ARGO GROUP INTERNATIONAL HOLDINGS, LTD., 10-Q filed on 8/9/2022
Quarterly Report
v3.22.2
Cover - shares
 6 Months Ended
Jun. 30, 2022
Aug. 05, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
Document Transition Report false  
Entity File Number 1-15259  
Entity Registrant Name ARGO GROUP INTERNATIONAL HOLDINGS, LTD.  
Entity Incorporation, State or Country Code D0  
Entity Tax Identification Number 98-0214719  
Entity Address, Address Line One 90 Pitts Bay Road  
Entity Address, City or Town Pembroke  
Entity Address, Postal Zip Code HM08  
Entity Address, Country BM  
City Area Code 441  
Local Phone Number 296-5858  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   35,020,237
Entity Central Index Key 0001091748  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Shares    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, Par Value of $1.00 Per Share  
Trading Symbol ARGO  
Security Exchange Name NYSE  
Guarantee of Argo Group U.S., Inc. 6.500% Senior Notes due 2042    
Document Information [Line Items]    
Title of 12(b) Security 6.500% Senior Notes Due 2042 issued by Argo Group U.S., Inc. and The Guarantee With Respects Thereto  
Trading Symbol ARGD  
Security Exchange Name NYSE  
Depositary Shares    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares, Each Representing a 1/1000th Interest in 7.00% Resettable Fixed Rate Preference Share, Series A, Par Value $1.00 Per Share  
Trading Symbol ARGOPrA  
Security Exchange Name NYSE  
v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Investments:    
Fixed maturities available-for-sale, at fair value (amortized cost: 2022 - $4,156.5, 2021 - $4,203.2; allowance for expected credit losses: 2022 - $2.0, 2021 - $2.5) $ 3,849.0 $ 4,223.3
Commercial mortgage loans (cost: 2022 - $157.5) 157.5 0.0
Equity securities, at fair value (cost: 2022 - $58.4; 2021 - $70.3) 48.1 56.3
Other investments (cost: 2022 - $394.0; 2021 - $387.0) 394.1 387.2
Short-term investments, at fair value (amortized cost: 2022 - $464.5; 2021 - $655.4) 465.0 655.8
Total investments 4,913.7 5,322.6
Cash 165.1 146.1
Accrued investment income 22.2 20.9
Premiums receivable 674.8 648.6
Reinsurance recoverables 2,887.3 2,966.4
Goodwill 147.3 147.3
Intangible assets, net of accumulated amortization 17.3 17.3
Current income taxes receivable, net 0.0 7.3
Deferred tax asset, net 126.4 73.6
Deferred acquisition costs, net 174.3 168.0
Ceded unearned premiums 480.5 506.7
Operating lease right-of-use assets 58.8 81.4
Other assets 208.4 211.6
Total assets 9,876.1 10,317.8
Liabilities and Shareholders' Equity    
Reserves for losses and loss adjustment expenses 5,595.5 5,595.0
Unearned premiums 1,384.4 1,466.8
Accrued underwriting expenses and other liabilities 152.4 166.6
Ceded reinsurance payable, net 525.0 724.4
Funds held 233.1 76.6
Senior unsecured fixed rate notes 140.4 140.3
Other indebtedness 54.4 57.0
Junior subordinated debentures 258.4 258.2
Current income taxes payable, net 4.8 0.0
Operating lease liabilities 67.0 97.7
Total liabilities 8,415.4 8,582.6
Commitments and contingencies (Note 14)
Shareholders' equity:    
Preferred shares and additional paid-in capital - $1.00 par, 30,000,000 shares authorized; 6,000 shares issued at June 30, 2022 and December 31, 2021, respectively; liquidation preference $25,000 144.0 144.0
Common shares - $1.00 par, 500,000,000 shares authorized; 46,291,590 and 46,192,867 shares issued at June 30, 2022 and December 31, 2021, respectively 46.3 46.2
Additional paid-in capital 1,388.9 1,386.4
Treasury shares (11,315,889 shares at June 30, 2022 and December 31, 2021, respectively) (455.1) (455.1)
Retained earnings 592.6 636.4
Accumulated other comprehensive income (loss), net of taxes (256.0) (22.7)
Total shareholders' equity 1,460.7 1,735.2
Total liabilities and shareholders' equity $ 9,876.1 $ 10,317.8
v3.22.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Fixed maturities available-for-sale, at cost $ 4,156.5 $ 4,203.2
Allowance for expected credit losses 2.0 2.5
Commercial mortgage loans, cost 157.5  
Equity securities, cost 58.4 70.3
Other investments, cost 394.0 387.0
Short-term investments, cost $ 464.5 $ 655.4
Preferred shares, par value (in dollars per share) $ 1.00 $ 1.00
Preferred shares, shares authorized (in shares) 30,000,000 30,000,000
Preferred shares, shares issued (in shares) 6,000 6,000
Liquidation preference (in dollars per share) $ 25,000 $ 25,000
Common shares, par value (in dollars per share) $ 1.00 $ 1.00
Common shares, shares authorized (in shares) 500,000,000 500,000,000
Common shares, shares issued (in shares) 46,291,590 46,192,867
Treasury shares (in shares) 11,315,889 11,315,889
v3.22.2
Condensed Consolidated Statements of Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Premiums and other revenue:        
Earned premiums $ 454.3 $ 470.3 $ 934.9 $ 936.4
Net investment income 29.3 52.7 67.0 97.1
Net investment and other gains (losses):        
Net realized investment and other gains (losses) (36.9) 4.0 (77.0) 2.7
Change in fair value recognized (3.0) 20.3 3.7 35.8
Change in allowance for credit losses on fixed maturity securities (0.5) 0.4 (1.6) (0.7)
Total net investment and other gains (losses) (40.4) 24.7 (74.9) 37.8
Total revenue 443.2 547.7 927.0 1,071.3
Expenses:        
Losses and loss adjustment expenses 276.0 271.6 559.6 579.2
Underwriting, acquisition and insurance expenses 161.0 177.3 333.9 353.7
Non-operating expenses 15.6 10.8 23.0 12.7
Interest expense 6.1 5.7 11.9 10.8
Fee and other (income) expense, net (1.1) (0.8) (1.9) (0.7)
Foreign currency exchange (gains) losses (10.3) 4.4 (7.4) 5.7
Total expenses 447.3 469.0 919.1 961.4
Income before income taxes (4.1) 78.7 7.9 109.9
Income tax provision 12.1 8.9 25.1 10.3
Net income (loss) (16.2) 69.8 (17.2) 99.6
Dividends on preferred shares 2.7 2.7 5.3 5.3
Net Loss attributable to common shareholders, diluted (18.9) 67.1 (22.5) 94.3
Net Loss attributable to common shareholders, basic $ (18.9) $ 67.1 $ (22.5) $ 94.3
Net income (loss) attributable to common shareholders per common share:        
Basic (in dollars per share) $ (0.54) $ 1.93 $ (0.64) $ 2.72
Diluted (in dollars per share) (0.54) 1.92 (0.64) 2.70
Cash dividend declared - common shares (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
Weighted average common shares:        
Basic (in shares) 34,964,773 34,820,649 34,928,555 34,766,948
Diluted (in shares) 34,964,773 35,012,780 34,928,555 34,983,804
v3.22.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (16.2) $ 69.8 $ (17.2) $ 99.6
Foreign currency translation:        
Foreign currency translation adjustments (4.5) 3.4 (0.4) 2.5
Reclassification adjustment for foreign currency translation included in net income 4.5 0.0 31.8 0.0
Defined benefit pension plans:        
Net gain arising during the year 0.0 1.9 0.0 1.9
Unrealized losses on fixed maturity securities:        
(Losses) gains arising during the year (150.4) 33.3 (322.4) (28.8)
Reclassification adjustment for losses (gains) included in net income 0.0 (15.2) (5.4) (19.2)
Other comprehensive (loss) income before tax (150.4) 23.4 (296.4) (43.6)
Defined benefit pension plans:        
Net gain arising during the year 0.0 0.4 0.0 0.4
Unrealized gains (losses) on fixed maturity securities:        
(Losses) gains arising during the year (29.3) 5.5 (62.1) (6.3)
Reclassification adjustment for (gains) included in net income 0.0 (1.5) (1.0) (2.3)
Income tax (benefit) provision related to other comprehensive income (loss) (29.3) 4.4 (63.1) (8.2)
Other comprehensive (loss) income, net of tax (121.1) 19.0 (233.3) (35.4)
Comprehensive (loss) income $ (137.3) $ 88.8 $ (250.5) $ 64.2
v3.22.2
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Preferred Shares and Additional Paid-in Capital
Common Shares
Additional Paid-In Capital
Treasury Shares
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2020 $ 1,857.8 $ 144.0 $ 46.0 $ 1,380.2 $ (455.1) $ 684.1 $ 58.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 99.6         99.6  
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes (39.4)           (39.4)
Other comprehensive loss, net - Other 4.0           4.0
Activity under stock incentive plans 4.5   0.2 4.3      
Retirement of common shares (tax payments on equity compensation) (2.4)     (2.4)      
Employee stock purchase plan 1.0     1.0      
Dividends on preferred shares (5.3)         (5.3)  
Cash dividend declared - common shares (21.9)         (21.9)  
Ending Balance at Jun. 30, 2021 1,897.9 144.0 46.2 1,383.1 (455.1) 756.5 23.2
Beginning Balance at Mar. 31, 2021 1,821.0 144.0 46.1 1,381.3 (455.1) 700.5 4.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 69.8         69.8  
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes 14.1           14.1
Other comprehensive loss, net - Other 4.9           4.9
Activity under stock incentive plans 2.3   0.1 2.2      
Retirement of common shares (tax payments on equity compensation) (1.0)     (1.0)      
Employee stock purchase plan 0.6     0.6      
Dividends on preferred shares (2.7)         (2.7)  
Cash dividend declared - common shares (11.1)         (11.1)  
Ending Balance at Jun. 30, 2021 1,897.9 144.0 46.2 1,383.1 (455.1) 756.5 23.2
Beginning Balance at Dec. 31, 2021 1,735.2 144.0 46.2 1,386.4 (455.1) 636.4 (22.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (17.2)         (17.2)  
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes (264.7)           (264.7)
Other comprehensive loss, net - Other 31.4           31.4
Activity under stock incentive plans 3.0   0.1 2.9      
Retirement of common shares (tax payments on equity compensation) (1.3)     (1.3)      
Employee stock purchase plan 0.9     0.9      
Dividends on preferred shares (5.3)         (5.3)  
Cash dividend declared - common shares (21.3)         (21.3)  
Ending Balance at Jun. 30, 2022 1,460.7 144.0 46.3 1,388.9 (455.1) 592.6 (256.0)
Beginning Balance at Mar. 31, 2022 1,610.8 144.0 46.3 1,388.5 (455.1) 622.0 (134.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (16.2)         (16.2)  
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes (121.1)           (121.1)
Other comprehensive loss, net - Other 0.0            
Activity under stock incentive plans 0.2     0.2      
Retirement of common shares (tax payments on equity compensation) (0.3)     (0.3)      
Employee stock purchase plan 0.5     0.5      
Dividends on preferred shares (2.7)         (2.7)  
Cash dividend declared - common shares (10.5)         (10.5)  
Ending Balance at Jun. 30, 2022 $ 1,460.7 $ 144.0 $ 46.3 $ 1,388.9 $ (455.1) $ 592.6 $ (256.0)
v3.22.2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
May 05, 2022
May 06, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]            
Cash dividend declared - common shares (in dollars per share) $ 0.31 $ 0.31 $ 0.31 $ 0.31 $ 0.62 $ 0.62
v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows provided by (used in) operating activities:    
Net income (loss) $ (17.2) $ 99.6
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Amortization and depreciation 11.0 14.8
Share-based payments expense 2.6 4.5
Deferred income tax benefit, net 8.8 (6.8)
Net investment and other (gains) losses 74.9 (37.8)
Undistributed earnings from alternative investment portfolio (17.7) (50.6)
Loss on disposals of long-lived assets, net (0.6) 1.7
Foreign currency exchange (gains) losses (7.4) 5.7
Change in:    
Accrued investment income (1.3) 1.1
Receivables (160.5) 151.3
Deferred acquisition costs (8.1) (4.4)
Ceded unearned premiums 10.7 (15.0)
Reserves for losses and loss adjustment expenses 195.5 (170.9)
Unearned premiums (23.5) 6.6
Ceded reinsurance payable and funds held (30.8) (22.5)
Income taxes 8.6 8.5
Accrued underwriting expenses and other liabilities 18.2 23.8
Other, net (31.3) (22.1)
Cash provided by (used in) operating activities 31.9 (12.5)
Cash flows provided by (used in) investing activities:    
Sales of fixed maturity investments 576.4 616.4
Maturities and mandatory calls of fixed maturity investments 256.0 394.8
Sales of equity securities 12.9 33.5
Sales of other investments 32.4 62.3
Purchases of fixed maturity investments (864.4) (983.3)
Purchases of equity securities (1.0) (1.8)
Purchases of other investments (23.5) (31.5)
Change in foreign regulatory deposits and voluntary pools 1.5 35.9
Purchase of mortgage loans (157.5) 0.0
Change in short-term investments 188.0 12.5
Settlements of foreign currency exchange forward contracts (19.1) (8.8)
Proceeds from business divestitures, net of cash transferred 13.1 0.0
Purchases of fixed assets, net (0.4) (13.3)
Other, net 0.0 (37.6)
Cash provided by investing activities 14.4 79.1
Cash flows provided by (used in) financing activities:    
Activity under stock incentive plans 1.3 0.8
Payment of cash dividends to preferred shareholders (5.3) (5.3)
Payment of cash dividends to common shareholders (21.3) (21.9)
Cash used in financing activities (25.3) (26.4)
Effect of exchange rate changes on cash (2.0) 1.7
Change in cash 19.0 41.9
Cash, beginning of year 146.1 148.8
Cash, end of period $ 165.1 $ 190.7
v3.22.2
Business and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Significant Accounting Policies Business and Significant Accounting Policies
Business
The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. and its subsidiaries (“Argo Group,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.
The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could materially differ from those estimates. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") (collectively, “2021 Form 10-K”).
The interim financial information as of, and for, the three and six months ended, June 30, 2022 and 2021 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
Sale of ArgoGlobal SE
On June 22, 2022, we completed the sale of our Malta operations, ArgoGlobal Holdings (Malta) Ltd. and subsidiaries (“AGSE”) to RiverStone Holdings Limited (part of the RiverStone International Group) for €4.9 million (approximately $5.2 million), subject to the terms and conditions set forth in the purchase agreement. AGSE is one of the business units within our International Operations reporting segment. As a result, we realized a loss on the sale of AGSE of $21.3 million, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss). This amount includes $4.5 million of losses from the realization of historical foreign currency translation, which was previously a component of accumulated other comprehensive income.
Loss Portfolio Transfer
In April 2022, Argo Managing Agency Limited, for and on behalf of Lloyd’s Syndicate 1200, reached an agreement to enter into a loss portfolio transfer of the 2018 and 2019 years of account to Riverstone Managing Agency Limited, for and on behalf of Lloyd's Syndicate 3500, retrospectively from January 1, 2022.
Sale of Argo Seguros Brasil S.A.
On February 15, 2022, we completed the sale of our Brazilian operations, Argo Seguros Brasil S.A. (“Argo Seguros”), to Spice Private Equity Ltd., an investment company focused on global private equity investments, for a purchase price of 160 million Brazilian Reais (approximately $30.5 million), subject to the terms and conditions set forth in the purchase agreement. Argo Seguros is one of the business units within our International Operations reporting segment. As a result, in the first quarter of 2022, we realized a loss on the sale of Argo Seguros of $28.5 million, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss). This amount includes $27.3 million of losses from the realization of historical foreign currency translation, which was previously a component of accumulated other comprehensive income We previously recognized a $6.3 million loss during 2021 as we adjusted the carrying value of Argo Seguros to its fair value.
Basis of Presentation and Use of Estimates
Commercial Mortgage Loans
Commercial mortgages are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.
Non-Operating Expenses
Non-operating expenses represent costs not associated with our ongoing insurance or other operations, including severance expenses, certain legal costs, merger and acquisition and other transaction-related expenses, and certain non-recurring expenses.
v3.22.2
Recently Issued Accounting Pronouncements
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting PronouncementsThe Company evaluated recently issued accounting pronouncements and determined none are material to our results of operations or financial position reported herein.
v3.22.2
Investments
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Included in Total investments in our Consolidated Balance Sheets at June 30, 2022 and December 31, 2021 is $63.0 million and $89.6 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party participants that provide underwriting capital to the operations of Syndicates 1200 and 1910.
Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
June 30, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$511.5 $— $23.2 $— $488.3 
Foreign Governments209.2 0.4 15.2 0.5 193.9 
Obligations of states and political subdivisions178.6 1.3 7.8 0.4 171.7 
Corporate bonds1,894.3 2.6 152.6 1.0 1,743.3 
Commercial mortgage-backed securities407.7 — 40.6 — 367.1 
Residential mortgage-backed securities442.4 0.6 43.6 — 399.4 
Asset-backed securities202.7 — 10.6 0.1 192.0 
Collateralized loan obligations310.1 0.1 16.9 — 293.3 
Total fixed maturities$4,156.5 $5.0 $310.5 $2.0 $3,849.0 
December 31, 2021
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$422.7 $5.5 $3.2 $— $425.0 
Foreign Governments234.7 2.2 3.9 0.2 232.8 
Obligations of states and political subdivisions166.7 5.8 1.2 — 171.3 
Corporate bonds1,972.3 33.5 20.3 2.2 1,983.3 
Commercial mortgage-backed securities416.7 6.3 4.3 — 418.7 
Residential mortgage-backed securities480.7 7.5 5.7 — 482.5 
Asset-backed securities173.0 1.3 0.6 0.1 173.6 
Collateralized loan obligations336.4 1.3 1.6 — 336.1 
Total fixed maturities$4,203.2 $63.4 $40.8 $2.5 $4,223.3 
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of June 30, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$166.4 $166.0 
Due after one year through five years1,861.8 1,762.9 
Due after five years through ten years688.9 603.1 
Due after ten years76.5 65.2 
Structured securities1,362.9 1,251.8 
Total$4,156.5 $3,849.0 
The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of June 30, 2022 and December 31, 2021 were as follows:
June 30, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$55.3 $— 
Private equity260.7 116.8 
Overseas deposits73.4 — 
Other4.7 — 
Total other investments$394.1 $116.8 
December 31, 2021
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.6 $— 
Private equity248.9 64.2 
Overseas deposits74.9 — 
Other4.8 — 
Total other investments$387.2 $64.2 
The following describes each investment type:
•Hedge funds: Hedge funds, carried at net asset value (“NAV”) as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
•Private equity: Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.
•Overseas deposits: Overseas deposits are principally invested in short-term sovereign fixed income and investment grade corporate securities and international stocks.
•Other: Other includes participation in investment pools.
Unrealized Losses
An aging of unrealized losses on our investments in fixed maturities is presented below:
June 30, 2022Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$429.0 $18.3 $48.7 $4.9 $477.7 $23.2 
Foreign Governments165.2 14.1 27.4 1.1 192.6 15.2 
Obligations of states and political subdivisions109.7 7.5 3.2 0.3 112.9 7.8 
Corporate bonds1,443.7 116.4 216.9 36.2 1,660.6 152.6 
Commercial mortgage-backed securities327.8 32.5 39.3 8.1 367.1 40.6 
Residential mortgage-backed securities260.2 24.6 109.3 19.0 369.5 43.6 
Asset-backed securities167.9 9.9 6.8 0.7 174.7 10.6 
Collateralized loan obligations279.9 16.5 10.8 0.4 290.7 16.9 
Total fixed maturities$3,183.4 $239.8 $462.4 $70.7 $3,645.8 $310.5 
December 31, 2021Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$193.4 $2.6 $14.6 $0.6 $208.0 $3.2 
Foreign Governments152.4 3.3 2.6 0.6 155.0 3.9 
Obligations of states and political subdivisions46.0 0.8 0.1 0.4 46.1 1.2 
Corporate bonds854.3 18.3 41.7 2.0 896.0 20.3 
Commercial mortgage-backed securities198.8 4.1 6.5 0.2 205.3 4.3 
Residential mortgage-backed securities284.2 5.6 4.0 0.1 288.2 5.7 
Asset-backed securities62.6 0.6 — — 62.6 0.6 
Collateralized loan obligations176.1 1.6 0.5 — 176.6 1.6 
Total fixed maturities$1,967.8 $36.9 $70.0 $3.9 $2,037.8 $40.8 
We hold a total of 5,118 fixed maturity securities, of which 1,247 were in an unrealized loss position for less than one year and 224 were in an unrealized loss position for a period one year or greater as of June 30, 2022.
Allowance for Credit Losses
For fixed maturities with a decline in the fair value between the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.
When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.
In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in realized investment gains. We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three and six months ending June 30, 2022 and 2021, respectively:

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2022$0.3 $0.4 $2.1 $0.1 $2.9 
Securities for which allowance was not previously recorded0.1 — 0.1 — 0.2 
Securities sold during the period— — — — — 
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 — 0.2 — 0.3 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2021$0.1 $— $7.1 $— $7.2 
Securities for which allowance was not previously recorded— — (0.1)— (0.1)
Securities sold during the period— — (0.5)— (0.5)
Additional net increases (decreases) in existing allowance0.1 — (0.3)— (0.2)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2022$0.2 $— $2.2 $0.1 $2.5 
Securities for which allowance was not previously recorded0.2 — 0.5 — 0.7 
Securities sold during the period— — (0.6)— (0.6)
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 0.4 0.3 — 0.8 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2021$0.2 $0.1 $6.1 $0.2 $6.6 
Securities for which allowance was not previously recorded— — 2.0 — 2.0 
Securities sold during the period— — (0.9)— (0.9)
Additional net increases (decreases) in existing allowance— (0.1)(1.0)(0.2)(1.3)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
Total credit impairment (gains) losses, net of allowance for credit losses, included in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) was $1.9 million for the three and six months ended June 30, 2022. Total credit impairment (gains) losses, net of allowance for credit losses, included in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) was $(0.4) million and $0.7 million for the three and six months ended June 30, 2021, respectively.
For commercial mortgage loans an allowance for credit losses is established at the time of origination or purchase, as necessary, and is updated each reporting period. Changes in the allowance for credit losses are recorded in Net investment and other gains (losses). This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions.
Commercial Mortgage Loans
Commercial mortgage loan investments are composed of participation interests in a portfolio of commercial mortgage loans. Loan collateral is diversified with regard to property type and geography. The following table presents loans by property type:
June 30, 2022
(in millions)Principal BalanceCompositionLoan Count
Apartments85.254.1 %16
Hotel25.015.9 %4
Industrial25.816.3 %4
Retail21.513.7 %4
Total157.5100.0 %28 

The following table presents our loans by Debt Service Covenant Ratio (“DSCR”):
June 30, 2022
(in millions)Principal BalanceLoan Count
1.00 to 1.5064.812
Greater than 1.5 to 2.014.42
Greater than 2.0 to 3.041.28
Greater than 3.0 to 4.025.84
Greater than 4.011.32
Total157.528

The following table presents loans by Loan To Value (“LTV”):
June 30, 2022
(in millions)Principal BalanceLoan Count
Equal to or less than 50.0%26.34
Greater than 50.0% to 55.0%0.00
Greater than 55.0% to 60.0%48.510
Greater than 60.0% to 70.0%82.714
Greater than 70.0%0.00
Total157.528
The following table presents loans by maturity:
June 30, 2022
(in millions)Principal BalanceLoan Count
One Year or Less0.00
Greater than One Year and Less than Three45.68
Greater than Three Years and Less than Five Years42.88
Greater than Five Years and Less than Seven Years20.44
Greater than Seven Years and Less than Ten Years48.78
Greater than Ten Years0.00
Total157.528
Investment Gains and Losses
The following table presents our gross realized investment gains and losses:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains on fixed maturities and other:
Fixed maturities$4.7 $17.5 $15.9 $23.0 
Other investments, including short-terms10.4 9.1 12.0 11.3 
15.1 26.6 27.9 34.3 
Realized losses on fixed maturities and other:
Fixed maturities(4.8)(3.0)(21.4)(4.5)
Other investments, including short-terms(21.3)(8.8)(28.1)(14.5)
 (26.1)(11.8)(49.5)(19.0)
Net (losses) recognized on fixed maturities and other:
Credit gains (losses) on fixed maturities(2.3)0.4 (3.4)(0.7)
Other(1)
(25.2)(11.5)(53.7)(11.5)
(27.5)(11.1)(57.1)(12.2)
Equity securities:
Net realized gains (losses) on equity securities1.1 0.7 0.1 (1.1)
Change in unrealized gains (losses) on equity securities held at the end of the period(3.0)20.3 3.7 35.8 
Net gains (losses) on equity securities(1.9)21.0 3.8 34.7 
Net investment and other gains (losses) before income taxes(40.4)24.7 (74.9)37.8 
Income tax (benefit) provision(1.1)5.2 (1.8)7.9 
Net investment and other gains (losses), net of income taxes$(39.3)$19.5 $(73.1)$29.9 
(1)Refer to the sale of AGSE and Argo Seguros in Note 1, “Business and Significant Accounting Policies” for additional information.
The cost of securities sold is based on the specific identification method.
Changes in unrealized gains (losses) related to investments are summarized as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Change in unrealized gains (losses)
Fixed maturities$(151.2)$18.0 $(328.7)$(47.7)
Other and short-term investments0.8 0.1 0.9 (0.3)
Net unrealized investment gains (losses) before income taxes(150.4)18.1 (327.8)(48.0)
Income tax provision (benefit)(29.3)4.0 (63.1)(8.6)
Net unrealized investment gains (losses), net of income taxes$(121.1)$14.1 $(264.7)$(39.4)
Foreign Currency Exchange Forward Contracts
We enter into foreign currency exchange forward contracts to manage operational currency exposure from our non-USD insurance operations, and gain exposure to a total return strategy which invests in multiple currencies. The currency forward contracts are carried at fair value in our Condensed Consolidated Balance Sheets in Other liabilities and Other assets at June 30, 2022 and December 31, 2021, respectively. The net realized gains and (losses) are included in Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss).
The fair value of our foreign currency exchange forward contracts as of June 30, 2022 and December 31, 2021 was as follows:
June 30, 2022December 31, 2021
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$286.1 $(3.5)$276.3 $(0.3)
Asset manager investment exposure43.3 0.7 35.5 (0.3)
Total$329.4 $(2.8)$311.8 $(0.6)
The following table represents our gross realized investment gains and losses on our foreign currency exchange forward contracts:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains
Operational currency exposure$5.4 $3.2 $7.8 $7.1 
Asset manager investment exposure3.1 0.9 4.2 1.8 
Total return strategy— — — 6.1 
Gross realized investment gains8.5 4.1 12.0 15.0 
Realized losses
Operational currency exposure(16.6)(3.5)(25.5)(12.7)
Asset manager investment exposure(1.0)(0.8)(1.0)(0.8)
Total return strategy— — — (5.1)
Gross realized investment losses(17.6)(4.3)(26.5)(18.6)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(9.1)$(0.2)$(14.5)$(3.6)
Regulatory Deposits, Pledged Securities and Letters of Credit
We are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. We maintain assets pledged as collateral in support of irrevocable letters of credit issued under the terms of certain reinsurance agreements for reported loss and loss expense reserves. The following table presents our components of restricted assets:
(in millions)June 30, 2022December 31, 2021
Securities on deposit for regulatory and other purposes$168.4 $195.6 
Securities pledged as collateral for letters of credit and other184.2 193.9 
Securities on deposit supporting Lloyd’s business (1)
261.6 296.8 
Total restricted investments$614.2 $686.3 
(1) Argo Group is required to maintain Funds at Lloyd’s (“FAL”) to support its business for Syndicate 1200 and Syndicate 1910. At June 30, 2022 the amount of securities pledged for FAL was $261.6 million, of which $136.9 million was provided by Argo Re, Ltd.
Fair Value Measurements
Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transfer the asset or liability.
Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the reporting date. We define actively traded as a security that has traded in the past seven days.
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We receive one quote per instrument for Level 2 inputs.
•Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
To validate the fair value of investments in the Company’s financial statements, we receive prices from multiple sources including third-party pricing services and our outside investment managers. Through a comparative analysis, the Company validates the reasonableness of its valuations. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2022 and December 31, 2021. A description of the valuation techniques we use to measure assets at fair value is as follows:
Fixed Maturities (Available-for-Sale) Levels 1 and 2:
•United States Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.
•United States Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated government and credit securities are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.
•Asset and mortgage-backed securities and collateralized loan obligations are reported at fair value using Level 2 or Level 3 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.
Fixed Maturities (Available-for-Sale) Levels 3: We own term loans that are valued using unobservable inputs.
Equity Securities Level 1: Equity securities are principally reported at fair value using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.
Equity Securities Level 3: We own certain equity securities that are reported at fair value using Level 3 inputs. The valuation techniques for these securities include the following:
•Fair value measurements for an investment in an equity fund obtained by applying final prices provided by the administrator of the fund, which is based upon certain estimates and assumptions.
•Fair value measurements from brokers and independent valuation services, both based upon estimates, assumptions and other unobservable inputs.
Other Investments Level 2: Foreign regulatory deposits are assets held in trust in jurisdictions where there is a legal and regulatory requirement to maintain funds locally in order to protect policyholders. Lloyd’s is the appointed investment manager for the funds. These assets are invested in short-term government securities, agency securities and corporate bonds and are valued using Level 2 inputs based upon values obtained from Lloyd’s.
Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate and governmental bonds reported at fair value using Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date.
Based on an analysis of the inputs, our financial assets and liabilities measured at fair value on a recurring basis have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)June 30,
2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$488.3 $481.2 $7.1 $— 
Foreign Governments193.9 — 193.9 — 
Obligations of states and political subdivisions171.7 — 171.7 — 
Corporate bonds1,743.3 — 1,728.1 15.2 
Commercial mortgage-backed securities367.1 — 367.1 — 
Residential mortgage-backed securities399.4 — 399.4 — 
Asset-backed securities192.0 — 171.6 20.4 
Collateralized loan obligations293.3 — 293.3 — 
Total fixed maturities3,849.0 481.2 3,332.2 35.6 
Equity securities48.1 32.4 — 15.7 
Other investments73.7 — 73.7 — 
Short-term investments465.0 464.5 0.5 — 
Total assets$4,435.8 $978.1 $3,406.4 $51.3 
Derivatives$2.8 $— $2.8 $— 
Total liabilities$2.8 $— $2.8 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31,
2021
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$425.0 $417.4 $7.6 $— 
Foreign Governments232.8 — 232.8 — 
Obligations of states and political subdivisions171.3 — 171.3 — 
Corporate bonds1,983.3 — 1,980.5 2.8 
Commercial mortgage-backed securities418.7 — 418.7 — 
Residential mortgage-backed securities482.5 — 482.5 — 
Asset-backed securities173.6 — 173.6 — 
Collateralized loan obligations336.1 — 336.1 — 
Total fixed maturities4,223.3 417.4 3,803.1 2.8 
Equity securities56.3 41.6 — 14.7 
Other investments75.4 — 75.4 — 
Short-term investments655.8 653.9 1.9 — 
Total assets$5,010.8 $1,112.9 $3,880.4 $17.5 
Derivatives$0.6 $— $0.6 $— 
Total liabilities$0.6 $— $0.6 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
The fair value measurements in the tables above do not equal Total investments on our Consolidated Balance Sheets as they exclude certain other investments that are accounted for under the equity-method of accounting as well as hedge funds which are carried at NAV as a practical expedient.
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Unobservable Inputs (Level 3)
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2022$2.8 $14.7 $17.5 
Transfers into Level 335.4 — 35.4 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income (0.4)(0.1)(0.5)
Included in other comprehensive income(1.8)— (1.8)
Purchases, issuances, sales, and settlements:
Purchases1.4 1.1 2.5 
Issuances— — — 
Sales(1.8)— (1.8)
Settlements— — — 
 Ending balance, June 30, 2022$35.6 $15.7 $51.3 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022$— $— $— 
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2021$7.0 $17.5 $24.5 
Transfers into Level 3— 2.4 2.4 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income— 4.2 4.2 
Included in other comprehensive loss(0.8)— (0.8)
Purchases, issuances, sales, and settlements:
Purchases0.1 1.2 1.3 
Issuances— — — 
Sales(3.5)(10.6)(14.1)
Settlements— — — 
 Ending balance, December 31, 2021$2.8 $14.7 $17.5 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$— $— $— 
At June 30, 2022 and December 31, 2021, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis or any financial liabilities on a recurring basis.
v3.22.2
Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2022
Credit Loss [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
Premiums receivable
The following table represents the balances of premiums receivable, net of allowance for expected credit losses, at June 30, 2022 and January 1, 2022, and the changes in the allowance for expected credit losses for the six months ended June 30, 2022.
(in millions)Premiums Receivable, Net of Allowance for Estimated Uncollectible PremiumsAllowance for Estimated Uncollectible Premiums
Balance, January 1, 2022$648.6 $5.7 
Current period change for estimated uncollectible premiums0.2 
Write-offs of uncollectible premiums receivable (1)
(2.1)
Balance, June 30, 2022$674.8 $3.8 
(1)Includes allowance transferred as a result of divestitures in the amount of $1.5 million.
Reinsurance Recoverables
The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at June 30, 2022 and January 1, 2022, and changes in the allowance for estimated uncollectible reinsurance for the six months ended June 30, 2022.
