debt (b) | — |  |  | 5,700.1 |  |  | 29.1 |  |  | 5,729.2 |  |  | 5,430.9 |
Total financial liabilities | $ | — |  |  | $ | 5,700.1 |  |  | $ | 952.0 |  |  | $ | 6,652.1 |  |  | $ | 6,419.2 |
(a) The carrying value of cash and cash equivalents, trade receivables, accounts payable and accrued investment income approximate fair value due to their short duration and, accordingly, they are not presented in the tables above. (b) The fair value of debt set forth above is generally based on quoted or observed market prices.
Assets and Liabilities Carrying at Fair Value on Recurring Basis | The Company’s consolidated assets and liabilities measured at fair value are summarized according to the hierarchy previously described as follows:
| March 31, 2017 |  | September 30, 2016
Assets | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Fixed maturity and equity securities included in funds withheld receivables | $ | 80.5 |  |  | $ | 1,413.8 |  |  | $ | 49.1 |  |  | $ | 1,543.4 |  |  | $ | 69.9 |  |  | $ | 1,387.1 |  |  | $ | 78.1 |  |  | $ | 1,535.1 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call option receivable from FGL included in funds withheld receivables | — |  |  | 13.3 |  |  | — |  |  | 13.3 |  |  | — |  |  | 11.3 |  |  | — |  |  | 11.3 |
Call options | — |  |  | 10.5 |  |  | — |  |  | 10.5 |  |  | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Foreign exchange contracts | — |  |  | 4.6 |  |  | — |  |  | 4.6 |  |  | — |  |  | 5.8 |  |  | — |  |  | 5.8 |
Commodity contracts | — |  |  | 4.3 |  |  | — |  |  | 4.3 |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Total financial assets | $ | 80.5 |  |  | $ | 1,446.5 |  |  | $ | 49.1 |  |  | $ | 1,576.1 |  |  | $ | 69.9 |  |  | $ | 1,413.0 |  |  | $ | 78.1 |  |  | $ | 1,561.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability | $ | — |  |  | $ | — |  |  | $ | 661.2 |  |  | $ | 661.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 631.8 |  |  | $ | 631.8 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in Front Street's assumed FIA business | — |  |  | — |  |  | 121.0 |  |  | 121.0 |  |  | — |  |  | — |  |  | 131.2 |  |  | 131.2 |
Commodity contracts | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Foreign exchange contracts | — |  |  | 2.1 |  |  | — |  |  | 2.1 |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |
Total financial liabilities | $ | — |  |  | $ | 2.2 |  |  | $ | 782.2 |  |  | $ | 784.4 |  |  | $ | — |  |  | $ | 3.2 |  |  | $ | 763.0 |  |  | $ | 766.2 |
Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis | Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2017 and September 30, 2016 were as follows:
|  | Fair Value at |  |  |  |  |  | Range (Weighted average)
Assets |  | March 31, 2017 |  | September 30, 2016 |  | Valuation Technique |  | Unobservable Input(s) |  | March 31, 2017 |  | September 30, 2016
Funds withheld receivables: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 33.6 |  |  | $ | 35.2 |  |  | Matrix pricing |  | Quoted prices |  | 100% - 117% (106%) |  | 98% - 122% (109%)
Fixed maturity securities |  | 5.1 |  |  | 5.4 |  |  | Loan Recovery Value |  | Recovery rate |  | 56% - 100% (81%) |  | 56% - 100% (82%)
Fixed maturity securities |  | 10.0 |  |  | 35.7 |  |  | Broker-quoted |  | Offered quotes |  | 99% - 105% (100%) |  | 97% - 100% (100%)
Loan participations |  | 0.4 |  |  | 1.8 |  |  | Loan Recovery Value |  | Recovery rate |  | 56% |  | 52% - 100% (71%)
Total |  | $ | 49.1 |  |  | $ | 78.1 |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability |  | $ | 661.2 |  |  | $ | 631.8 |  |  | Discounted cash flow |  | Non-performance risk spread |  | 0.35% |  | 0.32%
|  |  |  |  |  |  |  | Risk margin to reflect uncertainty |  | 0.50% |  | 0.50%
Embedded derivatives in Front Street's assumed FIA business |  | 121.0 |  |  | 131.2 |  |  | Discounted cash flow |  | Market value of option |  | 0% - 24% (3%) |  | 0% - 27% (2%)
|  |  |  |  |  |  |  | SWAP rates (discount rates) |  | 2.0% |  | 1.0%
|  |  |  |  |  |  |  | Mortality multiplier |  | 80% |  | 80%
|  |  |  |  |  |  |  | Surrender rates |  | 0.50% - 75% (13%) |  | 0.50% - 75% (10%)
|  |  |  |  |  |  |  | Non-performance risk spread |  | 0.25% |  | 0.25%
Total |  | $ | 782.2 |  |  | $ | 763.0 |  |  |  |  |  |  |  |  |
Changes in Fair Value of Financial Instruments | The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended March 31, 2017 and 2016. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
| Three months ended March 31, 2017
