falsedesktopTHG2020-09-30000156459020048311{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "PART I.\tFINANCIAL INFORMATION\t2\nItem 1.\tFinancial Statements\t2\n\tConsolidated Statements of Income\t2\n\tConsolidated Statements of Comprehensive Income\t3\n\tConsolidated Balance Sheets\t4\n\tConsolidated Statements of Shareholders' Equity\t5\n\tConsolidated Statements of Cash Flows\t6\n\tNotes to Interim Consolidated Financial Statements\t7\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t27\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t48\nItem 4.\tControls and Procedures\t48\nPART II.\tOTHER INFORMATION\t49\nItem 1.\tLegal Proceedings\t49\nItem 1A.\tRisk Factors\t49\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t52\nItem 6.\tExhibits\t53\nSIGNATURES\t\t54\n", "q10k_tbl_2": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(In millions except per share data)\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nPremiums\t1135.4\t1124.1\t3373.4\t3330.2\nNet investment income\t67.6\t68.8\t194.9\t208.6\nNet realized and unrealized investment gains (losses):\t\t\t\t\nNet realized gains from sales and other\t8.2\t0.6\t12.1\t1.0\nNet change in fair value of equity securities\t30.3\t15.0\t(44.4)\t75.3\nImpairment losses on investments\t(0.8)\t(0.8)\t(27.9)\t(1.2)\nTotal net realized and unrealized investment gains (losses)\t37.7\t14.8\t(60.2)\t75.1\nFees and other income\t9.1\t7.0\t22.2\t18.9\nTotal revenues\t1249.8\t1214.7\t3530.3\t3632.8\nLosses and expenses\t\t\t\t\nLosses and loss adjustment expenses\t709.7\t705.3\t2149.9\t2122.6\nAmortization of deferred acquisition costs\t237.7\t232.8\t711.9\t692.8\nInterest expense\t9.8\t9.4\t28.6\t28.1\nLoss from repayment of debt\t6.1\t0\t6.2\t0\nOther operating expenses\t137.9\t136.9\t395.9\t400.6\nTotal losses and expenses\t1101.2\t1084.4\t3292.5\t3244.1\nIncome from continuing operations before income taxes\t148.6\t130.3\t237.8\t388.7\nIncome tax expense (benefit):\t\t\t\t\nCurrent\t29.9\t22.2\t69.7\t54.8\nDeferred\t(0.8)\t1.3\t(28.0)\t13.9\nEffect of new tax regulations on Chaucer gain on sale\t0\t(4.4)\t0\t1.2\nTotal income tax expense\t29.1\t19.1\t41.7\t69.9\nIncome from continuing operations\t119.5\t111.2\t196.1\t318.8\nDiscontinued operations (net of taxes):\t\t\t\t\nSale of Chaucer business\t0\t6.4\t0\t(2.6)\nIncome from Chaucer business\t0\t2.1\t0\t1.6\nLoss from discontinued life businesses\t(0.6)\t(0.8)\t(2.0)\t(2.5)\nNet income\t118.9\t118.9\t194.1\t315.3\nEarnings per common share:\t\t\t\t\nBasic:\t\t\t\t\nIncome from continuing operations\t3.17\t2.81\t5.16\t7.91\nDiscontinued operations (net of taxes):\t\t\t\t\nSale of Chaucer business\t0\t0.16\t0\t(0.06)\nIncome from Chaucer business\t0\t0.05\t0\t0.03\nLoss from discontinued life businesses\t(0.02)\t(0.02)\t(0.05)\t(0.06)\nNet income per share\t3.15\t3.00\t5.11\t7.82\nWeighted average shares outstanding\t37.7\t39.6\t38.0\t40.3\nDiluted:\t\t\t\t\nIncome from continuing operations\t3.14\t2.77\t5.11\t7.80\nDiscontinued operations (net of taxes):\t\t\t\t\nSale of Chaucer business\t0\t0.16\t0\t(0.06)\nIncome from Chaucer business\t0\t0.05\t0\t0.03\nLoss from discontinued life businesses\t(0.01)\t(0.02)\t(0.06)\t(0.06)\nNet income per share\t3.13\t2.96\t5.05\t7.71\nWeighted average shares outstanding\t38.0\t40.2\t38.4\t40.9\n", "q10k_tbl_3": "\tThree Months Ended\t\tNine Months Ended\t\t\n\tSeptember 30\t\tSeptember 30\t\t\n(In millions)\t2020\t2019\t2020\t\t2019\nNet income\t118.9\t118.9\t194.1\t\t315.3\nOther comprehensive income net of tax:\t\t\t\t\t\nAvailable-for-sale securities\t\t\t\t\t\nChanges in net unrealized gains on investment securities:\t\t\t\t\t\nHaving no credit losses recognized in the Consolidated Statements of Income\t27.5\t42.3\t\t198.4\t258.4\nHaving credit losses recognized in the Consolidated Statements of Income\t0.3\t0.7\t\t(2.1)\t2.6\nTotal available-for-sale securities\t27.8\t43.0\t\t196.3\t261.0\nPension and postretirement benefits:\t\t\t\t\t\nNet change in net actuarial loss\t1.1\t2.3\t\t3.5\t6.8\nCumulative foreign currency translation adjustment:\t\t\t\t\t\nAmount recognized as cumulative foreign currency translation during the period\t0\t0\t\t0\t0.7\nTotal other comprehensive income net of tax\t28.9\t45.3\t\t199.8\t268.5\nComprehensive income\t147.8\t164.2\t393.9\t\t583.8\n", "q10k_tbl_4": "\tSeptember 30\tDecember 31\n(In millions except share data)\t2020\t2019\nAssets\t\t\nInvestments:\t\t\nFixed maturities at fair value (amortized cost of $6984.7 and $6452.2)\t7473.0\t6687.1\nEquity securities at fair value\t490.5\t575.7\nOther investments\t763.9\t733.2\nTotal investments\t8727.4\t7996.0\nCash and cash equivalents\t231.5\t215.7\nAccrued investment income\t50.3\t53.0\nPremiums and accounts receivable net\t1353.0\t1260.4\nReinsurance recoverable on paid and unpaid losses and unearned premiums\t1841.1\t1814.0\nDeferred acquisition costs\t482.5\t467.4\nGoodwill\t178.8\t178.8\nOther assets\t419.7\t402.4\nAssets of discontinued businesses\t109.5\t102.8\nTotal assets\t13393.8\t12490.5\nLiabilities\t\t\nLoss and loss adjustment expense reserves\t5945.7\t5654.4\nUnearned premiums\t2537.1\t2416.7\nExpenses and taxes payable\t704.8\t627.7\nDeferred income tax liability\t84.6\t51.8\nReinsurance premiums payable\t67.3\t53.4\nDebt\t780.4\t653.4\nLiabilities of discontinued businesses\t118.9\t116.9\nTotal liabilities\t10238.8\t9574.3\nCommitments and contingencies\t\t\nShareholders' Equity\t\t\nPreferred stock par value $0.01 per share; 20.0 million shares authorized; none issued\t0\t0\nCommon stock par value $0.01 per share; 300.0 million shares authorized; 60.5 million shares issued\t0.6\t0.6\nAdditional paid-in capital\t1871.5\t1837.3\nAccumulated other comprehensive income\t352.4\t152.6\nRetained earnings\t2529.2\t2410.9\nTreasury stock at cost (23.1 million and 22.1 million shares)\t(1598.7)\t(1485.2)\nTotal shareholders' equity\t3155.0\t2916.2\nTotal liabilities and shareholders' equity\t13393.8\t12490.5\n", "q10k_tbl_5": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(In