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
Balance, January 1, 2022$2,966.4 $3.8 
Current period change for estimated uncollectible reinsurance0.7 
Write-offs of uncollectible reinsurance recoverables— 
Balance, June 30, 2022$2,887.3 $4.5 
We primarily utilize A.M. Best credit ratings when determining the allowance, and adjust as needed based on our historical experience with the reinsurers. A portion of our reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.
v3.22.2
Reserves for Losses and Loss Adjustment Expenses
 6 Months Ended
Jun. 30, 2022
Insurance [Abstract]  
Reserves for Losses and Loss Adjustment Expenses Reserves for Losses and Loss Adjustment Expenses
The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):
For the Six Months Ended
June 30,
(in millions)20222021
Net reserves beginning of the year$3,123.2 $2,906.1 
Add:
Losses and LAE incurred during current calendar year, net of reinsurance:
Current accident year539.9 579.4 
Prior accident years19.7 (0.2)
Losses and LAE incurred during calendar year, net of reinsurance559.6 579.2 
Deduct:
Losses and LAE payments made during current calendar year, net of reinsurance:
Current accident year52.2 59.7 
Prior accident years454.7 376.0 
Losses and LAE payments made during current calendar year, net of reinsurance:506.9 435.7 
Divestitures (1)
(35.2)— 
Net reserves ceded:
Loss portfolio transfer (for years of account 2019 and 2018) (2)
(181.2)— 
Reinsurance to close transaction (for years of account 2017 and prior) (3)
— (207.8)
Change in participation interest (4)
28.6 12.8 
Foreign exchange adjustments1.2 6.1 
Net reserves - end of period2,989.3 2,860.7 
Add:
Reinsurance recoverables on unpaid losses and LAE, end of period2,606.2 2,377.9 
Gross reserves - end of period$5,595.5 $5,238.6 
(1)Refer to the sale of Argo Seguros and AGSE in Note 1, “Business and Significant Accounting Policies” for additional information.
(2)Loss portfolio transfer on Syndicate 1200's reserves for the 2018 and 2019 years of account. Refer to Note 1, “Business and Significant Accounting Policies” for additional information.
(3)Amount represents reserves ceded under the reinsurance to close transaction with RiverStone for Lloyd’s years of account 2017 and prior, effective January 1, 2021.
(4)Amount represents the change in reserves due to changing our participation in Syndicates 1200 and 1910.
Reserves for losses and LAE represent the estimated indemnity cost and related adjustment expenses necessary to investigate and settle claims. Such estimates are based upon individual case estimates for reported claims, estimates from ceding companies for reinsurance assumed and actuarial estimates for losses that have been incurred but not yet reported to the insurer. Any change in probable ultimate liabilities is reflected in current operating results.
The impact from the (favorable) unfavorable development of prior accident years’ loss and LAE reserves on each reporting segment is presented below: 
For the Six Months Ended
June 30,
(in millions)20222021
U.S. Operations$11.7 $(0.9)
International Operations5.2 (1.9)
Run-off Lines2.8 2.6 
Total (favorable) unfavorable prior-year development$19.7 $(0.2)
The following describes the primary factors behind each segment’s prior accident year reserve development for the six months ended June 30, 2022 and 2021:
Six months ended June 30, 2022:
•U.S. Operations: Unfavorable development primarily related to liability, including the impact of large losses, and professional lines, partially offset by favorable development in property and specialty lines.
•International Operations: Unfavorable development primarily related professional and liability losses in our Bermuda insurance operations partially offset by favorable development from Syndicate 1200 property and liability lines.
•Run-off Lines: Unfavorable loss reserve development on prior accident years in other run-off lines.
Six months ended June 30, 2021:
•U.S. Operations: Favorable development primarily in specialty lines, partially offset by unfavorable development in liability and professional lines.
•International Operations: Favorable development in property lines, including losses associated with prior year catastrophe losses, partially offset by unfavorable development in Argo Insurance Bermuda due to large claim movements and unfavorable development in our surety business in Europe.
•Run-off Lines: Unfavorable loss reserve development in other run-off lines.
In the opinion of management, our reserves represent the best estimate of our ultimate liabilities, based on currently known facts, current law, current technology and reasonable assumptions where facts are not known. Due to the significant uncertainties and related management judgments, there can be no assurance that future favorable or unfavorable loss development, which may be material, will not occur.
v3.22.2
Disclosures about Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Disclosures about Fair Value of Financial Instruments Disclosures About Fair Value of Financial Instruments
Cash. The carrying amount approximates fair value.
Investment securities and short-term investments. See Note 3, “Investments,” for additional information.
Premiums receivable and reinsurance recoverables on paid losses. The carrying value of current receivables and reinsurance recoverables on paid losses approximates fair value.
Debt. At June 30, 2022 and December 31, 2021, the fair value of our debt instruments is determined using both Level 1 and Level 2 inputs, as previously defined in Note 3, “Investments.”
We receive fair value prices from third-party pricing services for our financial instruments as well as for similar financial instruments. These prices are determined using observable market information such as publicly traded quoted prices, and trading prices for similar financial instruments actively being traded in the current market. We have reviewed the processes used by the third-party providers for pricing the instruments and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2022 and December 31, 2021. A description of the valuation techniques we use to measure these liabilities at fair value is as follows:
Senior Unsecured Fixed Rate Notes Level 1:
•Our senior unsecured fixed rate notes are valued using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.
Junior Subordinated Debentures and Floating Rate Loan Stock Level 2:
•Our trust preferred debentures, subordinated debentures and floating rate loan stock are typically valued using Level 2 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices for similar securities being traded in active markets at the reporting date, as our specific debt instruments are more infrequently traded.
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
June 30, 2022December 31, 2021
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$172.7 $169.4 $172.7 $172.9 
Subordinated debentures85.7 90.0 85.5 91.9 
Total junior subordinated debentures258.4 259.4 258.2 264.8 
Senior unsecured fixed rate notes140.4 128.2 140.3 148.4 
Floating rate loan stock54.4 53.4 57.0 57.1 
$453.2 $441.0 $455.5 $470.3 
Based on an analysis of the inputs, our financial instruments measured at fair value for disclosure purposes have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)June 30, 2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures$169.4 $— $169.4 $— 
Subordinated debentures90.0 — 90.0 — 
Total junior subordinated debentures259.4 — 259.4 — 
Senior unsecured fixed rate notes128.2 128.2 — — 
Floating rate loan stock53.4 — 53.4 — 
$441.0 $128.2 $312.8 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31, 2021
Level 1 (1)
Level 2 (2)
Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures$172.9 $— $172.9 $— 
Subordinated debentures91.9 — 91.9 — 
Total junior subordinated debentures264.8 — 264.8 — 
Senior unsecured fixed rate notes148.4 148.4 — — 
Floating rate loan stock57.1 — 57.1 — 
$470.3 $148.4 $321.9 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
v3.22.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Dividends
On May 5, 2022, our Board of Directors declared a quarterly cash dividend in the amount of $0.31 on each common share outstanding. On June 15, 2022, we paid $10.5 million to our shareholders of record on May 31, 2022.
On May 5, 2022, our Board of Directors declared a quarterly cash dividend in the amount of $437.50 per share on our 7.00% Resettable Fixed Rate Preference Shares, Series A, par value of $1.00 per share, with a liquidation preference of $25,000 per share (the “Series A Preference Shares”). Holders of depositary shares, each representing a 1/1,000th interest in a Series A Preference Share (the “Depositary Shares”), received $0.437500 per Depositary Share. On June 15, 2022, we paid $2.7 million to our shareholders of record of Series A Preference Shares on May 31, 2022.
On May 6, 2021, our Board of Directors declared a quarterly cash dividend in the amount of $0.31 on each common share outstanding. On June 4, 2021, we paid $11.1 million to our shareholders of record on May 21, 2021.
On May 6, 2021, our Board of Directors declared a quarterly cash dividend in the amount of $437.50 per share on our 7.00% Resettable Fixed Rate Preference Shares, Series A, par value of $1.00 per share, with a liquidation preference of $25,000 per share (the “Series A Preference Shares”). Holders of depositary shares, each representing a 1/1,000th interest in a Series A Preference Share (the “Depositary Shares”), received $0.437500 per Depositary Share. On June 15, 2021, we paid $2.7 million to our shareholders of record of Series A Preference Shares on May 30, 2021.
Stock Repurchases
On May 3, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2016 Repurchase Authorization”). The 2016 Repurchase Authorization supersedes all previous repurchase authorizations. As of June 30, 2022, availability under the 2016 Repurchase Authorization for future repurchases of our common shares was $53.3 million.
We did not repurchase any common shares for the six months ended June 30, 2022 and June 30, 2021.
v3.22.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
A summary of changes in accumulated other comprehensive (loss) income, net of taxes (where applicable) by component for the six months ended June 30, 2022 and 2021 is presented below:
(in millions)Foreign Currency Translation AdjustmentsUnrealized
Holding Gains (Losses)
on Securities		Defined Benefit Pension PlansTotal
Balance, January 1, 2022$(35.3)$19.7 $(7.1)$(22.7)
Other comprehensive income (loss) before reclassifications(0.4)(260.3)— (260.7)
Amounts reclassified from accumulated other comprehensive loss31.8 (4.4)— 27.4 
Net current-period other comprehensive income (loss)31.4 (264.7)— (233.3)
Balance, June 30, 2022$(3.9)$(245.0)$(7.1)$(256.0)
(in millions)Foreign Currency Translation Adjustments Unrealized
Holding Gains (Losses)
on Securities		Defined Benefit Pension PlansTotal
Balance, January 1, 2021$(37.9)$105.1 $(8.6)$58.6 
Other comprehensive loss before reclassifications2.5 (22.5)1.5 (18.5)
Amounts reclassified from accumulated other comprehensive loss— (16.9)— (16.9)
Net current-period other comprehensive loss2.5 (39.4)1.5 (35.4)
Balance, June 30, 2021$(35.4)$65.7 $(7.1)$23.2 
The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Condensed Consolidated Statements of Income (Loss):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Unrealized gains and losses on securities:
Net realized investment gains (losses)$— $(15.2)$(5.4)$(19.2)
Provision for income taxes— 1.5 1.0 2.3 
Foreign currency translation adjustments:
Net realized foreign currency translation losses (1)
4.5 — 31.8 — 
Total, net of taxes$4.5 $(13.7)$27.4 $(16.9)
(1) Foreign currency translation losses were realized as a result of the sale of Argo Seguros and AGSE. Refer to the sale of Argo Seguros and AGSE in Note 1, “Business and Significant Accounting Policies” for additional information.
Income tax effects are released from accumulated other comprehensive income (loss) for unrealized gains or losses when the gains or losses are realized, and are taxed at the statutory rate based on jurisdiction of the underlying transaction.
v3.22.2
Net Income (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share Net Income (Loss) Per Common Share
The following table presents the calculation of net income (loss) per common share on a basic and diluted basis:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions, except number of shares and per share amounts)2022202120222021
Net income (loss)$(16.2)$69.8 $(17.2)$99.6 
Less: Preferred share dividends2.7 2.7 5.3 5.3 
Net income (loss) attributable to common shareholders(18.9)67.1 (22.5)94.3 
Weighted average common shares outstanding - basic34,964,773 34,820,649 34,928,555 34,766,948 
Effect of dilutive securities:
Equity compensation awards— 192,131 — 216,856 
Weighted average common shares outstanding - diluted34,964,773 35,012,780 34,928,555 34,983,804 
Net income (loss) per common share:
Basic$(0.54)$1.93 $(0.64)$2.72 
Diluted$(0.54)$1.92 $(0.64)$2.70 
Excluded from the weighted average common shares outstanding calculation at June 30, 2022 and 2021 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. Excluded from the computation of diluted net loss per common shares were 107,431 and 140,487 potentially dilutive shares for the three and six months ended June 30, 2022, respectively. The potentially dilutive shares were excluded due to the net loss incurred for the periods presented. For the three and six months ended June 30, 2021, 36,219 and 48,272, respectively, weighted average shares were excluded from the computation of diluted net income per common shares as they were antidilutive.
v3.22.2
Supplemental Cash Flow Information
 6 Months Ended
Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow InformationInterest paid and income taxes paid (recovered) were as follows:
For the Six Months Ended
June 30,
(in millions)20222021
Senior unsecured fixed rate notes$4.7 $4.7 
Junior subordinated debentures5.4 5.0 
Other indebtedness1.0 1.1 
Total interest paid$11.1 $10.8 
Income taxes paid$10.1 $8.9 
Income taxes recovered(0.5)(0.1)
Income taxes paid, net$9.6 $8.8 
v3.22.2
Share-based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Argo Group’s 2019 Omnibus Incentive Plan
In May 2019, our shareholders approved the 2019 Omnibus Incentive Plan (the “2019 Plan”), which provides equity-based and cash-based incentives to key employees and non-employee directors. The intent of the 2019 Plan is to encourage and provide for the acquisition of an ownership interest in Argo Group, enabling us to attract and retain qualified and competent persons to serve as members of our management team and Board of Directors. The 2019 Plan authorizes 1,885,000 common shares to be granted as equity-based awards. No further grants will be made under any prior plan; however, any awards under a prior plan that are outstanding as of the effective date shall remain subject to the terms and conditions of, and be governed by, such prior plan.
Awards granted under the 2019 Plan may be in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, other stock-based awards or other cash-based awards. Awards may be granted either alone, in addition to or in tandem with other awards authorized under the 2019 Plan. Awards that are settled in stock will count as one share for the purposes of reducing the share reserve under the 2019 Plan. Shares issued under this plan may be shares that are authorized and unissued or shares that we have reacquired, including shares purchased on the open market.
Stock options and stock appreciation rights are required to have an exercise price that is not less than the fair market value on the date of grant. The term of these awards is not to exceed ten years.
Restricted Shares
A summary of non-vested restricted share activity as of June 30, 2022 and changes during the six months then ended is as follows:
SharesWeighted-Average
Grant Date
Fair Value
Outstanding at January 1, 2022278,430 $49.57 
Granted334,384 40.19 
Reclassed from performance shares14,373 32.61 
Vested and issued(128,390)47.96 
Expired or forfeited(110,895)43.49 
Outstanding at June 30, 2022387,902 $43.13 
The restricted shares vest over one to four years. Expense recognized under this plan for the restricted shares was $1.1 million and $3.3 million for the three and six months ended June 30, 2022, respectively, as compared to $1.4 million and $2.9 million for the three and six months ended June 30, 2021, respectively. Compensation expense for all share-based compensation awards is included in Underwriting, acquisition and insurance expenses in the accompanying Condensed Consolidated Statements of Income (Loss). As of June 30, 2022, there was $16.0 million of total unrecognized compensation cost related to restricted share compensation arrangements granted by Argo Group.
Performance Shares
We have issued to certain key employees non-vested restricted stock awards whose vesting is subject to the achievement of certain performance measures. The non-vested performance share awards vest over three to four years. Non-vested performance share awards are valued based on the fair market value as of the grant date. Vesting of the awards is subject to the achievement of defined performance measures and the number of shares vested may be adjusted based on the achievement of certain targets. We evaluate the likelihood of the employee achieving the performance condition and include this estimate in the determination of the forfeiture factor for these grants.
A summary of non-vested performance share activity as of June 30, 2022 and changes during the six months then ended is as follows:
SharesWeighted-Average
Grant Date
Fair Value
Outstanding at January 1, 2022200,564 $47.52 
Granted124,464 41.00 
Reclassed to restricted shares(14,373)32.61 
Vested and issued(3,275)61.05 
Expired or forfeited(175,063)44.74 
Outstanding at June 30, 2022132,317 $46.34 
Expense recouped under this plan for the performance shares was $1.1 million and $0.6 million for the three and six months ended June 30, 2022, respectively, compared to expense recognized of $0.9 million and $1.6 million for the three and six months ended June 30, 2021, respectively. The recoupment of expenses recognized in 2022 was primarily attributable to the forfeiture of awards due to the departure of our former president and chief executive officer. As of June 30, 2022, there was $4.1 million of total unrecognized compensation cost related to performance share compensation arrangements granted by Argo Group.
v3.22.2
Underwriting, Acquisition and Insurance Expenses
 6 Months Ended
Jun. 30, 2022
Underwriting, Acquisition and Insurance Expenses [Abstract]  
Underwriting, Acquisition and Insurance Expenses Underwriting, Acquisition and Insurance Expenses
Underwriting, acquisition and insurance expenses were as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Commissions$61.3 $71.7 $139.2 $148.2 
Other underwriting and insurance expenses97.1 104.0 200.3 210.6 
Total underwriting, acquisition and insurance expenses before deferral158.4 175.7 339.5 358.8 
Net deferral of policy acquisition costs2.6 1.6 (5.6)(5.1)
Total underwriting, acquisition and insurance expenses$161.0 $177.3 $333.9 $353.7 
v3.22.2
Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are incorporated under the laws of Bermuda and, under current Bermuda law, are not obligated to pay any taxes in Bermuda based upon income or capital gains. We have received an undertaking from the Supervisor of Insurance in Bermuda pursuant to the provisions of the Exempted Undertakings Tax Protection Amendment Act, 2011, which exempts us from any Bermuda taxes computed on profits, income or any capital asset, gain or appreciation or any tax in the nature of estate, duty or inheritance tax, at least until the year 2035.
We do not consider ourselves to be engaged in a trade or business in the U.S. or the U.K. and, accordingly, do not expect to be subject to direct U.S. or U.K. income taxation.