| Balance at Beginning of Period |  | Total Gains (Losses) |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 (a) |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds withheld receivables | $ | 46.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | (1.0 | ) |  | $ | — |  |  | $ | (2.4 | ) |  | $ | 49.1 |
Total assets at fair value | $ | 46.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | (1.0 | ) |  | $ | — |  |  | $ | (2.4 | ) |  | $ | 49.1 |
| Balance at Beginning of Period |  | Total (Gains) Losses |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability | $ | 634.5 |  |  | $ | 21.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | 661.2 |
Embedded derivatives in Front Street's assumed FIA business | 121.2 |  |  | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121.0 |
Total liabilities at fair value | $ | 755.7 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | 782.2 |
(a) During the three months ended March 31, 2017, the net transfer out of Level 3 was exclusively to Level 2.
| Six months ended March 31, 2017
| Balance at Beginning of Period |  | Total Gains (Losses) |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 (a) |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds withheld receivables | $ | 78.1 |  |  | $ | (1.3 | ) |  | $ | — |  |  | $ | 9.1 |  |  | $ | (7.3 | ) |  | $ | — |  |  | $ | (29.5 | ) |  | $ | 49.1 |
Total assets at fair value | $ | 78.1 |  |  | $ | (1.3 | ) |  | $ | — |  |  | $ | 9.1 |  |  | $ | (7.3 | ) |  | $ | — |  |  | $ | (29.5 | ) |  | $ | 49.1 |
| Balance at Beginning of Period |  | Total (Gains) Losses |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability | $ | 631.8 |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 661.2 |
Embedded derivatives in Front Street's assumed FIA business | 131.2 |  |  | (10.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121.0 |
Total liabilities at fair value | $ | 763.0 |  |  | $ | (1.7 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 782.2 |
(a) During the six months ended March 31, 2017, the net transfer out of Level 3 was exclusively to Level 2.
| Three months ended March 31, 2016
| Balance at Beginning of Period |  | Total Gains (Losses) |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds withheld receivables | $ | 65.1 |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | 3.1 |  |  | $ | (3.4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 64.5 |
Total assets at fair value | $ | 65.1 |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | 3.1 |  |  | $ | (3.4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 64.5 |
| Balance at Beginning of Period |  | Total (Gains) Losses |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability | $ | 629.0 |  |  | $ | 23.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 654.0 |
Embedded derivatives in Front Street's assumed FIA business | 139.9 |  |  | (3.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 136.5 |
Total liabilities at fair value | $ | 768.9 |  |  | $ | 20.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 790.5 |
| Six months ended March 31, 2016
| Balance at Beginning of Period |  | Total Gains (Losses) |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities AFS | $ | 14.1 |  |  | $ | (0.5 | ) |  | $ | — |  |  | $ | — |  |  | $ | (13.6 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Other invested assets | 2.8 |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | (5.5 | ) |  | — |  |  | — |
Funds withheld receivables | 74.7 |  |  | (1.9 | ) |  | — |  |  | 8.1 |  |  | (16.4 | ) |  | — |  |  | — |  |  | 64.5 |
Total assets at fair value | $ | 91.6 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 8.1 |  |  | $ | (30.0 | ) |  | $ | (5.5 | ) |  | $ | — |  |  | $ | 64.5 |
| Balance at Beginning of Period |  | Total (Gains) Losses |  |  |  |  |  |  |  | Net transfer In (Out) of Level 3 |  | Balance at End of Period
|  | Included in Earnings |  | Included in AOCI |  | Purchases |  | Sales |  | Settlements |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Front Street future policyholder benefit liability | $ | 629.2 |  |  | $ | 20.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | 654.0 |
Embedded derivatives in Front Street's assumed FIA business | 142.3 |  |  | (5.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 136.5 |
Total liabilities at fair value | $ | 771.5 |  |  | $ | 14.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | 790.5 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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