millions)\t2020\t2019\t2020\t2019\nPreferred Stock\t\t\t\t\nBalance at beginning and end of period\t0\t0\t0\t0\nCommon Stock\t\t\t\t\nBalance at beginning and end of period\t0.6\t0.6\t0.6\t0.6\nAdditional Paid-in Capital\t\t\t\t\nBalance at beginning of period\t1866.6\t1833.1\t1837.3\t1871.8\nSettlement and prepayment of accelerated share repurchases and other\t4.9\t3.9\t34.2\t(34.8)\nBalance at end of period\t1871.5\t1837.0\t1871.5\t1837.0\nAccumulated Other Comprehensive Income net of tax\t\t\t\t\nNet Unrealized Appreciation (Depreciation) on Investments:\t\t\t\t\nBalance at beginning of period\t384.5\t192.3\t216.0\t(27.2)\nNet appreciation on available-for-sale securities\t27.8\t43.0\t196.3\t261.0\nAdoption of Accounting Standards Updates (No. 2017-08 in 2019)\t0\t0\t0\t1.5\nBalance at end of period\t412.3\t235.3\t412.3\t235.3\nDefined Benefit Pension and Postretirement Plans:\t\t\t\t\nBalance at beginning of period\t(61.0)\t(84.1)\t(63.4)\t(88.6)\nNet amount recognized as net periodic benefit cost\t1.1\t2.3\t3.5\t6.8\nBalance at end of period\t(59.9)\t(81.8)\t(59.9)\t(81.8)\nCumulative Foreign Currency Translation Adjustment:\t\t\t\t\nBalance at beginning of period\t0\t0\t0\t(0.7)\nAmount recognized as cumulative foreign currency translation during the period\t0\t0\t0\t0.7\nBalance at end of period\t0\t0\t0\t0\nTotal accumulated other comprehensive income\t352.4\t153.5\t352.4\t153.5\nRetained Earnings\t\t\t\t\nBalance at beginning of period\t2435.1\t2328.1\t2410.9\t2182.3\nCumulative effect of accounting change net of taxes\t0\t0\t(0.9)\t(1.5)\nBalance at beginning of period as adjusted\t2435.1\t2328.1\t2410.0\t2180.8\nNet income\t118.9\t118.9\t194.1\t315.3\nDividends to shareholders\t(24.8)\t(23.9)\t(74.9)\t(73.0)\nBalance at end of period\t2529.2\t2423.1\t2529.2\t2423.1\nTreasury Stock\t\t\t\t\nBalance at beginning of period\t(1554.1)\t(1328.9)\t(1485.2)\t(983.5)\nShares purchased at cost\t(45.0)\t0\t(118.6)\t(355.1)\nNet shares reissued at cost under employee stock-based compensation plans\t0.4\t1.5\t5.1\t11.2\nBalance at end of period\t(1598.7)\t(1327.4)\t(1598.7)\t(1327.4)\nTotal shareholders' equity\t3155.0\t3086.8\t3155.0\t3086.8\n", "q10k_tbl_6": "\tNine Months Ended\t\n\tSeptember 30\t\n(In millions)\t2020\t2019\nCash Flows From Operating Activities\t\t\nNet income\t194.1\t315.3\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nNet realized and unrealized investment losses (gains)\t59.7\t(74.9)\nLoss from repayment of debt\t6.2\t0\nSale of Chaucer business\t0\t2.6\nNet amortization and depreciation\t13.9\t16.8\nStock-based compensation expense\t14.4\t12.7\nAmortization of defined benefit plan costs\t4.5\t8.5\nDeferred income tax expense (benefit)\t(27.9)\t13.9\nChange in deferred acquisition costs\t(15.1)\t(22.1)\nChange in premiums receivable net of reinsurance premiums payable\t(78.7)\t(117.7)\nChange in loss loss adjustment expense and unearned premium reserves\t412.6\t436.4\nChange in reinsurance recoverable\t(27.3)\t(99.1)\nChange in expenses and taxes payable\t(9.0)\t(55.1)\nOther net\t(0.8)\t(13.4)\nNet cash provided by operating activities\t546.6\t423.9\nCash Flows From Investing Activities\t\t\nProceeds from disposals and maturities of fixed maturities\t961.0\t850.1\nProceeds from disposals of equity securities and other investments\t153.5\t65.8\nPurchase of fixed maturities\t(1423.1)\t(1281.9)\nPurchase of equity securities and other investments\t(159.6)\t(163.7)\nCapital expenditures\t(12.1)\t(10.2)\nNet cash proceeds from sale of Chaucer-related Irish and Australian entities partially offset by cash transferred\t0\t34.7\nNet cash used in investing activities\t(480.3)\t(505.2)\nCash Flows From Financing Activities\t\t\nProceeds from exercise of employee stock options\t4.8\t12.4\nProceeds from debt borrowings net\t296.4\t14.5\nChange in cash collateral related to securities lending program\t0\t11.1\nDividends paid to shareholders\t(74.0)\t(265.3)\nRepurchases of common stock\t(94.3)\t(400.0)\nRepayment of debt\t(175.8)\t(151.1)\nOther financing activities\t(7.6)\t(6.7)\nNet cash used in financing activities\t(50.5)\t(785.1)\nNet change in cash and cash equivalents\t15.8\t(866.4)\nNet change in cash related to discontinued operations\t0\t3.3\nCash and cash equivalents beginning of period\t215.7\t1020.7\nCash and cash equivalents end of period\t231.5\t157.6\n", "q10k_tbl_7": "\tSeptember 30 2020\t\t\t\t\t\n\t\t\tAmortized Cost\t\t\t\n\t\tAllowance\tnet of Allowance\tGross\tGross\t\n\tAmortized\tfor Credit\tfor Credit\tUnrealized\tUnrealized\t\n(in millions)\tCost\tLosses\tLosses\tGains\tLosses\tFair Value\nU.S. Treasury and government agencies\t353.9\t0\t353.9\t20.0\t0.3\t373.6\nForeign government\t4.2\t0\t4.2\t0.5\t0\t4.7\nMunicipal\t1033.3\t0\t1033.3\t59.1\t0.1\t1092.3\nCorporate\t3808.7\t1.6\t3807.1\t316.3\t1.7\t4121.7\nResidential mortgage-backed\t1017.8\t0\t1017.8\t38.5\t0.3\t1056.0\nCommercial mortgage-backed\t695.6\t0\t695.6\t53.6\t0.1\t749.1\nAsset-backed\t72.8\t0\t72.8\t2.8\t0\t75.6\nTotal fixed maturities\t6986.3\t1.6\t6984.7\t490.8\t2.5\t7473.0\n", "q10k_tbl_8": "\tDecember 31 2019\t\t\t\t\n\t\tGross\tGross\t\tOTTI\n\tAmortized\tUnrealized\tUnrealized\t\tUnrealized\n(in millions)\tCost\tGains\tLosses\tFair Value\tLosses\nU.S. Treasury and government agencies\t342.0\t9.1\t1.3\t349.8\t0\nForeign government\t15.7\t0.4\t0\t16.1\t0\nMunicipal\t807.1\t27.6\t1.2\t833.5\t0\nCorporate\t3653.5\t161.6\t3.9\t3811.2\t3.0\nResidential mortgage-backed\t905.4\t17.1\t1.1\t921.4\t0\nCommercial mortgage-backed\t666.4\t25.6\t0.1\t691.9\t0\nAsset-backed\t62.1\t1.1\t0\t63.2\t0\nTotal fixed maturities\t6452.2\t242.5\t7.6\t6687.1\t3.0\n", "q10k_tbl_9": "\tSeptember 30 2020\t\n\tAmortized Cost net\t\n\tof Allowance for\tFair\n(in millions)\tCredit Losses\tValue\nDue in one year or less\t346.9\t351.6\nDue after one year through five years\t1844.7\t1976.0\nDue after five years through ten years\t2279.9\t2506.0\nDue after ten years\t727.0\t758.7\n\t5198.5\t5592.3\nMortgage-backed