We have subsidiaries based in the U.K. that are subject to the tax laws of that country. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Certain of the U.K. subsidiaries are deemed to be engaged in business in the U.S., and therefore, are subject to U.S. corporate tax in respect of a proportion of their U.S. underwriting business only. Relief is available against the U.K. tax liabilities in respect of overseas taxes paid that arise from the underwriting business. Our U.K. subsidiaries file separate U.K. income tax returns.
We have subsidiaries based in the U.S. that are subject to U.S. tax laws. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Our U.S. subsidiaries generally file a consolidated U.S. federal income tax return.
We also have operations in France, Ireland, Italy, and Switzerland, which also are subject to income taxes imposed by the jurisdiction in which they operate. During the period ending June 30, 2022, our operations in Brazil and Malta were divested. We also have operations in Barbados and the United Arab Emirates, which are not subject to income tax under the laws of those countries.
On June 10, 2021, U.K. tax legislation referred to as Finance Act 2021 received Royal Assent and was enacted. The effects of changes in tax laws and tax rates are recognized in the period of enactment. Accordingly, we recorded the impacts of Finance Act 2021 in our June 30, 2021 consolidated financial statements which primarily includes the remeasurement of our deferred tax assets and liabilities for the increased U.K. federal tax rate from 19% to 25% beginning on April 1, 2023.
Our expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. For the three and six months ended June 30, 2022 and 2021, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows: 
For the Three Months Ended June 30,
20222021
(in millions)Pre-Tax
Income (Loss)		Effective
Tax
Rate		Pre-Tax
Income (Loss)		Effective
Tax
Rate
Bermuda$(49.1)— %$2.3 — %
United States46.0 21.4 %64.0 21.9 %
United Kingdom8.7 26.8 %9.3 (54.6)%
Brazil— — %2.3 — %
United Arab Emirates0.2 — %0.1 — %
Ireland(4.6)— %— 
(1)
— %
Italy(0.2)46.7 %0.4 — %
Malta(5.1)— %0.3 — %
Pre-tax income$(4.1)(295.1)%$78.7 11.3 %
(1)    Pre-tax income (loss) for the respective year was less than $0.1 million.

For the Six Months Ended June 30,
20222021
(in millions)Pre-Tax
Income (Loss)		Effective
Tax
Rate		Pre-Tax
Income (Loss)		Effective
Tax
Rate
Bermuda$(49.0)— %$7.3 — %
United States84.7 21.7 %105.2 19.4 %
United Kingdom13.7 46.6 %(8.9)115.3 %
Brazil(0.1)(422.4)%4.0 — %
United Arab Emirates0.8 — %0.3 — %
Ireland(38.0)— %(0.1)— %
Italy(0.1)(28.9)%1.2 — %
Malta(4.1)— %0.9 — %
Pre-tax income$7.9 320.4 %$109.9 9.3 %
Our effective tax rate may vary significantly from period to period depending on the jurisdiction generating the pre-tax income (loss) and its corresponding statutory tax rate. The geographic distribution of pre-tax income (loss) can fluctuate significantly between periods given the inherent nature of our business.
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Income tax provision at expected rate$9.5 $16.5 $18.9 $22.8 
Tax effect of:
Nontaxable investment income(0.1)(0.1)(0.2)(0.3)
Foreign exchange adjustments0.7 (0.3)0.7 (0.5)
Withholding taxes— 0.1 — 0.1 
Sale of Brazil and Malta Operations4.9 — 6.5 — 
Change in uncertain tax position liability0.5 0.6 0.6 (1.8)
Change in valuation allowance(3.5)(1.2)(5.4)(2.0)
Impact of change in tax rate related to Finance Act 20210.8 (7.4)1.3 (7.4)
Prior period adjustment(0.3)— 0.9 — 
Other(0.4)0.7 1.8 (0.6)
Income tax provision$12.1 $8.9 $25.1 $10.3 

Our gross deferred tax assets are supported by taxes paid in previous periods, reversal of taxable temporary differences and recognition of future taxable income. Management regularly evaluates the recoverability of the deferred tax assets and makes any necessary adjustments to them based upon any changes in management’s expectations of future taxable income. Realization of deferred tax assets is dependent upon our generation of future taxable income sufficient to recover tax benefits that cannot be recovered from taxes paid in the carryback period, generally for our U.S. property and casualty insurers two years for net operating losses and for all our U.S. subsidiaries three years for capital losses. If a company determines that any of its deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of these assets that are not expected to be realized. For the three and six months ended June 30, 2022, the net change in valuation allowance for deferred tax assets was a decrease of $3.5 million and $5.4 million, respectively, relating to the following: Internal Revenue Code Section 382 limited net operating loss carryforwards within the United States, cumulative losses incurred since inception, and valuation allowances acquired through or related to acquisitions or disposals. Based upon a review of our available evidence, both positive and negative discussed above, our management concluded that it is more-likely-than-not that the other deferred tax assets will be realized.
For any uncertain tax positions not meeting the “more-likely-than-not” recognition threshold, accounting standards require recognition, measurement and disclosure in a company’s financial statements. For the three and six months ended June 30, 2022, the Company had a net increase of uncertain tax positions in the amount of $0.5 million and $0.6 million related to state income tax liability. Separately, a net increase of interest in the amount of $0.0 million and $0.1 million has been recorded in the line item Interest expense in our Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2022. No change to penalties were recorded for the three and six months ended June 30, 2022.
Our U.S. subsidiaries are no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2018. Our U.K. subsidiaries are no longer subject to U.K. income tax examinations by Her Majesty’s Revenue and Customs for years before 2020.
Numerous foreign jurisdictions in which we operate have provided or proposed income-tax relief in response to the COVID-19 pandemic. The Company does not anticipate any of the recent legislative initiatives to have a material impact on its financial statements and will continue to analyze these initiatives in response to the COVID-19 pandemic.
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Argo Group’s subsidiaries are parties to legal actions incidental to their business. Based on the opinion of legal counsel, management believes that the resolution of these matters will not materially affect our financial condition or results of operations.
We have contractual commitments to invest up to $116.8 million related to our limited partnership investments at June 30, 2022, as further disclosed in Note 3, “Investments.” These commitments will be funded as required by the partnership agreements which can be called to be fulfilled at any time, not to exceed twelve years.
v3.22.2
Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
We are primarily engaged in underwriting property and casualty insurance. We have two ongoing reporting segments: U.S. Operations and International Operations. Additionally, we have Run-off Lines for certain products that we no longer underwrite.
We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate reporting segments.
In evaluating the operating performance of our segments, we focus on core underwriting and investing results before the consideration of realized gains or losses from investments. Realized investment gains are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the corporate investment function and are not under the control of the individual business segments. Identifiable assets by segment are those assets used in the operation of each segment.
Revenue and income (loss) before income taxes for each segment were as follows:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Revenue:
Earned premiums
U.S. Operations$332.8 $314.5 $669.2 $628.9 
International Operations121.3 155.7 265.5 307.2 
Run-off Lines0.2 0.1 0.2 0.3 
Total earned premiums454.3 470.3 934.9 936.4 
Net investment income
U.S. Operations20.0 33.7 45.6 62.5 
International Operations8.7 13.9 20.1 25.9 
Run-off Lines0.6 1.1 1.3 1.9 
Corporate and Other— 4.0 — 6.8 
Total net investment income29.3 52.7 67.0 97.1 
Net investment and other gains (losses)(40.4)24.7 (74.9)37.8 
Total revenue$443.2 $547.7 $927.0 $1,071.3 

For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Income (loss) before income taxes
U.S. Operations$43.0 $53.6 $86.9 $90.2 
International Operations2.6 19.5 25.3 7.7 
Run-off Lines(1.5)(0.1)(2.5)0.5 
Total segment income (loss) before income taxes44.1 73.0 109.7 98.4 
Corporate and Other(18.1)(14.6)(34.3)(20.6)
Net investment and other gains (losses) (40.4)24.7 (74.9)37.8 
Foreign currency exchange gains (losses)10.3 (4.4)7.4 (5.7)
Total income (loss) before income taxes$(4.1)$78.7 $7.9 $109.9 
The table below presents earned premiums by geographic location for the three and six months ended June 30, 2022 and 2021. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
United States$333.0 $314.2 $669.4 $627.0 
United Kingdom109.0 116.8 236.1 215.8 
Bermuda11.0 10.7 17.4 35.8 
Malta1.3 11.0 3.6 25.0 
All other jurisdictions— 17.6 8.4 32.8 
Total earned premiums$454.3 $470.3 $934.9 $936.4 
The following table represents identifiable assets:
(in millions)June 30, 2022December 31, 2021
U.S. Operations$5,585.2 $5,800.1 
International Operations3,859.3 3,932.3 
Run-off Lines287.9 314.7 
Corporate and Other143.7 270.7 
Total$9,876.1 $10,317.8 
Included in total assets at June 30, 2022 and December 31, 2021 are $307.8 million and $554.2 million, respectively, in assets associated with trade capital providers.
v3.22.2
Subsequent Events
 6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company entered into a loss portfolio transfer agreement with a wholly owned subsidiary of Enstar Group Limited (“Enstar”) covering a majority of the Company’s U.S. casualty insurance reserves, including construction, for accident years 2011 to 2019.
Enstar’s subsidiary will provide ground up cover of $746 million of reserves, and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1,096 million. The Company will retain a loss corridor of $75 million up to $821 million.
We anticipate recognizing an after-tax charge of approximately $100 million in connection with the transaction in the third quarter of 2022. An estimate of the financial effect to the financial statements as a whole cannot be made given the timing of the transaction.
The closing of the transaction is subject to regulatory approval and other customary closing conditions.
v3.22.2
Business and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Business and Significant Accounting Policies
Business
The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. and its subsidiaries (“Argo Group,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.
The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could materially differ from those estimates. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") (collectively, “2021 Form 10-K”).
The interim financial information as of, and for, the three and six months ended, June 30, 2022 and 2021 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation.
Reclassification Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
Allowance for Credit Losses
Allowance for Credit Losses
For fixed maturities with a decline in the fair value between the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.
When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.
In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in realized investment gains. We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in Net investment and other gains (losses) in the Condensed Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.
Disclosures about Fair Value of Financial Instruments Disclosures About Fair Value of Financial Instruments
Cash. The carrying amount approximates fair value.
Investment securities and short-term investments. See Note 3, “Investments,” for additional information.
Premiums receivable and reinsurance recoverables on paid losses. The carrying value of current receivables and reinsurance recoverables on paid losses approximates fair value.
Debt. At June 30, 2022 and December 31, 2021, the fair value of our debt instruments is determined using both Level 1 and Level 2 inputs, as previously defined in Note 3, “Investments.”
We receive fair value prices from third-party pricing services for our financial instruments as well as for similar financial instruments. These prices are determined using observable market information such as publicly traded quoted prices, and trading prices for similar financial instruments actively being traded in the current market. We have reviewed the processes used by the third-party providers for pricing the instruments and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2022 and December 31, 2021. A description of the valuation techniques we use to measure these liabilities at fair value is as follows:
Senior Unsecured Fixed Rate Notes Level 1:
•Our senior unsecured fixed rate notes are valued using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.
Junior Subordinated Debentures and Floating Rate Loan Stock Level 2:
•Our trust preferred debentures, subordinated debentures and floating rate loan stock are typically valued using Level 2 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices for similar securities being traded in active markets at the reporting date, as our specific debt instruments are more infrequently traded.
Financing Receivable
Commercial Mortgage Loans
Commercial mortgages are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.
Non-Operating Expense
Non-Operating Expenses
Non-operating expenses represent costs not associated with our ongoing insurance or other operations, including severance expenses, certain legal costs, merger and acquisition and other transaction-related expenses, and certain non-recurring expenses.
Fair Value Measurement
Fair Value Measurements
Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transfer the asset or liability.
Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.
•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the reporting date. We define actively traded as a security that has traded in the past seven days.
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We receive one quote per instrument for Level 2 inputs.
•Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
To validate the fair value of investments in the Company’s financial statements, we receive prices from multiple sources including third-party pricing services and our outside investment managers. Through a comparative analysis, the Company validates the reasonableness of its valuations. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2022 and December 31, 2021. A description of the valuation techniques we use to measure assets at fair value is as follows:
Fixed Maturities (Available-for-Sale) Levels 1 and 2:
•United States Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.
•United States Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated government and credit securities are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security’s terms and conditions, among other things.
•Asset and mortgage-backed securities and collateralized loan obligations are reported at fair value using Level 2 or Level 3 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.
Fixed Maturities (Available-for-Sale) Levels 3: We own term loans that are valued using unobservable inputs.
Equity Securities Level 1: Equity securities are principally reported at fair value using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.
Equity Securities Level 3: We own certain equity securities that are reported at fair value using Level 3 inputs. The valuation techniques for these securities include the following:
•Fair value measurements for an investment in an equity fund obtained by applying final prices provided by the administrator of the fund, which is based upon certain estimates and assumptions.
•Fair value measurements from brokers and independent valuation services, both based upon estimates, assumptions and other unobservable inputs.
Other Investments Level 2: Foreign regulatory deposits are assets held in trust in jurisdictions where there is a legal and regulatory requirement to maintain funds locally in order to protect policyholders. Lloyd’s is the appointed investment manager for the funds. These assets are invested in short-term government securities, agency securities and corporate bonds and are valued using Level 2 inputs based upon values obtained from Lloyd’s.
Short-term Investments: Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate and governmental bonds reported at fair value using Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date.