and asset-backed securities\t1786.2\t1880.7\nTotal fixed maturities\t6984.7\t7473.0\n", "q10k_tbl_10": "\tSeptember 30 2020\t\t\t\t\t\n\t12 months or less\t\tGreater than 12 months\t\tTotal\t\n\tGross\t\tGross\t\tGross\t\n\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\tFair\n(in millions)\tLosses\tValue\tLosses\tValue\tLosses\tValue\nInvestment grade:\t\t\t\t\t\t\nU.S. Treasury and government agencies\t0.3\t52.7\t0\t0\t0.3\t52.7\nMunicipal\t0.1\t28.3\t0\t0\t0.1\t28.3\nCorporate\t0.8\t86.4\t0\t1.4\t0.8\t87.8\nResidential mortgage-backed\t0.3\t88.1\t0\t0.2\t0.3\t88.3\nCommercial mortgage-backed\t0.1\t31.7\t0\t0\t0.1\t31.7\nTotal investment grade\t1.6\t287.2\t0\t1.6\t1.6\t288.8\nBelow investment grade:\t\t\t\t\t\t\nCorporate\t0.9\t40.7\t0\t0\t0.9\t40.7\nTotal fixed maturities\t2.5\t327.9\t0\t1.6\t2.5\t329.5\n", "q10k_tbl_11": "\tDecember 31 2019\t\t\t\t\t\n\t12 months or less\t\tGreater than 12 months\t\tTotal\t\n\tGross\t\tGross\t\tGross\t\n\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\tFair\n(in millions)\tLosses\tValue\tLosses\tValue\tLosses\tValue\nInvestment grade:\t\t\t\t\t\t\nU.S. Treasury and government agencies\t1.3\t73.0\t0\t9.3\t1.3\t82.3\nMunicipal\t1.1\t72.5\t0.1\t5.6\t1.2\t78.1\nCorporate\t0.7\t86.5\t0.1\t4.7\t0.8\t91.2\nResidential mortgage-backed\t0.7\t69.2\t0.4\t34.4\t1.1\t103.6\nCommercial mortgage-backed\t0.1\t40.6\t0\t0.9\t0.1\t41.5\nAsset-backed\t0\t0\t0\t1.7\t0\t1.7\nTotal investment grade\t3.9\t341.8\t0.6\t56.6\t4.5\t398.4\nBelow investment grade:\t\t\t\t\t\t\nCorporate\t2.2\t27.1\t0.9\t9.0\t3.1\t36.1\nTotal fixed maturities\t6.1\t368.9\t1.5\t65.6\t7.6\t434.5\n", "q10k_tbl_12": "\tThree Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tProceeds from\tGross\tGross\tProceeds from\tGross\tGross\n(in millions)\tSales\tGains\tLosses\tSales\tGains\tLosses\nFixed maturities\t37.5\t3.4\t0.2\t86.9\t1.6\t2.4\n", "q10k_tbl_13": "\tNine Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tProceeds from\tGross\tGross\tProceeds from\tGross\tGross\n(in millions)\tSales\tGains\tLosses\tSales\tGains\tLosses\nFixed maturities excluding held-for-sale (Chaucer)\t195.0\t8.4\t2.9\t309.5\t4.2\t5.0\nFixed maturities held-for-sale\t0\t0\t0\t0.3\t0\t0\nTotal fixed maturities\t195.0\t8.4\t2.9\t309.8\t4.2\t5.0\n", "q10k_tbl_14": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nNet gains (losses) recognized during the period\t30.3\t15.0\t(44.4)\t75.3\nLess: net gains (losses) recognized on equity securities sold during the period\t(3.5)\t(0.2)\t(19.9)\t1.0\nNet unrealized gains (losses) recognized during the period on equity securities still held\t33.8\t15.2\t(24.5)\t74.3\n", "q10k_tbl_15": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCarrying\tFair\tCarrying\tFair\n(in millions)\tValue\tValue\tValue\tValue\nFinancial Assets carried at:\t\t\t\t\nFair Value through AOCI:\t\t\t\t\nFixed maturities\t7473.0\t7473.0\t6687.1\t6687.1\nFair Value through Net Income:\t\t\t\t\nEquity securities\t490.5\t490.5\t575.7\t575.7\nOther investments\t177.8\t177.8\t187.1\t187.1\nAmortized Cost/Cost:\t\t\t\t\nOther investments\t459.8\t492.3\t443.3\t463.7\nCash and cash equivalents\t231.5\t231.5\t215.7\t215.7\nTotal financial instruments\t8832.6\t8865.1\t8108.9\t8129.3\nFinancial Liabilities carried at:\t\t\t\t\nAmortized Cost:\t\t\t\t\nDebt\t780.4\t872.7\t653.4\t722.1\n", "q10k_tbl_16": "\tSeptember 30 2020\t\t\t\n(in millions)\tTotal\tLevel 1\tLevel 2\tLevel 3\nFixed maturities:\t\t\t\t\nU.S. Treasury and government agencies\t373.6\t161.2\t212.4\t0\nForeign government\t4.7\t0\t4.7\t0\nMunicipal\t1092.3\t0\t1085.0\t7.3\nCorporate\t4121.7\t0\t4121.2\t0.5\nResidential mortgage-backed\t1056.0\t0\t1056.0\t0\nCommercial mortgage-backed\t749.1\t0\t737.2\t11.9\nAsset-backed\t75.6\t0\t75.6\t0\nTotal fixed maturities\t7473.0\t161.2\t7292.1\t19.7\nEquity securities\t490.5\t488.0\t0\t2.5\nOther investments\t3.5\t0\t0\t3.5\nTotal investment assets at fair value\t7967.0\t649.2\t7292.1\t25.7\n", "q10k_tbl_17": "\tDecember 31 2019\t\t\t\n(in millions)\tTotal\tLevel 1\tLevel 2\tLevel 3\nFixed maturities:\t\t\t\t\nU.S. Treasury and government agencies\t349.8\t157.9\t191.9\t0\nForeign government\t16.1\t0\t16.1\t0\nMunicipal\t833.5\t0\t821.4\t12.1\nCorporate\t3811.2\t0\t3810.6\t0.6\nResidential mortgage-backed\t921.4\t0\t921.4\t0\nCommercial mortgage-backed\t691.9\t0\t679.2\t12.7\nAsset-backed\t63.2\t0\t63.2\t0\nTotal fixed maturities\t6687.1\t157.9\t6503.8\t25.4\nEquity securities\t575.7\t573.6\t0\t2.1\nOther investments\t3.5\t0\t0\t3.5\nTotal investment assets at fair value\t7266.3\t731.5\t6503.8\t31.0\n", "q10k_tbl_18": "\tSeptember 30 2020\t\t\t\n(in millions)\tTotal\tLevel 1\tLevel 2\tLevel 3\nAssets:\t\t\t\t\nCash and cash equivalents\t231.5\t231.5\t0\t0\nOther investments\t492.3\t0\t2.6\t489.7\nTotal financial instruments\t723.8\t231.5\t2.6\t489.7\nLiabilities:\t\t\t\t\nDebt\t872.7\t0\t872.7\t0\n", "q10k_tbl_19": "\tDecember 31 2019\t\t\t\n(in millions)\tTotal\tLevel 1\tLevel 2\tLevel 3\nAssets:\t\t\t\t\nCash and cash equivalents\t215.7\t215.7\t0\t0\nOther investments\t463.7\t0\t2.1\t461.6\nTotal financial instruments\t679.4\t215.7\t2.1\t461.6\nLiabilities:\t\t\t\t\nDebt\t722.1\t0\t722.1\t0\n", "q10k_tbl_20": "\tFixed Maturities\t\t\t\t\t\n(in millions)\tMunicipal\tCorporate\tCommercial mortgage- backed\tTotal\tEquity and Other\tTotal Assets\nThree Months Ended\t\t\t\t\t\t\nSeptember 30 2020\t\t\t\t\t\t\nBalance July 1 2020\t7.4\t0.5\t11.8\t19.7\t5.8\t25.5\nTotal gains:\t\t\t\t\t\t\nIncluded in total net realized and unrealized investment gains\t0\t0\t0\t0\t0.2\t0.2\nIncluded in other comprehensive income-net appreciation on available-for-sale securities\t0\t0\t0.3\t0.3\t0\t0.3\nSales\t(0.1)\t0\t(0.2)\t(0.3)\t0\t(0.3)\nBalance September 30 2020\t7.3\t0.5\t11.9\t19.7\t6.0\t25.7\nChange in unrealized gains for the period included in other comprehensive income for assets held at the end of the period\t0\t0\t0.3\t0.3\t0\t0.3\nThree Months Ended\t\t\t\t\t\t\nSeptember 30 2019\t\t\t\t\t\t\nBalance