v3.22.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
June 30, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$511.5 $— $23.2 $— $488.3 
Foreign Governments209.2 0.4 15.2 0.5 193.9 
Obligations of states and political subdivisions178.6 1.3 7.8 0.4 171.7 
Corporate bonds1,894.3 2.6 152.6 1.0 1,743.3 
Commercial mortgage-backed securities407.7 — 40.6 — 367.1 
Residential mortgage-backed securities442.4 0.6 43.6 — 399.4 
Asset-backed securities202.7 — 10.6 0.1 192.0 
Collateralized loan obligations310.1 0.1 16.9 — 293.3 
Total fixed maturities$4,156.5 $5.0 $310.5 $2.0 $3,849.0 
December 31, 2021
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$422.7 $5.5 $3.2 $— $425.0 
Foreign Governments234.7 2.2 3.9 0.2 232.8 
Obligations of states and political subdivisions166.7 5.8 1.2 — 171.3 
Corporate bonds1,972.3 33.5 20.3 2.2 1,983.3 
Commercial mortgage-backed securities416.7 6.3 4.3 — 418.7 
Residential mortgage-backed securities480.7 7.5 5.7 — 482.5 
Asset-backed securities173.0 1.3 0.6 0.1 173.6 
Collateralized loan obligations336.4 1.3 1.6 — 336.1 
Total fixed maturities$4,203.2 $63.4 $40.8 $2.5 $4,223.3 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of June 30, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$166.4 $166.0 
Due after one year through five years1,861.8 1,762.9 
Due after five years through ten years688.9 603.1 
Due after ten years76.5 65.2 
Structured securities1,362.9 1,251.8 
Total$4,156.5 $3,849.0 
Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio
Details regarding the carrying value and unfunded investment commitments of other investments as of June 30, 2022 and December 31, 2021 were as follows:
June 30, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$55.3 $— 
Private equity260.7 116.8 
Overseas deposits73.4 — 
Other4.7 — 
Total other investments$394.1 $116.8 
December 31, 2021
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.6 $— 
Private equity248.9 64.2 
Overseas deposits74.9 — 
Other4.8 — 
Total other investments$387.2 $64.2 
Unrealized Gain (Loss) on Investments
An aging of unrealized losses on our investments in fixed maturities is presented below:
June 30, 2022Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$429.0 $18.3 $48.7 $4.9 $477.7 $23.2 
Foreign Governments165.2 14.1 27.4 1.1 192.6 15.2 
Obligations of states and political subdivisions109.7 7.5 3.2 0.3 112.9 7.8 
Corporate bonds1,443.7 116.4 216.9 36.2 1,660.6 152.6 
Commercial mortgage-backed securities327.8 32.5 39.3 8.1 367.1 40.6 
Residential mortgage-backed securities260.2 24.6 109.3 19.0 369.5 43.6 
Asset-backed securities167.9 9.9 6.8 0.7 174.7 10.6 
Collateralized loan obligations279.9 16.5 10.8 0.4 290.7 16.9 
Total fixed maturities$3,183.4 $239.8 $462.4 $70.7 $3,645.8 $310.5 
December 31, 2021Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$193.4 $2.6 $14.6 $0.6 $208.0 $3.2 
Foreign Governments152.4 3.3 2.6 0.6 155.0 3.9 
Obligations of states and political subdivisions46.0 0.8 0.1 0.4 46.1 1.2 
Corporate bonds854.3 18.3 41.7 2.0 896.0 20.3 
Commercial mortgage-backed securities198.8 4.1 6.5 0.2 205.3 4.3 
Residential mortgage-backed securities284.2 5.6 4.0 0.1 288.2 5.7 
Asset-backed securities62.6 0.6 — — 62.6 0.6 
Collateralized loan obligations176.1 1.6 0.5 — 176.6 1.6 
Total fixed maturities$1,967.8 $36.9 $70.0 $3.9 $2,037.8 $40.8 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three and six months ending June 30, 2022 and 2021, respectively:

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2022$0.3 $0.4 $2.1 $0.1 $2.9 
Securities for which allowance was not previously recorded0.1 — 0.1 — 0.2 
Securities sold during the period— — — — — 
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 — 0.2 — 0.3 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, March 31, 2021$0.1 $— $7.1 $— $7.2 
Securities for which allowance was not previously recorded— — (0.1)— (0.1)
Securities sold during the period— — (0.5)— (0.5)
Additional net increases (decreases) in existing allowance0.1 — (0.3)— (0.2)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2022$0.2 $— $2.2 $0.1 $2.5 
Securities for which allowance was not previously recorded0.2 — 0.5 — 0.7 
Securities sold during the period— — (0.6)— (0.6)
Reductions for credit impairments— — (1.4)— (1.4)
Additional net increases (decreases) in existing allowance0.1 0.4 0.3 — 0.8 
Ending balance, June 30, 2022$0.5 $0.4 $1.0 $0.1 $2.0 

(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2021$0.2 $0.1 $6.1 $0.2 $6.6 
Securities for which allowance was not previously recorded— — 2.0 — 2.0 
Securities sold during the period— — (0.9)— (0.9)
Additional net increases (decreases) in existing allowance— (0.1)(1.0)(0.2)(1.3)
Ending balance, June 30, 2021$0.2 $— $6.2 $— $6.4 
Schedule of Accounts, Notes, Loans and Financing Receivable The following table presents loans by property type:
June 30, 2022
(in millions)Principal BalanceCompositionLoan Count
Apartments85.254.1 %16
Hotel25.015.9 %4
Industrial25.816.3 %4
Retail21.513.7 %4
Total157.5100.0 %28 
Financing Receivable Credit Quality Indicators
The following table presents our loans by Debt Service Covenant Ratio (“DSCR”):
June 30, 2022
(in millions)Principal BalanceLoan Count
1.00 to 1.5064.812
Greater than 1.5 to 2.014.42
Greater than 2.0 to 3.041.28
Greater than 3.0 to 4.025.84
Greater than 4.011.32
Total157.528

The following table presents loans by Loan To Value (“LTV”):
June 30, 2022
(in millions)Principal BalanceLoan Count
Equal to or less than 50.0%26.34
Greater than 50.0% to 55.0%0.00
Greater than 55.0% to 60.0%48.510
Greater than 60.0% to 70.0%82.714
Greater than 70.0%0.00
Total157.528
Financing Receivable, before Allowance for Credit Loss, Maturity
The following table presents loans by maturity:
June 30, 2022
(in millions)Principal BalanceLoan Count
One Year or Less0.00
Greater than One Year and Less than Three45.68
Greater than Three Years and Less than Five Years42.88
Greater than Five Years and Less than Seven Years20.44
Greater than Seven Years and Less than Ten Years48.78
Greater than Ten Years0.00
Total157.528
Schedule of Company's Gross Realized Investment Gains (Losses)
The following table presents our gross realized investment gains and losses:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains on fixed maturities and other:
Fixed maturities$4.7 $17.5 $15.9 $23.0 
Other investments, including short-terms10.4 9.1 12.0 11.3 
15.1 26.6 27.9 34.3 
Realized losses on fixed maturities and other:
Fixed maturities(4.8)(3.0)(21.4)(4.5)
Other investments, including short-terms(21.3)(8.8)(28.1)(14.5)
 (26.1)(11.8)(49.5)(19.0)
Net (losses) recognized on fixed maturities and other:
Credit gains (losses) on fixed maturities(2.3)0.4 (3.4)(0.7)
Other(1)
(25.2)(11.5)(53.7)(11.5)
(27.5)(11.1)(57.1)(12.2)
Equity securities:
Net realized gains (losses) on equity securities1.1 0.7 0.1 (1.1)
Change in unrealized gains (losses) on equity securities held at the end of the period(3.0)20.3 3.7 35.8 
Net gains (losses) on equity securities(1.9)21.0 3.8 34.7 
Net investment and other gains (losses) before income taxes(40.4)24.7 (74.9)37.8 
Income tax (benefit) provision(1.1)5.2 (1.8)7.9 
Net investment and other gains (losses), net of income taxes$(39.3)$19.5 $(73.1)$29.9 
(1)Refer to the sale of AGSE and Argo Seguros in Note 1, “Business and Significant Accounting Policies” for additional information.
Schedule of Changes in Unrealized Appreciation (Depreciation)
Changes in unrealized gains (losses) related to investments are summarized as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Change in unrealized gains (losses)
Fixed maturities$(151.2)$18.0 $(328.7)$(47.7)
Other and short-term investments0.8 0.1 0.9 (0.3)
Net unrealized investment gains (losses) before income taxes(150.4)18.1 (327.8)(48.0)
Income tax provision (benefit)(29.3)4.0 (63.1)(8.6)
Net unrealized investment gains (losses), net of income taxes$(121.1)$14.1 $(264.7)$(39.4)
Schedule of Fair Value of Foreign Currency Exchange Forward Contracts
The fair value of our foreign currency exchange forward contracts as of June 30, 2022 and December 31, 2021 was as follows:
June 30, 2022December 31, 2021
(in millions)Notional AmountFair ValueNotional AmountFair Value
Operational currency exposure$286.1 $(3.5)$276.3 $(0.3)
Asset manager investment exposure43.3 0.7 35.5 (0.3)
Total$329.4 $(2.8)$311.8 $(0.6)
Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts
The following table represents our gross realized investment gains and losses on our foreign currency exchange forward contracts:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Realized gains
Operational currency exposure$5.4 $3.2 $7.8 $7.1 
Asset manager investment exposure3.1 0.9 4.2 1.8 
Total return strategy— — — 6.1 
Gross realized investment gains8.5 4.1 12.0 15.0 
Realized losses
Operational currency exposure(16.6)(3.5)(25.5)(12.7)
Asset manager investment exposure(1.0)(0.8)(1.0)(0.8)
Total return strategy— — — (5.1)
Gross realized investment losses(17.6)(4.3)(26.5)(18.6)
Net realized investment (losses) gains on foreign currency exchange forward contracts
$(9.1)$(0.2)$(14.5)$(3.6)
Schedule of Restricted Assets The following table presents our components of restricted assets:
(in millions)June 30, 2022December 31, 2021
Securities on deposit for regulatory and other purposes$168.4 $195.6 
Securities pledged as collateral for letters of credit and other184.2 193.9 
Securities on deposit supporting Lloyd’s business (1)
261.6 296.8 
Total restricted investments$614.2 $686.3 
(1) Argo Group is required to maintain Funds at Lloyd’s (“FAL”) to support its business for Syndicate 1200 and Syndicate 1910. At June 30, 2022 the amount of securities pledged for FAL was $261.6 million, of which $136.9 million was provided by Argo Re, Ltd.
Financial Assets Measured at Fair Value on Recurring Basis
Based on an analysis of the inputs, our financial assets and liabilities measured at fair value on a recurring basis have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)June 30,
2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$488.3 $481.2 $7.1 $— 
Foreign Governments193.9 — 193.9 — 
Obligations of states and political subdivisions171.7 — 171.7 — 
Corporate bonds1,743.3 — 1,728.1 15.2 
Commercial mortgage-backed securities367.1 — 367.1 — 
Residential mortgage-backed securities399.4 — 399.4 — 
Asset-backed securities192.0 — 171.6 20.4 
Collateralized loan obligations293.3 — 293.3 — 
Total fixed maturities3,849.0 481.2 3,332.2 35.6 
Equity securities48.1 32.4 — 15.7 
Other investments73.7 — 73.7 — 
Short-term investments465.0 464.5 0.5 — 
Total assets$4,435.8 $978.1 $3,406.4 $51.3 
Derivatives$2.8 $— $2.8 $— 
Total liabilities$2.8 $— $2.8 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31,
2021
Level 1 (1)
Level 2 (2)
Level 3 (3)
Fixed maturities
U.S. Governments$425.0 $417.4 $7.6 $— 
Foreign Governments232.8 — 232.8 — 
Obligations of states and political subdivisions171.3 — 171.3 — 
Corporate bonds1,983.3 — 1,980.5 2.8 
Commercial mortgage-backed securities418.7 — 418.7 — 
Residential mortgage-backed securities482.5 — 482.5 — 
Asset-backed securities173.6 — 173.6 — 
Collateralized loan obligations336.1 — 336.1 — 
Total fixed maturities4,223.3 417.4 3,803.1 2.8 
Equity securities56.3 41.6 — 14.7 
Other investments75.4 — 75.4 — 
Short-term investments655.8 653.9 1.9 — 
Total assets$5,010.8 $1,112.9 $3,880.4 $17.5 
Derivatives$0.6 $— $0.6 $— 
Total liabilities$0.6 $— $0.6 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3
A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:
Fair Value Measurements Using Unobservable Inputs (Level 3)
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2022$2.8 $14.7 $17.5 
Transfers into Level 335.4 — 35.4 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income (0.4)(0.1)(0.5)
Included in other comprehensive income(1.8)— (1.8)
Purchases, issuances, sales, and settlements:
Purchases1.4 1.1 2.5 
Issuances— — — 
Sales(1.8)— (1.8)
Settlements— — — 
 Ending balance, June 30, 2022$35.6 $15.7 $51.3 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022$— $— $— 
(in millions)Credit FinancialEquity
Securities		Total
Beginning balance, January 1, 2021$7.0 $17.5 $24.5 
Transfers into Level 3— 2.4 2.4 
Transfers out of Level 3— — — 
Total gains or losses (realized/unrealized):
Included in net income— 4.2 4.2 
Included in other comprehensive loss(0.8)— (0.8)
Purchases, issuances, sales, and settlements:
Purchases0.1 1.2 1.3 
Issuances— — — 
Sales(3.5)(10.6)(14.1)
Settlements— — — 
 Ending balance, December 31, 2021$2.8 $14.7 $17.5 
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$— $— $— 
v3.22.2
Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Credit Loss [Abstract]  
Premium Receivable, Allowance for Credit Loss
The following table represents the balances of premiums receivable, net of allowance for expected credit losses, at June 30, 2022 and January 1, 2022, and the changes in the allowance for expected credit losses for the six months ended June 30, 2022.
(in millions)Premiums Receivable, Net of Allowance for Estimated Uncollectible PremiumsAllowance for Estimated Uncollectible Premiums
Balance, January 1, 2022$648.6 $5.7 
Current period change for estimated uncollectible premiums0.2 
Write-offs of uncollectible premiums receivable (1)
(2.1)
Balance, June 30, 2022$674.8 $3.8 
(1)Includes allowance transferred as a result of divestitures in the amount of $1.5 million.
Reinsurance Recoverable, Allowance for Credit Loss
Reinsurance Recoverables
The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at June 30, 2022 and January 1, 2022, and changes in the allowance for estimated uncollectible reinsurance for the six months ended June 30, 2022.
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible ReinsuranceAllowance for Estimated Uncollectible Reinsurance
Balance, January 1, 2022$2,966.4 $3.8 
Current period change for estimated uncollectible reinsurance0.7 
Write-offs of uncollectible reinsurance recoverables— 
Balance, June 30, 2022$2,887.3 $4.5 
v3.22.2
Reserves for Losses and Loss Adjustment Expenses (Tables)
 6 Months Ended
Jun. 30, 2022
Insurance [Abstract]  
Reserves for Losses and Loss Adjustment Expenses
The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):
For the Six Months Ended
June 30,
(in millions)20222021
Net reserves beginning of the year$3,123.2 $2,906.1 
Add:
Losses and LAE incurred during current calendar year, net of reinsurance:
Current accident year539.9 579.4 
Prior accident years19.7 (0.2)
Losses and LAE incurred during calendar year, net of reinsurance559.6 579.2 
Deduct:
Losses and LAE payments made during current calendar year, net of reinsurance:
Current accident year52.2 59.7 
Prior accident years454.7 376.0 
Losses and LAE payments made during current calendar year, net of reinsurance:506.9 435.7 
Divestitures (1)
(35.2)— 
Net reserves ceded:
Loss portfolio transfer (for years of account 2019 and 2018) (2)
(181.2)— 
Reinsurance to close transaction (for years of account 2017 and prior) (3)
— (207.8)
Change in participation interest (4)
28.6 12.8 
Foreign exchange adjustments1.2 6.1 
Net reserves - end of period2,989.3 2,860.7 
Add:
Reinsurance recoverables on unpaid losses and LAE, end of period2,606.2 2,377.9 
Gross reserves - end of period$5,595.5 $5,238.6 
(1)Refer to the sale of Argo Seguros and AGSE in Note 1, “Business and Significant Accounting Policies” for additional information.
(2)Loss portfolio transfer on Syndicate 1200's reserves for the 2018 and 2019 years of account. Refer to Note 1, “Business and Significant Accounting Policies” for additional information.
(3)Amount represents reserves ceded under the reinsurance to close transaction with RiverStone for Lloyd’s years of account 2017 and prior, effective January 1, 2021.
(4)Amount represents the change in reserves due to changing our participation in Syndicates 1200 and 1910.
Impact from (Favorable) Unfavorable Development of Prior Accident Years’ Loss and LAE Reserves on Each Reporting Segment
The impact from the (favorable) unfavorable development of prior accident years’ loss and LAE reserves on each reporting segment is presented below: 
For the Six Months Ended
June 30,
(in millions)20222021
U.S. Operations$11.7 $(0.9)
International Operations5.2 (1.9)
Run-off Lines2.8 2.6 
Total (favorable) unfavorable prior-year development$19.7 $(0.2)
v3.22.2
Disclosures about Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value
A summary of our financial instruments whose carrying value did not equal fair value is shown below:
June 30, 2022December 31, 2021
(in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Junior subordinated debentures:
Trust preferred debentures$172.7 $169.4 $172.7 $172.9 
Subordinated debentures85.7 90.0 85.5 91.9 
Total junior subordinated debentures258.4 259.4 258.2 264.8 
Senior unsecured fixed rate notes140.4 128.2 140.3 148.4 
Floating rate loan stock54.4 53.4 57.0 57.1 
$453.2 $441.0 $455.5 $470.3 
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Based on an analysis of the inputs, our financial instruments measured at fair value for disclosure purposes have been categorized as follows:
Fair Value Measurements at Reporting Date Using
(in millions)June 30, 2022
Level 1 (1)
Level 2 (2)
Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures$169.4 $— $169.4 $— 
Subordinated debentures90.0 — 90.0 — 
Total junior subordinated debentures259.4 — 259.4 — 
Senior unsecured fixed rate notes128.2 128.2 — — 
Floating rate loan stock53.4 — 53.4 — 
$441.0 $128.2 $312.8 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
Fair Value Measurements at Reporting Date Using
(in millions)December 31, 2021
Level 1 (1)
Level 2 (2)
Level 3 (3)
Junior subordinated debentures:
Trust preferred debentures$172.9 $— $172.9 $— 
Subordinated debentures91.9 — 91.9 — 
Total junior subordinated debentures264.8 — 264.8 — 
Senior unsecured fixed rate notes148.4 148.4 — — 
Floating rate loan stock57.1 — 57.1 — 
$470.3 $148.4 $321.9 $— 
(1) Quoted prices in active markets for identical assets
(2) Significant other observable inputs
(3) Significant unobservable inputs
v3.22.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Changes in Accumulated Other Comprehensive (Loss) Income
A summary of changes in accumulated other comprehensive (loss) income, net of taxes (where applicable) by component for the six months ended June 30, 2022 and 2021 is presented below:
(in millions)Foreign Currency Translation AdjustmentsUnrealized
Holding Gains (Losses)
on Securities		Defined Benefit Pension PlansTotal
Balance, January 1, 2022$(35.3)$19.7 $(7.1)$(22.7)
Other comprehensive income (loss) before reclassifications(0.4)(260.3)— (260.7)
Amounts reclassified from accumulated other comprehensive loss31.8 (4.4)— 27.4 
Net current-period other comprehensive income (loss)31.4 (264.7)— (233.3)
Balance, June 30, 2022$(3.9)$(245.0)$(7.1)$(256.0)
(in millions)Foreign Currency Translation Adjustments Unrealized
Holding Gains (Losses)
on Securities		Defined Benefit Pension PlansTotal
Balance, January 1, 2021$(37.9)$105.1 $(8.6)$58.6 
Other comprehensive loss before reclassifications2.5 (22.5)1.5 (18.5)
Amounts reclassified from accumulated other comprehensive loss— (16.9)— (16.9)
Net current-period other comprehensive loss2.5 (39.4)1.5 (35.4)
Balance, June 30, 2021$(35.4)$65.7 $(7.1)$23.2 
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income
The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Condensed Consolidated Statements of Income (Loss):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Unrealized gains and losses on securities:
Net realized investment gains (losses)$— $(15.2)$(5.4)$(19.2)
Provision for income taxes— 1.5 1.0 2.3 
Foreign currency translation adjustments:
Net realized foreign currency translation losses (1)
4.5 — 31.8 — 
Total, net of taxes$4.5 $(13.7)$27.4 $(16.9)
(1) Foreign currency translation losses were realized as a result of the sale of Argo Seguros and AGSE. Refer to the sale of Argo Seguros and AGSE in Note 1, “Business and Significant Accounting Policies” for additional information.
v3.22.2
Net Income (Loss) Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share on Basic and Diluted Basis
The following table presents the calculation of net income (loss) per common share on a basic and diluted basis:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions, except number of shares and per share amounts)2022202120222021
Net income (loss)$(16.2)$69.8 $(17.2)$99.6 
Less: Preferred share dividends2.7 2.7 5.3 5.3 
Net income (loss) attributable to common shareholders(18.9)67.1 (22.5)94.3 
Weighted average common shares outstanding - basic34,964,773 34,820,649 34,928,555 34,766,948 
Effect of dilutive securities:
Equity compensation awards— 192,131 — 216,856 
Weighted average common shares outstanding - diluted34,964,773 35,012,780 34,928,555 34,983,804 
Net income (loss) per common share:
Basic$(0.54)$1.93 $(0.64)$2.72 
Diluted$(0.54)$1.92 $(0.64)$2.70 
v3.22.2
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]  
Schedule of Interest Paid and Income Taxes Paid (Recovered) Interest paid and income taxes paid (recovered) were as follows:
For the Six Months Ended
June 30,
(in millions)20222021
Senior unsecured fixed rate notes$4.7 $4.7 
Junior subordinated debentures5.4 5.0 
Other indebtedness1.0 1.1 
Total interest paid$11.1 $10.8 
Income taxes paid$10.1 $8.9 
Income taxes recovered(0.5)(0.1)
Income taxes paid, net$9.6 $8.8 
v3.22.2
Share-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Share Activity
A summary of non-vested restricted share activity as of June 30, 2022 and changes during the six months then ended is as follows:
SharesWeighted-Average
Grant Date
Fair Value
Outstanding at January 1, 2022278,430 $49.57 
Granted334,384 40.19 
Reclassed from performance shares14,373 32.61 
Vested and issued(128,390)47.96 
Expired or forfeited(110,895)43.49 
Outstanding at June 30, 2022387,902 $43.13 
Schedule of Performance Shares
A summary of non-vested performance share activity as of June 30, 2022 and changes during the six months then ended is as follows:
SharesWeighted-Average
Grant Date
Fair Value
Outstanding at January 1, 2022200,564 $47.52 
Granted124,464 41.00 
Reclassed to restricted shares(14,373)32.61 
Vested and issued(3,275)61.05 
Expired or forfeited(175,063)44.74 
Outstanding at June 30, 2022132,317 $46.34 
v3.22.2
Underwriting, Acquisition and Insurance Expenses (Tables)
 6 Months Ended
Jun. 30, 2022
Underwriting, Acquisition and Insurance Expenses [Abstract]  
Underwriting, Acquisition and Insurance Expenses
Underwriting, acquisition and insurance expenses were as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Commissions$61.3 $71.7 $139.2 $148.2 
Other underwriting and insurance expenses97.1 104.0 200.3 210.6 
Total underwriting, acquisition and insurance expenses before deferral158.4 175.7 339.5 358.8 
Net deferral of policy acquisition costs2.6 1.6 (5.6)(5.1)
Total underwriting, acquisition and insurance expenses$161.0 $177.3 $333.9 $353.7 
v3.22.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates For the three and six months ended June 30, 2022 and 2021, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows: 
For the Three Months Ended June 30,
20222021
(in millions)Pre-Tax
Income (Loss)		Effective
Tax
Rate		Pre-Tax
Income (Loss)		Effective
Tax
Rate
Bermuda$(49.1)— %$2.3 — %
United States46.0 21.4 %64.0 21.9 %
United Kingdom8.7 26.8 %9.3 (54.6)%
Brazil— — %2.3 — %
United Arab Emirates0.2 — %0.1 — %
Ireland(4.6)— %— 
(1)
— %
Italy(0.2)46.7 %0.4 — %
Malta(5.1)— %0.3 — %
Pre-tax income$(4.1)(295.1)%$78.7 11.3 %
(1)    Pre-tax income (loss) for the respective year was less than $0.1 million.

For the Six Months Ended June 30,
20222021
(in millions)Pre-Tax
Income (Loss)		Effective
Tax
Rate		Pre-Tax
Income (Loss)		Effective
Tax
Rate
Bermuda$(49.0)— %$7.3 — %
United States84.7 21.7 %105.2 19.4 %
United Kingdom13.7 46.6 %(8.9)115.3 %
Brazil(0.1)(422.4)%4.0 — %
United Arab Emirates0.8 — %0.3 — %
Ireland(38.0)— %(0.1)— %
Italy(0.1)(28.9)%1.2 — %
Malta(4.1)— %0.9 — %
Pre-tax income$7.9 320.4 %$109.9 9.3 %
Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Income tax provision at expected rate$9.5 $16.5 $18.9 $22.8 
Tax effect of:
Nontaxable investment income(0.1)(0.1)(0.2)(0.3)
Foreign exchange adjustments0.7 (0.3)0.7 (0.5)
Withholding taxes— 0.1 — 0.1 
Sale of Brazil and Malta Operations4.9 — 6.5 — 
Change in uncertain tax position liability0.5 0.6 0.6 (1.8)
Change in valuation allowance(3.5)(1.2)(5.4)(2.0)
Impact of change in tax rate related to Finance Act 20210.8 (7.4)1.3 (7.4)
Prior period adjustment(0.3)— 0.9 — 
Other(0.4)0.7 1.8 (0.6)
Income tax provision$12.1 $8.9 $25.1 $10.3 
v3.22.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Revenue and Income (Loss) Before Income Taxes for Each Segment
Revenue and income (loss) before income taxes for each segment were as follows:
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Revenue:
Earned premiums
U.S. Operations$332.8 $314.5 $669.2 $628.9 
International Operations121.3 155.7 265.5 307.2 
Run-off Lines0.2 0.1 0.2 0.3 
Total earned premiums454.3 470.3 934.9 936.4 
Net investment income
U.S. Operations20.0 33.7 45.6 62.5 
International Operations8.7 13.9 20.1 25.9 
Run-off Lines0.6 1.1 1.3 1.9 
Corporate and Other— 4.0 — 6.8 
Total net investment income29.3 52.7 67.0 97.1 
Net investment and other gains (losses)(40.4)24.7 (74.9)37.8 
Total revenue$443.2 $547.7 $927.0 $1,071.3 

For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
Income (loss) before income taxes
U.S. Operations$43.0 $53.6 $86.9 $90.2 
International Operations2.6 19.5 25.3 7.7 
Run-off Lines(1.5)(0.1)(2.5)0.5 
Total segment income (loss) before income taxes44.1 73.0 109.7 98.4 
Corporate and Other(18.1)(14.6)(34.3)(20.6)
Net investment and other gains (losses) (40.4)24.7 (74.9)37.8 
Foreign currency exchange gains (losses)10.3 (4.4)7.4 (5.7)
Total income (loss) before income taxes$(4.1)$78.7 $7.9 $109.9 
Schedule of Earned Premiums by Geographic Location
The table below presents earned premiums by geographic location for the three and six months ended June 30, 2022 and 2021. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in millions)2022202120222021
United States$333.0 $314.2 $669.4 $627.0 
United Kingdom109.0 116.8 236.1 215.8 
Bermuda11.0 10.7 17.4 35.8 
Malta1.3 11.0 3.6 25.0 
All other jurisdictions— 17.6 8.4 32.8 
Total earned premiums$454.3 $470.3 $934.9 $936.4 
Identifiable Assets The following table represents identifiable assets:
(in millions)June 30, 2022December 31, 2021
U.S. Operations$5,585.2 $5,800.1 
International Operations3,859.3 3,932.3 
Run-off Lines287.9 314.7 
Corporate and Other143.7 270.7 
Total$9,876.1 $10,317.8 
v3.22.2
Business and Significant Accounting Policies - Sale of Business Unit (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations
€ in Millions, R$ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 22, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jun. 22, 2022
EUR (€)
Jun. 22, 2022
USD ($)
Feb. 15, 2022
USD ($)
Feb. 15, 2022
BRL (R$)
Argo Seguros Brasil S.A.              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Cash consideration received from sale           $ 30.5 R$ 160
Loss on disposal   $ 28.5 $ 6.3        
Losses from the realization of historical foreign currency translation losses   $ 27.3          
ArgoGlobal Holdings Ltd.              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Cash consideration received from sale       € 4.9 $ 5.2    
Loss on disposal $ 21.3            
Losses from the realization of historical foreign currency translation losses $ 4.5            
v3.22.2
Business and Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Non-operating expenses $ 15.6 $ 10.8 $ 23.0 $ 12.7
v3.22.2
Investments - Additional Information (Detail)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
security
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
security
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]          
Fair value of investments, assets managed on behalf of the trade capital providers | $ $ 63.0   $ 63.0   $ 89.6
Number of securities in an unrealized loss position, total | security 5,118   5,118    
Number of securities in an unrealized loss position for less than one year | security 1,247   1,247    
Number of securities in an unrealized loss position for a period of one year or greater | security 224   224    
Credit gains (losses) on fixed maturities | $ $ 0.5 $ (0.4) $ 1.6 $ 0.7  
Gain (Loss) on Investments          
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]          
Credit gains (losses) on fixed maturities | $ $ 1.9 $ (0.4) $ 1.9 $ 0.7  
v3.22.2
Investments - Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Fixed maturities            
Amortized Cost $ 4,156.5   $ 4,203.2      
Gross Unrealized Gains 5.0   63.4      
Gross Unrealized Losses 310.5   40.8      
Allowance for Credit Losses 2.0 $ 2.9 2.5 $ 6.4 $ 7.2 $ 6.6
Fair Value 3,849.0   4,223.3      
U.S. Governments            
Fixed maturities            
Amortized Cost 511.5   422.7      
Gross Unrealized Gains 0.0   5.5      
Gross Unrealized Losses 23.2   3.2      
Allowance for Credit Losses 0.0   0.0      
Fair Value 488.3   425.0      
Foreign Governments            
Fixed maturities            
Amortized Cost 209.2   234.7      
Gross Unrealized Gains 0.4   2.2      
Gross Unrealized Losses 15.2   3.9      
Allowance for Credit Losses 0.5   0.2      
Fair Value 193.9   232.8      
Obligations of states and political subdivisions            
Fixed maturities            
Amortized Cost 178.6   166.7      
Gross Unrealized Gains 1.3   5.8      
Gross Unrealized Losses 7.8   1.2      
Allowance for Credit Losses 0.4   0.0      
Fair Value 171.7   171.3      
Corporate bonds            
Fixed maturities            
Amortized Cost 1,894.3   1,972.3      
Gross Unrealized Gains 2.6   33.5      
Gross Unrealized Losses 152.6   20.3      
Allowance for Credit Losses 1.0   2.2      
Fair Value 1,743.3   1,983.3      
Commercial mortgage-backed securities            
Fixed maturities            
Amortized Cost 407.7   416.7      
Gross Unrealized Gains 0.0   6.3      
Gross Unrealized Losses 40.6   4.3      
Allowance for Credit Losses 0.0   0.0      
Fair Value 367.1   418.7      
Residential mortgage-backed securities            
Fixed maturities            
Amortized Cost 442.4   480.7      
Gross Unrealized Gains 0.6   7.5      
Gross Unrealized Losses 43.6   5.7      
Allowance for Credit Losses 0.0   0.0      
Fair Value 399.4   482.5      
Asset-backed securities            
Fixed maturities            
Amortized Cost 202.7   173.0      
Gross Unrealized Gains 0.0   1.3      
Gross Unrealized Losses 10.6   0.6      
Allowance for Credit Losses 0.1   0.1      
Fair Value 192.0   173.6      
Collateralized loan obligations            
Fixed maturities            
Amortized Cost 310.1   336.4      
Gross Unrealized Gains 0.1   1.3      
Gross Unrealized Losses 16.9   1.6      
Allowance for Credit Losses 0.0   0.0      
Fair Value $ 293.3   $ 336.1      
v3.22.2
Investments - Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity (Detail)
$ in Millions
Jun. 30, 2022
USD ($)
Amortized Cost  
Due in one year or less $ 166.4
Due after one year through five years 1,861.8
Due after five years through ten years 688.9
Due after ten years 76.5
Structured securities 1,362.9
Total 4,156.5
Fair Value  
Due in one year or less 166.0
Due after one year through five years 1,762.9
Due after five years through ten years 603.1
Due after ten years 65.2
Structured securities 1,251.8
Total $ 3,849.0
v3.22.2
Investments - Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Carrying Value $ 4,913.7 $ 5,322.6
Hedge funds    
Schedule of Investments [Line Items]    
Carrying Value 55.3 58.6
Unfunded Commitments 0.0 0.0
Private equity    
Schedule of Investments [Line Items]    
Carrying Value 260.7 248.9
Unfunded Commitments 116.8 64.2
Overseas deposits    
Schedule of Investments [Line Items]    
Carrying Value 73.4 74.9
Unfunded Commitments 0.0 0.0
Other    
Schedule of Investments [Line Items]    
Carrying Value 4.7 4.8
Unfunded Commitments 0.0 0.0
Other Investments    
Schedule of Investments [Line Items]    
Carrying Value 394.1 387.2
Unfunded Commitments $ 116.8 $ 64.2
v3.22.2
Investments - Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments (Detail) - Fixed maturities - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year $ 3,183.4 $ 1,967.8
Unrealized Losses, Less Than One Year 239.8 36.9
Fair Value, One Year or Greater 462.4 70.0
Unrealized Losses, One Year or Greater 70.7 3.9
Fair Value, Total 3,645.8 2,037.8
Unrealized Losses, Total 310.5 40.8
U.S. Governments    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 429.0 193.4
Unrealized Losses, Less Than One Year 18.3 2.6
Fair Value, One Year or Greater 48.7 14.6
Unrealized Losses, One Year or Greater 4.9 0.6
Fair Value, Total 477.7 208.0
Unrealized Losses, Total 23.2 3.2
Foreign Governments    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 165.2 152.4
Unrealized Losses, Less Than One Year 14.1 3.3
Fair Value, One Year or Greater 27.4 2.6
Unrealized Losses, One Year or Greater 1.1 0.6
Fair Value, Total 192.6 155.0
Unrealized Losses, Total 15.2 3.9
Obligations of states and political subdivisions    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 109.7 46.0
Unrealized Losses, Less Than One Year 7.5 0.8
Fair Value, One Year or Greater 3.2 0.1
Unrealized Losses, One Year or Greater 0.3 0.4
Fair Value, Total 112.9 46.1
Unrealized Losses, Total 7.8 1.2
Corporate bonds    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 1,443.7 854.3
Unrealized Losses, Less Than One Year 116.4 18.3
Fair Value, One Year or Greater 216.9 41.7
Unrealized Losses, One Year or Greater 36.2 2.0
Fair Value, Total 1,660.6 896.0
Unrealized Losses, Total 152.6 20.3
Commercial mortgage-backed securities    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 327.8 198.8
Unrealized Losses, Less Than One Year 32.5 4.1
Fair Value, One Year or Greater 39.3 6.5
Unrealized Losses, One Year or Greater 8.1 0.2
Fair Value, Total 367.1 205.3
Unrealized Losses, Total 40.6 4.3
Residential mortgage-backed securities    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 260.2 284.2
Unrealized Losses, Less Than One Year 24.6 5.6
Fair Value, One Year or Greater 109.3 4.0
Unrealized Losses, One Year or Greater 19.0 0.1
Fair Value, Total 369.5 288.2
Unrealized Losses, Total 43.6 5.7
Asset-backed securities    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 167.9 62.6
Unrealized Losses, Less Than One Year 9.9 0.6
Fair Value, One Year or Greater 6.8 0.0
Unrealized Losses, One Year or Greater 0.7 0.0
Fair Value, Total 174.7 62.6
Unrealized Losses, Total 10.6 0.6
Collateralized loan obligations    
Schedule of Investments [Line Items]    
Fair Value, Less Than One Year 279.9 176.1
Unrealized Losses, Less Than One Year 16.5 1.6
Fair Value, One Year or Greater 10.8 0.5
Unrealized Losses, One Year or Greater 0.4 0.0
Fair Value, Total 290.7 176.6
Unrealized Losses, Total $ 16.9 $ 1.6
v3.22.2
Investments - Allowance for Credit Losses (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 2.9 $ 7.2 $ 2.5 $ 6.6
Securities for which allowance was not previously recorded 0.2 (0.1) 0.7 2.0
Securities sold during the period 0.0 (0.5) (0.6) (0.9)
Reductions for credit impairments (1.4)   (1.4)  
Additional net increases (decreases) in existing allowance 0.3 (0.2) 0.8 (1.3)
Ending balance 2.0 6.4 2.0 6.4
Foreign Governments        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0.3 0.1 0.2 0.2
Securities for which allowance was not previously recorded 0.1 0.0 0.2 0.0
Securities sold during the period 0.0 0.0 0.0 0.0
Reductions for credit impairments 0.0   0.0  
Additional net increases (decreases) in existing allowance 0.1 0.1 0.1 0.0
Ending balance 0.5 0.2 0.5 0.2
Obligations of states and political subdivisions        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0.4 0.0 0.0 0.1
Securities for which allowance was not previously recorded 0.0 0.0 0.0 0.0
Securities sold during the period 0.0 0.0 0.0 0.0
Reductions for credit impairments 0.0   0.0  
Additional net increases (decreases) in existing allowance 0.0 0.0 0.4 (0.1)
Ending balance 0.4 0.0 0.4 0.0
Corporate bonds        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2.1 7.1 2.2 6.1
Securities for which allowance was not previously recorded 0.1 (0.1) 0.5 2.0
Securities sold during the period 0.0 (0.5) (0.6) (0.9)
Reductions for credit impairments (1.4)   (1.4)  
Additional net increases (decreases) in existing allowance 0.2 (0.3) 0.3 (1.0)
Ending balance 1.0 6.2 1.0 6.2
Asset-backed securities        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0.1 0.0 0.1 0.2
Securities for which allowance was not previously recorded 0.0 0.0 0.0 0.0
Securities sold during the period 0.0 0.0 0.0 0.0
Reductions for credit impairments 0.0   0.0  
Additional net increases (decreases) in existing allowance 0.0 0.0 0.0 (0.2)
Ending balance $ 0.1 $ 0.0 $ 0.1 $ 0.0
v3.22.2
Investments - Schedule of Commercial Mortgage Loans (Details)
$ in Millions
Jun. 30, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance | $ $ 157.5 $ 0.0
Composition 100.00%  
Loan Count | loan 28  
Apartments    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance | $ $ 85.2  
Composition 54.10%  
Loan Count | loan 16  
Hotel    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance | $ $ 25.0  
Composition 15.90%  
Loan Count | loan 4  
Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance | $ $ 25.8  
Composition 16.30%  
Loan Count | loan 4  
Retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance | $ $ 21.5  
Composition 13.70%  
Loan Count | loan 4  
v3.22.2
Investments - Schedule of Loans by Ratio (Details)
$ in Millions
Jun. 30, 2022
USD ($)
security
loan
Dec. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 157.5 $ 0.0
Loan Count | loan 28  
Equal to or less than 50.0%    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 26.3  