July 1 2019\t12.9\t0.7\t13.0\t26.6\t5.6\t32.2\nTotal gains:\t\t\t\t\t\t\nIncluded in other comprehensive income-net appreciation on available-for-sale securities\t0.1\t0\t0.2\t0.3\t0\t0.3\nSales\t(0.4)\t0\t(0.2)\t(0.6)\t0\t(0.6)\nBalance September 30 2019\t12.6\t0.7\t13.0\t26.3\t5.6\t31.9\n", "q10k_tbl_21": "\tFixed Maturities\t\t\t\t\t\n(in millions)\tMunicipal\tCorporate\tCommercial mortgage- backed\tTotal\tEquity and Other\tTotal Assets\nNine Months Ended\t\t\t\t\t\t\nSeptember 30 2020\t\t\t\t\t\t\nBalance January 1 2020\t12.1\t0.6\t12.7\t25.4\t5.6\t31.0\nTransfers out of Level 3\t(3.5)\t0\t0\t(3.5)\t0\t(3.5)\nTotal gains:\t\t\t\t\t\t\nIncluded in total net realized and unrealized investment gains\t0\t0\t0\t0\t0.4\t0.4\nIncluded in other comprehensive income-net appreciation on available-for-sale securities\t0.1\t0\t0.1\t0.2\t0\t0.2\nSales\t(1.4)\t(0.1)\t(0.9)\t(2.4)\t0\t(2.4)\nBalance September 30 2020\t7.3\t0.5\t11.9\t19.7\t6.0\t25.7\nChange in unrealized gains for the period included in other comprehensive income for assets held at the end of the period\t0.2\t0\t0.1\t0.3\t0\t0.3\nNine Months Ended\t\t\t\t\t\t\nSeptember 30 2019\t\t\t\t\t\t\nBalance January 1 2019\t21.1\t0.8\t13.1\t35.0\t4.6\t39.6\nTotal gains:\t\t\t\t\t\t\nIncluded in other comprehensive income-net appreciation on available-for-sale securities\t0.9\t0\t0.7\t1.6\t0\t1.6\nPurchases and sales:\t\t\t\t\t\t\nPurchases\t0\t0\t0\t0\t1.0\t1.0\nSales\t(9.4)\t(0.1)\t(0.8)\t(10.3)\t0\t(10.3)\nBalance September 30 2019\t12.6\t0.7\t13.0\t26.3\t5.6\t31.9\n", "q10k_tbl_22": "\t\t\tSeptember 30 2020\t\tDecember 31 2019\t\n\tValuation\tSignificant\tFair\tRange\tFair\tRange\n(in millions)\tTechnique\tUnobservable Inputs\tValue\t(Wtd Average)\tValue\t(Wtd Average)\nFixed maturities:\t\t\t\t\t\t\nMunicipal\tDiscounted cash flow\tDiscount for: Small issue size Credit stress Above-market coupon\t7.3\t0.7 - 6.8% (5.1%) 0.6% (0.6%) -\t12.1\t0.7 - 6.8% (4.3%) - 0.5% (0.5%)\nCorporate\tDiscounted cash flow\tDiscount for: Small issue size Credit stress Above-market coupon\t0.5\t2.5% (2.5%) 1.5% (1.5%) 0.3% (0.3%)\t0.6\t2.5% (2.5%) - 0.3% (0.3%)\nCommercial mortgage-backed\tDiscounted cash flow\tDiscount for: Small issue size Credit stress Above-market coupon Lease structure\t11.9\t1.9 - 3.1% (2.7%) 0.5 - 3.5% (1.2%) 0.5% (0.5%) 0.3% (0.3%)\t12.7\t1.9 - 3.1% (2.7%) - 0.5% (0.5%) 0.3% (0.3%)\nEquity securities\tMarket comparables\tNet tangible asset market multiples\t2.5\t1.0X (1.0X)\t2.1\t1.0X (1.0X)\nOther\tDiscounted cash flow\tDiscount rate\t3.5\t18.0% (18.0%)\t3.5\t18.0% (18.0%)\n", "q10k_tbl_23": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nSenior debentures maturing April 15 2026\t375.0\t375.0\nSenior debentures maturing September 1 2030\t300.0\t0\nSenior debentures maturing October 15 2025\t61.8\t62.6\nSubordinated debentures maturing March 30 2053\t0\t175.0\nSubordinated debentures maturing February 3 2027\t50.1\t50.1\nTotal principal debt\t786.9\t662.7\nUnamortized debt issuance costs\t(6.5)\t(9.3)\nTotal\t780.4\t653.4\n", "q10k_tbl_24": "\tThree Months Ended September 30\t\n\t2020\t2019\n(in millions)\tPension Plans\t\nInterest cost\t4.5\t5.3\nExpected return on plan assets\t(5.6)\t(5.8)\nRecognized net actuarial loss\t1.5\t2.8\nNet periodic pension cost\t0.4\t2.3\n\tNine Months Ended September 30\t\n\t2020\t2019\n(in millions)\tPension Plans\t\nInterest cost\t13.7\t15.9\nExpected return on plan assets\t(16.7)\t(17.5)\nRecognized net actuarial loss\t4.4\t8.5\nNet periodic pension cost\t1.4\t6.9\n", "q10k_tbl_25": "\tThree Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\t\tTax\t\t\tTax\t\n\t\tBenefit\tNet of\t\tBenefit\tNet of\n(in millions)\tPre-Tax\t(Expense)\tTax\tPre-Tax\t(Expense)\tTax\nChanges in net unrealized gains (losses) on investment securities:\t\t\t\t\t\t\nNet unrealized gains arising during period for those having no credit losses in Consolidated Statement of Income\t42.2\t(8.7)\t33.5\t58.3\t(12.3)\t46.0\nNet unrealized gains arising during period for those having credit losses in Consolidated Statement of Income\t3.0\t(0.9)\t2.1\t0.1\t0\t0.1\nAmount of gains realized from sales and other recognized in Consolidated Statement of Income\t(4.9)\t(1.4)\t(6.3)\t(0.6)\t(3.1)\t(3.7)\nAmount of credit losses (recoveries) recognized in the Consolidated Statement of Income\t(2.2)\t0.6\t(1.6)\t0.8\t(0.2)\t0.6\nAmount of additional impairment losses recognized in the Consolidated Statement of Income\t0.2\t(0.1)\t0.1\t0\t0\t0\nNet unrealized gains\t38.3\t(10.5)\t27.8\t58.6\t(15.6)\t43.0\nPension and postretirement benefits:\t\t\t\t\t\t\nAmortization of net actuarial losses recognized as net periodic benefit cost\t1.4\t(0.3)\t1.1\t2.8\t(0.5)\t2.3\nOther comprehensive income\t39.7\t(10.8)\t28.9\t61.4\t(16.1)\t45.3\n", "q10k_tbl_26": "\tNine Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\t\tTax\t\t\tTax\t\n\t\tBenefit\tNet of\t\tBenefit\tNet of\n(in millions)\tPre-Tax\t(Expense)\tTax\tPre-Tax\t(Expense)\tTax\nChanges in net unrealized gains (losses) on investment securities:\t\t\t\t\t\t\nNet unrealized gains arising during period for those having no credit losses in Consolidated Statement of Income\t251.6\t(52.8)\t198.8\t341.5\t(71.8)\t269.7\nNet unrealized gains (losses) arising during period for those having credit losses in Consolidated Statement of Income\t(4.9)\t0.9\t(4.0)\t2.1\t(0.4)\t1.7\nAmount of gains realized from sales and other recognized in Consolidated Statement of Income\t(8.9)\t(5.0)\t(13.9)\t(1.1)\t(10.2)\t(11.3)\nAmount of credit losses recognized in the Consolidated Statement of Income\t2.8\t(0.5)\t2.3\t1.2\t(0.3)\t0.9\nAmount of additional impairment losses recognized in the Consolidated Statement of Income\t16.6\t(3.5)\t13.1\t0\t0\t0\nNet unrealized gains\t257.2\t(60.9)\t196.3\t343.7\t(82.7)\t261.0\nPension and postretirement benefits:\t\t\t\t\t\t\nAmortization of net actuarial losses recognized as net periodic benefit cost\t4.4\t(0.9)\t3.5\t8.5\t(1.7)\t6.8\nCumulative foreign currency translation adjustment:\t\t\t\t\t\t\nForeign currency translation recognized during the period\t0\t0\t0\t0.9\t(0.2)\t0.7\nOther comprehensive income\t261.6\t(61.8)\t199.8\t353.1\t(84.6)\t268.5\n", "q10k_tbl_27": "\tThree Months Ended\t\tNine Months Ended\t\t\t\t\n\tSeptember 30\t\tSeptember 30\t\t\t\t\n(in millions)\t2020\t2019\t2020\t\t2019\t\t\n\tAmount Reclassified from\t\t\t\t\t\t\nDetails about Accumulated Other\tAccumulated Other\t\t\t\t\t\tAffected Line Item in the Statement\nComprehensive Income Components\tComprehensive Income\t\t\t\t\t\tWhere Net Income (Loss) is Presented\nNet unrealized gains on investment securities\t5.0\t0.6\t8.9\t\t1.1\t\tNet realized gains from sales and other\n\t1.7\t(0.8)\t\t(19.1)\t\t(1.2)\tImpairment (losses) recoveries on investments\n\t6.7\t(0.2)\t\t(10.2)\t\t(0.1)\tTotal before tax\n\t1.0\t3.3\t\t9.0\t\t10.5\tTax benefit\n\t7.7\t3.1\t\t(1.2)\t\t10.4\tContinuing operations; net of tax\n\t0.1\t0\t\t(0.3)\t\t0\tDiscontinued operations - life businesses\n\t7.8\t3.1\t\t(1.5)\t\t10.4\tNet of tax\nAmortization of defined benefit pension and postretirement actuarial losses\t(1.4)\t(2.8)\t\t(4.4)\t\t(8.5)\tLoss adjustment expenses and other operating expenses (1)\n\t0.3\t0.5\t\t0.9\t\t1.7\tTax benefit\n\t(1.1)\t(2.3)\t\t(3.5)\t\t(6.8)\tContinuing operations; net of tax\nTotal reclassifications for the period\t6.7\t0.8\t(5.0)\t\t3.6\t\tBenefit (expense) reflected in income net of tax\n", "q10k_tbl_28": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions)\t2020\t2019\t2020\t2019\nOperating revenues:\t\t\t\t\nCommercial Lines\t713.3\t710.3\t2136.9\t2114.2\nPersonal Lines\t493.3\t483.3\t1438.1\t1423.1\nOther\t5.5\t6.3\t15.5\t20.4\nTotal\t1212.1\t1199.9\t3590.5\t3557.7\nNet realized and unrealized investment gains (losses)\t37.7\t14.8\t(60.2)\t75.1\nTotal revenues\t1249.8\t1214.7\t3530.3\t3632.8\nOperating income (loss) before interest expense and income taxes:\t\t\t\t\nCommercial Lines:\t\t\t\t\nUnderwriting income\t18.7\t30.4\t50.4\t96.2\nNet investment income\t44.4\t44.1\t128.7\t132.8\nOther expense\t(0.8)\t(0.4)\t(6.9)\t(1.9)\nCommercial Lines operating income\t62.3\t74.1\t172.2\t227.1\nPersonal Lines:\t\t\t\t\nUnderwriting income\t43.0\t28.8\t104.5\t45.4\nNet investment income\t19.5\t19.6\t56.3\t59.0\nOther income\t1.7\t1.8\t0.9\t4.3\nPersonal Lines operating income\t64.2\t50.2\t161.7\t108.7\nOther:\t\t\t\t\nUnderwriting loss\t(0.3)\t(0.4)\t(4.0)\t(1.0)\nNet investment income\t3.7\t5.1\t9.9\t16.8\nOther expense\t(1.5)\t(2.7)\t(5.4)\t(8.5)\nOther operating income\t1.9\t2.0\t0.5\t7.3\nOperating income before interest expense and income taxes\t128.4\t126.3\t334.4\t343.1\nInterest on debt\t(9.8)\t(9.4)\t(28.6)\t(28.1)\nOperating income before income taxes\t118.6\t116.9\t305.8\t315.0\nNon-operating items:\t\t\t\t\nNet realized and unrealized investment gains (losses)\t37.7\t14.8\t(60.2)\t75.1\nLoss from repayment of debt\t(6.1)\t0\t(6.2)\t0\nOther non-operating\t(1.6)\t(1.4)\t(1.6)\t(1.4)\nIncome from continuing operations before income taxes\t148.6\t130.3\t237.8\t388.7\n", "q10k_tbl_29": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nProperty and Casualty Companies\t13284.3\t12387.7\nAssets of discontinued businesses\t109.5\t102.8\nTotal\t13393.8\t12490.5\n", "q10k_tbl_30": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nStock-based compensation expense\t4.9\t4.1\t14.4\t12.7\nTax benefit\t(1.0)\t(0.8)\t(3.0)\t(2.6)\nStock-based compensation expense net of taxes\t3.9\t3.3\t11.4\t10.1\n", "q10k_tbl_31": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n(in whole shares and dollars)\tShares\tWeighted Average Exercise Price\tShares\tWeighted Average Exercise Price\nOutstanding beginning of period\t1121559\t87.88\t1099076\t85.75\nGranted\t242598\t118.34\t232568\t95.05\nExercised\t(48877)\t76.68\t(172551)\t70.40\nForfeited or cancelled\t(27158)\t112.18\t(38729)\t107.34\nOutstanding end of period\t1288122\t93.53\t1120364\t89.30\n", "q10k_tbl_32": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n(in whole shares and dollars)\tShares\tWeighted Average Grant Date Fair Value\tShares\tWeighted Average Grant Date Fair Value\nTime-based restricted stock units:\t\t\t\t\nOutstanding beginning of period\t335166\t109.55\t332481\t97.28\nGranted\t142582\t117.72\t146715\t117.71\nVested\t(87963)\t92.61\t(107829)\t84.17\nForfeited\t(26024)\t116.00\t(33156)\t104.80\nOutstanding end of period\t363761\t116.38\t338211\t109.59\nPerformance-based and market-based restricted stock units:\t\t\t\t\nOutstanding beginning of period\t86252\t110.70\t69838\t95.58\nGranted\t54415\t105.10\t42119\t117.09\nVested\t(40601)\t80.92\t(14118)\t84.39\nForfeited\t(3023)\t124.78\t(2670)\t135.92\nOutstanding end of period\t97043\t119.59\t95169\t105.63\n", "q10k_tbl_33": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions except per share data)\t2020\t2019\t2020\t2019\nBasic shares used in the calculation of earnings per share\t37.7\t39.6\t38.0\t40.3\nDilutive effect of securities:\t\t\t\t\nEmployee stock options\t0.1\t0.3\t0.2\t0.3\nNon-vested stock grants\t0.2\t0.3\t0.2\t0.3\nDiluted shares used in the calculation of earnings per share\t38.0\t40.2\t38.4\t40.9\nPer share effect of dilutive securities on income from continuing operations\t(0.03)\t(0.04)\t(0.05)\t(0.11)\nPer share effect of dilutive securities on net income\t(0.02)\t(0.04)\t(0.06)\t(0.11)\n", "q10k_tbl_34": "\tNine Months Ended\t\n\tSeptember 30\t\n(in millions)\t2020\t2019\nGross loss and LAE reserves beginning of period\t5654.4\t5304.1\nReinsurance recoverable on unpaid losses\t1574.8\t1472.6\nNet loss and LAE reserves beginning of period\t4079.6\t3831.5\nNet incurred losses and LAE in respect of losses occurring in:\t\t\nCurrent year\t2176.0\t2142.9\nPrior years\t(26.1)\t(20.3)\nTotal incurred losses and LAE\t2149.9\t2122.6\nNet payments of losses and LAE in respect of losses occurring in:\t\t\nCurrent year\t863.5\t889.2\nPrior years\t1028.7\t1043.4\nTotal payments\t1892.2\t1932.6\nNet reserve for losses and LAE end of