Loan Count | security 4  
Greater than 50.0% to 55.0%    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 0.0  
Loan Count | security 0  
Greater than 55.0% to 60.0%    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 48.5  
Loan Count | security 10  
Greater than 60.0% to 70.0%    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 82.7  
Loan Count | security 14  
Greater than 70.0%    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 0.0  
Loan Count | security 0  
1.00 to 1.50    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 64.8  
Loan Count | security 12  
Greater than 1.5 to 2.0    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 14.4  
Loan Count | security 2  
Greater than 2.0 to 3.0    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 41.2  
Loan Count | security 8  
Greater than 3.0 to 4.0    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 25.8  
Loan Count | security 4  
Greater than 4.0    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Principal Balance $ 11.3  
Loan Count | security 2  
v3.22.2
Investments - Schedule of Loans by Maturity (Details)
$ in Millions
Jun. 30, 2022
USD ($)
security
loan
Dec. 31, 2021
USD ($)
Investments, Debt and Equity Securities [Abstract]    
One Year or Less $ 0.0  
Greater than One Year and Less than Three 45.6  
Greater than Three Years and Less than Five Years 42.8  
Greater than Five Years and Less than Seven Years 20.4  
Greater than Seven Years and Less than Ten Years 48.7  
Greater than Ten Years 0.0  
Principal Balance $ 157.5 $ 0.0
One Year or Less | security 0  
Greater than One Year and Less than Three | security 8  
Greater than Three Years and Less than Five Years | security 8  
Greater than Five Years and Less than Seven Years | security 4  
Greater than Seven Years and Less than Ten Years | security 8  
Greater than Ten Years | security 0  
Loan Count | loan 28  
v3.22.2
Investments - Schedule of Company's Gross Realized Investment Gains (Losses) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Schedule of Investments [Line Items]        
Realized gains on fixed maturities and other: $ 15.1 $ 26.6 $ 27.9 $ 34.3
Realized losses on fixed maturities and other: (26.1) (11.8) (49.5) (19.0)
Credit gains (losses) on fixed maturities 0.5 (0.4) 1.6 0.7
Other(1) (25.2) (11.5) (53.7) (11.5)
Net (losses) recognized on fixed maturities and other (27.5) (11.1) (57.1) (12.2)
Net realized gains (losses) on equity securities 1.1 0.7 0.1 (1.1)
Change in unrealized gains (losses) on equity securities held at the end of the period (3.0) 20.3 3.7 35.8
Net gains (losses) on equity securities (1.9) 21.0 3.8 34.7
Net investment and other gains (losses) before income taxes (40.4) 24.7 (74.9) 37.8
Income tax (benefit) provision (1.1) 5.2 (1.8) 7.9
Net investment and other gains (losses), net of income taxes (39.3) 19.5 (73.1) 29.9
Fixed maturities        
Schedule of Investments [Line Items]        
Realized gains on fixed maturities and other: 4.7 17.5 15.9 23.0
Realized losses on fixed maturities and other: (4.8) (3.0) (21.4) (4.5)
Other investments        
Schedule of Investments [Line Items]        
Realized gains on fixed maturities and other: 10.4 9.1 12.0 11.3
Realized losses on fixed maturities and other: (21.3) (8.8) (28.1) (14.5)
Other than temporary impairment losses        
Schedule of Investments [Line Items]        
Credit gains (losses) on fixed maturities $ (2.3) $ 0.4 $ (3.4) $ (0.7)
v3.22.2
Investments - Schedule of Changes in Unrealized Appreciation (Depreciation) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Schedule of Investments [Line Items]        
Net unrealized investment gains (losses) before income taxes $ (150.4) $ 18.1 $ (327.8) $ (48.0)
Income tax provision (benefit) (29.3) 4.0 (63.1) (8.6)
Net unrealized investment gains (losses), net of income taxes (121.1) 14.1 (264.7) (39.4)
Fixed maturities        
Schedule of Investments [Line Items]        
Net unrealized investment gains (losses) before income taxes (151.2) 18.0 (328.7) (47.7)
Other and short-term investments        
Schedule of Investments [Line Items]        
Net unrealized investment gains (losses) before income taxes $ 0.8 $ 0.1 $ 0.9 $ (0.3)
v3.22.2
Investments - Schedule of Fair Value of Foreign Currency Exchange Forward Contracts (Detail) - Foreign Currency Exchange Forward Contracts - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Foreign currency exchange, notional amount $ 329.4 $ 311.8
Foreign currency exchange, fair value (2.8) (0.6)
Operational currency exposure    
Schedule of Investments [Line Items]    
Foreign currency exchange, notional amount 286.1 276.3
Foreign currency exchange, fair value (3.5) (0.3)
Asset manager investment exposure    
Schedule of Investments [Line Items]    
Foreign currency exchange, notional amount 43.3 35.5
Foreign currency exchange, fair value $ 0.7 $ (0.3)
v3.22.2
Investments - Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts (Detail) - Foreign Currency Exchange Forward Contracts - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Schedule of Investments [Line Items]        
Gross realized investment gains $ 8.5 $ 4.1 $ 12.0 $ 15.0
Gross realized investment losses (17.6) (4.3) (26.5) (18.6)
Net realized investment (losses) gains on foreign currency exchange forward contracts (9.1) (0.2) (14.5) (3.6)
Operational currency exposure        
Schedule of Investments [Line Items]        
Gross realized investment gains 5.4 3.2 7.8 7.1
Gross realized investment losses (16.6) (3.5) (25.5) (12.7)
Asset manager investment exposure        
Schedule of Investments [Line Items]        
Gross realized investment gains 3.1 0.9 4.2 1.8
Gross realized investment losses (1.0) (0.8) (1.0) (0.8)
Total return strategy        
Schedule of Investments [Line Items]        
Gross realized investment gains 0.0 0.0 0.0 6.1
Gross realized investment losses $ 0.0 $ 0.0 $ 0.0 $ (5.1)
v3.22.2
Investments - Components of Restricted Assets (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Securities required to be maintained at Lloyd's $ 261.6  
Asset Pledged as Collateral    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Restricted investments 614.2 $ 686.3
Asset Pledged as Collateral | Securities Deposits for Regulatory and Other Purposes    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Restricted investments 168.4 195.6
Asset Pledged as Collateral | Letter of Credit    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Restricted investments 184.2 193.9
Asset Pledged as Collateral | Deposits    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Restricted investments 261.6 $ 296.8
Argo Re    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Securities and cash on deposit supporting Lloyd's business $ 136.9  
v3.22.2
Investments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value $ 4,913.7 $ 5,322.6
Fair Value, Recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 4,435.8 5,010.8
Derivatives 2.8 0.6
Total liabilities 2.8 0.6
Fair Value, Recurring | Fixed maturities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 3,849.0 4,223.3
Fair Value, Recurring | Fixed maturities | Collateralized Loan Obligations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 293.3 336.1
Fair Value, Recurring | Fixed maturities | U.S. Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 488.3 425.0
Fair Value, Recurring | Fixed maturities | Foreign Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 193.9 232.8
Fair Value, Recurring | Fixed maturities | Obligations of states and political subdivisions    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 171.7 171.3
Fair Value, Recurring | Fixed maturities | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 1,743.3 1,983.3
Fair Value, Recurring | Fixed maturities | Commercial mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 367.1 418.7
Fair Value, Recurring | Fixed maturities | Residential mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 399.4 482.5
Fair Value, Recurring | Fixed maturities | Asset-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 192.0 173.6
Fair Value, Recurring | Equity securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 48.1 56.3
Fair Value, Recurring | Other investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 73.7 75.4
Fair Value, Recurring | Short-term investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 465.0 655.8
Fair Value, Recurring | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 978.1 1,112.9
Derivatives 0.0 0.0
Total liabilities 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 481.2 417.4
Fair Value, Recurring | Level 1 | Fixed maturities | Collateralized Loan Obligations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | U.S. Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 481.2 417.4
Fair Value, Recurring | Level 1 | Fixed maturities | Foreign Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | Obligations of states and political subdivisions    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | Commercial mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | Residential mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Fixed maturities | Asset-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Equity securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 32.4 41.6
Fair Value, Recurring | Level 1 | Other investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 1 | Short-term investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 464.5 653.9
Fair Value, Recurring | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 3,406.4 3,880.4
Derivatives 2.8 0.6
Total liabilities 2.8 0.6
Fair Value, Recurring | Level 2 | Fixed maturities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 3,332.2 3,803.1
Fair Value, Recurring | Level 2 | Fixed maturities | Collateralized Loan Obligations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 293.3 336.1
Fair Value, Recurring | Level 2 | Fixed maturities | U.S. Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 7.1 7.6
Fair Value, Recurring | Level 2 | Fixed maturities | Foreign Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 193.9 232.8
Fair Value, Recurring | Level 2 | Fixed maturities | Obligations of states and political subdivisions    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 171.7 171.3
Fair Value, Recurring | Level 2 | Fixed maturities | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 1,728.1 1,980.5
Fair Value, Recurring | Level 2 | Fixed maturities | Commercial mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 367.1 418.7
Fair Value, Recurring | Level 2 | Fixed maturities | Residential mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 399.4 482.5
Fair Value, Recurring | Level 2 | Fixed maturities | Asset-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 171.6 173.6
Fair Value, Recurring | Level 2 | Equity securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 2 | Other investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 73.7 75.4
Fair Value, Recurring | Level 2 | Short-term investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.5 1.9
Fair Value, Recurring | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 51.3 17.5
Derivatives 0.0 0.0
Total liabilities 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 35.6 2.8
Fair Value, Recurring | Level 3 | Fixed maturities | Collateralized Loan Obligations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | U.S. Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | Foreign Governments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | Obligations of states and political subdivisions    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | Corporate bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 15.2 2.8
Fair Value, Recurring | Level 3 | Fixed maturities | Commercial mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | Residential mortgage-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Fixed maturities | Asset-backed securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 20.4 0.0
Fair Value, Recurring | Level 3 | Equity securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 15.7 14.7
Fair Value, Recurring | Level 3 | Other investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value 0.0 0.0
Fair Value, Recurring | Level 3 | Short-term investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value $ 0.0 $ 0.0
v3.22.2
Investments - Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3 (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 17.5 $ 24.5
Transfers into Level 3 35.4 2.4
Transfers out of Level 3 0.0 0.0
Included in net income (0.5) 4.2
Included in other comprehensive income (1.8) (0.8)
Purchases 2.5 1.3
Issuances 0.0 0.0
Sales (1.8) (14.1)
Settlements 0.0 0.0
Ending balance   17.5
Ending balance 51.3 17.5
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at end of period 0.0 0.0
Credit Financial    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 2.8 7.0
Transfers into Level 3 35.4 0.0
Transfers out of Level 3 0.0 0.0
Included in net income (0.4) 0.0
Included in other comprehensive income (1.8) (0.8)
Purchases 1.4 0.1
Issuances 0.0 0.0
Sales (1.8) (3.5)
Settlements 0.0 0.0
Ending balance   2.8
Ending balance 35.6 2.8
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at end of period 0.0 0.0
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 14.7 17.5
Transfers into Level 3 0.0 2.4
Transfers out of Level 3 0.0 0.0
Included in net income (0.1) 4.2
Included in other comprehensive income 0.0 0.0
Purchases 1.1 1.2
Issuances 0.0 0.0
Sales 0.0 (10.6)
Settlements 0.0 0.0
Ending balance   14.7
Ending balance 15.7 14.7
Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held at end of period $ 0.0 $ 0.0
v3.22.2
Allowance for Credit Losses - Premiums Receivable (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Credit Loss [Abstract]    
Premiums receivable $ 674.8 $ 648.6
Premium Receivable, Allowance for Credit Loss [Roll Forward]    
Balance, January 1, 2022 5.7  
Current period change for estimated uncollectible premiums 0.2  
Write-offs of uncollectible premiums receivable (2.1)  
Balance, June 30, 2022 3.8  
Transferred due to divestitures $ 1.5  
v3.22.2
Allowance for Credit Losses - Reinsurance Recoverables (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Credit Loss [Abstract]    
Reinsurance recoverables, net $ 2,887.3 $ 2,966.4
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, January 1, 2022 3.8  
Current period change for estimated uncollectible reinsurance 0.7  
Write-offs of uncollectible reinsurance recoverables 0.0  
Balance, June 30, 2022 $ 4.5  
v3.22.2
Reserves for Losses and Loss Adjustment Expenses - Reserves for Losses and Loss Adjustment Expenses (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]          
Net reserves beginning of the year     $ 3,123.2 $ 2,906.1  
Losses and LAE incurred during current calendar year, net of reinsurance:          
Current accident year     539.9 579.4  
Prior accident years     19.7 (0.2)  
Losses and LAE incurred during calendar year, net of reinsurance $ 276.0 $ 271.6 559.6 579.2  
Losses and LAE payments made during current calendar year, net of reinsurance:          
Current accident year     52.2 59.7  
Prior accident years     454.7 376.0  
Losses and LAE payments made during current calendar year, net of reinsurance:     506.9 435.7  
Divestitures     (35.2) 0.0  
Loss portfolio transfer (for years of account 2019 and 2018)     (181.2) 0.0  
Net reserve ceded - reinsurance to close transaction for years of account 2017 and prior     0.0 (207.8)  
Change in participation interest     28.6 12.8  
Foreign exchange adjustments     1.2 6.1  
Net reserves - end of period 2,989.3 2,860.7 2,989.3 2,860.7 $ 3,123.2
Reinsurance recoverables on unpaid losses and LAE, end of period 2,606.2 2,377.9 2,606.2 2,377.9  
Gross reserves - end of period $ 5,595.5 $ 5,238.6 $ 5,595.5 $ 5,238.6 $ 5,595.0
v3.22.2
Reserves for Losses and Loss Adjustment Expenses - Impact from (Favorable) Unfavorable Development of Prior Accident Years' Loss and LAE Reserves on Each Reporting Segment (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Schedule Of Prior Accident Years Loss And Loss Adjustment Expense Reserves Development [Line Items]    
Total (favorable) unfavorable prior-year development $ 19.7 $ (0.2)
U.S. Operations    
Schedule Of Prior Accident Years Loss And Loss Adjustment Expense Reserves Development [Line Items]    
Total (favorable) unfavorable prior-year development 11.7 (0.9)
International Operations    
Schedule Of Prior Accident Years Loss And Loss Adjustment Expense Reserves Development [Line Items]    
Total (favorable) unfavorable prior-year development 5.2 (1.9)
Run-off Lines    
Schedule Of Prior Accident Years Loss And Loss Adjustment Expense Reserves Development [Line Items]    
Total (favorable) unfavorable prior-year development $ 2.8 $ 2.6
v3.22.2
Disclosures about Fair Value of Financial Instruments - Summary of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments $ 453.2 $ 455.5
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 441.0 470.3
Junior subordinated debentures | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 258.4 258.2
Junior subordinated debentures | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 259.4 264.8
Junior subordinated debentures | Trust preferred debentures | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 172.7 172.7
Junior subordinated debentures | Trust preferred debentures | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 169.4 172.9
Junior subordinated debentures | Subordinated debentures | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 85.7 85.5
Junior subordinated debentures | Subordinated debentures | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 90.0 91.9
Senior unsecured fixed rate notes | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 140.4 140.3
Senior unsecured fixed rate notes | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 128.2 148.4