period\t4337.3\t4021.5\nReinsurance recoverable on unpaid losses\t1608.4\t1529.0\nGross reserve for losses and LAE end of period\t5945.7\t5550.5\n", "q10k_tbl_35": "Introduction\t28\nExecutive Overview\t28\nDescription of Operating Segments\t29\nResults of Operations - Consolidated\t29\nResults of Operations - Segments\t31\nInvestments\t38\nOther Items\t42\nIncome Taxes\t43\nCritical Accounting Estimates\t44\nStatutory Surplus of Insurance Subsidiaries\t45\nLiquidity and Capital Resources\t45\nOff - Balance Sheet Arrangements\t47\nContingencies and Regulatory Matters\t47\nRisks and Forward - Looking Statements\t47\n", "q10k_tbl_36": "\tThree Months Ended\t\tNine Months Ended\t\t\n\tSeptember 30\t\tSeptember 30\t\t\n(in millions)\t2020\t2019\t2020\t\t2019\nOperating income before interest expense and income taxes:\t\t\t\t\t\nCommercial Lines\t62.3\t74.1\t172.2\t\t227.1\nPersonal Lines\t64.2\t50.2\t\t161.7\t108.7\nOther\t1.9\t2.0\t\t0.5\t7.3\nOperating income before interest expense and income taxes\t128.4\t126.3\t\t334.4\t343.1\nInterest expense on debt\t(9.8)\t(9.4)\t\t(28.6)\t(28.1)\nOperating income before income taxes\t118.6\t116.9\t\t305.8\t315.0\nIncome tax expense on operating income\t(25.1)\t(23.9)\t\t(62.8)\t(63.6)\nOperating income\t93.5\t93.0\t\t243.0\t251.4\nNon-operating items:\t\t\t\t\t\nNet realized and unrealized investment gains (losses)\t37.7\t14.8\t\t(60.2)\t75.1\nNet loss from repayment of debt\t(6.1)\t0\t\t(6.2)\t0\nEffect of new tax regulations on Chaucer gain on sale\t0\t4.4\t\t0\t(1.2)\nOther non-operating\t(1.6)\t(1.4)\t\t(1.6)\t(1.4)\nIncome tax benefit (expense) on non-operating items\t(4.0)\t0.4\t\t21.1\t(5.1)\nIncome from continuing operations net of taxes\t119.5\t111.2\t\t196.1\t318.8\nDiscontinued operations (net of taxes):\t\t\t\t\t\nSale of Chaucer business\t0\t6.4\t\t0\t(2.6)\nIncome from Chaucer business\t0\t2.1\t\t0\t1.6\nLoss from discontinued life businesses\t(0.6)\t(0.8)\t\t(2.0)\t(2.5)\nNet income\t118.9\t118.9\t194.1\t\t315.3\n", "q10k_tbl_37": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions)\t2020\t2019\t2020\t2019\nOperating revenues\t\t\t\t\nNet premiums written\t1268.5\t1242.9\t3486.4\t3478.7\nNet premiums earned\t1135.4\t1124.1\t3373.4\t3330.2\nNet investment income\t67.6\t68.8\t194.9\t208.6\nOther income\t9.1\t7.0\t22.2\t18.9\nTotal operating revenues\t1212.1\t1199.9\t3590.5\t3557.7\nLosses and operating expenses\t\t\t\t\nLosses and LAE\t709.0\t705.3\t2149.2\t2122.6\nAmortization of deferred acquisition costs\t237.7\t232.8\t711.9\t692.8\nOther operating expenses\t137.0\t135.5\t395.0\t399.2\nTotal losses and operating expenses\t1083.7\t1073.6\t3256.1\t3214.6\nOperating income before interest expense and income taxes\t128.4\t126.3\t334.4\t343.1\n", "q10k_tbl_38": "\tThree Months Ended September 30 2020\t\t\t\t\t\t\n(dollars in millions)\tGross Premiums Written\tNet Premiums Written\tNet Premiums Earned\tCatastrophe Loss Ratios\tLoss & LAE Ratios\tExpense Ratios\tCombined Ratios\nCommercial Lines\t884.7\t760.5\t665.1\t5.1\t62.4\t34.5\t96.9\nPersonal Lines\t521.4\t508.0\t470.3\t6.9\t62.5\t27.9\t90.4\nTotal\t1406.1\t1268.5\t1135.4\t5.8\t62.4\t31.8\t94.2\n\tThree Months Ended September 30 2019\t\t\t\t\t\t\n(dollars in millions)\tGross Premiums Written\tNet Premiums Written\tNet Premiums Earned\tCatastrophe Loss Ratios\tLoss & LAE Ratios\tExpense Ratios\tCombined Ratios\nCommercial Lines\t858.2\t746.4\t663.5\t3.3\t60.5\t34.7\t95.2\nPersonal Lines\t527.6\t496.5\t460.6\t2.9\t65.9\t27.4\t93.3\nTotal\t1385.8\t1242.9\t1124.1\t3.1\t62.7\t31.7\t94.4\n", "q10k_tbl_39": "\tThree Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n(dollars in millions)\tNet Premiums Written\tLoss & LAE Ratios\tCatastrophe Loss Ratios\tNet Premiums Written\tLoss & LAE Ratios\tCatastrophe Loss Ratios\nCommercial Lines:\t\t\t\t\t\t\nCommercial multiple peril\t273.4\t68.5\t6.6\t265.2\t63.7\t7.4\nCommercial automobile\t88.8\t67.5\t0.7\t92.4\t69.2\t0.4\nWorkers' compensation\t79.0\t48.4\t0\t82.7\t54.9\t0\nOther commercial\t319.3\t59.7\t6.5\t306.1\t56.9\t1.9\nTotal Commercial Lines\t760.5\t62.4\t5.1\t746.4\t60.5\t3.3\nPersonal Lines:\t\t\t\t\t\t\nPersonal automobile\t311.6\t61.2\t1.1\t308.2\t71.9\t0.5\nHomeowners\t179.7\t67.8\t18.0\t174.3\t56.5\t7.1\nOther personal\t16.7\t29.1\t1.4\t14.0\t42.0\t5.0\nTotal Personal Lines\t508.0\t62.5\t6.9\t496.5\t65.9\t2.9\n", "q10k_tbl_40": "\tThree Months Ended September 30\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\n(in millions)\tCommercial Lines\tPersonal Lines\tOther\tTotal\tCommercial Lines\tPersonal Lines\tOther\tTotal\nUnderwriting profit (loss) excluding prior year reserve development and catastrophes\t48.4\t76.3\t0\t124.7\t46.8\t47.6\t(0.1)\t94.3\nPrior year favorable (unfavorable) loss and LAE reserve development on non-catastrophe losses\t3.9\t(1.0)\t(0.3)\t2.6\t5.6\t(5.6)\t(0.3)\t(0.3)\nPrior year favorable (unfavorable) catastrophe development\t8.9\t0.7\t0\t9.6\t(0.7)\t0.7\t0\t0\nCurrent year catastrophe losses\t(42.5)\t(33.0)\t0\t(75.5)\t(21.3)\t(13.9)\t0\t(35.2)\nUnderwriting profit (loss)\t18.7\t43.0\t(0.3)\t61.4\t30.4\t28.8\t(0.4)\t58.8\nNet investment income\t44.4\t19.5\t3.7\t67.6\t44.1\t19.6\t5.1\t68.8\nFees and other income\t3.8\t3.5\t1.8\t9.1\t2.7\t3.1\t1.2\t7.0\nOther operating expenses\t(4.6)\t(1.8)\t(3.3)\t(9.7)\t(3.1)\t(1.3)\t(3.9)\t(8.3)\nOperating income before interest expense and income taxes\t62.3\t64.2\t1.9\t128.4\t74.1\t50.2\t2.0\t126.3\n", "q10k_tbl_41": "\tNine Months Ended September 30 2020\t\t\t\t\t\t\n(dollars in millions)\tGross Premiums Written\tNet Premiums Written\tNet Premiums Earned\tCatastrophe Loss Ratios\tLoss & LAE Ratios\tExpense Ratios\tCombined Ratios\nCommercial Lines\t2441.6\t2083.0\t1999.6\t6.1\t62.9\t34.3\t97.2\nPersonal Lines\t1477.4\t1403.4\t1373.8\t9.4\t64.6\t27.4\t92.0\nTotal\t3919.0\t3486.4\t3373.4\t7.5\t63.7\t31.5\t95.2\n\tNine Months Ended September 30 2019\t\t\t\t\t\t\n(dollars in millions)\tGross Premiums Written\tNet Premiums Written\tNet Premiums Earned\tCatastrophe Loss Ratios\tLoss & LAE Ratios\tExpense Ratios\tCombined Ratios\nCommercial Lines\t2387.2\t2068.5\t1974.7\t2.8\t60.3\t34.7\t95.0\nPersonal Lines\t1496.4\t1410.2\t1355.5\t5.8\t68.7\t27.4\t96.1\nTotal\t3883.6\t3478.7\t3330.2\t4.0\t63.7\t31.7\t95.4\n", "q10k_tbl_42": "\tNine Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n(dollars in millions)\tNet Premiums Written\tLoss & LAE Ratios\tCatastrophe Loss Ratios\tNet Premiums Written\tLoss & LAE Ratios\tCatastrophe Loss Ratios\nCommercial Lines:\t\t\t\t\t\t\nCommercial multiple peril\t712.6\t72.1\t12.0\t699.5\t61.6\t6.3\nCommercial automobile\t256.4\t68.3\t0.6\t256.1\t71.5\t0.5\nWorkers' compensation\t241.1\t50.1\t0\t254.7\t54.1\t0\nOther commercial\t872.9\t57.4\t4.7\t858.2\t57.5\t1.5\nTotal Commercial Lines\t2083.0\t62.9\t6.1\t2068.5\t60.3\t2.8\nPersonal Lines:\t\t\t\t\t\t\nPersonal automobile\t867.8\t60.9\t1.2\t895.3\t71.9\t0.5\nHomeowners\t491.0\t74.1\t24.6\t477.0\t64.7\t15.8\nOther personal\t44.6\t29.4\t2.7\t37.9\t43.4\t3.5\nTotal Personal Lines\t1403.4\t64.6\t9.4\t1410.2\t68.7\t5.8\n", "q10k_tbl_43": "\tNine Months Ended September 30\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\n(in millions)\tCommercial Lines\tPersonal Lines\tOther\tTotal\tCommercial Lines\tPersonal Lines\tOther\tTotal\nUnderwriting profit (loss) excluding prior year reserve development and catastrophes\t159.9\t233.2\t(0.1)\t393.0\t134.5\t140.6\t(0.1)\t275.0\nPrior year favorable (unfavorable) loss and LAE reserve development on non-catastrophe losses\t12.7\t0.7\t(3.9)\t9.5\t17.1\t(16.4)\t(0.9)\t(0.2)\nPrior year favorable (unfavorable) catastrophe development\t18.2\t(1.6)\t0\t16.6\t18.1\t2.4\t0\t20.5\nCurrent year catastrophe losses\t(140.4)\t(127.8)\t0\t(268.2)\t(73.5)\t(81.2)\t0\t(154.7)\nUnderwriting profit (loss)\t50.4\t104.5\t(4.0)\t150.9\t96.2\t45.4\t(1.0)\t140.6\nNet investment income\t128.7\t56.3\t9.9\t194.9\t132.8\t59.0\t16.8\t208.6\nFees and other income\t8.6\t8.0\t5.6\t22.2\t6.7\t8.6\t3.6\t18.9\nOther operating expenses\t(15.5)\t(7.1)\t(11.0)\t(33.6)\t(8.6)\t(4.3)\t(12.1)\t(25.0)\nOperating income before interest expense and income taxes\t172.2\t161.7\t0.5\t334.4\t227.1\t108.7\t7.3\t343.1\n", "q10k_tbl_44": "\tNine Months Ended\t\n\tSeptember 30\t\n(in millions)\t2020\t2019\nGross loss and LAE reserves beginning of period\t5654.4\t5304.1\nReinsurance recoverable on unpaid losses\t1574.8\t1472.6\nNet loss and LAE reserves beginning of period\t4079.6\t3831.5\nNet incurred losses and LAE in respect of losses occurring in:\t\t\nCurrent year (1)\t2176.0\t2142.9\nPrior year non-catastrophe loss development\t(9.5)\t0.2\nPrior year catastrophe development\t(16.6)\t(20.5)\nTotal incurred losses and LAE\t2149.9\t2122.6\nNet payments of losses and LAE in respect of losses occurring in:\t\t\nCurrent year\t863.5\t889.2\nPrior years\t1028.7\t1043.4\nTotal payments\t1892.2\t1932.6\nNet reserve for losses and LAE end of period\t4337.3\t4021.5\nReinsurance recoverable on unpaid losses\t1608.4\t1529.0\nGross reserve for losses and LAE end of period\t5945.7\t5550.5\n", "q10k_tbl_45": "\tSeptember 30\tDecember 31\n(in millions)\t2020\t2019\nCommercial multiple peril\t1220.3\t1122.0\nWorkers' compensation\t696.1\t698.2\nCommercial automobile\t443.2\t427.0\nOther commercial lines:\t\t\nHanover Programs\t544.1\t512.9\nManagement and professional liability\t325.6\t281.5\nMonoline general liability\t275.9\t265.5\nUmbrella\t207.6\t197.9\nMarine\t96.8\t95.9\nSurety\t91.0\t76.9\nSpecialty industrial and commercial property\t83.9\t71.1\nOther lines\t33.1\t28.4\nTotal other commercial lines\t1658.0\t1530.1\nTotal Commercial Lines\t4017.6\t3777.3\nPersonal automobile\t1644.4\t1645.1\nHomeowners and other personal\t243.2\t194.3\nTotal Personal Lines\t1887.6\t1839.4\nTotal Other Segment\t40.5\t37.7\nTotal loss and LAE reserves\t5945.7\t5654.4\n", "q10k_tbl_46": "\tNine Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n(in millions)\tLoss & LAE\tCatastrophe\tTotal\tLoss & LAE\tCatastrophe\tTotal\nCommercial Lines\t(12.7)\t(18.2)\t(30.9)\t(17.1)\t(18.1)\t(35.2)\nPersonal Lines\t(0.7)\t1.6\t0.9\t16.4\t(2.4)\t14.0\nOther Segment\t3.9\t0\t3.9\t0.9\t0\t0.9\nTotal prior year (favorable) unfavorable development\t(9.5)\t(16.6)\t(26.1)\t0.2\t(20.5)\t(20.3)\n", "q10k_tbl_47": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(dollars in millions)\t2020\t2019\t2020\t2019\nFixed maturities\t55.3\t58.1\t167.7\t173.9\nMortgage loans\t4.5\t4.1\t13.1\t12.0\nEquity securities\t3.4\t4.0\t10.8\t11.6\nLimited partnerships\t6.0\t3.8\t8.0\t13.1\nOther investments\t0.7\t1.0\t2.4\t4.2\nInvestment expenses\t(2.3)\t(2.2)\t(7.1)\t(6.2)\nNet investment income\t67.6\t68.8\t194.9\t208.6\nEarned yield fixed maturities\t3.26%\t3.55%\t3.38%\t3.57%\nEarned yield total portfolio\t3.37%\t3.57%\t3.32%\t3.62%\n", "q10k_tbl_48": "\tSeptember 30 2020\t\tDecember 31 2019\t\n(dollars in millions)\tCarrying Value\t% of Total Carrying Value\tCarrying Value\t% of Total Carrying Value\nFixed maturities at fair value\t7473.0\t83.4%\t6687.1\t81.4%\nEquity securities at fair value\t490.5\t5.5\t575.7\t7.0\nMortgage and other loans\t457.2\t5.1\t441.2\t5.4\nOther investments\t306.7\t3.4\t292.0\t3.6\nCash and cash equivalents\t231.5\t2.6\t215.7\t2.6\nTotal cash and investments\t8958.9\t100.0%\t8211.7\t100.0%\n", "q10k_tbl_49": "\tSeptember 30 2020\t\t\t\n(in millions) Investment Type\tAmortized Cost net of Allowance for Credit Losses\tFair Value\tNet Unrealized Gains\tChange in Net Unrealized For the Year\nU.S. Treasury and government agencies\t353.9\t373.6\t19.7\t11.9\nForeign government\t4.2\t4.7\t0.5\t0.1\nMunicipals:\t\t\t\t\nTaxable\t993.5\t1050.9\t57.4\t32.2\nTax-exempt\t39.8\t41.4\t1.6\t0.4\nCorporate\t3807.1\t4121.7\t314.6\t156.9\nAsset-backed:\t\t\t\t\nResidential mortgage-backed\t1017.8\t1056.0\t38.2\t22.2\nCommercial mortgage-backed\t695.6\t749.1\t53.5\t28.0\nAsset-backed\t72.8\t75.6\t2.8\t1.7\nTotal fixed maturities\t6984.7\t7473.0\t488.3\t253.4\n", "q10k_tbl_50": "\t\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(dollars in millions) NAIC