Floating rate loan stock | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments 54.4 57.0
Floating rate loan stock | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Financial instruments $ 53.4 $ 57.1
v3.22.2
Disclosures about Fair Value of Financial Instruments - Summary of Fair Values Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments $ 441.0 $ 470.3
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 128.2 148.4
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 312.8 321.9
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 259.4 264.8
Junior subordinated debentures | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 259.4 264.8
Junior subordinated debentures | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures | Trust preferred debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 169.4 172.9
Junior subordinated debentures | Trust preferred debentures | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures | Trust preferred debentures | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 169.4 172.9
Junior subordinated debentures | Trust preferred debentures | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures | Subordinated debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 90.0 91.9
Junior subordinated debentures | Subordinated debentures | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Junior subordinated debentures | Subordinated debentures | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 90.0 91.9
Junior subordinated debentures | Subordinated debentures | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Senior unsecured fixed rate notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 128.2 148.4
Senior unsecured fixed rate notes | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 128.2 148.4
Senior unsecured fixed rate notes | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Senior unsecured fixed rate notes | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Floating rate loan stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 53.4 57.1
Floating rate loan stock | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 0.0 0.0
Floating rate loan stock | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments 53.4 57.1
Floating rate loan stock | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial instruments $ 0.0 $ 0.0
v3.22.2
Shareholders' Equity (Detail)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 15, 2022
USD ($)
May 05, 2022
$ / shares
Jun. 15, 2021
USD ($)
Jun. 04, 2021
USD ($)
May 06, 2021
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
Jun. 30, 2021
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2021
$ / shares
shares
Feb. 16, 2022
Dec. 31, 2021
$ / shares
May 03, 2016
USD ($)
Class of Stock [Line Items]                        
Cash dividend declared - common shares (in dollars per share)   $ 0.31     $ 0.31 $ 0.31 $ 0.31 $ 0.62 $ 0.62      
Payments of dividends | $ $ 10.5     $ 11.1                
Preferred shares par value (in dollars per share)           1.00   1.00     $ 1.00  
Liquidation preference (in dollars per share)           $ 25,000   $ 25,000     $ 25,000  
Fractional interest per one preference share         0.001         0.001    
Depositary shares, dividends per share (in dollars per share)   0.437500     $ 0.437500              
Number of shares repurchased (in shares) | shares               0 0      
Series A Preferred Stock                        
Class of Stock [Line Items]                        
Payments of dividends | $ $ 2.7   $ 2.7                  
Preferred stock, dividends declared (in dollars per share)   $ 437.50     $ 437.50              
Preferred stock, dividend rate (in percentage)   7.00%     7.00%              
Preferred shares par value (in dollars per share)   $ 1.00     $ 1.00              
Liquidation preference (in dollars per share)   $ 25,000     $ 25,000              
2016 Repurchase Authorization                        
Class of Stock [Line Items]                        
Total number of shares authorized for purchase | $                       $ 150.0
Remaining number of shares available under repurchase authorization | $           $ 53.3   $ 53.3        
v3.22.2
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 1,735.2 $ 1,857.8
Other comprehensive income (loss) before reclassifications (260.7) (18.5)
Amounts reclassified from accumulated other comprehensive loss 27.4 (16.9)
Net current-period other comprehensive loss (233.3) (35.4)
Ending Balance 1,460.7 1,897.9
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (35.3) (37.9)
Other comprehensive income (loss) before reclassifications (0.4) 2.5
Amounts reclassified from accumulated other comprehensive loss 31.8 0.0
Net current-period other comprehensive loss 31.4 2.5
Ending Balance (3.9) (35.4)
Unrealized Holding Gains (Losses) on Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 19.7 105.1
Other comprehensive income (loss) before reclassifications (260.3) (22.5)
Amounts reclassified from accumulated other comprehensive loss (4.4) (16.9)
Net current-period other comprehensive loss (264.7) (39.4)
Ending Balance (245.0) 65.7
Defined Benefit Pension Plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (7.1) (8.6)
Other comprehensive income (loss) before reclassifications 0.0 1.5
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0
Net current-period other comprehensive loss 0.0 1.5
Ending Balance (7.1) (7.1)
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (22.7) 58.6
Ending Balance $ (256.0) $ 23.2
v3.22.2
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Unrealized gains and losses on securities:        
Net realized investment gains (losses) $ 40.4 $ (24.7) $ 74.9 $ (37.8)
Income tax provision 12.1 8.9 25.1 10.3
Foreign currency exchange gains (losses) 10.3 (4.4) 7.4 (5.7)
Total, net of taxes 16.2 (69.8) 17.2 (99.6)
Reclassification out of Accumulated Other Comprehensive Income        
Unrealized gains and losses on securities:        
Total, net of taxes 4.5 (13.7) 27.4 (16.9)
Unrealized Gains and Losses on Securities | Reclassification out of Accumulated Other Comprehensive Income        
Unrealized gains and losses on securities:        
Net realized investment gains (losses) 0.0 (15.2) (5.4) (19.2)
Income tax provision 0.0 1.5 1.0 2.3
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income        
Unrealized gains and losses on securities:        
Foreign currency exchange gains (losses) $ 4.5 $ 0.0 $ 31.8 $ 0.0
v3.22.2
Net Income (Loss) Per Common Share - Net Income (Loss) Per Common Share on Basic and Diluted Basis (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Earnings Per Share [Abstract]        
Net income (loss) $ (16.2) $ 69.8 $ (17.2) $ 99.6
Less: Preferred share dividends 2.7 2.7 5.3 5.3
Net income (loss) attributable to common shareholders (18.9) 67.1 (22.5) 94.3
Net income (loss) attributable to common shareholders $ (18.9) $ 67.1 $ (22.5) $ 94.3
Weighted average common shares outstanding - basic (in shares) 34,964,773 34,820,649 34,928,555 34,766,948
Effect of dilutive securities:        
Equity compensation awards (in shares) 0 192,131 0 216,856
Weighted average common shares outstanding - diluted (in shares) 34,964,773 35,012,780 34,928,555 34,983,804
Net income (loss) per common share:        
Basic (in dollars per share) $ (0.54) $ 1.93 $ (0.64) $ 2.72
Diluted (in dollars per share) $ (0.54) $ 1.92 $ (0.64) $ 2.70
v3.22.2
Net Income (Loss) Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Earnings Per Share [Abstract]          
Treasury shares (in shares) 11,315,889 11,315,889 11,315,889 11,315,889 11,315,889
Equity compensation awards with anti-dilutive effect (in shares) 107,431 36,219 140,487 48,272  
v3.22.2
Supplemental Cash Flow Information - Schedule of Interest Paid and Income Taxes Paid (Recovered) (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Supplemental Cash Flow [Line Items]    
Total interest paid $ 11.1 $ 10.8
Income taxes paid 10.1 8.9
Income taxes recovered (0.5) (0.1)
Income taxes paid, net 9.6 8.8
Senior unsecured fixed rate notes    
Supplemental Cash Flow [Line Items]    
Total interest paid 4.7 4.7
Junior subordinated debentures    
Supplemental Cash Flow [Line Items]    
Total interest paid 5.4 5.0
Other indebtedness    
Supplemental Cash Flow [Line Items]    
Total interest paid $ 1.0 $ 1.1
v3.22.2
Share-based Compensation - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2019
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment arrangement, expense   $ 1.1 $ 1.4 $ 3.3 $ 2.9
Employee service share-based compensation, unrecognized compensation costs on non-vested awards   16.0   $ 16.0  
Restricted Stock Units (RSUs) | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, award vesting period, years       1 year  
Restricted Stock Units (RSUs) | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, award vesting period, years       4 years  
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment arrangement, expense   (1.1) $ 0.9 $ (0.6) $ 1.6
Employee service share-based compensation, unrecognized compensation costs on non-vested awards   $ 4.1   $ 4.1  
Performance Shares | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, award vesting period, years       3 years  
Performance Shares | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, award vesting period, years       4 years  
2019 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) 1,885,000        
Expiration period 10 years        
v3.22.2
Share-based Compensation - Summary of Restricted Share Activity (Detail) - Restricted Stock Units (RSUs)
 6 Months Ended
Jun. 30, 2022
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 278,430
Granted (in shares) | shares 334,384
Reclassed from performance shares (in shares) | shares 14,373
Vested and issued (in shares) | shares (128,390)
Expired or forfeited (in shares) | shares (110,895)
Outstanding, ending balance (in shares) | shares 387,902
Weighted-Average Grant Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 49.57
Granted (in dollars per share) | $ / shares 40.19
Reclassed from performance shares (in dollars per share) | $ / shares 32.61
Vested and issued (in dollars per share) | $ / shares 47.96
Expired or forfeited (in dollars per share) | $ / shares 43.49
Outstanding, ending balance (in dollars per share) | $ / shares $ 43.13
v3.22.2
Share-based Compensation - Summary of Performance Shares Activity (Details)
 6 Months Ended
Jun. 30, 2022
$ / shares
shares
Weighted-Average Grant Date Fair Value  
Reclassed to restricted shares (in dollars per share) | $ / shares $ 32.61
Performance Shares  
Shares  
Outstanding, beginning balance (in shares) | shares 200,564
Granted (in shares) | shares 124,464
Reclassed to restricted shares (in shares) | shares (14,373)
Vested and issued (in shares) | shares (3,275)
Expired or forfeited (in shares) | shares (175,063)
Outstanding, ending balance (in shares) | shares 132,317
Weighted-Average Grant Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 47.52
Granted (in dollars per share) | $ / shares 41.00
Vested and issued (in dollars per share) | $ / shares 61.05
Expired or forfeited (in dollars per share) | $ / shares 44.74
Outstanding, ending balance (in dollars per share) | $ / shares $ 46.34
v3.22.2
Underwriting, Acquisition and Insurance Expenses (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Underwriting, Acquisition and Insurance Expenses [Abstract]        
Commissions $ 61.3 $ 71.7 $ 139.2 $ 148.2
Other underwriting and insurance expenses 97.1 104.0 200.3 210.6
Total underwriting, acquisition and insurance expenses before deferral 158.4 175.7 339.5 358.8
Net deferral of policy acquisition costs 2.6 1.6 (5.6) (5.1)
Total underwriting, acquisition and insurance expenses $ 161.0 $ 177.3 $ 333.9 $ 353.7
v3.22.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Tax Disclosure [Abstract]        
Net operating losses carryback period     2 years  
Capital losses carryback period     3 years  
Change in valuation allowance $ (3.5) $ (1.2) $ (5.4) $ (2.0)
Change in uncertain tax position liability 0.5 $ 0.6 0.6 $ (1.8)
Interest on income taxes expense $ 0.0   $ 0.1  
v3.22.2
Income Taxes - Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ (4.1) $ 78.7 $ 7.9 $ 109.9
Effective Tax Rate (295.10%) 11.30% 320.40% 9.30%
Bermuda        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ (49.1) $ 2.3 $ (49.0) $ 7.3
Effective Tax Rate 0.00% 0.00% 0.00% 0.00%
United States        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ 46.0 $ 64.0 $ 84.7 $ 105.2
Effective Tax Rate 21.40% 21.90% 21.70% 19.40%
United Kingdom        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ 8.7 $ 9.3 $ 13.7 $ (8.9)
Effective Tax Rate 26.80% (54.60%) 46.60% 115.30%
Brazil        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ 0.0 $ 2.3 $ (0.1) $ 4.0
Effective Tax Rate 0.00% 0.00% (422.40%) 0.00%
United Arab Emirates        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ 0.2 $ 0.1 $ 0.8 $ 0.3
Effective Tax Rate 0.00% 0.00% 0.00% 0.00%
Ireland        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ (4.6) $ 0.0 $ (38.0) $ (0.1)
Effective Tax Rate 0.00% 0.00% 0.00% 0.00%
Italy        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ (0.2) $ 0.4 $ (0.1) $ 1.2
Effective Tax Rate 46.70% 0.00% (28.90%) 0.00%
Malta        
Income Tax Examination [Line Items]        
Pre-Tax Income (Loss) $ (5.1) $ 0.3 $ (4.1) $ 0.9
Effective Tax Rate 0.00% 0.00% 0.00% 0.00%
v3.22.2
Income Taxes - Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Tax Disclosure [Abstract]        
Income tax provision at expected rate $ 9.5 $ 16.5 $ 18.9 $ 22.8
Tax effect of:        
Nontaxable investment income (0.1) (0.1) (0.2) (0.3)
Foreign exchange adjustments 0.7 (0.3) 0.7 (0.5)
Withholding taxes 0.0 0.1 0.0 0.1
Sale of Brazil and Malta Operations 4.9 0.0 6.5 0.0
Change in uncertain tax position liability 0.5 0.6 0.6 (1.8)
Change in valuation allowance (3.5) (1.2) (5.4) (2.0)
Impact of change in tax rate related to Finance Act 2021 0.8 (7.4) 1.3 (7.4)
Prior period adjustment (0.3) 0.0 0.9 0.0
Other (0.4) 0.7 1.8 (0.6)
Income tax provision $ 12.1 $ 8.9 $ 25.1 $ 10.3
v3.22.2
Commitments and Contingencies (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contractual commitments related to its limited partnership investments (up to) $ 116.8
Contractual commitments period (not to exceed) 12 years
v3.22.2
Segment Information - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
segment
Dec. 31, 2021
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 2  
Assets associated with trade capital providers | $ $ 307.8 $ 554.2
v3.22.2
Segment Information - Revenue and Income (Loss) Before Income Taxes for Each Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting Information [Line Items]        
Earned premiums $ 454.3 $ 470.3 $ 934.9 $ 936.4
Net investment income 29.3 52.7 67.0 97.1
Net realized investment gains (losses) (40.4) 24.7 (74.9) 37.8
Total revenue 443.2 547.7 927.0 1,071.3
(Loss) income before income taxes (4.1) 78.7 7.9 109.9
Foreign currency exchange gains (losses) 10.3 (4.4) 7.4 (5.7)
Operating Segments        
Segment Reporting Information [Line Items]        
(Loss) income before income taxes 44.1 73.0 109.7 98.4
Corporate and Other        
Segment Reporting Information [Line Items]        
Net investment income 0.0 4.0 0.0 6.8
(Loss) income before income taxes (18.1) (14.6) (34.3) (20.6)
U.S. Operations | Operating Segments        
Segment Reporting Information [Line Items]        
Earned premiums 332.8 314.5 669.2 628.9
Net investment income 20.0 33.7 45.6 62.5
(Loss) income before income taxes 43.0 53.6 86.9 90.2
International Operations | Operating Segments        
Segment Reporting Information [Line Items]        
Earned premiums 121.3 155.7 265.5 307.2
Net investment income 8.7 13.9 20.1 25.9
(Loss) income before income taxes 2.6 19.5 25.3 7.7
Run-off Lines | Operating Segments        
Segment Reporting Information [Line Items]        
Earned premiums 0.2 0.1 0.2 0.3
Net investment income 0.6 1.1 1.3 1.9
(Loss) income before income taxes $ (1.5) $ (0.1) $ (2.5) $ 0.5
v3.22.2
Segment Information - Schedule of Earned Premiums by Geographic Location (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums $ 454.3 $ 470.3 $ 934.9 $ 936.4
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums 333.0 314.2 669.4 627.0
United Kingdom        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums 109.0 116.8 236.1 215.8
Bermuda        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums 11.0 10.7 17.4 35.8
Malta        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums 1.3 11.0 3.6 25.0
All other jurisdictions        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total earned premiums $ 0.0 $ 17.6 $ 8.4 $ 32.8
v3.22.2
Segment Information - Identifiable Assets (Detail) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]    
Identifiable assets $ 9,876.1 $ 10,317.8
Operating Segments | U.S. Operations    
Segment Reporting, Asset Reconciling Item [Line Items]    
Identifiable assets 5,585.2 5,800.1
Operating Segments | International Operations    
Segment Reporting, Asset Reconciling Item [Line Items]    
Identifiable assets 3,859.3 3,932.3
Operating Segments | Run-off Lines    
Segment Reporting, Asset Reconciling Item [Line Items]    
Identifiable assets 287.9 314.7
Corporate and Other    
Segment Reporting, Asset Reconciling Item [Line Items]    
Identifiable assets $ 143.7 $ 270.7
v3.22.2
Subsequent Events (Details) - Subsequent Event - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2022
Aug. 09, 2022
Subsequent Event [Line Items]    
Portfolio transfer reserves cover   $ 746.0
Additional cover in excess of threshold   275.0
Additional cover threshold   821.0
Policy limit   1,096.0
Estimated after-tax expense $ 100.0  
Maximum    
Subsequent Event [Line Items]    
Loss corridor retained   821.0
Minimum    
Subsequent Event [Line Items]    
Loss corridor retained   $ 75.0