Designation\tRating Agency Equivalent Designation\tAmortized Cost net of Allowance for Credit Losses\tFair Value\t% of Total Fair Value\tAmortized Cost\tFair Value\t% of Total Fair Value\n1\tAaa/Aa/A\t4656.1\t4966.1\t66.4%\t4373.0\t4522.7\t67.6%\n2\tBaa\t2043.7\t2209.1\t29.6\t1785.2\t1857.6\t27.8\n3\tBa\t157.0\t163.3\t2.2\t160.2\t167.6\t2.6\n4\tB\t120.4\t125.9\t1.7\t130.2\t135.2\t2.0\n5\tCaa and lower\t7.1\t7.1\t0.1\t2.0\t2.2\t0\n6\tIn or near default\t0.4\t1.5\t0\t1.6\t1.8\t0\nTotal fixed maturities\t\t6984.7\t7473.0\t100.0%\t6452.2\t6687.1\t100.0%\n", "q10k_tbl_51": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(dollars in millions) Duration\tAmortized Cost net of Allowance for Credit Losses\tFair Value\t% of Total Fair Value\tAmortized Cost\tFair Value\t% of Total Fair Value\n0-2 years\t1595.8\t1650.2\t22.1%\t1253.1\t1276.0\t19.1%\n2-4 years\t1624.9\t1733.8\t23.2\t1811.9\t1872.9\t28.0\n4-6 years\t1701.5\t1867.6\t25.0\t1841.2\t1917.0\t28.7\n6-8 years\t1060.7\t1174.2\t15.7\t1113.9\t1177.2\t17.6\n8-10 years\t743.7\t773.4\t10.3\t316.2\t322.2\t4.8\n10+ years\t258.1\t273.8\t3.7\t115.9\t121.8\t1.8\nTotal fixed maturities\t6984.7\t7473.0\t100.0%\t6452.2\t6687.1\t100.0%\nWeighted average duration\t\t4.7\t\t\t4.3\t\n", "q10k_tbl_52": "\tSeptember 30\tDecember 31\n(in millions)\t2020\t2019\nDue after one year through five years\t0.4\t1.1\nDue after five years through ten years\t0.8\t3.3\nDue after ten years\t0.9\t2.0\n\t2.1\t6.4\nMortgage-backed and asset-backed securities\t0.4\t1.2\nTotal fixed maturities\t2.5\t7.6\n", "q10k_tbl_53": "\tThree Months Ended September 30\t\t\t\t\n(in millions)\tCommercial Lines\tPersonal Lines\tOther\tDiscontinued Operations\tTotal\n2020\t\t\t\t\t\nNet realized and unrealized investment gains\t25.3\t12.2\t0.2\t0\t37.7\nLoss from repayment of debt\t0\t0\t(6.1)\t0\t(6.1)\nDiscontinued life businesses\t0\t0\t0\t(0.6)\t(0.6)\n2019\t\t\t\t\t\nNet realized and unrealized investment gains\t10.1\t4.5\t0.2\t0\t14.8\nDiscontinued operations - Chaucer business including sale net of taxes\t0\t0\t0\t8.5\t8.5\nDiscontinued life businesses\t0\t0\t0\t(0.8)\t(0.8)\n", "q10k_tbl_54": "\tNine Months Ended September 30\t\t\t\t\n(in millions)\tCommercial Lines\tPersonal Lines\tOther\tDiscontinued Operations\tTotal\n2020\t\t\t\t\t\nNet realized and unrealized investment losses\t(40.1)\t(15.9)\t(4.2)\t0\t(60.2)\nLoss from repayment of debt\t0\t0\t(6.2)\t0\t(6.2)\nDiscontinued life businesses\t0\t0\t0\t(2.0)\t(2.0)\n2019\t\t\t\t\t\nNet realized and unrealized investment gains (losses)\t52.3\t23.3\t(0.5)\t0\t75.1\nDiscontinued operations - Chaucer business including sale net of taxes\t0\t0\t0\t(1.0)\t(1.0)\nDiscontinued life businesses\t0\t0\t0\t(2.5)\t(2.5)\n", "q10k_tbl_55": "\tSeptember 30\tDecember 31\n(in millions)\t2020\t2019\nTotal Statutory Capital and Surplus\t2422.3\t2470.2\n", "q10k_tbl_56": "\t\t\tTotal Number of\tApproximate Dollar Value of\n\t\t\tShares Purchased as\tShares That May Yet\n\t\t\tPart of Publicly\tbe Purchased Under the\n\tTotal Number of\tAverage Price\tAnnounced Plans or\tPlans or Programs\nPeriod\tShares Purchased (1)\tPaid per Share\tPrograms\t(in millions)\nJuly 1 - 31 2020\t154917\t97.12\t154469\t272\nAugust 1 - 31 2020\t72241\t103.66\t72033\t265\nSeptember 1 - 30 2020\t237019\t95.18\t236800\t242\nTotal\t464177\t97.15\t463302\t242\n", "q10k_tbl_57": "EX - 4.1\tSecond Supplemental Indenture dated as of August 24 2020 between The Hanover Insurance Group Inc. and U.S. Bank National Association as trustee supplementing the Base Indenture dated as of April 8 2016 incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed with the SEC on August 24 2020.\nEX - 4.2\tForm of Security Certificate representing The Hanover Insurance Group Inc.'s $300 million aggregate principal amount of 2.500% Notes due 2030 (included in Exhibit 4.2 and incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed with the SEC on August 24 2020).\nEX - + 10.1\tThe Hanover Insurance Group Inc. Second Amended and Restated 2014 Employee Stock Purchase Plan.\nEX - 31.1\tCertification of the Chief Executive Officer pursuant to 15 U.S.C. 78m 78o(d) as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.\nEX - 31.2\tCertification of the Chief Financial Officer pursuant to 15 U.S.C. 78m 78o(d) as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.\nEX - 32.1\tCertification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.\nEX - 32.2\tCertification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.\nEX - 101\tThe following materials from The Hanover Insurance Group Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30 2020 formatted in Inline eXtensible Business Reporting Language (\"iXBRL\"): (i) Consolidated Statements of Income for the three and nine months ended September 30 2020 and 2019; (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 2020 and 2019; (iii) Consolidated Balance Sheets at September 30 2020 and December 31 2019; (iv) Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30 2020 and 2019; (v) Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019 and (vi) related notes to these financial statements.\nEX - 104\tThe cover page from The Hanover Insurance Group Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30 2020 formatted in iXBRL (embedded within EX - 101).\n+\tManagement contract or compensatory plan or arrangement\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_37", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-13754
THE HANOVER INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
04-3263626
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
440 Lincoln Street, Worcester, Massachusetts01653
(Address of principal executive offices) (Zip Code)
(508) 855-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of each exchange on which registered
Common Stock, $.01 par value
THG
New York Stock Exchange
7 5/8% Senior Debentures due 2025
THG
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s common stock was 37,252,437 as of October 26, 2020.